# EDGAR Filing Document

**Accession Number:** 0002074850
**File Stem:** 0001104659-26-006291
**Filing Date:** 2026-1
**Character Count:** 1292434
**Document Hash:** d2b23ed7abbc14210fcb17a35ad30b02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-006291.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001104659-26-006291

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spring Valley Acquisition Corp. III
- **CENTRAL INDEX KEY:** 0002074850
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42822
- **FILM NUMBER:** 26557493

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-308-5230

**MAIL ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spring Valley Acquisition Corp. III
- **CENTRAL INDEX KEY:** 0002074850
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-308-5230

**MAIL ADDRESS:**
- **STREET 1:** 2100 MCKINNEY AVE., SUITE 1675
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE<br> SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of earliest event reported): **January 21, 2026**

**SPRING VALLEY ACQUISITION CORP. III**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42822** | **N/A** |
| (State or other jurisdiction <br> of incorporation) | (Commission File Number) | (IRS Employer <br> Identification No.) |

---

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| | |
|:---|:---|
| **2100 McKinney Ave.** **, Suite 1675<br> Dallas, TX** | **75201** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(214) 308-5230**

**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:

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| | |
|:---|:---|
| ⌧ | 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)) |

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading <br> Symbol(s) | Name of each exchange on which <br> registered |
| &nbsp;&nbsp;Units, each consisting of one Class A ordinary share and one-third of one redeemable public warrant | SVACU | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp;Class A ordinary shares, par value $0.0001 per share | SVAC | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp;Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | SVACW | The Nasdaq Stock Market LLC |

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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.**

**Business Combination Agreement**

*This section describes the material provisions of the Business Combination Agreement (as defined herein) but does not purport to describe all of the terms thereof. SVIII (as defined herein) shareholders, warrant holders and other interested parties are urged to read such agreement in its entirety. The following summary is qualified in its entirety by reference to the complete text of the Business Combination Agreement, a copy of which is attached hereto as Exhibit 2.1. Unless otherwise defined herein, the capitalized terms used below are defined in the Business Combination Agreement.*

***General Description of the Business Combination Agreement***

On January 21, 2026, Spring Valley Acquisition Corp. III, an exempted company limited by shares incorporated under the Laws of the Cayman Islands ("**SVIII**"), entered into a Business Combination Agreement (the "**Business Combination Agreement**") with General Fusion Inc., a British Columbia limited company (the "**Company**" or "**General Fusion**"), and 1573562 B.C. Ltd., a British Columbia limited company ("**NewCo**"). The transactions contemplated by the Business Combination Agreement are referred to herein as the "**Business Combination**," the closing of the Business Combination is referred to herein as the "**Closing**" and the date on which the Closing occurs is referred to herein as the "**Closing Date**." In connection with the Closing, it is expected that SVIII will change its name to "General Fusion Inc." and SVIII is referred to herein as "**New SVIII**" as of the time following such change of name.

Subject to its terms and conditions, the Business Combination Agreement provides, among other things, that (1) at least one business day prior to the Closing Date, SVIII will continue from the Cayman Islands to British Columbia (the "**SPAC Continuation**"), (2) on the Closing Date, NewCo will amalgamate with and into the Company (the "**Amalgamation**"), with NewCo surviving the Amalgamation as a wholly-owned subsidiary of New SVIII, pursuant to an arrangement under the applicable provisions of the *Business Corporations Act* (British Columbia) (the "**BCBCA**") and the plan of arrangement attached as an exhibit to the Business Combination Agreement (the "**Plan of Arrangement**"), and (3) New SVIII will adopt amended and restated articles in substantially the form attached as an exhibit to the Business Combination Agreement (the "**Restated Articles**").

***Transaction Consideration***

The aggregate equity consideration to be issued to the Company's equityholders in the Business Combination will be approximately 60,000,000 (the "**Closing Shares**") New SVIII common shares ("**Common Shares**") to be authorized pursuant to the Restated Articles, based on a Company valuation of $600 million. In addition, at the Closing, New SVIII will issue an aggregate of 12,500,000 earnout shares (the "**Earnout Shares**") to be authorized pursuant to the Restated Articles, one-third of which will automatically convert into Common Shares if, within a period of five years following the Closing Date, the volume weighted average price of the Common Shares equals or exceeds each of $15.00, $20.00 and $25.00, respectively, for any 20 trading days within any period of 30 consecutive trading days. If any such condition is not satisfied during such five-year period, the corresponding Earnout Shares will be redeemed by New SVIII for nominal consideration. All outstanding Company warrants and stock options will be exchanged for warrants or stock options, as applicable, exercisable for a pro-rata portion of the Closing Shares and Earnout Shares.

Subject to, and in accordance with the terms and conditions of, the Business Combination Agreement, upon the SPAC Continuation, each then issued and outstanding Class B ordinary share of SVIII will be converted into one Class B common share of SVIII, and on the Closing Date, each such Class B common share will be converted into one Common Share, and each then issued and outstanding SVIII warrant will be exchanged for a warrant to acquire a like number of Common Shares, at the same per share exercise price.

***Representations and Warranties***

The Business Combination Agreement contains a number of representations and warranties made by the Company, SVIII and Newco as of the date of the Business Combination Agreement or other specific dates solely for the benefit of certain parties to the Business Combination Agreement. In certain cases, such parties are subject to specified exceptions and materiality, Company Material Adverse Effect or SPAC Material Adverse Effect (each as defined in the Business Combination Agreement), knowledge and other qualifications contained in the Business Combination Agreement or in information provided pursuant to certain disclosure schedules to the Business Combination Agreement. The representations and warranties made under the Business Combination Agreement will not survive the Closing.

In the Business Combination Agreement, the Company made certain customary representations to SVIII including, among others, related to the following: (1) corporate matters, including due organization, qualification and good standing; (2) capitalization; (3) authority, approval and binding effect relating to execution and delivery of the Business Combination Agreement and other ancillary documents and non-contravention; (4) required government approvals; (5) financial statements and internal controls; (6) compliance with laws and permits; (7) absence of certain changes and events; (8) absence of litigation; (9) employee benefits; (10) labor and employment; (11) real property; (12) intellectual property; (13) taxes; (14) environmental matters; (15) material contracts; (16) insurance; (17) certain business practices; (18) interested party transactions; and (19) brokers.

In the Business Combination Agreement, SVIII and NewCo made certain customary representations and warranties to the Company including, among others, related to the following: (1) corporate matters, including due organization, existence and good standing; (2) corporate authority, approval and binding effect relating to execution and delivery of the Business Combination Agreement and other ancillary documents, non-contravention and required governmental approvals; (3) compliance with laws; (4) employee benefit plans, (5) financial ability and the trust account; (6) taxes; (7) brokers; (8) Securities and Exchange Commission ("**SEC**") reports, financial statements and the Sarbanes-Oxley Act; (9) business activities and absence of certain changes; (10) absence of litigation; (11) no outside reliance, (12) capitalization; (13) Nasdaq Stock Market quotation; (14) affiliate agreements; and (15) anti-bribery and economic sanctions.

***Covenants of the Parties***

The Business Combination Agreement contains certain customary covenants for transactions of this type by the Company and/or SVIII, including, among others, covenants regarding: (1) the operation of their respective businesses in the ordinary course of business, in compliance with law; (2) the provision of access to their properties, books and personnel; (3) regulatory approvals; (4) trust account disbursements; (5) the Company's obligation to deliver financial statements, proxy solicitations and other actions; (6) non-solicitation; (7) directors' and officers' indemnification and insurance; (8) listing New SVIII's securities on Nasdaq; (9) SVIII's obligation to make certain public filings; (10) the SPAC Continuation; and (11) post-Closing director and officer appointments.

SVIII and the Company also agreed to jointly prepare, and SVIII agreed to file with the SEC, a registration statement on Form F-4 (the "**Registration Statement**") under the Securities Act of 1933, as amended (the "**Securities Act**"), with respect to the Common Shares to be issued pursuant to the Business Combination. The Registration Statement will include a proxy statement/prospectus for the purpose of soliciting proxies from SVIII's shareholders for the matters relating to the Business Combination to be acted on at the extraordinary general meeting of SVIII (the "**General Meeting**"), and providing such SVIII shareholders with an opportunity to redeem their SVIII Class A ordinary shares. In addition, SVIII and the Company agreed to prepare and mutually agree upon, and SVIII agreed to file with the British Columbia Securities Commission (the "**BCSC**"), a prospectus (the "**Canadian Prospectus**") in sufficient time for New SVIII to become a reporting issuer in the Province of British Columbia on or as soon as reasonably practicable after the Closing Date, and SVIII and the Company agreed to other customary covenants related to the filing of the Registration Statement and the Canadian Prospectus and the calling of the General Meeting.

The Company agreed to convene and conduct a meeting of its securityholders (the "**Company Securityholders Meeting**") as soon as reasonably practicable for the purpose of, among other things, considering and approving the Plan of Arrangement, and to promptly prepare and complete a notice and information circular and any other documents required by applicable law, and to cause such documents to be sent to each securityholder of the Company and other person as required by applicable law.

***Survival***

None of the covenants and agreements of the parties contained in the Business Combination Agreement will survive the Closing, except for (1) those covenants and agreements that by their terms expressly apply in whole or in part after the Closing and then only with respect to any breaches after the Closing and (2) Article IX (Miscellaneous) of the Business Combination Agreement.

***Conditions to Closing***

The Business Combination Agreement contains customary conditions to Closing, including the following mutual conditions of the parties (unless waived by all of the parties): (1) approval by the Company's securityholders of the Plan of Arrangement at the Company Securityholders Meeting, (2) receipt of a final order of the Supreme Court of British Columbia (the "**Court**") pursuant to the BCBCA approving the Plan of Arrangement, (3) approval by SVIII's shareholders of the Business Combination and related matters at the General Meeting, (4) the absence of any law, ruling of any governmental authority, judgment or decree which has the effect of making the Business Combination illegal or which otherwise prevents or prohibits consummation of the Business Combination, (5) all required filings and approvals under the *Nuclear Safety and Control Act* (Canada) and the regulations made thereunder and any applicable antitrust laws will have been completed and any applicable waiting period (and any extension thereof) applicable to the consummation of the Business Combination under applicable antitrust laws will have expired or been terminated, (6) the Common Shares to be issued in the Business Combination will have been registered with the SEC on the Registration Statement and accepted for listing on the Nasdaq Capital Market or another national securities exchange mutually agreed to by the Parties in writing, (7) the Registration Statement having become effective, (8) the Anchor PIPE Investor shall have funded the aggregate subscription amount under its Subscription Agreement (as such terms are defined below), and (9) the BCSC shall have cleared the final Canadian Prospectus for filing in a manner reasonably acceptable to the Company and SVIII.

In addition, the obligations of SVIII and NewCo are subject to the satisfaction or waiver of certain closing conditions, including without limitation: (1) the accuracy of the representations and warranties of the Company and the performance of the covenants and agreements of the Company, in each case subject to certain qualifiers, (2) the delivery of executed counterparts to all ancillary agreements to which the Company or any securityholder of the Company is party, (3) the absence of a Company Material Adverse Effect (as defined in the Business Combination Agreement) since the date of the Business Combination Agreement, (4) certain securities of the Company shall have been converted into Company common shares, and (5) the delivery of executed counterparts to all ancillary agreements to which the Company or certain key securityholders of the Company is party.

The obligations of the Company are subject to the satisfaction or waiver of certain customary closing conditions, including without limitation: (1) the accuracy of the representations and warranties of SVIII and NewCo and the performance of the covenants and agreements of SVIII and NewCo, in each case subject to certain qualifiers, (2) the absence of a SPAC Material Adverse Effect (as defined in the Business Combination Agreement) since the date of the Business Combination Agreement, (3) each of SVIII's officers and directors shall have resigned from such positions, and (4) the delivery of executed counterparts to all ancillary agreements to which SVIII or NewCo or certain shareholders of SVIII is party.

***Termination***

The Business Combination Agreement may be terminated under certain circumstances prior to the closing of the Business Combination including, but not limited to (1) by mutual written consent of SVIII and the Company, (2) by either SVIII or the Company if the effective time of the Amalgamation has not occurred by August 31, 2026 (the "**Outside Date**"), provided that (a) such date will be automatically extended for three months in the event the Court refuses to issue a final order in respect of the Plan of Arrangement and (b) the Business Combination Agreement may not be so terminated by or on behalf of any party that either directly or indirectly through its affiliates is in breach or violation of any representation, warranty, covenant, agreement or obligation contained in the Business Combination Agreement and such breach or violation is the principal cause of the failure of a closing condition on or prior to the Outside Date, (3) by either SVIII or the Company if any governmental authority has enacted, issued, promulgated, enforced or entered any injunction, order, decree or ruling (whether temporary, preliminary or permanent) which has become final and non-appealable and has the effect of making consummation of the Business Combination illegal or otherwise preventing or prohibiting consummation of the Business Combination, (4) by either SVIII or the Company if the requisite approval of SVIII's shareholders is not obtained at the General Meeting or any adjournment or postponement thereof, (5) by either SVIII or the Company if the requisite approval of the Company's securityholders in respect of the Plan of Arrangement is not obtained at the Company Securityholders Meeting or any adjournment or postponement thereof, (6) by SVIII if the Company is in breach of its representations, warranties or covenants or agreements of the Company set forth in the Business Combination Agreement that is uncured and render certain of the conditions to closing set forth in the Business Combination Agreement incapable of being satisfied on the Closing Date, (7) by the Company if SVIII is in breach of its representations, warranties, covenants or agreements set forth in the Business Combination Agreement that is uncured and would render certain of the conditions to closing set forth in the Business Combination Agreement incapable of being satisfied on the Closing Date, or (8) by the Company, at any time prior to SVIII's receipt of requisite shareholder approval, if SVIII's board of directors changes, withdraws, withholds, qualifies or modifies, in a manner adverse to the Company, its recommendation of the Business Combination.

If the Business Combination Agreement is validly terminated, none of the parties to the Business Combination Agreement will have any liability under the Business Combination Agreement, except in the case of willful and material breach or fraud by a party of the Business Combination Agreement.

*A copy of the Business Combination Agreement is filed with this Current Report on Form 8-K as Exhibit 2.1 and is incorporated herein by reference, and the foregoing description of the Business Combination Agreement is qualified in its entirety by reference thereto.*

*The Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of such agreement or other specific dates. The assertions embodied in those representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating such agreement. The Business Combination Agreement has been filed with this Current Report on Form 8-K in order to provide investors with information regarding its terms. It is not intended to provide any other factual information about SVIII, the Company or NewCo. In particular, the representations, warranties, covenants and agreements contained in the Business Combination Agreement, which were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Business Combination Agreement, may be subject to limitations agreed upon by the contracting parties (including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Business Combination Agreement instead of establishing these matters as facts) and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors and reports and documents filed with the SEC. Investors should not rely on the representations, warranties, covenants and agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any party to the Business Combination Agreement. In addition, the representations, warranties, covenants and agreements and other terms of the Business Combination Agreement may be subject to subsequent waiver or modification. Moreover, information concerning the subject matter of the representations and warranties and other terms may change after the date of the Business Combination Agreement, which subsequent information may or may not be fully reflected in SVIII's public disclosures.*

**Related Agreements**

*This section describes the material provisions of certain additional agreements entered into or to be entered into pursuant to or in connection with the Business Combination Agreement (the "**Related Agreements**") but does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete text of each of the Related Agreements, copies of each of which are attached hereto as exhibits. Shareholders and other interested parties are urged to read such Related Agreements, or forms thereof, in their entirety.*

***Sponsor Letter Agreement***

Concurrently with the execution and delivery of the Business Combination Agreement, SVIII, the Company and Spring Valley Acquisition Sponsor III, LLC (the "**Sponsor**") entered into a letter agreement (the "**Sponsor Letter**") pursuant to which, among other things (1) the Sponsor agreed to vote all Class B ordinary shares of SVIII ("**Founder Shares**") held by it in favor of the Business Combination Agreement, the Business Combination and related proposals, (2) the Sponsor agreed that, at the Closing, it will forfeit 1,000,000 Founder Shares and, in connection therewith, SVIII agreed to issue to the Sponsor an aggregate of 1,000,000 Earnout Shares, (3) the Sponsor agreed to transfer, directly or constructively, an aggregate of 1,250,000 Founder Shares to certain investors in the Company's most recent simple agreements for future equity financing round, and (4) the parties agreed that if SVIII obtains working capital loans from the Sponsor or an affiliate to finance transaction costs related to the Business Combination, up to $1,500,000 of such loans may be converted into warrants to purchase Common Shares for an exercise price of $0.90 per share, at the Sponsor's option.

*A copy of the Sponsor Letter is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the Sponsor Letter is qualified in its entirety by reference thereto.*

***Voting and Support Agreement***

Concurrently with the execution and delivery of the Business Combination Agreement, SVIII, the Company and certain of the Company's securityholders entered into a Voting and Support Agreement (the "**Support Agreement**") pursuant to which, among other things, each such securityholder agreed to support and vote in favor of the Plan of Arrangement.

*A copy of the Support Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the form of Support Agreements is qualified in its entirety by reference thereto.*

***Registration Rights Agreement***

Pursuant to the terms of the Business Combination Agreement, contemporaneously with the Closing, New SVIII, the Sponsor, and certain securityholders of the Company will enter into an amended and restated registration rights agreement (the "**Registration Rights Agreement**"), pursuant to which, among other things, (1) New SVIII will agree to file, as soon as practicable (and in any event within 30 days) following the Closing Date, a registration statement covering the resale of certain Common Shares and other equity securities of New SVIII held by the Sponsor and such other securityholders parties from time to time, (2) such holders of registrable securities will be granted certain takedown, demand, block trade and piggyback registration rights with respect to their registrable securities, in each case, on the terms and subject to the conditions set forth in the Registration Rights Agreement, and (3) the Registration Rights Agreement, dated as of September 3, 2025, between SVIII, the Sponsor and certain other parties will be amended, restated and terminated as of the Closing.

*A copy of the form of Registration Rights Agreement is filed as Exhibit 10.3 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the Registration Rights Agreement is qualified in its entirety by reference thereto.*

***Lock-Up Agreements***

Also pursuant to the terms of the Business Combination Agreement, at the Closing, certain Company securityholders will enter into a lock-up agreement (each, a "**Lock-Up Agreement**"), pursuant to which, among other things, each such securityholder will agree not to sell, for a period of 180 days following the Closing (subject to certain exceptions), the Common Shares held by such securityholder immediately after the effective time of the Business Combination, on the terms and subject to the conditions set forth in the Lock-Up Agreement. In addition, the Sponsor and the other parties to the letter agreement entered into by such parties with SVIII in connection with SVIII's initial public offering will enter into an amendment to such letter agreement to change the lock-up period in such letter agreement to six months after the Closing Date.

*A copy of the form of Lock-Up Agreement is filed as Exhibit 10.4 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the form of Lock-Up Agreement is qualified in its entirety by reference thereto.*

***Securities Purchase Agreement*s**

In connection with the transactions contemplated by the Business Combination Agreement, on January 21, SVIII and the Company entered into separate securities purchase agreements (the "**Subscription Agreements**") with certain accredited investors (each, an "**Investor**" and the lead Investor, the "**Anchor PIPE Investor**"). Pursuant to the Subscription Agreements, the Investors have agreed, among other things, to purchase an aggregate of 10,556,367 units of the Company at a price of $10.20 per unit, each unit comprising (1) one convertible preferred share of the Company having the rights, preferences and privileges set forth in the Restated Articles (such stock the "**Convertible Preferred Shares**") and (2) one warrant (collectively, the "**Investor Warrants**") exercisable for a Common Share at a price of $12.00 per share, in a private placement to be consummated on the Closing Date, prior to the Amalgamation (the "**PIPE Financing**").

The Subscription Agreements include customary representations and warranties from SVIII, the Company and the Investors and customary closing conditions. The Subscription Agreements also include customary covenants and agreements related to transfer restrictions, SEC reports, material non-public information and indemnification. The Common Shares underlying the Convertible Preferred Shares and the Investor Warrants will be "Registrable Securities" under the Registration Rights Agreement.

*Dividends*: The Convertible Preferred Shares will accrue dividends daily at the rate of 12% per annum of the deemed original issue price of the Convertible Preferred Shares of $12.00 (if paid in kind), plus the amount of previously accrued dividends paid in kind and, in the case of cash dividends, any such dividends that have not been paid (the "**Accrued Value**"), or 10% per annum of the Accrued Value (if paid in cash). Such dividends will compound semi-annually.

*Liquidation Preference*: Upon any liquidation or deemed liquidation event, the holders of Convertible Preferred Shares will be entitled to receive out of the available proceeds, before any distribution is made to holders of Common Shares or any other junior securities, an amount per share equal to the greater of (1) 100% of the Accrued Value (as defined in the Restated Articles) or (2) such amount per share as would have been payable had all Convertible Preferred Shares been converted into Common Shares immediately prior to the liquidation event. Thereafter, the holders of Convertible Preferred Shares will be entitled to receive their pro-rata share of the remaining available proceeds available for distribution to shareholders, on an as-converted to common shares basis.

*Voting*: The Convertible Preferred Shares will vote together with the Common Shares as a single class, except (1) as required by law and (2) as noted below under "Protective Provisions." Each holder of Convertible Preferred Shares shall be entitled to cast the number of votes equal to the number of whole Common Shares into which the Convertible Preferred Shares held by such holder are convertible as of the record date for determining shareholders entitled to vote on such matter.

*Protective Provisions*: For as long as 20% of the Convertible Preferred Shares issued as of the Closing are held by the Investors, New SVIII shall not, without the affirmative vote or action by written consent of holders of a majority of the issued and outstanding Convertible Preferred Shares (the "**Requisite Holders**"), take any of the following actions: (1) liquidate, dissolve or wind up the affairs of New SVIII; (2) amend, alter, or repeal any provision of the Restated Articles or any similar document of New SVIII in a manner adverse to the Convertible Preferred Shares; (3) create or authorize the creation of or issue any other security convertible into or exercisable for any equity security unless such security ranks junior to the Convertible Preferred Shares with respect to its rights, preferences and privileges, or increase the authorized number of Convertible Preferred Shares; (4) purchase or redeem or pay any cash dividend on any share of New SVIII ranking junior to the Convertible Preferred Shares, other than stock repurchased at cost from former employees and consultants in connection with the cessation of their service or pursuant to the terms of any equity incentive plan of New SVIII; (5) enter into any transaction with an affiliate that is not on arms'-length terms, other than the issuance of equity or awards to eligible participants under New SVIII's incentive plan, equity plan or equity-based compensation plan, or with respect to employment, consulting or award agreements with respect to executive officers of New SVIII, in each case regardless of whether such person (or such person's affiliates) would be considered an affiliate of New SVIII; or (6) incur or guarantee any indebtedness, other than equipment leases or trade payables incurred in the ordinary course of business; provided, however, that the Convertible Preferred Shares shall not be considered indebtedness for purposes of this calculation.

*Conversion*: Each Convertible Preferred Share will be convertible into Common Shares at any time at the option of the holder of such Convertible Preferred Share at a rate equal to the Accrued Value, divided by the then-applicable conversion price. The conversion price will initially be $12.00, subject to adjustments for stock dividends, splits, combinations and similar events and customary anti-dilution adjustments, including with respect to future issuances or sales of Common Shares at prices less than the then-applicable conversion price. In addition, if on the twenty-first trading day following the date that is six months after the Closing Date, the 20-day volume-weighted average price of the Common Shares is less than the conversion price then in effect, the conversion price will be adjusted to the greater of (1) such volume weighted average price and (ii) $5.00.

*Put Rights*: Unless prohibited by applicable law governing distributions to shareholders, the Convertible Preferred Shares shall be redeemable at the option of the Requisite Holders commencing any time after the 5th anniversary of the Closing at a price equal to the Accrued Value.

*Call Rights*: Unless prohibited by applicable law governing distributions to shareholders, the Convertible Preferred Shares shall be redeemable at the option of New SVIII commencing any time (1) prior to the first anniversary of the Closing at a price equal to the 150% of the Accrued Value, (2) on or after the first anniversary but prior to the second anniversary of the Closing at a price equal to the 140% of the Accrued Value, (3) on or after the second anniversary of the Closing but prior to the third anniversary of the Closing at a price equal to the 130% of the Accrued Value, (4) on or after the third anniversary of the Closing but prior to the fourth anniversary of the Closing at a price equal to the 120% of the Accrued Value, (5) on or after the fourth anniversary of the Closing but prior to the fifth anniversary of the Closing at a price equal to the 110% of the Accrued Value, or (6) on or after the fifth anniversary of the Closing at a price equal to the 100% of the Accrued Value.

*Investor Warrants*: At the closing of the PIPE Financing, the Investor will receive the Investor Warrants. The Investor Warrants will be immediately exercisable upon issuance at Closing and will expire five years from the date of Closing. The Investor Warrants include customary cash and cashless exercise provisions. Each Investor Warrant will be initially exercisable at $12.00 per Common Share, subject to substantially the same anti-dilution and other adjustments as the Convertible Preferred Shares.

*A copy of the form of Subscription Agreement is filed as Exhibit 10.5 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the Subscription Agreements and the PIPE Financing is qualified in its entirety by reference to the form of Subscription Agreement, including the form of Restated Articles and form of Investor Warrants, copies of which are included as Exhibit B to the Business Combination Agreement and Exhibit C to the form of Subscription Agreement, respectively.*

**Item 3.02 Unregistered Sales of Equity Securities.**

The disclosure set forth above in Item 1.01 of this Current Report on Form 8-K with respect to the Subscription Agreements and the PIPE Financing is incorporated by reference herein. The securities to be offered and sold in connection with the Subscription Agreement have not been registered under the Securities Act, in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act.

**\* \* \***

**Additional Information and Where to Find It**

In connection with the proposed Business Combination, SVIII intends to file with the SEC the Registration Statement, which will include a prospectus with respect to SVIII's securities to be issued in connection with the proposed Business Combination and a proxy statement to be distributed to holders of SVIII's Class A ordinary shares in connection with SVIII's solicitation of proxies for the vote by SVIII's shareholders with respect to the proposed Business Combination and other matters to be described in the Registration Statement (the "**Proxy Statement**"). After the SEC declares the Registration Statement effective, SVIII plans to file the definitive Proxy Statement with the SEC and to mail copies to SVIII's shareholders as of a record date to be established for voting on the proposed Business Combination and other matters to be described in the Registration Statement. This document does not contain all the information that should be considered concerning the proposed Business Combination and is not a substitute for the Registration Statement, Proxy Statement or for any other document that SVIII may file with the SEC. Before making any investment or voting decision, investors and securityholders of SVIII and the Company are urged to read the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, as well as all other relevant materials filed or that will be filed with the SEC in connection with the proposed Business Combination as they become available because they will contain important information about the Company, SVIII and the proposed Business Combination. Investors and securityholders will be able to obtain free copies of the Registration Statement, the Proxy Statement and all other relevant documents filed or that will be filed with the SEC by SVIII through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by SVIII may be obtained free of charge from SVIII's website at www.sv-ac.com or by directing a request to Spring Valley Acquisition Corp. III, Attn: Corporate Secretary, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. The information contained on, or that may be accessed through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.

**Participants in the Solicitation**

The Company, SVIII and their respective directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitations of proxies from SVIII's shareholders in connection with the proposed Business Combination. For more information about the names, affiliations and interests of SVIII's directors and executive officers, please refer to the final prospectus from SVIII's initial public offering, which was dated September 3, 2025 and filed with the SEC on September 4, 2025 (the "**IPO Prospectus**") and the Registration Statement, Proxy Statement and other relevant materials filed or to be filed with the SEC in connection with the proposed Business Combination when they become available. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, which may, in some cases, be different than those of SVIII's shareholders generally, will be included in the Registration Statement and the Proxy Statement, when they become available. Shareholders, potential investors and other interested persons should read the Registration Statement and the Proxy Statement carefully, when they become available, before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

**No Offer or Solicitation**

This document shall not constitute a "solicitation" as defined in Section 14 of the Exchange Act. This document shall not constitute an offer to sell or exchange, the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. No offering of securities in the proposed Business Combination shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements included in this document are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this document are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "strategy," "future," "opportunity," "may," "target," "should," "will," "would," "will be," "will continue," "will likely result," "preliminary," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, SVIII's, General Fusion's, or their respective management teams' expectations concerning the proposed Business Combination and expected benefits or timing thereof; the outlook for General Fusion's business, including its ability to commercialize magnetized target fusion ("**MTF**") or any other fusion technology on its expected timeline or at all; statements regarding the current and expected results of General Fusion's Lawson Machine 26 ("**LM26**") program; the ability to execute General Fusion's strategies, including on any expected timeline or anticipated cost basis; projected and estimated financial performance; anticipated industry trends; future capital expenditures; government regulation of fusion energy; and environmental risks; as well as any information concerning possible or assumed future results of operations of General Fusion. The forward-looking statements are based on the current expectations of the respective management teams of SVIII and General Fusion, as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of SVIII's securities; (ii) the failure to satisfy the conditions to the consummation of the Proposed Business Combination, including the adoption of the Business Combination Agreement by the shareholders of SVIII and the receipt of regulatory approvals; (iii) market risks; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; (v) the effect of the announcement or pendency of the Proposed Business Combination on General Fusion's business relationships, performance, and business generally; (vi) risks that the Proposed Business Combination disrupts current plans of General Fusion and potential difficulties in its employee retention as a result of the Proposed Business Combination; (vii) the outcome of any legal proceedings that may be instituted against General Fusion or SVIII related to the Business Combination Agreement or the Proposed Business Combination; (viii) failure to realize the anticipated benefits of the Proposed Business Combination; (ix) the inability to maintain the listing of SVIII's securities or to meet listing requirements and maintain the listing of the combined company's securities on Nasdaq; (x) the risk that the Proposed Business Combination may not be completed by SVIII's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SVIII; (xi) the risk that the price of the combined company's securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, national security tensions, and macro-economic and social environments affecting its business; (xii) laws and regulations governing General Fusion's research and development activities, and changes in such laws and regulations; (xiii) any failure to commercialize MTF on the expected timeline or at all, including any failure to achieve the objectives of the LM26 program; (xiv) environmental regulations and legislation; (xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; (xvi) fluctuations in currency markets; (xvii) General Fusion's ability to complete and successfully integrate any future acquisitions; (xviii) increased competition in the fusion industry; (xix) limited supply of materials and supply chain disruptions; and (xx) the risk that the PIPE Financing may not be completed, or that other capital needed by the combined company may not be raised on favorable terms, or at all, including as a result of the restrictions agreed to in connection with the PIPE Financing. The foregoing list is not exhaustive, and there may be additional risks that neither SVIII nor General Fusion presently know or that SVIII and General Fusion currently believe are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this document and the other risks and uncertainties described in the "Risk Factors" section the IPO Prospectus and the risks to be described in the Registration Statement; and those discussed and identified in filings made with the SEC by SVIII from time to time. General Fusion and SVIII caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this document speak only as of the date of this document. Neither General Fusion nor SVIII undertakes any obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated, no inference should be made that General Fusion or SVIII will make additional updates with respect to that statement, related matters, or any other forward-looking statements. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including discussions of significant risk factors, may appear, up to the consummation of the Proposed Business Combination, in SVIII's public filings with the SEC, which are or will be (as applicable) accessible at www.sec.gov, and which you are advised to review carefully.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [2.1](tm263894d1_ex2-1.htm) | [Business Combination Agreement, dated January 21, 2026.](tm263894d1_ex2-1.htm) |
| [10.1](tm263894d1_ex10-1.htm) | [Sponsor Letter Agreement, dated January 21, 2026.](tm263894d1_ex10-1.htm) |
| [10.2](tm263894d1_ex10-2.htm) | [Voting and Support Agreement, dated January 21, 2026.](tm263894d1_ex10-2.htm) |
| [10.3](tm263894d1_ex10-3.htm) | [Form of Registration Rights Agreement.](tm263894d1_ex10-3.htm) |
| [10.4](tm263894d1_ex10-4.htm) | [Form of Lock-Up Agreement.](tm263894d1_ex10-4.htm) |
| [10.5](tm263894d1_ex10-5.htm) | [Form of Subscription Agreement, dated January 21, 2026.](tm263894d1_ex10-5.htm) |
| 104 | Cover Page Interactive Data File (embedded with the Inline XRBL 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.

---

| | | |
|:---|:---|:---|
|  | **SPRING VALLEY ACQUISITION CORP. III** | **SPRING VALLEY ACQUISITION CORP. III** |
|  | By: | /s/ Christopher Sorrels |
|  | Name: | Christopher Sorrels |
|  | Title: | Chief Executive Officer and Chairman |
| Dated: January 23, 2026 |  |  |

---

## Exhibit 2.1

**Exhibit 2.1**

**BUSINESS COMBINATION AGREEMENT**

**by and among**

**SPRING VALLEY ACQUISITION CORP. III, GENERAL FUSION INC., and**

**1573562 B.C. Ltd.**

**Dated as of January 21, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | Page |
| Article 1 DEFINITIONS | Article 1 DEFINITIONS | 6 |
| &nbsp;&nbsp;&nbsp;1.01 | Certain Definitions | 6 |
| &nbsp;&nbsp;&nbsp;1.02 | Construction | 30 |
| Article 2 THE ARRANGEMENT; THE TRANSACTIONS; CLOSING | Article 2 THE ARRANGEMENT; THE TRANSACTIONS; CLOSING | 30 |
| &nbsp;&nbsp;&nbsp;2.01 | The Arrangement | 30 |
| &nbsp;&nbsp;&nbsp;2.02 | The Interim Order | 31 |
| &nbsp;&nbsp;&nbsp;2.03 | The Company Securityholders Meeting | 32 |
| &nbsp;&nbsp;&nbsp;2.04 | Company Information Circular | 33 |
| &nbsp;&nbsp;&nbsp;2.05 | The Final Order | 34 |
| &nbsp;&nbsp;&nbsp;2.06 | Court Proceedings | 35 |
| &nbsp;&nbsp;&nbsp;2.07 | Transactions | 35 |
| &nbsp;&nbsp;&nbsp;2.08 | Allocation Schedule | 37 |
| &nbsp;&nbsp;&nbsp;2.09 | Withholding | 38 |
| &nbsp;&nbsp;&nbsp;2.10 | Earnout Shares | 38 |
| Article 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | Article 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 39 |
| &nbsp;&nbsp;&nbsp;3.01 | Organization and Qualification; Subsidiaries | 39 |
| &nbsp;&nbsp;&nbsp;3.02 | Organizational Documents | 40 |
| &nbsp;&nbsp;&nbsp;3.03 | Capitalization | 40 |
| &nbsp;&nbsp;&nbsp;3.04 | Authority Relative to this Agreement | 42 |
| &nbsp;&nbsp;&nbsp;3.05 | No Conflict; Required Filings and Consents | 42 |
| &nbsp;&nbsp;&nbsp;3.06 | Permits; Compliance | 43 |
| &nbsp;&nbsp;&nbsp;3.07 | Company Financial Statements | 44 |
| &nbsp;&nbsp;&nbsp;3.08 | Absence of Certain Changes or Events | 45 |
| &nbsp;&nbsp;&nbsp;3.09 | Absence of Litigation | 45 |
| &nbsp;&nbsp;&nbsp;3.10 | Employee Benefit Plans | 46 |
| &nbsp;&nbsp;&nbsp;3.11 | Labor and Employment Matters | 48 |
| &nbsp;&nbsp;&nbsp;3.12 | Real Property; Title to Assets | 51 |
| &nbsp;&nbsp;&nbsp;3.13 | Intellectual Property | 53 |
| &nbsp;&nbsp;&nbsp;3.14 | Taxes | 56 |
| &nbsp;&nbsp;&nbsp;3.15 | Environmental Matters | 59 |
| &nbsp;&nbsp;&nbsp;3.16 | Material Contracts | 60 |
| &nbsp;&nbsp;&nbsp;3.17 | Insurance | 62 |
| &nbsp;&nbsp;&nbsp;3.18 | Board Approval; Vote Required | 63 |
| &nbsp;&nbsp;&nbsp;3.19 | Certain Business Practices | 63 |
| &nbsp;&nbsp;&nbsp;3.20 | Interested Party Transactions | 65 |
| &nbsp;&nbsp;&nbsp;3.21 | Exchange Act | 65 |
| &nbsp;&nbsp;&nbsp;3.22 | Brokers | 65 |
| &nbsp;&nbsp;&nbsp;3.23 | Sexual Harassment and Misconduct | 66 |
| &nbsp;&nbsp;&nbsp;3.24 | Solvency | 66 |
| &nbsp;&nbsp;&nbsp;3.25 | Records | 66 |
| &nbsp;&nbsp;&nbsp;3.26 | No Other Representations or Warranties; Exclusivity of Representations and Warranties | 67 |

---

-ii-

---

| | | |
|:---|:---|:---|
| Article 4 REPRESENTATIONS AND WARRANTIES OF SPAC and NewCo | Article 4 REPRESENTATIONS AND WARRANTIES OF SPAC and NewCo | 68 |
| &nbsp;&nbsp;&nbsp;4.01 | Organization, Standing and Corporate Power | 68 |
| &nbsp;&nbsp;&nbsp;4.02 | Corporate Authority; Approval; Non-Contravention; Government Approvals | 68 |
| &nbsp;&nbsp;&nbsp;4.03 | Compliance with Laws | 69 |
| &nbsp;&nbsp;&nbsp;4.04 | Employee Benefit Plans | 69 |
| &nbsp;&nbsp;&nbsp;4.05 | Financial Ability; Trust Account | 70 |
| &nbsp;&nbsp;&nbsp;4.06 | Taxes | 71 |
| &nbsp;&nbsp;&nbsp;4.07 | Brokers | 73 |
| &nbsp;&nbsp;&nbsp;4.08 | SPAC SEC Reports; Financial Statements; Sarbanes-Oxley Act | 73 |
| &nbsp;&nbsp;&nbsp;4.09 | Business Activities; Absence of Changes | 74 |
| &nbsp;&nbsp;&nbsp;4.10 | Litigation | 76 |
| &nbsp;&nbsp;&nbsp;4.11 | No Outside Reliance | 76 |
| &nbsp;&nbsp;&nbsp;4.12 | Capitalization | 77 |
| &nbsp;&nbsp;&nbsp;4.13 | NASDAQ Stock Market Quotation | 78 |
| &nbsp;&nbsp;&nbsp;4.14 | Affiliate Agreements | 78 |
| &nbsp;&nbsp;&nbsp;4.15 | Anti-Bribery; Economic Sanctions | 78 |
| &nbsp;&nbsp;&nbsp;4.16 | No Other Representations or Warranties | 78 |
| Article 5 CONDUCT OF BUSINESS | Article 5 CONDUCT OF BUSINESS | 79 |
| &nbsp;&nbsp;&nbsp;5.01 | Conduct of Business by the Company | 79 |
| &nbsp;&nbsp;&nbsp;5.02 | Conduct of Business by SPAC | 83 |
| &nbsp;&nbsp;&nbsp;5.03 | Conduct of Business by NewCo | 85 |
| &nbsp;&nbsp;&nbsp;5.04 | SPAC Continuation | 85 |
| &nbsp;&nbsp;&nbsp;5.05 | Claims Against Trust Account | 86 |
| Article 6 ADDITIONAL AGREEMENTS | Article 6 ADDITIONAL AGREEMENTS | 86 |
| &nbsp;&nbsp;&nbsp;6.01 | Registration Statement / Proxy Statement | 86 |
| &nbsp;&nbsp;&nbsp;6.02 | Canadian Prospectus | 88 |
| &nbsp;&nbsp;&nbsp;6.03 | SPAC Shareholders Meeting | 90 |
| &nbsp;&nbsp;&nbsp;6.04 | Access to Information; Confidentiality | 91 |
| &nbsp;&nbsp;&nbsp;6.05 | Exclusivity | 92 |
| &nbsp;&nbsp;&nbsp;6.06 | SPAC Equity Incentive Plan | 93 |
| &nbsp;&nbsp;&nbsp;6.07 | Directors' and Officers' Indemnification | 93 |
| &nbsp;&nbsp;&nbsp;6.08 | Notification of Certain Matters | 95 |
| &nbsp;&nbsp;&nbsp;6.09 | Further Action; Reasonable Best Efforts | 96 |
| &nbsp;&nbsp;&nbsp;6.10 | Public Announcements | 97 |
| &nbsp;&nbsp;&nbsp;6.11 | Stock Exchange Listing | 97 |
| &nbsp;&nbsp;&nbsp;6.12 | Regulatory Approvals | 97 |
| &nbsp;&nbsp;&nbsp;6.13 | Trust Account | 98 |
| &nbsp;&nbsp;&nbsp;6.14 | Working Capital Loan | 98 |
| &nbsp;&nbsp;&nbsp;6.15 | Certain Actions | 99 |
| &nbsp;&nbsp;&nbsp;6.16 | Intended Tax Treatment | 99 |
| &nbsp;&nbsp;&nbsp;6.17 | Delivery of Financial Statements | 101 |
| &nbsp;&nbsp;&nbsp;6.18 | Post-Closing Directors and Officers | 101 |
| &nbsp;&nbsp;&nbsp;6.19 | PIPE Financing | 101 |
| &nbsp;&nbsp;&nbsp;6.20 | Public Filings | 102 |
| &nbsp;&nbsp;&nbsp;6.21 | NewCo Shareholder Approvals | 102 |
| &nbsp;&nbsp;&nbsp;6.22 | Transferred Information | 103 |
| &nbsp;&nbsp;&nbsp;6.23 | Investment Canada Act | 103 |

---

-iii-

---

| | | |
|:---|:---|:---|
| Article 7 CONDITIONS TO THE TRANSACTIONS | Article 7 CONDITIONS TO THE TRANSACTIONS | 104.0 |
| &nbsp;&nbsp;&nbsp;7.01 | Conditions to the Obligations of each Party | 104.0 |
| &nbsp;&nbsp;&nbsp;7.02 | Conditions to the Obligations of SPAC and NewCo | 105.0 |
| &nbsp;&nbsp;&nbsp;7.03 | Conditions to the Obligations of the Company | 106.0 |
| &nbsp;&nbsp;&nbsp;7.04 | Frustration of Closing Conditions | 108.0 |
| Article 8 TERMINATION, AMENDMENT AND WAIVER | Article 8 TERMINATION, AMENDMENT AND WAIVER | 108.0 |
| &nbsp;&nbsp;&nbsp;8.01 | Termination | 108.0 |
| &nbsp;&nbsp;&nbsp;8.02 | Effect of Termination | 109.0 |
| &nbsp;&nbsp;&nbsp;8.03 | Expenses | 109.0 |
| &nbsp;&nbsp;&nbsp;8.04 | Amendment | 110.0 |
| &nbsp;&nbsp;&nbsp;8.05 | Waiver | 110.0 |
| Article 9 GENERAL PROVISIONS | Article 9 GENERAL PROVISIONS | 111.0 |
| &nbsp;&nbsp;&nbsp;9.01 | Notices | 111.0 |
| &nbsp;&nbsp;&nbsp;9.02 | Nonsurvival of Representations, Warranties and Covenants | 112.0 |
| &nbsp;&nbsp;&nbsp;9.03 | Severability | 112.0 |
| &nbsp;&nbsp;&nbsp;9.04 | Entire Agreement; Assignment | 112.0 |
| &nbsp;&nbsp;&nbsp;9.05 | Parties in Interest | 112.0 |
| &nbsp;&nbsp;&nbsp;9.06 | Governing Law | 113.0 |
| &nbsp;&nbsp;&nbsp;9.07 | Waiver of Jury Trial | 113.0 |
| &nbsp;&nbsp;&nbsp;9.08 | Headings | 113.0 |
| &nbsp;&nbsp;&nbsp;9.09 | Counterparts | 113.0 |
| &nbsp;&nbsp;&nbsp;9.10 | Specific Performance | 113.0 |
| &nbsp;&nbsp;&nbsp;9.11 | No Recourse | 114.0 |

---

---

| | |
|:---|:---|
| **EXHIBITS** | **EXHIBITS** |
| Exhibit A Form of Lock-Up Agreement | A-1 |
| Exhibit B Form of SPAC Closing Articles | B-1 |
| Exhibit C Form of Plan of Arrangement | C-1 |
| Exhibit D Form of Registration Rights Agreement | D-1 |

---

-iv-

**SCHEDULES**

---

| | |
|:---|:---|
| Schedule A Company Knowledge Persons | SCH A-1 |
| Schedule B SPAC Knowledge Persons | SCH B-1 |
| Schedule C Key Company Securityholders | SCH C-1 |
| Schedule D Expenses | SCH D-1 |

---

**BUSINESS COMBINATION AGREEMENT**, dated as of January 21, 2026 (this "**<u>Agreement</u>**"), by and among Spring Valley Acquisition Corp. III, a Cayman Islands exempted company ("**<u>SPAC</u>**"), General Fusion Inc., a British Columbia limited company (the "**<u>Company</u>**"), and 1573562 B.C. Ltd., a British Columbia limited company ("**<u>NewCo</u>**" and together with SPAC and the Company, the "**<u>Parties</u>**").

**<u>Recitals</u>**

A. NewCo
 is a wholly owned direct Subsidiary of SPAC, newly formed solely for the purposes of engaging
 in the following Transactions.

B. Prior
 to the Amalgamation and subject to the terms and conditions of this Agreement, SPAC shall
 continue from the Cayman Islands to British Columbia in accordance with the *Cayman Islands Companies Act* (2022 Revision) (the "  **<u>Cayman Companies Act</u>** ")
 and the *Business Corporations Act* (British Columbia) (the "  **<u>BCBCA</u>** ")
 (such transfer by way of continuation, including all matters necessary or ancillary in order
 to effect continuation, the "  **<u>SPAC Continuation</u>** ").

C. Concurrently
 with and as part of the SPAC Continuation, SPAC shall adopt articles in the form to be mutually
 agreed between the Company and SPAC (the "  **<u>SPAC Continuation Articles</u>** ").

D. On
 the Closing Date, prior to the Amalgamation and in accordance with the terms and conditions
 of this Agreement and the Plan of Arrangement, (a) all of the then issued and outstanding
 Company Preferred Shares shall automatically convert into Company Class A Common Shares
 pursuant to the Company Articles (the "  **<u>Company Preferred Conversion</u>** "),
 (b) the Company shall amend and restate the Company Articles by adopting the Company
 A&R Articles to, among other things, create and authorize the issuance of the Company
 Convertible PIPE Preferred Shares, (c) all of the then issued and outstanding simple
 agreements for future equity (each, a "  **<u>SAFE</u>**") of the Company shall
 convert into that number of Company Class A Common Shares pursuant to the terms of the
 SAFEs (the "  **<u>Company SAFE Conversion</u>** "), (d) the PIPE Financing
 shall be consummated pursuant to the Subscription Agreements, (e) each then issued and
 outstanding SPAC Class B Common Share shall automatically convert, on a one-for-one
 basis, for a SPAC Class A Common Share pursuant to the SPAC Continuation Articles (the
 "  **<u>SPAC Class B Conversion</u>** "), and (f) each then issued
 and outstanding SPAC Warrant shall be exchanged for a warrant to acquire that number of SPAC
 Class A Common Shares equal to the number of SPAC Class A Ordinary Shares subject
 to the applicable SPAC Warrant, at a per share exercise price equal to the per share exercise
 price for the SPAC Warrants (the "  **<u>SPAC Warrant Conversion</u>** ").

E. On
 the Closing Date, following the SPAC Class B Conversion and the SPAC Warrant Conversion
 and in accordance with the terms and conditions of this Agreement, (a) NewCo shall amalgamate
 with and into the Company (the "  **<u>Amalgamation</u>**") to form one corporate
 entity (the "  **<u>Amalgamated Company</u>**") except that the legal existence
 of NewCo will not cease and NewCo will survive the Amalgamation as the Amalgamated Company,
 (b) the articles of the Amalgamated Company will be the articles in the form to be mutually
 agreed between the Company and SPAC (the "  **<u>NewCo Closing Articles</u>** "),
 and (c) the directors and officers of the Amalgamated Company shall be those individuals
 nominated by the Company prior to the Closing, all in accordance with the terms of the Plan
 of Arrangement.

F. Pursuant
 to the Amalgamation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. each
 then issued and outstanding Company Common Share (other than Company Class B Common
 Shares and other Company Shares in respect of which Company Dissent Rights have been duly
 exercised) shall be exchanged for (i) that number of SPAC Common Shares equal to the
 Exchange Ratio for SPAC Common Shares, and (ii) that number of SPAC Class A Earnout
 Shares, SPAC Class B Earnout Shares, and SPAC Class C Earnout Shares equal to the
 applicable Exchange Ratio for SPAC Earnout Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. each
 then issued and outstanding Company Class B Common Share (other than Company Class B
 Common Shares in respect of which Company Dissent Rights have been duly exercised) shall
 be exchange for one (1) SPAC Common Share,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. each
 then issued and outstanding Company Convertible PIPE Preferred Share shall be exchanged for
 one (1) SPAC Convertible PIPE Preferred Share,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. each
 then issued and outstanding Company Warrant (other than Company PIPE Warrants) shall be exchanged
 for, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a
 warrant to acquire a number of SPAC Common Shares (rounded up to the nearest whole share)
 equal to (1) the number of Company Common Shares subject to the applicable Company Warrant
 multiplied by (2) the Exchange Ratio for SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a
 warrant to acquire a number of SPAC Class A Earnout Shares (rounded down to the nearest
 whole share) equal to (1) the number of Company Common Shares subject to the applicable
 Company Warrant multiplied by (2) the applicable Exchange Ratio for SPAC Earnout Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a
 warrant to acquire a number of SPAC Class B Earnout Shares (rounded down to the nearest
 whole share) equal to (1) the number of Company Common Shares subject to the applicable
 Company Warrant multiplied by (2) the applicable Exchange Ratio for SPAC Earnout Shares;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. a
 warrant to acquire a number of SPAC Class C Earnout Shares (rounded down to the nearest
 whole share) equal to (1) the number of Company Common Shares subject to the applicable
 Company Warrant multiplied by (2) the applicable Exchange Ratio for SPAC Earnout Shares

(collectively, the "**<u>SPAC Exchange Warrants</u>**"), each at a per share exercise price (rounded up to the nearest cent) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. in
 the case of a SPAC Exchange Warrant to acquire SPAC Common Shares, the quotient of (x) the
 per share exercise price for the Company Common Shares subject to the applicable Company
 Warrant, divided by (y) the Exchange Ratio for SPAC Common Shares, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. in
 the case of SPAC Exchange Warrant to acquire a class of SPAC Earnout Shares, US$0.01

(each, a "**SPAC Exchange Warrant Exercise Price**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. each
 then issued and outstanding Company PIPE Warrant shall be exchanged for a warrant (a "  **<u>SPAC PIPE Warrant</u>**") to acquire one (1) SPAC Common Share at a per share exercise
 price (rounded up to the nearest cent) equal to US$12.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. each
 then issued and outstanding Company Option shall be exchanged for, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. an
 option to acquire a number of SPAC Common Shares (rounded up to the nearest whole share)
 equal to (1) the number of Company Class A Common Shares subject to the applicable
 Company Option multiplied by (2) the Exchange Ratio for SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. an
 option to acquire a number of SPAC Class A Earnout Shares (rounded down to the nearest
 whole share) equal to (1) the number of Company Class A Common Shares subject to
 the applicable Company Option multiplied by (2) the applicable Exchange Ratio for SPAC
 Earnout Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. an
 option to acquire a number of SPAC Class B Earnout Shares (rounded down to the nearest
 whole share) equal to (1) the number of Company Class A Common Shares subject to
 the applicable Company Option multiplied by (2) the applicable Exchange Ratio for SPAC
 Earnout Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. an
 option to acquire a number of SPAC Class C Earnout Shares (rounded down to the nearest
 whole share) equal to (1) the number of Company Class A Common Shares subject to
 the applicable Company Option multiplied by (2) the applicable Exchange Ratio for SPAC
 Earnout Shares,

(collectively, the "**SPAC Exchange Options**"), each at a per share exercise price (rounded up to the nearest cent) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. in
 the case of a SPAC Exchange Option to acquire SPAC Common Shares, the quotient of (x) the
 per share exercise price for the Company Class A Common Shares subject to the applicable
 Company Option, divided by (y) the Exchange Ratio for SPAC Common Shares, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. in
 the case of a SPAC Exchange Option to acquire SPAC Earnout Shares, US$0.01

(each, a "**SPAC Exchange Option Exercise Price**"), in each case upon and subject to the other terms and conditions set forth in this Agreement, the Plan of Arrangement and in accordance with the provisions of applicable Law (including Sections 424(a) and Section 409A of the Code).

G. On
 the Closing Date, SPAC and certain holders of SPAC Common Shares, SPAC Exchange Warrants
 and SPAC Exchange Options issued pursuant to the Amalgamation, shall enter into a lock-up
 agreement in substantially the form attached as Exhibit A hereto (the "  **<u>Lock-Up Agreement</u>** ").

H. On
 the Closing Date, the Sponsor and the other parties to the SPAC IPO Letter Agreement shall
 enter into an amendment to the SPAC IPO Letter Agreement to change the lock-up period in
 such letter agreement to six (6) months.

I. Concurrently
 with the Amalgamation, the officers and directors of SPAC, including without limitation its
 executive team, immediately prior to the Amalgamation will resign and be replaced by the
 individuals nominated by the Company prior to the Closing in accordance with the requirements
 of NASDAQ; provided that the Sponsor may designate one (1) director prior to the Closing
 to serve on the board of SPAC (the "  **<u>Post-Closing Officers and Directors</u>** ").

J. On
 the Closing Date, following the Amalgamation and in accordance with the terms and conditions
 of this Agreement and the Plan of Arrangement, SPAC shall amend and restate its articles
 and adopt the amended and restated articles in substantially the form attached as Exhibit B
 hereto (the "  **<u>SPAC Closing Articles</u>** ").

K. On
 the Closing Date, following the Amalgamation and in accordance with the terms and conditions
 of this Agreement and the Plan of Arrangement, the SPAC Redemption shall be consummated pursuant
 to the SPAC Closing Articles.

L. The
 Parties intend that: (a) for U.S. federal and applicable state and local income Tax
 purposes, (i) the SPAC Continuation qualify as a "reorganization" within
 the meaning of Section 368(a)(1)(F) of the Code (and any applicable state and local
 Tax provisions), (ii) the SPAC Class B Conversion and the SPAC Warrant Conversion
 qualify as a "reorganization" within the meaning of Section 368(a)(1)(E) of
 the Code (and any applicable state and local Tax provisions), (iii) the Company Preferred
 Conversion, the Company SAFE Conversion, and the Amalgamation qualify as a "reorganization"
 within the meaning of Section 368(a) of the Code (and any applicable state and
 local Tax provisions), (iv) this Agreement and the Plan of Arrangement constitute, and
 is hereby adopted as, a "plan of reorganization" within the meaning of Treasury
 Regulations Sections 1.368-2(g) and 1.368-3(a) (and any applicable state and local
 Tax provisions), and (v) the Amalgamation not result in gain being recognized under
 Section 367(a)(1) of the Code (other than for any shareholder that would be a "five-percent
 transferee shareholder" (within the meaning of Treasury Regulations Section 1.367(a)-3(c)(5)(ii))
 of SPAC following the Amalgamation that does not enter into a five-year gain recognition
 agreement (a "  **<u>GRA</u>**") in the form provided in Treasury Regulations
 Section 1.367(a)-8(c)) (collectively, the "  **<u>Intended U.S. Tax Treatment</u>** ");
 and (b) for Canadian income Tax purposes, the Amalgamation is intended to (i) qualify
 as an amalgamation within the meaning of section 87 of the Canadian Tax Act and for the purposes
 of the BCBCA, and (ii) be governed by section 87 of the Canadian Tax Act (including,
 but not limited to, subsections 87(1), 87(2), 87(4), 87(5) and 87(9) of the Canadian
 Tax Act) (collectively, the "  **<u>Intended Canadian Tax Treatment</u>**" and
 together with the Intended U.S. Tax Treatment, the "  **<u>Intended Tax Treatment</u>** ").

M. The
 Board of Directors of the Company (the "  **<u>Company Board</u>**") has unanimously
 (a) determined that the Transactions are in the best interests of the Company and are
 fair to the Company Shareholders and other security holders, (b) approved this Agreement
 and the Ancillary Agreements to which the Company is or will be a party and the Transactions
 and declared their advisability and (c) resolved to recommend, among other things, that
 the Company Securityholders vote in favor of the Arrangement Resolution.

N. The
 Board of Directors of SPAC (the "  **<u>SPAC Board</u>**") has unanimously (a) determined
 that the Transactions are in the best interests of SPAC and are fair to the SPAC Shareholders,
 (b) approved this Agreement, the Ancillary Agreements to which SPAC is or will be a
 party and the Transactions and declared their advisability and (c) directed that the
 Transaction Proposals be submitted for consideration by the SPAC Shareholders at the SPAC
 Shareholders Meeting and recommended that the SPAC Shareholders approve and adopt each of
 the Transaction Proposals at the SPAC Shareholders Meeting.

O. The
 Board of Directors of NewCo (the "  **<u>NewCo Board</u>**") has unanimously
 (a) determined that the Transactions are in the best interests of NewCo, (b) approved
 this Agreement, the Ancillary Agreements to which NewCo is or will be a party and the Transactions
 and declared their advisability and (c) recommended the approval of this Agreement,
 the Ancillary Agreements to which NewCo is or will be a party and the Transactions by SPAC,
 which is the sole shareholder of NewCo.

P. Concurrently
 with the execution and delivery of this Agreement, SPAC, the Company and Key Company Securityholders
 are entering into an agreement, dated as of the date hereof (the "  **<u>Support Agreement</u>** "),
 pursuant to which, among other things, each such Key Company Securityholder has agreed to
 support and vote in favor of the Arrangement Resolution.

Q. Concurrently
 with the execution and delivery of this Agreement, the Sponsor and SPAC are entering into
 a letter agreement, dated as of the date hereof (the "  **<u>Sponsor Letter</u>** "),
 pursuant to which, among other things, (a) SPAC has agreed to issue to Sponsor 333,334
 SPAC Class A Earnout Shares, 333,333 SPAC Class B Earnout Shares and 333,333 SPAC
 Class C Earnout Shares on the Closing Date in consideration for the surrender for cancellation
 by Sponsor of 1,000,000 Class B Common Shares of SPAC held by Sponsor, and (b) the
 Sponsor has agreed to (i) vote all of the SPAC Class B Ordinary Shares held by
 it in favor of each of the Transaction Proposals, and (ii) transfer, directly or constructively
 (including, if applicable, pursuant to a forfeiture and reissuance), an aggregate of 1,250,000
 SPAC Class B Common Shares to certain investors (and in the amounts) set forth in the
 Sponsor Letter.

R. Concurrently
 with the execution and delivery of this Agreement, the Company and SPAC are entering into
 subscription agreements with certain investors (the "  **<u>PIPE Investors</u>** "),
 dated as of the date hereof (the "  **<u>Subscription Agreements</u>** "), pursuant
 to which, among other things, such investors have agreed to purchase units of the Company
 at a purchase price of US$10.20 per unit, each such unit comprising one (1) Company
 Convertible PIPE Preferred Share, and one (1) Company PIPE Warrant exercisable for one
 (1) SPAC Common Share at the price of US$12.00 per share, in a private placement or
 placements to be consummated on the Closing Date, prior to the Amalgamation (the "  **<u>PIPE Financing</u>** ").

S. Concurrently
 with the Closing, SPAC, the Sponsor, and certain investors shall enter into a registration
 rights agreement in substantially the form attached as Exhibit D hereto (the "  **<u>Registration Rights Agreement</u>** ").

T. The
 Parties intend to complete the Company Preferred Conversion, the Company SAFE Conversion,
 the Amalgamation, the SPAC Class B Conversion, the SPAC Warrant Conversion and the SPAC
 Redemption pursuant to the Plan of Arrangement.

U. Prior
 to the consummation of the Transactions, SPAC shall, subject to obtaining the approval of
 a majority of the SPAC Shareholders, adopt the 2026 Long-Term Incentive Plan in a form to
 be mutually agreed between the Company and SPAC (the "  **<u>SPAC Equity Incentive Plan</u>** ").

V. SPAC
 shall be renamed to a name that is selected by the Company and shall trade publicly on the
 Nasdaq Capital Market under a new ticker symbol selected by the Company.

**<u>Agreement</u>**

In consideration of the foregoing and the mutual covenants and agreements herein contained, the Parties hereto hereby agree as follows:

**Article 1<br> DEFINITIONS**

**1.01** **Certain Definitions** 

For purposes of this Agreement:

"**<u>Action</u>**" has the meaning ascribed thereto in <u>Section 3.09</u>.

"**<u>Affiliate</u>**" of a specified Person means a Person who, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person.

"**<u>Agreement</u>**" has the meaning ascribed thereto in the Preamble.

"**<u>Allocation Schedule</u>**" has the meaning ascribed thereto in <u>Section 2.08</u>.

"**<u>Alternative Transaction</u>**" has the meaning ascribed thereto in <u>Section 6.05</u>.

"**<u>Amalgamated Company</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Amalgamation</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Amalgamation Conditions Precedent</u>**" means the conditions set forth in <u>Section 7.01(a)</u> through <u>Section 7.01(g)</u>, in each case, with respect to the Amalgamation.

"**<u>Amalgamation Effective Time</u>**" has the meaning ascribed thereto in <u>Section 2.07(c)(vii)</u>.

"**<u>Ancillary Agreements</u>**" means the Plan of Arrangement, the Support Agreements, the Sponsor Letter, the Lock-Up Agreement, the Subscription Agreements, the Registration Rights Agreement and all other agreements, certificates and instruments executed and delivered by SPAC, NewCo or the Company in connection with the Transactions and specifically contemplated by this Agreement.

"**<u>Anti-Corruption Laws</u>**" means (i) the U.S. Foreign Corrupt Practices Act of 1977 ("**<u>FCPA</u>**"), (ii) the *Corruption of Foreign Publics Official Act* (Canada) and the *Criminal Code* (Canada), (iii) the UK Bribery Act 2010 ("**<u>UKBA</u>**"), (iv) anti-bribery legislation promulgated by the European Union and implemented by its member states, (v) Laws or any other type of legislation adopted in furtherance of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and (vi) all other applicable, similar or equivalent anti-corruption or anti-bribery Laws or any other type of legislation of any jurisdiction.

**"<u>Anti-Money Laundering Laws</u>"** means financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970 (also known as the Bank Secrecy Act), as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), the anti-money laundering statutes of all applicable jurisdictions (defined by virtue of such entity's jurisdiction of incorporation or its conduct of business operations), the rules and regulations thereunder, and any related or similar rules or regulations, issued, administered, or enforced by any governmental agency.

"**<u>Antitrust Laws</u>**" has the meaning ascribed thereto in <u>Section 6.12(a)</u>.

"**<u>Arrangement</u>**" means an arrangement under Part 9, Division 5 of the BCBCA on the terms and subject to the conditions set forth in the Plan of Arrangement, subject to any amendments or variations to the Plan of Arrangement made in accordance with the terms of this Agreement and the Plan of Arrangement or made at the directions of the Court in the Final Order with the prior written consent of SPAC and the Company, such consent not to be unreasonably withheld, conditioned or delayed.

"**<u>Arrangement Effective Time</u>**" has the meaning ascribed thereto in the Plan of Arrangement.

"**<u>Arrangement Resolution</u>**" means (i) the special resolution of the Company Securityholders in respect of the Arrangement to be considered at the Company Securityholders Meeting; and (ii) the special resolution of the SPAC Shareholders to be considered at the SPAC Shareholders Meeting, in each case in the form to be mutually agreed between the Company and SPAC.

"**<u>BCBCA</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>BCSC</u>**" means the British Columbia Securities Commission.

"**<u>Blue Sky Laws</u>**" has the meaning ascribed thereto in <u>Section 3.05(b)</u>.

"**<u>Business Combination</u>**" has the meaning ascribed to such term in the SPAC Memorandum and Articles of Association.

"**<u>Business Combination Proposal</u>**" has the meaning ascribed thereto in <u>Section 6.02</u>.

"**<u>Business Data</u>**" means all business information and data, including Personal Information and Confidential Information that is accessed, collected, used, stored, shared, distributed, transferred, disclosed, destroyed, disposed of or otherwise processed by or on behalf of the Company or any Company Subsidiaries in the course of the conduct of the business of the Company or any Company Subsidiaries.

"**<u>Business Day</u>**" means any day on which the principal offices of the SEC in Washington, D.C. are open to accept filings and on which banks are not required or authorized to close in the City of New York in the United States of America or the City of Vancouver in British Columbia, Canada (other than a Saturday, Sunday or public holiday in those cities).

"**<u>Business Systems</u>**" means all Software, computer hardware (whether general or special purpose), electronic data processors, databases, communications, telecommunications, networks, interfaces, platforms, servers, peripherals, and computer systems, including any outsourced systems and processes, and any Software and systems provided via the cloud or "as a service," that are owned or administered by the Company and used in the conduct of the business of the Company or any Company Subsidiaries.

"**<u>Canadian Tax Act</u>**" means the *Income Tax Act* (Canada) and the regulations made thereunder.

"**<u>Canadian Prospectus</u>**" means the preliminary and final non-offering prospectus of SPAC filed with the BCSC to become a "reporting issuer" (within the meaning of applicable Canadian securities Laws) in the Province of British Columbia.

"**<u>Cayman Companies Act</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Change in Recommendation</u>**" has the meaning ascribed thereto in <u>Section 6.01</u>.

"**<u>Claims</u>**" has the meaning ascribed thereto in <u>Section 5.05</u>.

"**<u>Closing</u>**" has the meaning ascribed thereto in <u>Section 2.07(a)</u>.

"**<u>Closing Date</u>**" has the meaning ascribed thereto in <u>Section 2.07(a)</u>.

"**<u>Code</u>**" means the United States Internal Revenue Code of 1986, as amended.

"**<u>Company</u>**" has the meaning ascribed thereto in the Preamble.

"**<u>Company A&R Articles</u>**" means the articles substantially in the form attached to the Plan of Arrangement as Schedule A.

"**<u>Company Articles</u>**" means the Articles of the Company dated August 6, 2025.

"**<u>Company Board</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Company Class A Common Shares</u>**" means the Class A Voting Common shares in the authorized share structure of the Company.

"**<u>Company Class A Preferred Shares</u>**" means the Series 1 Class A Preferred shares, the Series 2 Class A Preferred shares, the Series 3 Class A Preferred shares, the Series 4 Class A Preferred shares, the Series 5 Class A Preferred shares, the Series 6 Class A Preferred shares and the Series 7 Class A Preferred shares in the authorized share structure of the Company.

"**<u>Company Class B Common Shares</u>**" means the Class B Non-Voting Common shares in the authorized share structure of the Company.

"**<u>Company Class B Preferred Shares</u>**" means the Series 1 Class B Preferred shares, the Series 2 Class B Preferred shares and the Series 3 Class B Preferred shares in the authorized share structure of the Company.

"**<u>Company Common Shares</u>**" means, collectively, the Company Class A Common Shares and the Company Class B Common Shares.

"**<u>Company Convertible PIPE Preferred Shares</u>**" means the Convertible Preferred Shares in the capital of the Company that are eligible to be converted into a SPAC Convertible PIPE Preferred Share pursuant to the Amalgamation.

"**<u>Company Disclosure Schedule</u>**" has the meaning ascribed thereto in <u>Article 3</u>.

"**<u>Company Dissent Rights</u>**" means the rights of dissent granted to the Company Shareholders described in the Plan of Arrangement.

"**<u>Company Financial Statements</u>**" has the meaning ascribed thereto in <u>Section 3.07(b)</u>.

"**<u>Company Group Member</u>**" means the Company and each Company Subsidiary.

"**<u>Company Indemnified Persons</u>**" has the meaning ascribed thereto in <u>Section 6.07(a)</u>.

"**<u>Company Information Circular</u>**" means the notice of the Company Securityholders Meeting to be sent to the Company Securityholders, and the accompanying management information circular to be prepared in connection with the Company Securityholders Meeting, together with any amendments thereto or supplements thereof in accordance with the terms of this Agreement and the Interim Order.

"**<u>Company Interested Party Transaction</u>**" has the meaning ascribed thereto in <u>Section 3.20(a)</u>.

"**<u>Company IP</u>**" means, collectively, all Company-Owned IP and Company-Licensed IP.

"**<u>Company-Licensed IP</u>**" means all Intellectual Property owned or purported to be owned by a third party and either licensed to the Company or any Company Subsidiary or to which the Company or any Company Subsidiary otherwise has a valid right to use.

"**<u>Company Material Adverse Effect</u>**" means any event, state of facts, development, condition, occurrence, circumstance, change or effect (collectively, "**<u>Effect</u>**") that, individually or in the aggregate with all other Effects, (i) has had or would reasonably be expected to have a material adverse effect on the business, financial condition, assets, liabilities or results of operations of the Company and the Company Subsidiaries taken as a whole, or (ii) would reasonably be expected to prevent, materially delay or materially impede the performance by the Company of its obligations under this Agreement or the consummation of the Transactions; *provided*, *however*, that none of the following shall be deemed to constitute, alone or in combination, or be taken into account in the determination of whether there is, has been or will be a Company Material Adverse Effect: (a) any change in or change in the interpretation of any Law or GAAP applicable to the Company; (b) effects generally affecting the industries or geographic areas in which the Company and the Company Subsidiaries operate; (c) any downturn in general economic conditions, including changes in the credit, debt, securities, financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or commodity or any disruption of such markets); (d) any geopolitical conditions, outbreak of hostilities, acts of war, sabotage, cyberterrorism, terrorism, military actions, earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions, epidemics, pandemics and other force majeure events; (e) any actions taken or not taken by the Company or the Company Subsidiaries as required by this Agreement or any Ancillary Agreement; (f) any Effect attributable to the announcement or execution, pendency, negotiation or consummation of the Transactions (including the impact thereof on relationships with customers, suppliers, employees or Governmental Authorities) (provided that this <u>clause (f)</u> shall not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the consequences resulting from this Agreement or the consummation of the Transactions); (g) any failure to meet any projections, forecasts, guidance, estimates, milestones, budgets or financial or operating predictions of revenue, earnings, cash flow or cash position, *provided* that this <u>clause (g)</u> shall not prevent a determination that any Effect underlying such failure has resulted in a Company Material Adverse Effect; or (h) any actions taken, or failures to take action, or such other Effects, in each case, which SPAC has requested in writing or to which it has consented in writing, except in the cases of <u>clauses (a)</u> through <u>(d)</u>, to the extent that the Company and the Company Subsidiaries, taken as a whole, are materially disproportionately affected thereby as compared with other participants in the industries in which the Company and the Company Subsidiaries operate.

"**<u>Company Optionholders</u>**" means, at any time, the holders of Company Options and "**<u>Company Optionholder</u>**" means any one of them.

"**<u>Company Options</u>**" means all options to purchase Company Class A Common Shares, whether or not exercisable and whether or not vested, granted under the Company Stock Plan or otherwise.

"**<u>Company Outstanding Shares</u>**" means the total number of Company Shares outstanding immediately prior to the Amalgamation Effective Time, calculated on a fully diluted basis (taking into account the number of Company Shares subject to Company Options and Company Warrants (except for Company PIPE Warrants), but not taking into account the Company Class B Shares or the Company Convertible PIPE Preferred Shares issued in connection with the PIPE Financing).

"**<u>Company-Owned IP</u>**" means all Intellectual Property owned or purported to be owned by the Company or any Company Subsidiary.

"**<u>Company Permits</u>**" has the meaning ascribed thereto in <u>Section 3.06</u>.

"**<u>Company PIPE Warrants</u>**" means the Class A voting common share purchase warrants of the Company to be issued in connection with the PIPE Financing.

"**<u>Company Preferred Conversion</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Company Preferred Shares</u>**" means, collectively, the Company Class A Preferred Shares and the Company Class B Preferred Shares.

"**<u>Company Required Approval</u>**" means (i) the approval by not less than two-thirds (66⅔%) of the votes cast on the Arrangement Resolution by Company Shareholders, voting as a single, as-converted class, present in person or represented by proxy at the Company Securityholders Meeting, and (ii) the approval by not less than two-thirds (66⅔%) of the votes cast on the Arrangement Resolution by Company Securityholders, voting as a single, as-converted, as-exercised class, present in person or represented by proxy at the Company Securityholders Meeting, all in accordance with the organizational documents of the Company and applicable Laws.

"**<u>Company Securityholders</u>**" means, collectively, the Company Shareholders, the Company Warrant Holders and the Company Optionholders.

"**<u>Company Securityholders Meeting</u>**" means, if applicable, the special meeting of the Company Securityholders, including any adjournment or postponement thereof in accordance with the terms of this Agreement, which may be called and held in accordance with the Interim Order for the purpose of, among other things, considering and, if thought fit, approving the Company Arrangement Resolution.

"**<u>Company Shareholders</u>**" means, collectively, the holders of Company Shares as of any determination time prior to the Closing.

"**<u>Company Shareholders' Agreement</u>**" means the eighth amended and restated Shareholders' Agreement of the Company dated August 6, 2025.

"**<u>Company Shares</u>**" means, collectively, the Company Common Shares and the Company Preferred Shares.

"**<u>Company Stock Plan</u>**" means the amended and restated stock option plan dated November 19, 2024, as such may have been further amended, supplemented or modified from time to time.

"**<u>Company Subsidiary</u>**" means each Subsidiary of the Company, including General Fusion (UK) Limited, General Fusion Corp., General Fusion Technologies Inc. and 1410498 B.C. Ltd.

"**<u>Company Transaction Expenses</u>**" means, except as otherwise set forth in this Agreement, without duplication, all reasonable and documented third-party, out-of-pocket fees and expenses incurred in connection with, or otherwise related to, the Transactions, the negotiation and preparation of this Agreement and the Ancillary Agreements and the performance and compliance with this Agreement and the Ancillary Agreements and conditions contained herein and therein, including the fees, expenses and disbursements of legal counsel, auditors and accountants, due diligence expenses, advisory and consulting fees (including financial advisors) and expenses, and other third-party fees, in each case, of each of the Company and its respective Subsidiaries or any of their Affiliates, and any and all filing fees payable by the Company or any of its respective Subsidiaries or any of their Affiliates to Governmental Authorities in connection with the Transactions.

"**<u>Company Warrant Holders</u>**" means, at any time, the holders of Company Warrants outstanding at such time and "**<u>Company Warrant Holder</u>**" means any one of them.

"**<u>Company Warrants</u>**" means all warrants to purchase Company Shares.

"**<u>Confidential Information</u>**" means any information, knowledge or data concerning the businesses or affairs of (i) the Company or the Company Subsidiaries that is not in the public domain, or (ii) any Suppliers or customers of the Company or any Company Subsidiaries that is subject to restrictions on use or disclosure to third parties in any currently enforceable written confidentiality agreements with the Company or any Company Subsidiaries or to which the Company or any Company Subsidiaries are otherwise bound.

"**<u>Contract</u>**" means any written or oral agreement, contract, instrument, subcontract, arrangement, undertaking, lease or sublease, license, sublicense, power of attorney, note, bond, mortgage, indenture, deed of trust, or other legal commitment or understanding between parties or by one party in favor of another party.

"**<u>Contracting Parties</u>**" has the meaning ascribed thereto in <u>Section 9.11</u>.

"**<u>control</u>**" (including the terms "**<u>controlling</u>**", "**<u>controlled</u>**" and "**<u>under common control with</u>**") means the possession, directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by Contract or otherwise.

"**<u>Court</u>**" means the Supreme Court of British Columbia.

"**<u>Current Employee</u>**" means an employee of a Company Group Member.

"**<u>D&O Insurance</u>**" has the meaning ascribed thereto in <u>Section 6.07(b)</u>.

"**<u>Data Security Requirements</u>**" has the meaning ascribed thereto in <u>Section 3.13(l)</u>.

"**<u>Deferred Underwriting Fees</u>**" means the amount of deferred underwriting fees held in the Trust Account and payable to the underwriters of the SPAC's initial public offering upon consummation of the Transactions.

"**<u>Disabling Devices</u>**" means Software viruses, time bombs, logic bombs, trojan horses, trap doors, back doors, or other computer instructions, intentional devices or techniques that are designed to threaten, infect, assault, vandalize, defraud, disrupt, damage, disable, maliciously encumber, hack into, incapacitate, infiltrate or slow or shut down a computer system or any component of such computer system, including any such device affecting system security or compromising or disclosing user data in an unauthorized manner, other than those incorporated by the Company or the applicable third party intentionally to protect Company IP from misuse.

"**<u>Employee Benefit Plan</u>**" means any plan that is an "employee benefit plan" as defined in Section 3(3) of ERISA (whether or not subject to ERISA), and any other bonus, profit sharing, stock option, stock purchase, restricted stock, phantom stock, shadow equity, other equity-based compensation arrangement, performance award, incentive, deferred compensation, pension plan or scheme or insurance, life, accident, critical illness, retiree medical or life insurance, death or disability benefit, health or welfare (including hospitalization, prescription drug and dental), employee assistance, retirement, retirement savings, supplemental retirement, severance, redundancy, retention, change in control, employment, consulting, employee loan, educational assistance, fringe benefit, sick pay, expatriate benefit, vacation plans or arrangements and any other employee benefit plans, programs or arrangements, whether written or unwritten, registered or non-registered, funded or unfunded, insured or uninsured, except for Statutory Plans.

"**<u>Enforceability Exceptions</u>**" has the meaning ascribed thereto in <u>Section 3.04</u>.

"**<u>Environmental Laws</u>**" means any applicable Laws relating to: (i) the release or threatened release of Hazardous Substances or materials containing Hazardous Substances; (ii) the manufacture, handling, packaging, transport, use, treatment, storage or disposal of Hazardous Substances or materials containing Hazardous Substances; or (iii) pollution or protection of the environment, natural resources or human health and safety (to the extent related to Hazardous Substances).

"**<u>Equity Interests</u>**" means (i) in the case of a corporation, any and all shares (however designated) of capital stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership or limited liability company, any and all partnership or membership interests (whether general or limited) or units (whether common or preferred), (iv) in any case, any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, and (v) in any case, any right to acquire any of the foregoing.

"**<u>ERISA</u>**" means the Employee Retirement Income Security Act of 1974, as amended.

"**<u>ERISA Affiliate</u>**" has the meaning ascribed thereto in <u>Section 3.10(c)</u>.

"**<u>Ex-Im Laws</u>**" means all applicable Laws relating to export, re-export, transfer, and import controls, including but not limited to the U.S. Department of Commerce Export Administration Regulations, the customs and import Laws administered by U.S. Customs and Border Protection, the *Export and Import Permits Act* (Canada), the NSCA, the customs and import Laws administered by the Canada Border Services Agency, the EU Dual Use Regulation, the customs and import Laws administered by Her Majesty's Revenue and Customs and any similar Laws of any Governmental Authority with jurisdiction over the Company, any Company Subsidiary, or any agent thereof to the extent that it is conducting business involving the Company or any Company Subsidiary, to the extent that the Company, a Company Subsidiary, or such agent is subject to such Laws.

"**<u>Exchange Act</u>**" has the meaning ascribed thereto in <u>Section 3.05(b)</u>.

"**<u>Exchange Ratio for SPAC Common Shares</u>**" means the following ratio (rounded to four decimal places): the quotient obtained by dividing (i) the Transaction Value divided by $10, by (ii) the Company Outstanding Shares.

"**<u>Exchange Ratio for SPAC Earnout Shares</u>**" means (a) in respect of the SPAC Class A Earnout Shares, the quotient obtained by dividing one-third of 12,500,000 by the aggregate number of Company Outstanding Shares, (b) in a respect of the SPAC Class B Earnout Shares, the quotient obtained by dividing one-third of 12,500,000 by the aggregate number of Company Outstanding Shares, and (c) in respect of the SPAC Class C Earnout Shares, the quotient obtained by dividing one-third of 12,500,000 by the aggregate number of Company Outstanding Shares.

"**<u>Final Order</u>**" means the final order of the Court pursuant to Section 291 of the BCBCA, approving the Arrangement, in a form acceptable to SPAC and the Company, as such order may be amended by the Court with the consent of SPAC and the Company, such consent not to be unreasonably withheld, conditioned or delayed, at any time prior to the Closing or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or amended, on appeal, provided that any such amendment is reasonably acceptable to each of SPAC and the Company.

"**<u>Financial Derivative/Hedging Arrangement</u>**" means any transaction (including an agreement with respect thereto) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any combination of these transactions.

"**<u>Fraud</u>**" means, with respect to a Party, an intentional misrepresentation by such Party with respect to the making of the representations and warranties of such Party as expressly set forth in this Agreement or any Ancillary Agreement or in any certificates to be delivered hereunder or thereunder.

"**<u>GAAP</u>**" means generally accepted accounting principles as in effect in the United States of America from time to time.

"**<u>GF US</u>**" has the meaning ascribed thereto in <u>Section 6.16(c)</u>.

"**<u>Government Official</u>**" means any officer or employee of a Governmental Authority, a public international organization, or any department or agency thereof or any Person acting in an official capacity for such government or organization, including (i) a foreign official as defined in the FCPA, (ii) a foreign public official as defined in the *Corruption of Foreign Public Officials Act* (Canada) and a public officer as defined in the *Criminal Code* (Canada), (iii) a foreign public official as defined in UKBA, (iv) an officer or employee of a government-owned, controlled, operated enterprise, such as a national oil company, and (v) any non-U.S. political party, any party official or representative of a non-U.S. political party, or any candidate for a non-U.S. political office.

"**<u>Governmental Authority</u>**" has the meaning ascribed thereto in <u>Section 3.05(b)</u>.

"**<u>Governmental Order</u>**" means any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or with any Governmental Authority.

"**<u>GRA</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Hazardous Substance(s)</u>**" means (i) those substances defined in or regulated under Environmental Laws as "toxic," "hazardous," "radioactive" or "nuclear substances" or as a "pollutant" or "contaminant" or words of similar meaning or effect, or for which liability or standards of conduct may be imposed under any Environmental Law, (ii) petroleum and petroleum products, including crude oil and any fractions thereof, (iii) natural gas, synthetic gas, and any mixtures thereof, (iv) polychlorinated biphenyls, per- and polyfluoroalkyl substances, asbestos and radon, and (v) any substance, material or waste regulated by any Governmental Authority pursuant to any Environmental Law.

"**<u>HIPAA</u>**" means the *Health Insurance Portability and Accountability Act* of 1996 and its implementing regulations, including as amended by the Health Information Technology for *Clinical Health Act* provisions of the *American Recovery and Reinvestment Act* of 2009, Pub. Law No. 111-5 and its implementing regulations.

"**<u>HSR Act</u>**" means the *Hart-Scott-Rodino Antitrust Improvements Act* of 1976, as amended.

"**<u>Indebtedness</u>**" means, with respect to any Person, without duplication, any obligations (whether or not contingent) consisting of: (a) the outstanding principal amount of and accrued and unpaid interest on, and other payment obligations for, borrowed money, or payment obligations issued or incurred in substitution or exchange for payment obligations for borrowed money; (b) amounts owing as deferred purchase price for property or services, including "earnout" payments (but excluding ordinary trade accounts payable); (c) payment obligations evidenced by any promissory note, bond, debenture, mortgage or other debt instrument or debt security; (d) contingent reimbursement obligations with respect to letters of credit, bankers' acceptance or similar facilities (in each case to the extent drawn); (e) any obligations in the nature of accrued fees, interest, prepayment or other premiums, penalties, termination fees, expenses and other amounts incurred or that would be payable in connection with the prepayment, repayment, redemption, payoff, amendment, modification or supplement of any of the items in the foregoing clauses; (f) payment obligations of a third party secured by (or for which the holder of such payment obligations has an existing right, contingent or otherwise, to be secured by) any Lien, other than a Permitted Lien, on assets or properties of such Person, whether or not the obligations secured thereby have been assumed; (g) obligations under leases required to be capitalized under GAAP; (h) obligations net of benefits under all Financial Derivative/Hedging Arrangements; (i) any unpaid dividends or distributions declared or payable to any Company Shareholder; (j) any other indebtedness or obligation reflected or required to be reflected as indebtedness in a consolidated balance sheet, in accordance with GAAP; (k) guarantees, make- whole agreements, hold harmless agreements or other similar arrangements with respect to any amounts of a type described in the foregoing clauses; and (l) with respect to each of the foregoing, any unpaid interest, breakage costs, prepayment or redemption penalties or premiums, or other unpaid fees or obligations (including unreimbursed expenses or indemnification obligations for which a claim has been made); provided, however, that Indebtedness shall not include any Taxes, any accounts payable to trade creditors in the ordinary course of business that are not past due or any accrued expenses arising in the ordinary course of business consistent with past practice.

"**<u>Insolvency Event</u>**" means, in relation to an entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 entity goes, or proposes to go, into bankruptcy or liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 order is made, or an effective resolution is passed, for the winding up or dissolution without
 winding up (otherwise than for the purposes of a solvent reconstruction or amalgamation)
 of the entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 receiver, receiver and manager, judicial manager, liquidator, trustee, administrator or like
 official is appointed, or threatened or expected to be appointed, over the entity, the whole
 or a substantial part of the undertaking or property of the entity, or any application is
 made to a court for an order, or an order is made, or a meeting is convened, or a resolution
 is passed, for the purpose of appointing such a Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 holder of a Lien takes possession of the whole or substantial part of the undertaking or
 property of the entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 writ of execution is issued against the entity or any of the entity's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 entity is unable, or admits in writing its inability or failure, to pay its debts generally
 as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 entity commits an act of bankruptcy under the *Bankruptcy and Insolvency Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 entity makes a general assignment for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 entity proposes or takes any steps to implement a scheme or arrangement or other compromise
 with its creditors or any class of them, whether pursuant to the *Companies' Creditors Arrangement Act* (Canada) or similar legislation in any jurisdiction or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 entity is declared or taken under applicable Law to be insolvent, or the entity's board
 of directors resolve that it is, or is likely to, become insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an
 event that is the effective equivalent of an event described in paragraphs (a) to (j) above
 occurs in respect of the entity under the Laws applicable to it; and

in relation to a natural person, the person is made bankrupt, declared bankrupt or files a petition for relief under bankruptcy Laws, a certificate is issued for the summary administration of the person's estate or an equivalent or similar event to any of the foregoing occurs in respect of the person under the Laws applicable to it.

"**<u>Insurance Policies</u>**" has the meaning ascribed thereto in <u>Section 3.17(a)</u>.

"**<u>Intellectual Property</u>**" means (i) patents, patent applications and patent disclosures, together with all reissues, continuations, continuations-in-part, divisionals, revisions, extensions or reexaminations thereof, (ii) trademarks and service marks, trade dress, logos, trade names, corporate names, brands, slogans, and other source identifiers together with all translations, adaptations, derivations, combinations and other variants of the foregoing, and all applications, registrations, and renewals in connection therewith, together with all of the goodwill associated with the foregoing, (iii) copyrights, and other rights in works of authorship (whether or not copyrightable), and moral rights, and registrations and applications for registration, renewals and extensions thereof, (iv) trade secrets, proprietary know-how (including ideas, formulas, compositions, inventions (whether or not patentable or reduced to practice)), improvements, protocols, processes, methods and techniques, research and development information, industry analyses, algorithms, architectures, layouts, drawings, specifications, designs, plans, methodologies, proposals, industrial models, technical data, financial and accounting and all other data and all other data, databases and database rights, (v) internet domain name registrations, (vi) rights of privacy and publicity, (vii) all other intellectual property or proprietary rights of any kind or description, (viii) copies and tangible embodiments of any of the foregoing, in whatever form or medium, and (ix) all legal rights arising from <u>clauses (i)</u> through <u>(vii)</u> above, including the right to prosecute, enforce and perfect such interests and rights to sue, oppose, cancel, interfere, enjoin and collect damages based upon such interests, including such rights based on past infringement, if any, in connection with any of the foregoing.

"**<u>Intended Canadian Tax Treatment</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Intended Tax Treatment</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Intended U.S. Tax Treatment</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Interim Financial Statements</u>**" has the meaning ascribed thereto in <u>Section 3.07(b)</u>.

"**<u>Interim Order</u>**" means the interim order of the Court contemplated by <u>Section 2.02</u> and made pursuant to Section 291 of the BCBCA, providing for, among other things, the calling and holding of the Company Securityholders Meeting and the SPAC Shareholders Meeting, as the same may be amended by the Court with the consent of SPAC and the Company, such consent not to be unreasonably withheld, conditioned or delayed, provided that any such amendment is reasonably acceptable to each of SPAC and the Company.

"**<u>Intervening Event</u>**" has the meaning ascribed thereto in <u>Section 6.01</u>.

"**<u>Investment Canada Act</u>**" means the *Investment Canada Act* (Canada) and the regulations made thereunder.

"**<u>Key Company Securityholders</u>**" means the persons and entities listed on <u>Schedule C</u>.

"**<u>knowledge</u>**" or "**<u>to the knowledge</u>**" of a Person shall mean in the case of the Company, the actual knowledge of the Persons listed on <u>Schedule A</u> after reasonable inquiry of direct reports, and in the case of SPAC, the actual knowledge of the Persons listed on <u>Schedule B</u> after reasonable inquiry of direct reports.

"**<u>Law</u>**" means any federal, national, state, county, municipal, provincial, local, foreign or multinational, statute, constitution, common law, ordinance, code, decree, order, judgment, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Authority.

"**<u>Lead Safe Investors</u>**" means Woody Creek Capital Partners LLC and Madison Global Partners, LLC.

"**<u>Lease</u>**" has the meaning ascribed thereto in <u>Section 3.12(b)</u>.

"**<u>Lease Documents</u>**" has the meaning ascribed thereto in <u>Section 3.12(b)</u>.

"**<u>Leased Real Property</u>**" means the real property leased by the Company or Company Subsidiaries as tenant, together with, to the extent leased by the Company or Company Subsidiaries, all buildings and other structures, facilities or improvements located thereon.

"**<u>Lien</u>**" means any (i) lien, security interest, mortgage, pledge, adverse claim, lease, license, tenancy or possessory interest, purchase right, transfer restriction, conditional sales obligation, easement, restriction, covenant, condition, levy, debt, attachment or other encumbrance of any kind that secures the payment or performance of an obligation (other than those created under applicable securities laws), (ii) any security for payment of money, performance of obligations or protection against default (including a mortgage, bill of sale, charge, lien, pledge, trust, power or retention of title arrangement, right of set-off, assignment of income, garnishee order, monetary claim and flawed deposit arrangement), or (iii) any Contract granting or creating anything referred to in the foregoing clause (ii).

"**<u>Lock-Up Agreement</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>made available</u>**" means (i) with respect to documents made available to the SPAC, that such documents were posted in the Virtual Data Room (and the Company will use reasonable best efforts to provide to Representatives of SPAC (a) via a downloadable link within two (2) days after the date hereof and (b) on a USB as promptly as reasonably practicable after the date hereof), and (ii) with respect to documents made available to the Company, that such documents were provided to one or more Persons listed on <u>Schedule A</u> hereto or to the Representatives of the Company or disclosed in the SPAC SEC Reports, in each case at or prior to 5:00 p.m., New York time, on the date that is one (1) day prior to the date of this Agreement.

"**<u>Material Contracts</u>**" has the meaning ascribed thereto in <u>Section 3.16(a)</u>.

"**<u>Maximum Annual Premium</u>**" has the meaning ascribed thereto in <u>Section 6.07(b)</u>.

"**<u>NASDAQ</u>**" means The Nasdaq Stock Market LLC.

"**<u>NewCo</u>**" has the meaning ascribed thereto in the Preamble.

"**<u>NewCo Board</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>NewCo Closing Articles</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>NewCo Organizational Documents</u>**" means the incorporation and constitutional documents of NewCo.

"**<u>NewCo Shareholder Approval</u>**" means the affirmative vote or prior written consent of the sole shareholder of NewCo as at the date hereof.

"**<u>Non-U.S. Benefit Plan</u>**" has the meaning ascribed thereto in <u>Section 3.10(a)</u>.

"**<u>Non-Party Affiliates</u>**" has the meaning ascribed thereto in <u>Section 9.11</u>.

"**<u>NSCA</u>**" means the *Nuclear Safety and Control Act* (Canada) and the regulations made thereunder, including the General Nuclear Safety and Control Regulations.

"**<u>Occupational Health and Safety Laws</u>**" means all Laws relating in full or part to workplace safety, the protection of workers, or worker health and safety, including the NSCA, the *Canada Labour Code* and the regulations thereto, including the *Canada Occupational Health and Safety Regulations* and *Work Place Harassment and Violence Prevention Regulations*.

"**<u>Open Source Software</u>**" means any Software in source code form that is licensed pursuant to (i) any license that is a license now or in the future approved by the open source initiative and listed at http://www.opensource.org/licenses, which licenses include all versions of the GNU General Public License (GPL), the GNU Lesser General Public License (LGPL), the GNU Affero GPL, the MIT license, the Eclipse Public License, the Common Public License, the CDDL, the Mozilla Public License (MPL), the Artistic License, the Netscape Public License, the Sun Community Source License (SCSL), and the Sun Industry Standards License (SISL), (ii) any similar license to Software that is considered "free" or "open source software", or (iii) any Reciprocal License.

"**<u>Ordinary Course</u>**" means, with respect to any Person, the ordinary course of business consistent with such Person's past custom and practice.

"**<u>Outside Date</u>**" has the meaning ascribed thereto in <u>Section 8.01(b)</u>.

"**<u>Parties</u>**" has the meaning ascribed thereto in the Preamble.

"**<u>PCAOB</u>**" means the Public Company Accounting Oversight Board and any division or subdivision thereof.

"**<u>PCI DSS</u>**" means the Payment Card Industry Data Security Standard, issued by the Payment Card Industry Security Standards Council.

"**<u>Per Security Consideration</u>**" means, with respect to each Company Share, Company Convertible PIPE Preferred Share, Company Warrant and Company Option issued and outstanding immediately prior to the Amalgamation Effective Time, the right to receive:

(i) in
 the case of each Company Share (other than Company Class B Common Shares), the number
 of SPAC Common Shares equal to the Exchange Ratio for SPAC Common Shares and the number of
 SPAC Class A Earnout Shares, SPAC Class B Earnout Shares, and SPAC Class C
 Earnout Shares equal to the applicable Exchange Ratio for SPAC Earnout Shares,

(ii) in
 the case of each Company Class B Common Share, one (1) SPAC Common Share,

(iii) in
 the case of each Company Convertible PIPE Preferred Share, one (1) SPAC Convertible
 PIPE Preferred Share,

(iv) in
 the case of each Company Warrant (other than Company PIPE Warrants), SPAC Exchange Warrants
 to acquire a number of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) SPAC
 Common Shares (rounded down to the nearest whole share) equal to (1) the number of Company
 Common Shares subject to the applicable Company Warrant multiplied by (2) the Exchange
 Ratio for SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) SPAC
 Class A Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Common Shares subject to the applicable Company Warrant multiplied by (2) the
 applicable Exchange Ratio for SPAC Earnout Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) SPAC
 Class B Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Common Shares subject to the applicable Company Warrant multiplied by (2) the
 applicable Exchange Ratio for SPAC Earnout Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) SPAC
 Class C Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Common Shares subject to the applicable Company Warrant multiplied by (2) the
 applicable Exchange Ratio for SPAC Earnout Shares,

each at the applicable SPAC Exchange Warrant Exercise Price,

(v) in
 the case of each Company PIPE Warrant, one (1) SPAC PIPE Warrant, and

(vi) in
 the case of each Company Option, SPAC Exchange Options to acquire a number of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) SPAC
 Common Shares (rounded down to the nearest whole share) equal to (1) the number of Company
 Class A Common Shares subject to the applicable Company Option multiplied by (2) the
 Exchange Ratio for SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) SPAC
 Class A Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Class A Common Shares subject to the applicable Company Option multiplied
 by (2) the applicable Exchange Ratio for SPAC Earnout Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) SPAC
 Class B Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Class A Common Shares subject to the applicable Company Option multiplied
 by (2) the applicable Exchange Ratio for SPAC Earnout Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) SPAC
 Class C Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Class A Common Shares subject to the applicable Company Option multiplied
 by (2) the applicable Exchange Ratio for SPAC Earnout Shares,

each at the applicable SPAC Exchange Option Exercise Price, upon and subject to the other terms and conditions set forth in this Agreement, the Plan of Arrangement and in accordance with the provisions of applicable Law (including Sections 424(a) and 409A of the Code).

"**<u>Person</u>**" means an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person (including, without limitation, a "person" as defined in Section 13(d)(3) of the Exchange Act), trust, association, or to the extent not already covered, an entity, or government, political subdivision, agency or instrumentality of a government, or to the extent not already covered, a Governmental Authority.

"**<u>Personal Information</u>**" means (i) information related to an identified or identifiable individual, device or household (e.g., name, address, telephone number, email address, financial account number, government-issued identifier), (ii) any other data used or intended to be used or which allows one to identify, contact, or precisely locate an individual, device or household, including any internet protocol address or other persistent identifier, (iii) any other, similar information or data regulated by privacy or data security Laws, and (iv) any information that is covered by PCI DSS.

"**<u>PIPE Financing</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>PIPE Investors</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Plan of Arrangement</u>**" means the Plan of Arrangement in substantially the form attached as Exhibit C hereto, subject to any amendments or variations to such plan made in accordance with this Agreement and the Plan of Arrangement or made at the direction of the Court in the Final Order with the prior written consent of the Company and SPAC, each acting reasonably.

"**<u>Plan of Arrangement Proposal</u>**" has the meaning ascribed thereto in <u>Section 6.02</u>.

"**<u>Plans</u>**" has the meaning ascribed thereto in <u>Section 3.10(a)</u>.

"**<u>Post-Closing Officers and Directors</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Privacy/Data Security Laws</u>**" means all Laws governing the receipt, collection, use, storage, handling, processing, sharing, security, use, disclosure, protection or transfer of Personal Information or the security of Company's Business Systems, including the following Laws and their implementing regulations: HIPAA, the Gramm-Leach-Bliley Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the CAN-SPAM Act, Canada's Anti-Spam Legislation, the NSCA, the Telephone Consumer Protection Act, the Telemarketing and Consumer Fraud and Abuse Prevention Act, Children's Online Privacy Protection Act, California Consumer Privacy Act together with all implementing regulations therein and including the California Privacy Rights Act of 2020 (CPRA), and any ancillary rules, binding guidelines, orders, directions, directives, codes of conduct or other instruments made or issued by a Governmental Authority under the foregoing instruments, state data security Laws, state data breach notification Laws, state consumer protection Laws, the General Data Protection Regulation (EU) 2016/679, any applicable Laws concerning requirements for website and mobile application privacy policies and practices, call or electronic monitoring or recording or any outbound communications (including outbound calling and text messaging, telemarketing, and e-mail marketing).

"**<u>Products</u>**" mean any products, services or technologies, developed, manufactured, performed, out-licensed, sold, distributed or otherwise made available by or on behalf of Company Group Member, or from which any Company Group Member has derived previously, is currently deriving or is contemplated to derive, revenue from the sale or provision thereof.

"**<u>Public Official</u>**" means (a) any director, manager, officer, employee or representative of any Governmental Authority; (b) any director, manager, officer, employee or representative of any commercial enterprise that is owned or controlled by a Governmental Authority; (c) any director, manager, officer, employee or representative of any public international organization; (d) any Person acting in an official capacity for or on behalf of any Governmental Authority; and (e) any political party, party official or candidate for political office.

"**<u>Reciprocal License</u>**" means a license of an item of Software that requires or that conditions any rights granted in such license upon (i) the disclosure, distribution or licensing of any other Software (other than such item of Software as provided by a third party in its unmodified form), (ii) a requirement that any disclosure, distribution or licensing of any other Software (other than such item of Software in its unmodified form) be at no charge, (iii) a requirement that any other licensee of the Software be permitted to access the source code of, modify, make derivative works of, or reverse-engineer any such other Software, (iv) a requirement that such other Software be redistributable by other licensees, or (v) the grant of any patent rights (other than patent rights in such item of Software), including non-assertion or patent license obligations (other than patent obligations relating to the use of such item of Software).

"**<u>Redemption Rights</u>**" means, prior to the SPAC Continuation, the redemption rights provided for in Section 53.4 of the SPAC Memorandum and Articles of Association, and after the SPAC Continuation and prior to the Amalgamation Effective Time, the equivalent redemption rights provided in the SPAC Continuation Articles.

"**<u>Redemption Shares</u>**" has the meaning ascribed thereto in <u>Section 2.07(d)</u>.

"**<u>Registered Intellectual Property</u>**" means all Intellectual Property that is the subject of registration (or an application for registration), including domain names.

"**<u>Registration Rights Agreement</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Registration Statement / Proxy Statement</u>**" has the meaning ascribed thereto in <u>Section 6.01(a)</u>.

"**<u>Representatives</u>**" has the meaning ascribed thereto in <u>Section 6.04(a)</u>.

"**<u>SAFE</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Sanctioned Country</u>**" means at any time, a country, region or territory which is itself the subject or target of any comprehensive Sanctions Laws (as of the date of this Agreement, certain regions of Ukraine, Cuba, Iran, North Korea, and Syria).

"**<u>Sanctioned Person</u>**" means at any time any Person that is: (i) listed on any Sanctions-related list of designated or blocked Persons administered by a Governmental Authority to the extent that it has jurisdiction over the Company, any Company Subsidiary, or any agent thereof to the extent that it is conducting business involving the Company or any Company Subsidiary (including but not limited to the U.S. Department of Treasury's Office of Foreign Assets Control's ("**<u>OFAC</u>**") Specially Designated Nationals List, Non-SDN Menu-Based Sanctions List, Sectoral Sanctions Identifications List, and Foreign Sanctions Evaders List, the Regulations under the *Special Economic Measures Act* (Canada), *Justice for Victims of Corruption Foreign Officials Act* (Canada), *United Nations Act* (Canada), and *Freezing of Assets of Corrupt Foreign Officials Act* (Canada), the Regulations Establishing a List of Entities under the *Criminal Code* (Canada), the Denied Persons, Entity, and Unverified Lists of the U.S. Department of Commerce's Bureau of Industry and Security, the Debarred List of the U.S. Department of State's Directorate of Defense Trade Controls, any list of sanctioned persons administered and maintained by the U.S. Department of State relating to non-proliferation, terrorism, Cuba, Iran, or Russia and the EU Consolidated Financial Sanctions List), (ii) the government of, located in, resident in, or organized under the laws of a Sanctioned Country, (iii) the Government of Venezuela, as defined in Executive Order 13884 of August 5, 2019, or (iv) 50% or more owned or controlled, whether directly or indirectly, by a Person or Persons described in clauses (i) through (iii).

"**<u>Sanctions Laws</u>**" means applicable trade, economic and financial sanctions Laws, regulations, embargoes, and restrictive measures administered or enforced by (i) the United States of America (including without limitation the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, and the U.S. Department of Commerce), (ii) Canada, (iii) the European Union and enforced by its member states, (iv) the United Nations, or (v) Her Majesty's Treasury.

"**<u>SEC</u>**" has the meaning ascribed thereto in <u>Section 2.02</u>.

"**<u>Software</u>**" means all computer software (in any format, including object code, byte code or source code), and related system and user documentation.

"**<u>SPAC 5% Shareholder</u>**" has the meaning ascribed thereto in <u>Section 6.16(d)</u>.

"**<u>SPAC Affiliate Agreement</u>**" has the meaning ascribed thereto in <u>Section 4.14</u>.

"**<u>SPAC Board</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Board Recommendation</u>**" has the meaning ascribed thereto in <u>Section 6.02</u>.

"**<u>SPAC Class A Common Shares</u>**" means, following the SPAC Continuation, SPAC's Class A common shares.

"**<u>SPAC Class A Earnout Shares</u>**" means the Class A Earnout Shares in the capital of SPAC pursuant to the SPAC Closing Articles.

"**<u>SPAC Class A Ordinary Shares</u>**" means, prior to the SPAC Continuation, SPAC's Class A ordinary shares.

"**<u>SPAC Class B Common Shares</u>**" means, following the SPAC Continuation, SPAC's Class B common shares.

"**<u>SPAC Class B Conversion</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Class B Earnout Shares</u>**" means the Class B Earnout Shares in the capital of SPAC pursuant to the SPAC Closing Articles.

"**<u>SPAC Class B Ordinary Shares</u>**" means, prior to the SPAC Continuation, SPAC's Class B ordinary shares.

"**<u>SPAC Class C Earnout Shares</u>**" means the Class C Earnout Shares in the capital of SPAC pursuant to the SPAC Closing Articles.

"**<u>SPAC Closing Articles</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Common Shares</u>**" means, following the Amalgamation, Common shares in the capital of SPAC.

"**<u>SPAC Continuation</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Continuation Articles</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Convertible PIPE Preferred Shares</u>**" means the convertible preferred shares in the capital of the SPAC.

"**<u>SPAC Disclosure Schedule</u>**" means the SPAC's disclosure schedule delivered by SPAC in connection with this Agreement.

"**<u>SPAC Earnout Shares</u>**" means collectively the SPAC Class A Earnout Shares, SPAC Class B Earnout Shares, and SPAC Class C Earnout Shares.

"**<u>SPAC Equity Incentive Plan</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Exchange Option Exercise Price</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Exchange Options</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Exchange Warrant Exercise Price</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Exchange Warrants</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Financial Statements</u>**" means all of the audited financial statements and unaudited interim financial statements (including, in each case, the notes and schedules thereto) of SPAC included in the SPAC SEC Reports.

"**<u>SPAC Indemnified Persons</u>**" has the meaning ascribed thereto in <u>Section 6.07(a)</u>.

"**<u>SPAC Information</u>**" has the meaning ascribed thereto in <u>Section 2.04(e)</u>.

"**<u>SPAC Insiders</u>**" means each insider and any other Person who may be a director, officer and/or member of the management team of SPAC.

"**<u>SPAC IPO Letter Agreement</u>**" means that certain letter agreement, dated September 3, 2025, by and among SPAC, Sponsor and the SPAC Insiders party thereto.

"**<u>SPAC Material Adverse Effect</u>**" means any Effect that, individually or in the aggregate with all other Effects, (i) has had or would reasonably be expected to have a material adverse effect on the business, financial condition, assets, liabilities or results of operations of SPAC and NewCo taken as a whole, or (ii) would reasonably be expected to prevent, materially delay or materially impede the timely performance by SPAC or NewCo of its respective obligations under this Agreement and the Ancillary Agreements or the consummation of the Transactions; *provided*, *however*, that none of the following shall be deemed to constitute, alone or in combination, or be taken into account in the determination of whether, there has been or will be a SPAC Material Adverse Effect: (a) any change in or change in the interpretation of any Law or GAAP applicable to SPAC; (b) Effects generally affecting the industries or geographic areas in which SPAC operates; (c) any downturn in general economic conditions, including changes in the credit, debt, securities, financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or commodity or any disruption of such markets); (d) any geopolitical conditions, outbreak of hostilities, acts of war, sabotage, cyberterrorism, terrorism, military actions, earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions, epidemics, pandemics and other force majeure events; (e) any actions taken or not taken by the SPAC as required by this Agreement or any Ancillary Agreement; (f) any Effect attributable to the announcement or execution, pendency, negotiation or consummation of the Transactions (including the impact thereof on relationships with customers, suppliers, employees or Governmental Authorities) (provided that this <u>clause (f)</u> shall not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the consequences resulting from this Agreement or the consummation of the Transactions); (g) any failure to meet any projections, forecasts, guidance, estimates, milestones, budgets or financial or operating predictions of revenue, earnings, cash flow or cash position, *provided* that this <u>clause (g)</u> shall not prevent a determination that any Effect underlying such failure has resulted in a SPAC Material Adverse Effect; (h) any actions taken, or failures to take action, or such other Effects, in each case, which the Company has requested in writing or to which it has consented in writing or which actions are contemplated by this Agreement; or (i) any event, circumstance, change or effect arising from or related to the exercise of Redemption Rights, except in the cases of <u>clauses (a)</u> through <u>(d)</u>, to the extent that SPAC is materially disproportionately affected thereby as compared with other participants in the industry in which SPAC operates.

"**<u>SPAC Memorandum and Articles of Association</u>**" means the SPAC's amended and restated Memorandum and Articles of Association effective September 3, 2025, as may be amended from time to time in accordance with the terms of this Agreement.

"**<u>SPAC Organizational Documents</u>**" means the incorporation and constitutional documents of SPAC (including (i) prior to the SPAC Continuation, the SPAC Memorandum and Articles of Association and the Trust Agreement, and (ii) after the SPAC Continuation, the SPAC Continuation Articles and the Trust Agreement).

"**<u>SPAC PIPE Warrant</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Redemption</u>**" has the meaning ascribed thereto in <u>Section 2.07(d)</u>.

"**<u>SPAC SEC Reports</u>**" has the meaning ascribed thereto in <u>Section 4.08(a)</u>.

"**<u>SPAC Shareholder Approval</u>**" means with respect to the approval of the SPAC Continuation (including the SPAC Continuation Articles), the Business Combination Proposal and the Plan of Arrangement Proposal, the approval by not less than two-thirds (66⅔%) of the votes cast by the SPAC Shareholders, voting as a single class, present in person or represented by proxy at the SPAC Shareholders Meeting, in accordance with the SPAC Organizational Documents of and applicable Laws.

"**<u>SPAC Shareholder Redemption Amount</u>**" means the aggregate amount of cash proceeds required to satisfy any valid exercise by holders of SPAC Class A Common Shares of the Redemption Rights that has not been validly revoked.

"**<u>SPAC Shareholders</u>**" means collectively, the holders of SPAC Class A Ordinary Shares and SPAC Class B Ordinary Shares.

"**<u>SPAC Shareholders Meeting</u>**" has the meaning ascribed thereto in <u>Section 6.02</u>.

"**<u>SPAC Tail Policy</u>**" has the meaning ascribed thereto in <u>Section 6.07(c)</u>.

"**<u>SPAC Transaction Expenses</u>**" means, except as otherwise set forth in this Agreement, without duplication, all reasonable and documented third-party, out-of-pocket fees and expenses incurred in connection with, or otherwise related to, the Transactions, the negotiation and preparation of this Agreement and the Ancillary Agreements and the performance and compliance with this Agreement and the Ancillary Agreements and conditions contained herein and therein, including the fees, expenses and disbursements of legal counsel, auditors and accountants, due diligence expenses, advisory and consulting fees and expenses, other third-party fees, in each case of SPAC and NewCo, including the Deferred Underwriting Fees, and any and all filing fees payable by the SPAC or NewCo or any of their Affiliates to Governmental Authorities in connection with the Transactions.

"**<u>SPAC Warrant Agreement</u>**" means that certain warrant agreement dated September 3, 2025 by and between SPAC and Continental Stock Transfer & Trust Company.

"**<u>SPAC Warrant Conversion</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>SPAC Warrants</u>**" means the whole warrants to purchase SPAC Class A Ordinary Shares as contemplated under the SPAC Warrant Agreement, with each whole warrant exercisable for one SPAC Class A Ordinary Share at an exercise price of $11.50.

"**<u>Sponsor</u>**" means Spring Valley Acquisition III Sponsor, LLC, a Cayman Islands limited liability company.

"**<u>Sponsor Letter</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Statutory Plans</u>**" means any statutory plans with which the Company Group Members are required to comply, including the Canada Pension Plan and plans administered pursuant to applicable provincial health tax, workers' compensation and employment insurance legislation.

"**<u>Subscription Agreements</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Subsidiary</u>**" or "**<u>Subsidiaries</u>**" of any Person means, with respect to such Person, any Affiliate controlled by such Person, directly or indirectly, through one or more intermediaries.

"**<u>Supplier</u>**" means any Person that supplies inventory or other materials or personal property, components, or other goods or services (including, design, development and manufacturing services) that comprise or are utilized in, including in connection with the design, development, manufacture or sale of, the Products of the Company Group Members.

"**<u>Support Agreement</u>**" has the meaning ascribed thereto in the Recitals.

"**<u>Tax</u>**" or "**<u>Taxes</u>**" means any and all taxes, duties, levies, assessments, fees or other charges in the nature of a tax imposed by any Governmental Authority, including income, estimated, business, occupation, corporate, capital, gross receipts, transfer, stamp, registration, employment, payroll, health, unemployment, social security, workers' compensation, employment insurance premiums, Canada Pension Plan, Quebec Pension Plan or other similar contributions, withholding, occupancy, license, severance, goods and services, excise, alternative or add-on minimum, occupation, anti-dumping, countervailing, environment, production, ad valorem, excise, windfall profits, customs duties, real property, personal property, sales, use, turnover, value added and franchise taxes, whether disputed or not, together with all interest, penalties, and additions to tax imposed with respect thereto.

"**<u>Tax Incentive</u>**" has the meaning ascribed thereto in <u>Section 3.14(q)</u>.

"**<u>Tax Return</u>**" means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto and any amendment thereof, in each case provided or required to be provided to a Taxing Authority in connection with the administration, implementation or enforcement of or compliance with any Law relating to any Tax.

"**<u>Taxing Authority</u>**" means any Governmental Authority responsible for the imposition, administration and/or collection of such Tax or enforcement of any Law in relation to Tax.

"**<u>Terminating Company Breach</u>**" has the meaning ascribed thereto in <u>Section 8.01(f)</u>.

"**<u>Terminating SPAC Breach</u>**" has the meaning ascribed thereto in <u>Section 8.01(g)</u>.

"**<u>Trading Day</u>**" means any day on which SPAC Common Shares are actually traded on the principal securities exchange or securities market on which the SPAC Common Shares are then traded.

"**<u>Transaction Proposals</u>**" has the meaning ascribed thereto in <u>Section 6.02</u>.

"**<u>Transaction Value</u>**" means the pre-money equity rollover value of the Company in the aggregate amount of $600,000,000.

"**<u>Transaction Documents</u>**" means this Agreement, including all Schedules and Exhibits hereto, the Company Disclosure Schedule, the SPAC Disclosure Schedule, the Ancillary Agreements, and all other agreements, certificates and instruments executed and delivered by SPAC, NewCo, or the Company in connection with the Transactions and specifically contemplated by this Agreement.

"**<u>Transactions</u>**" means the SPAC Continuation, the Company Preferred Conversion, the Company SAFE Conversion, the Amalgamation, the PIPE Financing, the SPAC Redemption, the Plan of Arrangement, and the other transactions contemplated by this Agreement and the Transaction Documents.

"**<u>Transferred Information</u>**" means any Personal Information disclosed or conveyed to one Party or any of its representatives or agents (a "**<u>Recipient</u>**") by or on behalf of another Party (a "**<u>Disclosing Party</u>**") in anticipation of, as a result of, or in conjunction with the Transactions.

"**<u>Treasury Regulations</u>**" means the United States Treasury regulations issued pursuant to the Code.

"**<u>Trust Account</u>**" has the meaning ascribed thereto in <u>Section 4.05</u>.

"**<u>Trust Agreement</u>**" has the meaning ascribed thereto in <u>Section 4.05</u>.

"**<u>Trustee</u>**" has the meaning ascribed thereto in <u>Section 4.05</u>.

"**<u>Updated Financial Statements</u>**" has the meaning ascribed thereto in <u>Section 6.17</u>.

"**<u>Virtual Data Room</u>**" means the virtual data room established by the Company and hosted by Datasite, access to which was given to SPAC in connection with its due diligence investigation of the Company relating to the Transactions.

**1.02** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 the context of this Agreement otherwise requires, (i) words of any gender include each
 other gender, (ii) words using the singular or plural number also include the plural
 or singular number, respectively, (iii) the definitions contained in this Agreement
 are applicable to the other grammatical forms of such terms, (iv) the terms "hereof,"
 "herein," "hereby," "hereto" and derivative or similar
 words refer to this entire Agreement, (v) the terms "Article," "Section,"
 "Schedule" and "Exhibit" refer to the specified Article, Section,
 Schedule or Exhibit of or to this Agreement, (vi) the word "including"
 means "including without limitation," (vii) the word "or" shall
 be disjunctive but not exclusive, (viii) references to agreements and other documents
 shall be deemed to include all subsequent amendments and other modifications thereto and
 (ix) references to any Law shall include all rules and regulations promulgated
 thereunder and references to any Law shall be construed as including all statutory, legal,
 and regulatory provisions consolidating, amending or replacing such Law. All references to
 "$" or dollars refer to United States dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 language used in this Agreement shall be deemed to be the language chosen by the Parties
 to express their mutual intent and no rule of strict construction shall be applied against
 any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever
 this Agreement refers to a number of days, such number shall refer to calendar days unless
 Business Days are specified, and when counting days, the date of commencement will not be
 included as a full day for purposes of computing any applicable time periods (except as otherwise
 may be required under any applicable Law). If any action is to be taken or given on or by
 a particular calendar day, and such calendar day is not a Business Day, then such action
 may be deferred until the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 accounting terms used herein and not expressly defined herein shall have the meanings given
 to them under GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless
 the context of this Agreement otherwise requires, references to statutes shall include all
 regulations promulgated thereunder and references to statutes or regulations shall be construed
 as including all statutory and regulatory provisions consolidating, amending or replacing
 the statute or regulation.

**Article 2<br> THE ARRANGEMENT; THE TRANSACTIONS; CLOSING**

**2.01** **The Arrangement** 

Upon the terms and subject to the conditions set forth in <u>Article 7</u>, following the SPAC Continuation, the Company, SPAC and NewCo shall proceed to effect the Arrangement under Part 9, Division 5 of the BCBCA on the terms contained in the Plan of Arrangement. In the event of any conflict between the terms of this Agreement and the Plan of Arrangement, the Plan of Arrangement shall govern. From and after the Arrangement Effective Time, the Parties shall each effect and carry out the steps, actions and/or transactions to be carried out by them pursuant to the Plan of Arrangement.

**2.02** **The Interim Order** 

No event later than five (5) Business Days after the date that the Registration Statement / Proxy Statement is declared effective by the United States Securities and Exchange Commission (the "**<u>SEC</u>**"), the Company shall apply in a manner reasonably acceptable to SPAC pursuant to Part 9, Division 5 of the BCBCA and, in cooperation with SPAC, prepare, file and diligently pursue an application to the Court for the Interim Order in respect of the Arrangement, which shall provide, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 the class of Persons to whom notice is to be provided in respect of the Company Securityholders
 Meeting and for the manner in which such notice is to be provided, such notice to include,
 among other things, that such Persons have a right to appear at the hearing before the Court
 at which the fairness of the Arrangement will be adjudged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the required level of approval for the Arrangement Resolution shall be the Company Required
 Approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confirmation
 of the record date for the purposes of determining the Company Securityholders entitled to
 notice of and to vote at the Company Securityholders Meeting and that the record date for
 the Company Securityholders entitled to notice of and to vote at the Company Securityholders
 Meeting will not change in respect of any adjournment(s) or postponement(s) of
 the Company Securityholders Meeting, unless required by Law or with the written consent of
 SPAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that,
 in all other respects, the terms, restrictions and conditions of the Company Articles, including
 quorum requirements and all other matters, shall apply in respect of the Company Securityholders
 Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that
 the Company Securityholders Meeting may be adjourned or postponed from time to time by the
 Company in accordance with the terms of this Agreement without the need for additional approval
 of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that
 the Company Securityholders Meeting may be held in person or be a virtual meeting or hybrid
 meeting whereby all Company Securityholders may join virtually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that
 proxies in respect of the Company Required Approval may be delivered to the Company up to
 the deadline specified in the Company Information Circular, as may be waived in the Company's
 discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for
 the grant of the Company Dissent Rights as contemplated in the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for
 the class of Persons to whom notice is to be provided in respect of the SPAC Shareholders
 Meeting and for the manner in which such notice is to be provided, such notice to include,
 among other things, that such Persons have a right to appear at the hearing before the Court
 at which the fairness of the Arrangement will be adjudged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that
 the required level of approval for the Plan of Arrangement Proposal shall be the SPAC Shareholder
 Approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) confirmation
 of the record date for the purposes of determining the SPAC Shareholders entitled to notice
 of and to vote at the SPAC Shareholders Meeting and that the record date for the SPAC Shareholders
 entitled to notice of and to vote at the SPAC Shareholders Meeting will not change in respect
 of any adjournment(s) or postponement(s) of the SPAC Shareholders Meeting, unless
 required by Law or with the written consent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) that,
 in all other respects, the terms, restrictions and conditions of the SPAC Organizational
 Documents, including quorum requirements and all other matters, shall apply in respect of
 the SPAC Shareholders Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) that
 the SPAC Shareholders Meeting may be adjourned or postponed from time to time by SPAC in
 accordance with the terms of this Agreement or as otherwise agreed by the Company and SPAC,
 acting reasonably, without the need for additional approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) that
 the SPAC Shareholders Meeting may be held in person or be a virtual meeting or hybrid meeting
 whereby all SPAC Shareholders may join virtually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) that
 proxies in respect of the SPAC Shareholder Approval may be delivered to the SPAC up to the
 deadline specified in the information circular delivered by SPAC to the SPAC Shareholders,
 as may be waived in the Company's discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) for
 the notice, service and standing requirements with respect to the presentation of the application
 to the Court for the Final Order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) for
 such other matters as the Parties may agree are reasonably necessary to complete the Transactions.

**2.03** **The Company Securityholders Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms of this Agreement, the Interim Order and the provision of the Company Information
 Circular, the Company shall convene and conduct the Company Securityholders Meeting in accordance
 with the Company Articles, applicable Laws and the Interim Order as soon as reasonably practicable
 (but acknowledging that the Company may apply to the Court for an Interim Order as late as
 three (3) Business Days after the filing with the SEC of the Registration Statement
 / Proxy Statement), and shall not adjourn, postpone or cancel (or propose the adjournment,
 postponement or cancellation of) the Company Securityholders Meeting without the prior written
 consent of SPAC (not to be unreasonably withheld, delayed or conditioned), except in the
 case of an adjournment as required for quorum purposes. The Company shall consult with SPAC
 in fixing the record date for the Company Securityholders Meeting and the date of the Company
 Securityholders Meeting, give notice to SPAC of the Company Securityholders Meeting and allow
 SPAC's Representatives to attend the Company Securityholders Meeting. The Company shall
 use its reasonable best efforts to obtain the Company Required Approval in respect of the
 Arrangement Resolution, including instructing the management proxyholders named in the Company
 Information Circular to vote any discretionary or blank proxy submitted by Company Securityholders
 in favor of such action, and shall take all other action reasonably necessary or advisable
 to secure the Company Required Approval in respect of the Arrangement Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall provide SPAC with (i) updates with respect to the aggregate tally of the
 proxies received by the Company in respect of the Arrangement Resolution, (ii) updates
 with respect to any communication (written or oral) from any Company Shareholder in opposition
 to the Arrangement, (iii) any written notice of dissent or purported exercise by any
 Company Shareholder of Company Dissent Rights received by the Company, and (iv) the
 right to review and comment on all communications sent to Company Securityholders in connection
 with the Company Securityholders Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 required by Law, the Company shall not make any payment or settlement offer, or agree to
 any payment or settlement, prior to the Closing Date with respect to any claims regarding
 the Arrangement or Company Dissent Rights without the prior written consent of SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company shall not change the record date for the Company Shares entitled to vote at the Company
 Securityholders Meeting in connection with any adjournment or postponement of the Company
 Securityholders Meeting unless required by Law.

**2.04** **Company Information Circular** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall promptly prepare and complete, in good faith consultation with SPAC, the Company
 Information Circular together with any other documents required by applicable Law in connection
 with the Company Securityholders Meeting and the Arrangement, and the Company shall, as promptly
 as practicable after obtaining the Interim Order, cause the Company Information Circular
 and such other documents to be sent to each Company Shareholder and other Person as required
 by the Interim Order and applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall ensure that the Company Information Circular (i) complies with the Company
 Articles, the Interim Order and applicable Law, (ii) does not contain an untrue statement
 of a material fact or an omission to state a material fact that is required to be stated
 or that is necessary to make a statement not misleading in light of the circumstances in
 which it was made, except with respect to SPAC Information included in the Company Information
 Circular, which SPAC shall ensure does not contain an untrue statement of a material fact
 or an omission to state a material fact that is required to be stated or that is necessary
 to make a statement not misleading in light of the circumstances in which it was made, (iii) provides
 the Company Securityholders with sufficient information (explained in sufficient detail)
 to permit them to form a reasoned judgement concerning the matters to be placed before the
 Company Securityholders Meeting, and (iv) states any material interest of each director
 and officer, whether as director, officer, securityholder or creditor of the Company, as
 and to the extent required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company shall ensure that the Company Information Circular includes a statement that the
 Company Board has unanimously (i) determined that the Plan of Arrangement and the Transactions
 are in the best interests of the Company and is fair to the Company Securityholders and (ii) recommended
 that the Company Securityholders vote in favor of the Arrangement Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company shall, subject to the terms of this Agreement, ensure that the Company Information
 Circular includes a statement that each of the Key Company Securityholders has entered into
 the Support Agreements pursuant to which, among other things, the Key Company Securityholders
 (i) will not transfer their Company Shares (other than certain permitted transfers),
 (ii) will vote their Company Shares in favor of the Arrangement Resolution and any other
 resolutions necessary to effect this Agreement, the Plan of Arrangement and the other Transactions
 and (iii) will not exercise, and will waive, the Company Dissent Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) SPAC
 shall assist the Company in the preparation of the Company Information Circular, including
 obtaining and furnishing to the Company any information with respect to SPAC required to
 be included under applicable Laws in the Company Information Circular (the "  **<u>SPAC Information</u>** "). The Company shall give SPAC and its legal counsel a reasonable
 opportunity to review and comment on drafts of the Company Information Circular and other
 related documents, and shall accept the reasonable comments made by SPAC and its counsel,
 and agrees that all information relating to SPAC included in the Company Information Circular
 must be in a form and content reasonably satisfactory to SPAC. The Company shall provide
 SPAC with a final copy of the Company Information Circular in connection with its mailing
 to the Company Securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 Party shall promptly notify the other Parties if it becomes aware that the Company Information
 Circular contains an untrue statement of a material fact or an omission to state a material
 fact that is required to be stated or that is necessary to make a statement not misleading
 in light of the circumstances in which it was made, or otherwise requires an amendment or
 supplement. The Parties shall cooperate in the preparation of any such amendment or supplement
 as required or appropriate, and the Company shall promptly deliver or otherwise disseminate
 any such amendment or supplement to the Company Securityholders as required by the Court
 or applicable Law.

**2.05** **The Final Order** 

The Company shall, in consultation with SPAC, take all steps necessary or desirable to submit the Arrangement to the Court and diligently pursue an application for the Final Order pursuant to Part 9, Division 5 of the BCBCA, as soon as reasonably practicable, but in any event not later than the later of: (a) three (3) Business Days after the date on which the Arrangement Resolution is passed at the Company Securityholders Meeting as provided for in the Interim Order; and (b) three (3) Business Days after the receipt of the SPAC Shareholder Approval.

**2.06** **Court Proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 connection with all Court proceedings relating to obtaining the Interim Order or the Final
 Order, the Company shall: (i) diligently pursue the Interim Order and the Final Order;
 (ii) provide SPAC and SPAC's legal counsel with a reasonable opportunity to review
 and comment upon drafts of all material to be filed with the Court in connection with the
 Arrangement, and consider in good faith any reasonable comments of SPAC and its legal counsel;
 (iii) provide SPAC copies of any response to petition, evidence or other documents served
 on it or its legal counsel in respect of the application for the Interim Order or the Final
 Order or any appeal from them, and any notice, written or oral, indicating the intention
 of any Person to appeal, or oppose the granting of, the Interim Order or the Final Order;
 (iv) ensure that all material filed with the Court in connection with the Arrangement
 is consistent with this Agreement and the Plan of Arrangement; (v) not file any material
 with the Court in connection with the Arrangement or serve any such material, and will not
 agree to modify or amend any materials so filed or served, except as contemplated by this
 Agreement or with SPAC's prior written consent, such consent not to be unreasonably
 withheld, conditioned or delayed, provided that SPAC is not required to agree or consent
 to any increase or variation in the form of the Per Security Consideration or other modification
 or amendment to such filed or served materials that expands or increases its obligations,
 or diminishes or limits its rights, set forth in any such filed or served materials or under
 this Agreement or the Arrangement; (vi) subject to this Agreement, oppose any proposal
 from any Person that the Final Order contain any provision inconsistent with the Arrangement
 or this Agreement, and if at any time after the issuance of the Final Order and prior to
 the Closing, the Company is required by the terms of the Final Order or by applicable Law
 to return to Court with respect to the Final Order, it will do so only after notice to, and
 in good faith consultation and cooperation with, SPAC; and (vii) not object to legal
 counsel to SPAC making such submissions on the hearing of the motion for the Interim Order
 and the application for the Final Order as such counsel considers appropriate, provided SPAC
 advises the Company of the nature of any such submissions prior to the hearing and such submissions
 are consistent with this Agreement and the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the terms of this Agreement, SPAC will cooperate with, and assist, the Company in seeking
 the Interim Order and the Final Order, including by providing the Company, on a timely basis,
 any information reasonably required or requested to be supplied by SPAC in connection therewith.

**2.07** **Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 promptly as practicable, but in no event later than three (3) Business Days after the
 satisfaction or, if permissible, waiver of the conditions set forth in <u>Article 7</u> (other than those conditions that by their nature are to be satisfied at the Closing, it
 being understood that the occurrence of the Closing shall remain subject to the satisfaction
 or, if permissible, waiver of such conditions at the Closing), a closing of the Transactions
 (the "  **<u>Closing</u>**") shall be held by electronic exchange of deliverables
 and release of signatures for the purpose of confirming the satisfaction or, if permissible,
 waiver, as the case may be, of the conditions set forth in <u>Article 7</u>. The date
 on which the Closing shall occur is referred to herein as the "  **<u>Closing Date</u>** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 later than one Business Day prior to the Closing Date, SPAC shall complete the SPAC Continuation
 upon the terms and subject to the conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On
 the Closing Date, as set forth in the Plan of Arrangement, the following shall occur in the
 order set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall amend and restate the Company Articles by adopting the Company A&R Articles
 to, among other things, create and authorize the issuance of the Company Convertible PIPE
 Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Company
 SAFE Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Company Preferred Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 PIPE Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 SPAC Class B Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 SPAC Warrant Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Amalgamation, including the adoption of the NewCo Closing Articles and the new SPAC Closing
 Articles (the occurrence of such event, being the "  **<u>Amalgamation Effective Time</u>** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) SPAC
 and each holder of SPAC Common Shares, SPAC Exchange Warrants and SPAC Exchange Options issued
 pursuant to the Amalgamation shall become bound by the Lock-Up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On
 the Closing Date, following the Amalgamation Effective Time, pursuant to the SPAC Continuation
 Articles and in accordance with the Plan of Arrangement, each SPAC Class A Common Share
 issued and outstanding immediately prior to the Amalgamation Effective Time with respect
 to which a holder of SPAC Class A Common Shares has validly exercised its Redemption
 Rights (the "  **<u>Redemption Shares</u>**") shall be redeemed and the holder
 thereof shall be entitled to receive from SPAC, in cash, an amount per share calculated in
 accordance with such shareholder's Redemption Rights and as promptly as practical after
 the Amalgamation Effective Time, SPAC shall make such cash payments in respect of each such
 Redemption Share (the "  **<u>SPAC Redemption</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On
 the Closing Date, at the Amalgamation Effective Time, each officer and director of SPAC immediately
 prior to the Amalgamation Effective Time shall resign and be replaced by the Post-Closing
 Officers and Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On
 the Closing Date, SPAC shall be renamed to a name selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On
 or as soon as practicable after the Closing Date, the SPAC Common Shares shall trade on NASDAQ.

**2.08** **Allocation Schedule** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 least two (2) Business Days prior to the Closing, the Company shall deliver to SPAC
 a schedule setting forth with respect to each holder of Company Outstanding Shares and Company
 Class B Common Shares (the "  **<u>Allocation Schedule</u>** "): (i) the
 name and address of record of such holder; (ii) whether such holder is a current or
 former employee of the Company or any of its Affiliates; and (iii) the total number
 of Company Outstanding Shares and Company Class B Common Shares held by such holder
 as of immediately prior to the Amalgamation Effective Time (including the total number of
 Company Outstanding Shares subject to Company Warrants and vested Company Options as of immediately
 prior to the Amalgamation Effective Time). SPAC shall be entitled to rely fully on the Allocation
 Schedule for purposes of this Agreement and the Plan of Arrangement and all payments required
 to be made hereunder and thereunder, and neither SPAC nor any of its Affiliates shall, absent
 manifest error of which such Party was actually aware, have any liability to any Person for
 any payment made in accordance with the Allocation Schedule or any other payment made to
 the Exchange Agent for the benefit of the holders of Company Outstanding Shares and Company
 Class B Common Shares pursuant to this <u>Article 2</u> and the Plan of Arrangement
 based on the Allocation Schedule (including with respect to any claim that the Allocation
 Schedule or such other written instruction is incomplete or inaccurate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC
 may elect to appoint an exchange agent (the "  **<u>Exchange Agent</u>**") and
 enter into an exchange agent agreement with such Exchange Agent for the purpose of exchanging
 certificates, if any, representing the Company Shares and any Company Shares held in book-entry
 form on the share transfer books of the Company immediately prior to the Closing, for the
 applicable consideration set forth herein and in the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent SPAC elects to appoint an Exchange Agent: (i) the Company shall mail or otherwise
 deliver, or shall cause to be mailed or otherwise delivered, a letter of transmittal to the
 Company Shareholders to be used for the purpose of surrendering the Company Certificates
 and any other such Equity Interests in book-entry form for the applicable consideration hereunder;
 and (ii) SPAC shall deposit, or cause to be deposited, on the Closing Date for the benefit
 of such Persons and for exchange in accordance with this Section 2.08(c) through
 the Exchange Agent, evidence of SPAC Common Shares in book-entry form (and, if applicable,
 SPAC Exchange Warrants and SPAC PIPE Warrants) representing the portion of the consideration
 issuable hereunder and pursuant to the Plan of Arrangement to such holders.

**2.09** **Withholding** 

Notwithstanding anything in this Agreement to the contrary, each of the Parties, their Affiliates, the Exchange Agent, and any other applicable withholding agent (each a "**<u>Withholding Agent</u>**") shall be entitled to deduct and withhold (or cause to be deducted and withheld) from the consideration (including shares, warrants, options or other property) otherwise payable, issuable or transferable pursuant to this Agreement or the Plan of Arrangement such amounts as it is required to deduct and withhold with respect to such consideration, issuance or transfer under the Code, Canadian Tax Act, or other provision of U.S. state, local or non-U.S. Tax Law; provided that, except with respect to withholding or deductions on any amounts treated as compensation for services and any backup withholding, if the applicable Withholding Agent determines that any payment, issuance or transfer to any owners of the Company or SPAC hereunder is subject to any such deduction and/or withholding, then such Withholding Agent shall use reasonable best efforts to (i) provide notice to the applicable recipient as soon as reasonably practicable after such determination and (ii) upon the applicable recipient's reasonable request, cooperate with the applicable recipient to reduce or eliminate any such deduction or withholding to the extent permitted by applicable Law. The Parties agree to provide any necessary Tax forms, including IRS Form W-9 or the appropriate series of IRS Form W-8, as applicable, or any similar information, including any forms or information for Canadian or other non-U.S. applicable Law purposes as a Withholding Agent reasonably determines and requests. Any amounts so withheld shall be timely remitted to the applicable Governmental Authority. To the extent that amounts are so deducted or withheld and timely paid to the applicable Governmental Authority, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid, issued or transferred to the Person in respect of which such deduction and withholding was made.

**2.10** **Earnout Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
 the Closing, if, at any time during the period following the Closing Date and expiring on
 the fifth (5<sup>th</sup>) anniversary of the Closing Date (the "  **<u>Earnout Period</u>** "),
 the VWAP (as defined in the SPAC Closing Articles) of SPAC Common Shares equals or exceeds
 the applicable price target set forth below (each, an "  **<u>Earnout Target</u>** ")
 for any twenty (20) Trading Days within a period of thirty (30) consecutive Trading Days,
 then all of the issued and outstanding SPAC Earnout Shares shall automatically convert into
 SPAC Common Shares in accordance with the SPAC Closing Articles as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the VWAP equals or exceeds $15.00, SPAC Class A Earnout Shares shall automatically convert
 into SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the VWAP equals or exceeds $20.00, SPAC Class B Earnout Shares shall automatically convert
 into SPAC Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the VWAP equals or exceeds $25.00, SPAC Class C Earnout Shares shall automatically convert
 into SPAC Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 at any time during the Earnout Period there occurs any transaction resulting in a Deemed
 Liquidation Event (as defined in the SPAC Closing Articles), then the applicable Earnout
 Shares then outstanding shall automatically convert into SPAC Common Shares immediately prior
 to such Deemed Liquidation Event; provided that such conversion shall be effected only if
 the valuation of the SPAC Common Shares in such Deemed Liquidation Event is greater than
 or equal to the applicable Earnout Target and thereafter no additional Earnout Shares shall
 be converted under this <u>Section 2.10(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 an Earnout Target is not satisfied during the Earnout Period, the right of the applicable
 Earnout Shares to convert pursuant to this Section 2.10 will terminate and no longer
 apply, and such Earnout Shares shall be redeemed by SPAC for the Redemption Price (as defined
 in the SPAC Closing Articles) and cancelled.

**Article 3** **<br> REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

Except as set forth in the Company's disclosure schedule delivered by the Company in connection with this Agreement (the "**<u>Company Disclosure Schedule</u>**") (each of which qualifies (a) the correspondingly numbered representation, warranty or covenant if specified therein and (b) such other representations, warranties or covenants where its relevance as an exception to (or disclosure for purposes of) such other representation, warranty or covenant is reasonably apparent on its face), the Company hereby represents and warrants to each of SPAC and NewCo as follows:

**3.01** **Organization and Qualification; Subsidiaries** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company is a company duly incorporated or organized, validly existing and in good standing
 under the Laws of British Columbia, Canada and has the requisite corporate power and authority
 and all necessary governmental approvals to own, lease and operate its properties and to
 carry on its business as it is now being conducted. The Company is duly qualified or licensed
 to do business and is in good standing in each jurisdiction where the character of the properties
 owned, leased or operated by it or the nature of its business makes such qualification or
 licensing necessary, except for such failures to be so qualified or licensed and in good
 standing that would not individually, or in the aggregate, be expected to have a Company
 Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Company Subsidiary is a corporation or other organization duly incorporated or organized,
 validly existing and in good standing under the Laws of the jurisdiction of its incorporation
 or organization and has the requisite corporate or other organizational power and authority
 and all necessary governmental approvals to own, lease and operate its properties and to
 carry on its business as it is now being conducted. Each Company Subsidiary is duly qualified
 or licensed to do business and is in good standing in each jurisdiction where the character
 of the properties owned, leased or operated by it or the nature of its business makes such
 qualification or licensing necessary, except for such failures to be so qualified or licensed
 and in good standing that would not individually or in the aggregate expected to have a Company
 Material Adverse Effect.

**3.02** **Organizational Documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has prior to the date of this Agreement made available to SPAC a complete and correct
 copy of the certificate of amalgamation, the notice of articles and the articles of the Company.
 Such organizational documents are in full force and effect. The Company is not in material
 violation of any of its organizational documents. The Company has conducted its business
 in compliance with its organizational documents, except for such failures, individually or
 in the aggregate, which have not had, and would not reasonably be expected to have, a Company
 Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company has prior to the date of this Agreement made available to SPAC a complete and correct
 copy of the certificate of incorporation and the bylaws or equivalent organizational documents
 of each Company Subsidiary. Such certificates of incorporation, bylaws, articles of association
 or equivalent organizational documents are in full force and effect. No Company Subsidiary
 is in material violation of any of the provisions of its certificate of incorporation, bylaws
 or equivalent organizational documents. Each Company Subsidiary has conducted its business
 in compliance with its organizational documents, except for such failures, individually or
 in the aggregate, which have not had, and would not reasonably be expected to have, a Company
 Material Adverse Effect.

**3.03** **Capitalization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 true and complete list of all the Equity Interests (including Company Shares, Company Warrants
 and Company Options) issued or outstanding in the Company as of the date of this Agreement
 and the identity of the Persons that are the holders thereof is set forth in <u>Section 3.03(a)</u> of
 the Company Disclosure Schedule, and there are no Equity Interests issued or outstanding
 in the Company as of the date of this Agreement except as set forth thereon. With respect
 to each Company Option, <u>Section 3.03(a)</u> of the Company Disclosure Schedule
 also lists (i) the date of grant and name of holder, (ii) any applicable exercise
 (or similar) price, (iii) any applicable expiration (or similar) date, (iv) whether
 each Company Option is vested or unvested together with any applicable vesting schedule (including
 acceleration provisions), (v) whether or not the holder is an employee of the Company,
 and (vi) the number and class or series of Company Shares issuable upon exercise. With
 respect to each Company Warrant, <u>Section 3.03(a)</u> of the Company Disclosure
 Schedule also lists (i) any applicable exercise (or similar) price, (ii) any applicable
 expiration (or similar) date, and (iii) the number and class or series of Company Shares
 issuable upon exercise of each Company Warrant. All such Equity Interests (i) are duly
 authorized, validly issued, fully paid and nonassessable, (ii) were issued and granted
 or allotted free and clear of all Liens, options, rights of first offer and refusal, other
 than transfer restrictions under applicable securities Laws, the Company Articles and the
 Company Shareholders' Agreement, and (iii) were issued and granted or allotted
 in compliance in all material respects with applicable securities Laws, the Company Stock
 Plan, the forms of agreement used thereunder, and other applicable Law and all pre-emptive
 rights and other requirements set forth in applicable Contracts to which the Company is a
 Party and the Company Articles. No Company Option granted to a United States of America taxpayer
 is subject to Section 409A of the Code (a "  **<u>U.S. Option</u>** "),
 and each such U.S. Option (A) has been granted with an exercise price that is no less
 than the fair market value of the underlying Company Shares on the date of grant, as determined
 in accordance with Section 409A of the Code if applicable and (B) that is intended
 to qualify as an "incentive stock option" under Section 422 of the Code
 so qualifies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 true and complete list of all the Company Subsidiaries, together with the jurisdiction of
 incorporation of each Company Subsidiary and the percentage of the outstanding Equity Interests
 of each Company Subsidiary owned by the Company and each other Company Subsidiary, is set
 forth in <u>Section 3.03(b)</u> of the Company Disclosure Schedule, and there are
 no Equity Interests issued or outstanding in any Company Subsidiary except as set forth thereon.
 None of the Company and the Company Subsidiaries directly or indirectly owns, or has ever
 owned, any Equity Interest in any other corporation, trust, partnership, incorporated or
 unincorporated joint venture or business association, unincorporated association, consortium
 or other entity or fund. All of the outstanding Equity Interests of the Company Subsidiaries
 (i) are duly authorized, validly issued, fully paid and nonassessable and (ii) have
 been issued and granted in compliance in all material respects with applicable securities
 Laws and other applicable Law and all pre-emptive rights and other requirements set forth
 in applicable Contracts to which any Company Subsidiary is a party and the organizational
 documents of the Company Subsidiaries. Each outstanding Equity Interest of each Company Subsidiary
 is owned 100% by the Company or another Company Subsidiary free and clear of all Liens, options,
 rights of first refusal and limitations on the Company's or any Company Subsidiary's
 voting or transfer rights other than transfer restrictions under applicable securities Laws
 and their respective organizational documents. No Company Group Member is a trustee of any
 trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as set forth in <u>Section 3.03(a)</u> or <u>Section 3.03(c)</u> of the
 Company Disclosure Schedule, and except for this Agreement, the Plan of Arrangement and the
 Subscription Agreements, (i) there are no options, warrants, pre-emptive rights, calls,
 convertible securities, conversion rights or other rights, agreements, arrangements or commitments
 of any character relating to the issued or unissued Equity Interests of the Company or any
 Company Subsidiary or obligating the Company or any Company Subsidiary to issue or sell Equity
 Interests of, or other equity or voting interests in, or any securities convertible into
 or exchangeable or exercisable for Equity Interests of, the Company or any Company Subsidiary,
 and (ii) neither the Company nor any Company Subsidiary is a party to, or otherwise
 bound by, and neither the Company nor any Company Subsidiary has granted, any equity appreciation
 rights, participations, phantom equity, restricted shares, restricted share units, performance
 shares, contingent value rights or similar securities or rights that are derivative of or
 provide economic benefits based on, directly or indirectly, the value or price of any Equity
 Interests in the Company or any Company Subsidiary. Except for the Company Shareholders'
 Agreement, there are no voting trusts, voting agreements, proxies, shareholder agreements
 or other agreements to which the Company or any Company Subsidiary is a party, or to the
 Company's knowledge, among any holder of Company Shares or any other Equity Interests
 or other securities of the Company or any Company Subsidiary to which the Company or any
 Company Subsidiary is not a party, with respect to the voting or transfer of the Company
 Shares or any of the Equity Interests or other securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 are no outstanding contractual obligations of the Company or any Company Subsidiary to repurchase,
 redeem or otherwise acquire any Equity Interests of the Company or any Company Subsidiary
 or to provide funds to or make any investment (in the form of a loan, capital contribution
 or otherwise) in any Person other than a Company Subsidiary. No Company Group Member has
 (i) redeemed or repaid any Equity Interest contrary to its organizational documents
 or the terms of issue of any Equity Interest, (ii) bought back any shares or reduced
 its share capital or passed any resolution for the reduction of its share capital, or (iii) agreed
 or offered, whether or not subject to any condition, to do any of the matters referred to
 in the foregoing clauses (i) and (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 3.03(e)</u> of
 the Company Disclosure Schedules sets forth a list of all Indebtedness of each Company Group
 Member as of the date of this Agreement, including the principal amount of such Indebtedness,
 the outstanding balance as of the date of this Agreement, and the debtor and the creditor
 thereof.

**3.04** **Authority Relative to this Agreement** 

The Company has all necessary corporate power and authority to execute and deliver this Agreement and, subject to the Company Required Approval of the Arrangement Resolution, to perform its obligations hereunder and to consummate the Transactions. The execution and delivery of this Agreement by the Company and the consummation by the Company of the Transactions have been duly and validly authorized by all necessary corporate action, and no other corporate proceedings on the part of the Company are necessary to authorize this Agreement or to consummate the Transactions (other than the Company Required Approval of the Arrangement Resolution). This Agreement has been duly and validly executed and delivered by the Company and, assuming the due authorization, execution and delivery by SPAC and NewCo, constitutes a legal, valid and binding obligation of the Company against the Company in accordance with its terms, except as limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, by general equitable principles (the "**<u>Enforceability Exceptions</u>**").

**3.05** **No Conflict; Required Filings and Consents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 execution and delivery of this Agreement by the Company, and the performance of the Transactions
 by the Company, does not and, subject to receipt of the consents, approvals, authorizations
 or permits, filings and notifications, expiration or termination of waiting periods after
 filings and other actions contemplated by <u>Section 3.05(b)</u>, will not (i) conflict
 with or violate the organizational documents of the Company or any Company Subsidiary, (ii) assuming
 that all consents, approvals, authorizations, expiration or termination of waiting periods
 and other actions described in <u>Section 3.05(b)</u> have been obtained and all
 filings and obligations described in <u>Section 3.05(b)</u> have been made, conflict
 with or violate any Law applicable to the Company or any Company Subsidiary or by which any
 property or asset of the Company or any Company Subsidiary is bound or affected, or (iii) result
 in any breach of or constitute a default (or an event which, with notice or lapse of time
 or both, would become a default) under, or give to others any right of termination, amendment,
 acceleration or cancellation of, or result in the creation of a Lien (other than any Permitted
 Lien) on any property or asset of the Company or any Company Subsidiary pursuant to, any
 Material Contract, permit, franchise or other instrument or obligation to which the Company
 or any Company Subsidiary is a party or by which any asset or property of the Company or
 any Company Subsidiary is bound or affected, except with respect to clauses (ii) and
 (iii) for any such conflicts, violations, breaches, defaults or other occurrences which
 would not have or reasonably be expected to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 execution and delivery of this Agreement by the Company does not, and the performance of
 the Transactions by the Company will not, require any consent, approval, authorization or
 permit of, or filing with or notification to, or expiration or termination of any waiting
 period by, any U.S. or non-U.S.: (i) nation, state, commonwealth, province, territory,
 region, county, city, municipality, district, or other jurisdiction of any nature; (ii) federal,
 state, local, municipal, foreign or other government; or (iii) governmental, quasi-governmental,
 public or statutory authority of any nature (including any governmental division, department,
 agency, regulatory or administrative authority, commission, instrumentality, official, organization,
 unit, body, or entity and any court, judicial or arbitral body, or other tribunal) (a "  **<u>Governmental Authority</u>** "), except (A) for applicable requirements, if any, of the Securities
 Exchange Act of 1934 (the "  **<u>Exchange Act</u>** "), the Securities Act of
 1933 (the "  **<u>Securities Act</u>** "), state securities or "blue
 sky" laws ("  **<u>Blue Sky Laws</u>** "), Canadian securities Laws and
 applicable Antitrust Laws, (B) the filing of any documents required by the Final Order,
 the Interim Order, and filings required pursuant to the Plan of Arrangement, (C) as
 set forth in <u>Section 3.05(b)</u> of the Company Disclosure Schedule, and (D) where
 the failure to obtain such consents, approvals, authorizations or permits, or to make such
 filings or notifications, would not, individually or in the aggregate, have or reasonably
 be expected to have a Company Material Adverse Effect. Neither the Company nor any Company
 Subsidiary is a "TID U.S. Business" as that term is defined in 31 CFR § 800.248.
 Additionally, neither the Company nor any Company Subsidiary is a U.S. Business as that term
 is defined in 31 CFR § 800.252.

**3.06** **Permits; Compliance** 

Except as set forth in <u>Section 3.06</u> of the Company Disclosure Schedule, each of the Company and the Company Subsidiaries is and since January 1, 2023 has been in possession of all franchises, grants, authorizations, licenses, permits, easements, variances, exceptions, consents, certificates, approvals and orders of any Governmental Authority necessary for each of the Company or the Company Subsidiaries to own, lease and operate its properties or to carry on its business as it is now being conducted (the "**<u>Company Permits</u>**"), except where the failure to have such Company Permits would not reasonably be expected to be material to the Company. No suspension or cancellation of any of the Company Permits is pending or, to the knowledge of the Company, threatened in writing. Neither the Company nor any Company Subsidiary is, or has been since January 1, 2023, in conflict with or in default, breach or violation of (a) any Law, including Ex-Im Laws, applicable to the Company or any Company Subsidiary or by which any property or asset of the Company or any Company Subsidiary is bound or affected, or (b) any Company Permit, except in each case for any such conflicts, defaults, breaches or violations that would not reasonably be expected to be material to the Company.

**3.07** **Company Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as set forth in <u>Section 3.07(a)</u> of the Company Disclosure Schedule, the
 Company has made available to SPAC true and complete copies of the audited consolidated balance
 sheet of the Company and the Company Subsidiaries as of December 31, 2024 and December 31,
 2023, and the related audited consolidated statements of operations and cash flows of the
 Company and the Company Subsidiaries for each of the years then ended (collectively, the
 "  **<u>Annual Financial Statements</u>** "), and each of which are set forth
 as <u>Section 3.07(a)</u> of the Company Disclosure Schedule. Each of the Annual
 Financial Statements (including the notes thereto) (A) was prepared in accordance with
 GAAP, applied on a consistent basis throughout the periods indicated (except as may be indicated
 in the notes thereto) and (B) fairly presents, in all material respects, the financial
 position, results of operations and cash flows of the Company and the Company Subsidiaries
 as at the date thereof and for the period indicated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company has made available to SPAC true and complete copies of the unaudited consolidated
 financial statements of the Company as of December 31, 2024 and for the three and nine-month
 period ended September 30, 2025, and the related notes thereto (the "  **<u>Interim Financial Statements</u>** ", and together with the Annual Financial Statements, the
 "  **<u>Company Financial Statements</u>** "), which are set forth as <u>Section 3.07(b)</u> of
 the Company Disclosure Schedule. The Interim Financial Statements (including the notes thereto)
 (A) was prepared in accordance with GAAP, applied on a consistent basis throughout the
 periods indicated (except as may be indicated in the notes thereto) and (B) fairly presents,
 in all material respects, the financial position, results of operations and cash flows of
 the Company and the Company Subsidiaries as at the date thereof and for the period indicated
 therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as and to the extent reflected or reserved for in the Company Financial Statements, the Company
 does not have any liability or obligation of a nature (whether accrued, absolute, contingent
 or otherwise) required to be reflected on a balance sheet prepared in accordance with GAAP,
 except for: (i) liabilities that were incurred in the Ordinary Course since December 31,
 2024 (and in any event do not relate to breach of Contract, tort or noncompliance with Law),
 (ii) obligations for future performance under any Contract to which the Company or any
 Company Subsidiary is a party (and in any event do not relate to breach of Contract, tort
 or noncompliance with Law), (iii) that will be paid off or discharged prior to or at
 the Closing, (iv) arising under this Agreement and/or the performance by the Company
 of its obligations hereunder, or (v) such other liabilities and obligations which are
 not material to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since
 January 1, 2023, (i) neither the Company nor any Company Subsidiary nor, to the
 Company's knowledge, any director, officer, employee, auditor, accountant or Representative
 of the Company or any Company Subsidiary in its capacity as such, has received any complaint,
 allegation, assertion or claim regarding the accounting or auditing practices, procedures,
 methodologies or methods of the Company or any Company Subsidiary or their respective internal
 accounting controls, including any such complaint, allegation, assertion or claim that the
 Company or any Company Subsidiary has engaged in questionable accounting or auditing practices
 and (ii) there have been no internal unresolved, material investigations regarding accounting
 or revenue recognition discussed with, reviewed by or initiated at the direction of the chief
 executive officer, chief financial officer, general counsel, the Company Board or any committee
 thereof.

**3.08** **Absence of Certain Changes or Events** 

Since December 31, 2024 and on and prior to the date of this Agreement, except as expressly contemplated by this Agreement or any of the Ancillary Agreements, (i) the Company and the Company Subsidiaries have conducted their respective businesses in all material respects in the Ordinary Course, (ii) the Company and the Company Subsidiaries have not sold, assigned, transferred, permitted to lapse, abandoned, or otherwise disposed of any right, title, or interest in or to any of their respective material assets (including Company-Owned IP) other than in the Ordinary Course, and (iii) there has not been a Company Material Adverse Effect.

**3.09** **Absence of Litigation** 

Except as set forth in <u>Section 3.09</u> of the Company Disclosure Schedule, to the knowledge of the Company, there is no material litigation, suit, claim, charge, complaint, grievance, action, proceeding, arbitration, audit or investigation by or before any Governmental Authority (an "**<u>Action</u>**") pending or threatened against the Company or any Company Subsidiary, or any property or asset of the Company or any Company Subsidiary. Neither the Company nor any Company Subsidiary nor any property or asset of the Company or any Company Subsidiary is subject to any material continuing order of, consent decree, settlement agreement or other similar written agreement with, or, to the knowledge of the Company, continuing investigation by, any Governmental Authority, or any material order, writ, judgment, injunction, decree, determination or award of any Governmental Authority.

**3.10** **Employee Benefit Plans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 3.10(a)</u> of
 the Company Disclosure Schedule lists, as of the date of this Agreement, all Employee Benefit
 Plans that are maintained, sponsored, contributed to or required to be contributed to each
 Company Group Member for the benefit of any current or former employee, officer, director
 and/or consultant of each Company Group Member, or under which each Company Group Member
 has or could reasonably be expected to incur any liability (contingent or otherwise) (collectively,
 whether or not material, the "  **<u>Plans</u>** "). The Company has separately
 identified in <u>Section 3.10(a)</u> of the Company Disclosure Schedules each Plan
 that is maintained, sponsored, or contributed to, or required to be contributed to, by each
 Company Group Member primarily for the benefit of current or former employees outside of
 the United States of America (a "  **<u>Non-U.S. Benefit Plan</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to each Plan, the Company has made available to SPAC, if applicable, (i) a true
 and complete copy of the current plan document and all amendments thereto and each trust
 or other funding or administrative or investment services agreement and all amendments thereto,
 (ii) copies of the most recent summary plan description or plan booklet and any summaries
 of material modifications, (iii) a copy of the three (3) most recent annual reports
 or annual information returns (as applicable) and accompanying schedules filed with the relevant
 Governmental Authority, (iv) copies of the most recently received determination, opinion
 or advisory letter from the relevant Governmental Authority regarding the tax qualified or
 registered status of each such Plan (or, if not yet received, a draft of the application
 provided to the relevant Governmental Authority for such Plan), (v) a copy of the most
 recent financial or asset statement or statement of premium cost for such Plan, (vi) a
 copy of the most recent actuarial report, (vii) the nondiscrimination and compliance
 testing results for the three (3) most recent plan years, and (viii) any material
 non-routine correspondence to or from any Governmental Authority with respect to any Plan
 within the past three (3) years. No Company Group Member has made any express commitment
 to create any new Plan or to modify, change or terminate any Plan, other than with respect
 to a modification, change or termination required by ERISA or the Code, or other applicable
 Law. Subject to the requirements of applicable Laws, no provision of any Plan or of any Contract,
 and no act or omission of the Company or any Company Subsidiary, limits, impairs, modifies
 or otherwise affects the right of the Company or the Company Subsidiaries to unilaterally
 amend or terminate any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None
 of the Plans is or was within the past six (6) years, nor does any Company Group Member
 or any ERISA Affiliate have or reasonably expect to have any liability or obligation under,
 (i) a multiemployer plan (including within the meaning of Section 3(37) or 4001(a)(3) of
 ERISA), (ii) a single employer pension plan (including within the meaning of Section 4001(a)(15)
 of ERISA) subject to Section 412 of the Code and/or Title IV of ERISA, (iii) a
 multiple employer plan subject to Section 413(c) of the Code, or (iv) a multiple
 employer welfare arrangement under ERISA. For purposes of this Agreement, "  **<u>ERISA Affiliate</u>**" shall mean any entity that together with the Company would be deemed
 a "single employer" for purposes of Section 4001(b)(1) of ERISA and/or
 Sections 414(b), (c) and/or (m) of the Code. None of the Non-U.S. Benefit
 Plans is or was within the past three (3) years, nor does the Company or any Company
 Subsidiary have or reasonably expect to have any liability or obligation under, (i) a
 "registered pension plan" as defined in subsection 248(1) of the Canadian
 Tax Act, (ii) a "deferred profit sharing plan", a plan providing a "retirement
 compensation arrangement" as defined as subsection 248(1) of the Canadian Tax
 Act, except to the extent that one-time lump-sum retiring allowances have been negotiated
 with individual employees in connection with the termination of their employment, (iii) a
 multi-employer pension plan within the meaning of any applicable federal or provincial pension
 benefits standards legislation in Canada, or (iv) any Plan that contains a "defined
 benefit provision" as defined in subsection 147.1(1) of the Canadian Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as set forth in <u>Section 3.10(d)</u> of the Company Disclosure Schedule, no Company
 Group Member is or will be obligated, whether under any Plan or otherwise, to pay any bonus,
 separation, severance, redundancy, termination, change in control, retention, or similar
 benefits to any Person directly as a result of the Transactions, nor will any Transaction
 accelerate the funding of or the time of payment or vesting, or increase the amount, of any
 equity award, benefit or other compensation due from each Company Group Member to any individual.
 The Transactions shall not be the direct or indirect cause of any amount paid or payable
 by each Company Group Member being classified as an "excess parachute payment"
 under Section 280G of the Code. No Company Group Member has any obligation to gross-up,
 make-whole or otherwise compensate an individual for any taxes that could be incurred under
 Section 280G, Section 4999, Section 409A or Section 105(h) of the
 Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) None
 of the Plans provides, nor does any Company Group Member have or reasonably expect to have
 any obligation to provide, retiree life or medical insurance to any current or former employee,
 officer, director or consultant of each Company Group Member or their respective beneficiaries
 or dependents after termination of employment or service except as may be required under
 Section 4980B of the Code and Parts 6 and 7 of Title I of ERISA and the regulations
 thereunder or any analogous state or national law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 Plan is and has been within the past three (3) years maintained, administered, funded,
 communicated and invested (where applicable) in compliance, in all material respects, in
 accordance with its terms and the requirements of all applicable Laws. Each Company Group
 Member has performed, in all material respects, all obligations required to be performed
 by them under, are not in any material respect in default under or in violation of, and have
 no knowledge of any default or violation in any material respect by any party to, any Plan.
 Except for any such Actions that would not have or would not reasonably be expected to result
 in a material liability to any Company Group Member, no Action is pending or, to the knowledge
 of the Company, threatened with respect to any Plan (other than claims for benefits in the
 Ordinary Course) and, to the knowledge of the Company, no fact or event exists that could
 reasonably be expected to give rise to any such Action. No fact or circumstance exists that
 could adversely affect the Tax preferred status of any Plan, and no Taxes, penalties or fees
 are owing or exigible under any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
 contributions, premiums or payments required to be made with respect to any Plan have been
 timely made to the extent due or properly accrued on the Company Financial Statements, except
 as would not result in material liability to any Company Group Member. Neither the Company
 nor any Company Subsidiary has any actual or potential unfunded liabilities with respect
 to any of the Plans and no accumulated funding deficiencies exist in any Plan. All Non-U.S.
 Benefit Plans that are required or intended to be funded and/or book-reserved are so funded
 and/or book-reserved, as appropriate, based upon reasonable actuarial assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All
 employee data necessary to administer each Plan in accordance with its terms and conditions
 and applicable Laws is in possession of the Company or the Company Subsidiaries, and all
 such data is complete and correct in all material respects and is in a form that is sufficient
 for the proper administration of each Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 Employee Benefit Plan that is intended to be qualified under Section 401(a) of
 the Code is so qualified and has timely received a favorable determination or opinion or
 advisory letter from the Internal Revenue Service. None of the Company Group Members has
 incurred (whether or not assessed) any material penalty or Tax under Section 4980H,
 4980B, 4980D, 6721 or 6722 of the Code, and no circumstance exists or event has occurred
 that could reasonably be expected to result in the imposition of any such penalty or Tax.

**3.11** **Labor and Employment Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as set forth in <u>Section 3.11(a)</u> of the Company Disclosure Schedule, as of
 the Closing and during all times during the three (3)-year period immediately prior thereto,
 all compensation, including wages, overtime pay, general holiday pay, vacation pay, sick
 pay, commissions and bonuses, Taxes and Employee Benefit Plan contributions or payments,
 due and payable to or in respect of all employees and former employees of, and all other
 Persons who have provided services to, any Company Group Member for services performed on
 or prior to the Closing has been or will have been paid in full (or accrued in full in the
 Company Financial Statements) in all material respects. The Company has not paid, nor will
 it be required to pay, any severance, retention bonus, change of control or other payment
 to any employee or independent contractor of the Company or any Company Subsidiary as a result
 of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 employee of any Company Group Member is or has ever been represented by a labor union, works
 council, trade union, industrial organization, or similar representative of employees with
 respect to his or her employment with a Company Group Member, and no Company Group Member
 is or has ever been a party to, subject to or bound by a collective bargaining agreement,
 collective agreement, workplace agreement or any other Contract with a labor union, works
 council, trade union, industrial organization, or similar representative of employees. As
 of the date of this Agreement, and during the three (3)-year period immediately prior to
 this Agreement, there are or were no strikes, lockouts, work stoppages, slowdowns or other
 labor disputes existing or, to the Company's knowledge, threatened, against any Company
 Group Member with respect to any employees of any Company Group Member or any other individuals
 who have provided services with respect to any Company Group Member. As of the date of this
 Agreement and during the three (3)-year period immediately prior to this Agreement, there
 have been no union certification or representation petitions pending with a Governmental
 Authority or demands for recognition as the bargaining unit representative with respect to
 any Company Group Member and any of their respective employees and, to the Company's
 knowledge, no union organizing campaign or similar effort is or has been threatened with
 respect to any Company Group Member and any of their respective employees. No Company Group
 Member has been involved in any dispute with any labor union, works council, trade union,
 industrial organization, or similar representative of employees, or any present or past employee
 of any Company Group Member, at any time within the three-year period immediately prior to
 this Agreement, except as would not be material to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as set forth in <u>Section 3.11(c)</u> of the Company Disclosure Schedule, to the
 knowledge of the Company, there are no material Action pending or threatened against any
 Company Group Member by any of their respective current or former employees or any other
 individuals who have provided services to any Company Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as set forth in <u>Section 3.11(d)</u> of the Company Disclosure Schedule, since
 January 1, 2023, each Company Group Member is and has been in material compliance with
 all applicable Laws relating to labor and employment, including (i) all applicable Occupational
 Health and Safety Laws and all such Laws relating to wages and hours, anti-discrimination,
 anti-harassment, anti-retaliation, collective bargaining, employee leave, immigration, recordkeeping,
 workers' compensation, meal and rest periods, employee notices, payroll documents,
 termination or discharge, severance or redundancy obligations, social insurance obligations,
 vacation and holiday pay, information and consultation, occupational health and safety, tax
 withholding, and classification of employees, workers and contractors and (ii) all applicable
 industrial Laws, industrial awards, statutes, company policies, codes of conduct and applicable
 agreements for all employees engaged in the business of the Company Group Members, and no
 Company Group Member is liable for any arrears of wages, penalties or other sums for failure
 to comply with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither
 the Company nor any Company Subsidiary nor any property or asset of the Company or any Company
 Subsidiary is or has been the subject of an investigation, inspection, order (including stop
 work, stop use or stop supply orders) by any Governmental Authority pursuant to Occupational
 Health and Safety Laws, and there are no charges, penalties, or orders under Occupational
 Health and Safety Laws pending or outstanding against the Company, any Company Subsidiary
 or any current or former employees of the Company or any Company Subsidiary. There have been
 no injuries, incidents, or events reported or required to be reported to a Governmental Authority
 pursuant to any Occupational Health and Safety Laws regarding the Company or the Company
 Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 modern awards or enterprise agreements apply to any Current Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No
 order has been made for the reinstatement of any Person formerly employed by a Company Group
 Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each
 Current Employee is employed by a Company Group Member subject to a written Contract of employment
 which comprises the terms and conditions set out in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 employment Contract in respect of that Current Employee made available to SPAC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 applicable template employment Contract made available to SPAC without any material variations,
 and no Current Employee receives or is entitled to any payment, bonus or benefit that is
 not documented in such written Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 Person who provides services to the Company or any Company Subsidiary in the capacity as
 an independent contractor is subject to a written consulting or independent contractor Contract
 which comprises the terms and conditions set out in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 consulting or independent contractor Contract in respect of that independent contractor made
 available to SPAC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 applicable template consulting or independent contractor Contract made available to SPAC
 without any material variations,

and no such independent contractor receives or is entitled to any compensation that is not documented in such written Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each
 current and former employee and independent contractor of the Company or a Company Subsidiary
 has signed the form of confidentiality/inventions/non-competition agreement made available
 to SPAC or a substantially similar Contract or is subject to substantially similar obligations
 and covenants pursuant to the terms of their employment, consulting or independent contractor
 Contract with the Company or a Company Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No
 individual classified as an independent contractor by a Company Group Member is an employee
 of a Company Group Member. No Company Group Member contributes or has any obligation to contribute
 to any fund for a Non-U.S. Benefit Plan that is a defined benefit plan in respect of the
 Current Employees, and no Company Group Member is liable to contribute in respect of any
 such defined benefit plan or fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No
 Company Group Member is liable to pay any allowance, annuity, benefit, lump sum, pension,
 premium or other payment in respect of the death, disability, retirement, resignation, dismissal
 or cessation of employment of any past or present employees of any Company Group Member or
 other person other than pursuant to any Plan set out in <u>Section 3.10(a)</u> of
 the Company Disclosure Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) There
 are no material overdue pension or superannuation-related contributions (including any Taxes)
 due on the part of any Company Group Member or any Current Employee or independent contractor
 of the Company Group Member (if applicable) that are outstanding and unpaid.

**3.12** **Real Property; Title to Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company does not own, and has not owned, directly or indirectly, any legal or beneficial
 interest in any real property and, other than pursuant to the Leases set out in <u>Section 3.12(b)</u> of
 the Company Disclosure Schedule, is not a party to any Contract (including any option) to
 own freehold title to any real property or any interest in real property or any Contract
 for the lease to or from the Company or any Company Subsidiary of any real property interest
 not currently in possession of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 3.12(b)</u> of
 the Company Disclosure Schedule lists the street address of each parcel of Leased Real Property
 and sets forth a list of each lease, sublease, and license pursuant to which the Company
 or any Company Subsidiary leases, subleases or licenses any real property (each, a "  **<u>Lease</u>** "),
 with the name of the lessor and the date of each Lease in connection therewith, and each
 amendment, modification, supplement, extension, renewal, subordination and non-disturbance
 agreement, and guaranty thereof or thereto (collectively, the "  **<u>Lease Documents</u>** ").
 True, correct and complete copies of all Lease Documents have been made available to SPAC.
 There are no leases, subleases, sublicenses, concessions or other Contracts granting to any
 Person other than the Company or Company Subsidiaries the right to use or occupy all or any
 portion of the Leased Real Property, and all such Leases are in full force and effect, are
 valid and enforceable in accordance with their respective terms, subject to the Enforceability
 Exceptions, and there is not, under any of such Leases, any existing default or event of
 default (or event which, with notice or lapse of time, or both, would constitute a default)
 by the Company or any Company Subsidiary or, to the Company's knowledge, by the other
 party to such Leases, except other than those
 that would not reasonably be expected to be material to the Company. If required by
 Law to be registered, each applicable Lease has been registered. The applicable Company Group
 Member has not received: (1) any notice of termination, rescission, avoidance or repudiation
 of the Lease and, to the knowledge of the Company, no event has occurred which may be grounds
 for termination, rescission, avoidance or repudiation of the Lease; (2) any notice requiring
 material work to be done or expenditure to be made on or in respect of any of the properties
 subject to a Lease; and (3) any notice from a Governmental Authority related to any
 of the properties subject to a Lease that will, or would be reasonably likely to, materially
 affect any Company Group Member's use and enjoyment of the relevant property or give
 rise to any material liability for any Company Group Member. There are no current material
 disputes in connection with or arising out of the Lease involving a Company Group Member
 and, to the knowledge of the Company, no such disputes are pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 are no contractual or legal restrictions that preclude or restrict the ability of the Company
 or any Company Subsidiary to use any Leased Real Property by such party for the purposes
 for which it is currently being used other than those that would not reasonably
 be expected to be material to the Company. The Leased Real Property, and the improvements
 thereon, are in compliance with all applicable laws, in good repair and in good condition
 (ordinary wear and tear excepted), and there are no patent or latent defects or adverse physical
 conditions except other than those that would
 not reasonably be expected to be material to the Company. Since January 1, 2023,
 there has not been any material interruption in the delivery of adequate service of any utilities
 required in the operation of the business of the Company or any Company Subsidiary currently
 conducted on the Leased Real Property and neither the Company nor any Company Subsidiary
 has experienced any material disruptions to its operations arising out of any recurring loss
 of electrical power, flooding, limitations to access to public sewer and water or restrictions
 on septic service at the Leased Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as set forth in <u>Section 3.12(d)</u> of the Company Disclosure Schedule, each
 of the Company and the Company Subsidiaries has legal and valid title to, or, in the case
 of Leased Real Property and assets, valid leasehold or subleasehold interests in, all of
 its properties and assets, tangible and intangible, real, personal and mixed, used or held
 for use in its business, free and clear of all Liens other than Permitted Liens, except as
 would not reasonably be expected to be material
 to the Company. The Leased Real Property constitutes all of the real property interests owned,
 used or held for use in the conduct of the business of the Company and the Company Subsidiaries
 consistent with past practice and is sufficient in all material respects for the continued
 conduct and operation of such business, consistent with past practice and as presently proposed
 to be conducted. A Company Group Member is in possession of each of the Leased Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither
 the Company nor any Company Subsidiary has subleased, licensed, or otherwise granted any
 Person the right to use or occupy such Leased Real Property or any portion thereof; (i) the
 owners of the Leased Real Property have not made any assignment, mortgage, pledge or hypothecation
 of any Lease or the rents or use fees due thereunder; (ii) for any security interest

 non-disturbance agreement has been executed in favor of the Company and made available to
 SPAC; and (iii) no owner of any Leased Real Property is an Affiliate of the Company.

**3.13** **Intellectual Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 3.13(a)</u> of
 the Company Disclosure Schedule sets forth a correct list of all: (i) Registered Intellectual
 Property constituting Company-Owned IP (showing in each, as applicable, the filing date,
 date of issuance, registration or application number, and jurisdiction); (ii) written
 Contracts currently in effect granting a right, license or other permission to use any Company-Licensed
 IP, including the Software of any other Person (other than generally commercially available
 Software with aggregate annual license and maintenance fees of less than $75,000); and (iii) Software
 constituting Company-Owned IP that is either (A) incorporated into the current Products
 or (B) otherwise material to the business of the Company or any Company Subsidiary,
 as such business is currently being conducted or proposed to be conducted. The Company IP
 constitutes all Intellectual Property required for the conduct of the business of the Company
 and the Company Subsidiaries, as such business is currently being conducted or proposed to
 be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company or one of the Company Subsidiaries solely owns and possesses, free and clear of all
 Liens (other than Permitted Liens), all right, title and interest in and to the Company-Owned
 IP. All Company-Owned IP is subsisting and, to the knowledge of the Company, valid and enforceable.
 The Company is unaware of any facts or circumstances which would be reasonably likely to
 result in the loss or expiration of material Company-Owned IP except for ordinary expirations
 of Registered Intellectual Property and other Intellectual Property expiring in the Ordinary
 Course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as set forth in <u>Section 3.13(c)</u> of the Company Disclosure Schedule, (i) no
 government funding, facilities or resources of a university, college, other educational institution
 or research center or funding from third parties was used in the development of the Company-Owned
 IP, (ii) no governmental entity, university, college, other educational institution
 or research center has any claim or right in or to the Company-Owned IP, and (iii) no
 current or former employee, consultant or independent contractor of the Company who was involved
 in, or who contributed to, the creation or development of any Company-Owned IP, has performed
 services for the government, a university, college or other educational institution, or a
 research center, during a period of time during which such employee, consultant or independent
 contractor was also performing services for the Company or any Company Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company and each of its applicable Company Subsidiaries have taken and take commercially
 reasonable actions to, maintain, protect and enforce their respective Intellectual Property,
 including the secrecy of their trade secrets and other Confidential Information. Neither
 the Company nor any Company Subsidiaries has disclosed any trade secrets or other Confidential
 Information that relates to the Products or is otherwise material to the business of the
 Company and any applicable Company Subsidiaries to any other Person (including employees
 and third parties) other than on a need-to-know basis pursuant to a written confidentiality
 agreement under which such other Person agrees to maintain the confidentiality and protect
 such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As
 of the date of this Agreement, there have been no claims filed and served, or threatened
 in writing, against the Company or any Company Subsidiary, by any Person (i) contesting
 the validity, use, ownership, enforceability, patentability or registrability of any of the
 Company-Owned IP or (ii) alleging any infringement or misappropriation of, or other
 violation of, any Intellectual Property of other Persons (including any unsolicited demands
 or offers to license any Intellectual Property from any other Person). The operation of the
 business of the Company and the Company Subsidiaries (including the Products) has not and
 does not infringe, misappropriate or otherwise violate, any Intellectual Property of other
 Persons. To the knowledge of the Company, no other Person has infringed, misappropriated
 or violated any of the Company-Owned IP. Neither the Company nor any of the Company Subsidiaries
 has received written notice of any of the foregoing set forth in this <u>Section 3.13(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All
 Persons who have contributed, developed or conceived any material Company-Owned IP have executed
 valid and enforceable written Contracts with the Company or one of the Company Subsidiaries,
 pursuant to which such Persons (i) assigned to the Company or the applicable Company
 Subsidiary all of their entire right, title, and interest in and to any Intellectual Property
 created, conceived or otherwise developed by such Person in the course of and related to
 his, her or its relationship with the Company or the applicable Company Subsidiary and (ii) waived
 all of their moral rights therein, without further consideration or any restrictions or obligations
 whatsoever, including on the use or other disposition or ownership of such Intellectual Property.
 Except as set forth in <u>Section 3.13(f)</u> of the Company Disclosure Schedules,
 all forms of such Contracts have been made available to SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither
 the Company nor any of the Company Subsidiaries or, to the Company's knowledge, any
 other Person is in material breach or in material default of any Contract specified in <u>Section 3.13(a)</u> of
 the Company Disclosure Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each
 item of Company IP will continue to be owned by or licensed to the Company or applicable
 Company Subsidiary on identical terms and conditions immediately following the Closing Date
 as are in effect immediately prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Company and the Company Subsidiaries do not use and have not used any Open Source Software
 or any modification or derivative thereof in a manner that would grant or purport to grant
 to any other Person any rights or licenses to or immunities under any of the Company-Owned
 IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To
 the Company's knowledge, there are no defects or technical concerns or problems, in
 each case that are current, unresolved and material, in any of the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Company and the Company Subsidiaries maintain commercially reasonable disaster recovery,
 business continuity and risk assessment plans, procedures and facilities. All such plans
 and procedures have been proven reasonably effective upon testing in all material respects.
 There has not been any material failure with respect to any of the Business Systems that
 has not been remedied or replaced in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The
 Company and each of the Company Subsidiaries currently comply and previously have complied
 in all material respects with (A) all Privacy/Data Security Laws applicable to the Company
 or a Company Subsidiary, (B) any applicable privacy or other policies of the Company
 and/or the Company Subsidiary, respectively, concerning the collection, dissemination, storage
 or use of Personal Information or other Business Data, including any policies or disclosures
 posted to websites or other media maintained or published by the Company or a Company Subsidiary,
 (C) industry standards to which the Company or any Company Subsidiary is bound or purports
 to adhere, (D) PCI DSS and (E) all contractual commitments that the Company or
 any Company Subsidiary has entered into or is otherwise bound with respect to privacy and/or
 data security (collectively, the "  **<u>Data Security Requirements</u>** ").
 The Company and the Company Subsidiaries have each implemented commercially reasonable safeguards
 designed to protect the security, integrity and confidentiality of the Business Systems and
 any Business Data stored thereon, including where applicable, implementing procedures preventing
 unauthorized access and the introduction of Disabling Devices, adopting disaster recovery
 and business continuity plans, and the taking and storing on-site and off-site of back-up
 copies of data considered by the Company to be critical. Such safeguards comply with all
 Privacy/Data Security Laws. The Company's and the Company Subsidiaries' employees
 and contractors receive reasonable training on information security issues. There is no Disabling
 Device in any of the Product components. Neither the Company nor any of the Company Subsidiaries
 has (x) experienced any material unauthorized access or use of any of the Business Systems
 constituting Company-Owned IP, or unauthorized acquisition, destruction, damage, disclosure,
 loss, corruption, alteration, or use of any material Business Data stored on the Business
 Systems or (y) been subject to or received written notice of any audits, proceedings
 or investigations by any Governmental Authority or any Person, or received any claims or
 complaints regarding the collection, dissemination, storage or use of Personal Information,
 or the violation of any applicable Data Security Requirements, and, to the Company's
 knowledge, there is no reasonable basis for the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 Company and/or one of the Company Subsidiaries (i) owns or possesses all right, title
 and interest in and to the Business Data constituting Company-Owned IP free and clear of
 any restrictions other than those imposed by applicable Privacy/Data Security Laws or (ii) has
 the right, as applicable, to use, exploit, publish, reproduce, distribute, license, sell
 and create derivative works of the Business Data, in whole or in part, in the same manner
 in which the Company and the Company Subsidiaries use, exploit, publish, reproduce, distribute,
 license, sell and create derivative works of such Business Data prior to the Closing Date.
 The Company and the Company Subsidiaries are not subject to any Data Security Requirements
 or other legal obligations that would prohibit NewCo from receiving or using Personal Information
 or other Business Data held by the Company and/or the Company Subsidiaries after the Closing
 Date, in the same manner in which the Company and the Company Subsidiaries received and used
 such Personal Information and such Business Data prior to the Closing Date or result in liabilities
 in connection with Data Security Requirements.

**3.14** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 material Tax Returns of the Company and each of the Company Subsidiaries have been duly and
 timely filed (taking into account any extension of time to file), and all such Tax Returns
 are true, correct and complete in all material respects. All material Taxes (whether or not
 shown on any Tax Return) owed by the Company and each of the Company Subsidiaries have been
 timely paid in full to the appropriate Taxing Authority, other than any such Taxes which
 are not yet due and payable and which have been adequately accrued and reserved in accordance
 with GAAP as of the date of this Agreement. The Company and the Company Subsidiaries have
 withheld and paid to the appropriate Taxing Authority all material Taxes required to have
 been withheld and paid in connection with any amounts paid or owing to any current or former
 employee, independent contractor, creditor, equityholder or other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other
 than as a beneficiary thereto, neither the Company nor any Company Subsidiary is a party
 to, or bound by, any Tax indemnity, Tax sharing or Tax allocation agreement or similar Contract
 (other than any such agreement or Contract entered into in the Ordinary Course and not primarily
 relating to Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither
 the Company nor any Company Subsidiary will be required to include any material item of income
 in, or exclude any material item of deduction from, taxable income for any Tax period (or
 portion thereof) beginning after the Closing Date as a result of any: (i) change in
 method of accounting made prior to the Closing; (ii) settlement or other agreement with
 any Taxing Authority made prior to the Closing; (iii) disposition made or payment received
 outside the Ordinary Course prior to the Closing; or (iv) transaction occurring prior
 to the Closing between or among members of any affiliated, consolidated, combined or unitary
 group for U.S. federal, state, local or non-U.S. Tax purposes of which the Company or any
 Company Subsidiary is or was a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither
 the Company nor any Company Subsidiary has been a member of an affiliated, consolidated,
 combined or unitary group for U.S. federal, state, local or non-U.S. Tax purposes (other
 than a group of which the only members have been the Company and/or any current Company Subsidiary).
 Neither the Company nor any Company Subsidiary has any material liability for the Taxes of
 any Person (other than the Company or any Company Subsidiary) as a result of being a member
 of a consolidated group, fiscal unity or unified group (including pursuant to Treasury Regulations
 Section 1.1502-6 or any similar provision of state, local or non-U.S. law), as a transferee
 or successor, by Contract or otherwise, in each case other than pursuant to a Contract entered
 into in the Ordinary Course and not primarily relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither
 the Company nor any Company Subsidiary has distributed to its shareholders or security holders
 stock or securities of a controlled corporation, nor has stock or securities of any such
 person been distributed, in a transaction to which Section 355 of the Code applies (i) in
 the two years prior to the date of this Agreement or (ii) in a distribution that could
 otherwise constitute part of a "plan" or "series of related transactions"
 (within the meaning of Section 355(e) of the Code) that includes the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither
 the Company nor any Company Subsidiary is a party to any material ruling or similar agreement
 or arrangement with a Taxing Authority in respect of Taxes, and neither the Company nor any
 Company Subsidiary has any request for a material ruling in respect of Taxes pending between
 it and any Taxing Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither
 the Company nor any Company Subsidiary has engaged in or entered into a "listed transaction"
 within the meaning of Treasury Regulations Section 1.6011-4(b)(2) or any analogous
 or similar provision of U.S. state or local or non-U.S. Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No
 audit, examination, investigation, litigation or other administrative or judicial proceeding
 in respect of Taxes or Tax matters is pending, being conducted or has been announced or threatened
 in writing with respect to the Company or any Company Subsidiary. There is no outstanding
 claim, assessment or deficiency against the Company or any of the Company Subsidiaries for
 any material Taxes, and no such claim, assessment or deficiency has been asserted in writing
 or, to the knowledge of the Company, threatened by any Taxing Authority which has not been
 settled or otherwise resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither
 the Company nor any Company Subsidiary has waived any statute of limitations with respect
 to Taxes or agreed to any extension of time with respect to the assessment or collection
 of any Tax, other than in the Ordinary Course or for automatic extensions of time to file
 Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) There
 are no Liens or encumbrances for material amounts of Taxes upon any of the assets of the
 Company or any Company Subsidiary except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Within
 the past three (3) years, neither the Company nor any Company Subsidiary has received
 written notice of any claim from a Taxing Authority in a jurisdiction in which the Company
 or any Company Subsidiary does not file Tax Returns stating that such person is subject to
 Tax in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To
 the knowledge of the Company, neither the Company nor any Company Subsidiary is subject to
 Tax in any country other than its country of incorporation, organization or formation by
 virtue of having employees, a permanent establishment, other place of business or similar
 presence in that country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each
 of the Company and each Company Subsidiary is, and has been since its inception, properly
 classified as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Neither
 the Company nor any Company Subsidiary is a "surrogate foreign corporation" within
 the meaning of Section 7874(a)(2)(B) of the Code or is treated as a "domestic
 corporation" (as such term is defined in Section 7701 of the Code) as a result
 of the application of Section 7874(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 Company and the Company Subsidiaries are in material compliance with all terms and conditions
 of any material Tax exemption, Tax holiday or other Tax reduction arrangement, agreement
 or order (each, a "  **<u>Tax Incentive</u>** "), and the consummation of the
 Transactions will not have any adverse effect on the continued validity and effectiveness
 of any such Tax Incentive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Neither
 the Company nor any Company Subsidiary has received any requirement from any Governmental
 Authority pursuant to Section 224 of the Canadian Tax Act which remains unsatisfied
 in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) None
 of Sections 15, 17, 67, 79, 80 to 80.04 of the Canadian Tax Act have applied or will apply
 to the Company and the Company Subsidiaries. Neither the Company nor any Company Subsidiary
 has any material unpaid amounts that may be required to be included in income under Section 78
 of the Canadian Tax Act. Neither the Company nor any Company Subsidiary has made any material
 payments (and neither the Company nor any Company Subsidiary is obligated to make any material
 payments) that may not be deductible by virtue of Section 67 of the Canadian Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The
 Company Shares are not "taxable Canadian property" within the meaning of the
 Canadian Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Neither
 the Company nor any Company Subsidiary has entered into any "reportable transaction",
 as defined in subsection 237.3(1) of the Canadian Tax Act, or any "notifiable
 transaction", as defined in subsection 237.4(1) of the Canadian Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) For
 all transactions between the Company or any Company Subsidiary and any person who is not
 resident in Canada for purposes of the Canadian Tax Act with whom the Company or any Company
 Subsidiary was not dealing at arm's length for purposes of the Canadian Tax Act, the
 Company has made or obtained records or documents that meet the requirements of paragraphs
 247(4)(a) to (c) of the Canadian Tax Act (or comparable provisions of any other
 applicable legislation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Neither
 the Company nor any Company Subsidiary has applied for any subsidies to which it was not
 entitled under the Canada Emergency Wage Subsidy, Tourism and Hospitality Recovery Program,
 Hardest-Hit Business Recovery Program or Canada Emergency Rent Subsidy, in each case as provided
 for under section 125.7 of the Tax Act, or any analogous or similar COVID-19 relief measures
 enacted by any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Neither
 the Company nor any Company Subsidiary has acquired property from any Person in circumstances
 where the Company or any Company Subsidiary did or could have become liable for any Taxes
 payable by that Person pursuant to Section 160 of the Canadian Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The
 Company and the Company Subsidiaries are registrants for purposes of the Excise Tax Act (Canada).
 All input tax credits claimed by the Company and the Company Subsidiaries pursuant to the
 Excise Tax Act (Canada) have been proper, correctly calculated and documented in accordance
 with the requirements of the Excise Tax Act (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) None
 of the Company or any Company Subsidiary has knowledge of any facts or circumstances or has
 taken, failed to take, or agreed to take any action that would reasonably be expected to
 prevent or impede the Transactions from qualifying for the Intended Tax Treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) None
 of the Company or any Company Subsidiary has knowledge of any facts or circumstances or of
 any reason that would reasonably be expected to cause SPAC to be treated, as a result of
 the Transactions, as (i) a "surrogate foreign corporation" within the meaning
 of Section 7874(a)(2)(B) of the Code, or (ii) a "domestic corporation"
 (as such term is defined in Section 7701 of the Code) as a result of the application
 of Section 7874(b) of the Code.

**3.15** **Environmental Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since
 January 1, 2023, neither the Company nor any of the Company Subsidiaries has violated,
 nor is it in violation of, any applicable Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None
 of the properties currently or formerly owned, leased or operated by the Company or any Company
 Subsidiary (including, without limitation, soils and surface and ground waters) are contaminated
 with any Hazardous Substance which requires reporting, investigation, remediation, monitoring
 or other response action by the Company or any Company Subsidiary pursuant to applicable
 Environmental Laws, or which could give rise to a liability of the Company or any Company
 Subsidiary under Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None
 of the Company or any of the Company Subsidiaries is actually, potentially or, to the Company's
 knowledge, allegedly liable pursuant to applicable Environmental Laws for any off-site contamination
 by Hazardous Substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 of the Company and each Company Subsidiary is and has been in compliance with all permits,
 licenses, certificates, and other authorizations required under applicable Environmental
 Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither
 the Company nor any Company Subsidiary is the subject of any pending or threatened Action
 alleging any violation or, or liability under, Environmental Laws. The Company has provided
 all material environmental Company Permits, assessments, reports, studies or other evaluations
 in its possession or reasonable control relating to any of the Company's products,
 activities or to any properties currently or formerly owned, leased or operate by the Company
 or any Company Subsidiary.

**3.16** **Material Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 3.16(a)</u> of
 the Company Disclosure Schedule lists, as of the date of this Agreement, the following types
 of Contracts to which the Company or any Company Subsidiary is a party or bound (such Contracts
 as are required to be set forth on <u>Section 3.16(a)</u> of the Company Disclosure
 Schedule being the "  **<u>Material Contracts</u>** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 Contract with consideration paid or payable to or by the Company or any of the Company Subsidiaries
 of more than $250,000, in the aggregate, over any twelve (12)-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Contract with Suppliers to the Company, including those relating to the design, development,
 manufacture or sale of Products of the Company, for expenditures paid or payable by the Company
 of more than $250,000, in the aggregate, over any 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each
 Contract to which the Company or any Company Subsidiary is a party (other than this Agreement)
 that is of a type that would be required to be included as an exhibit to a registration statement
 on Form S-1 pursuant to Items 601(b)(2), (4), (9) or (10) of Regulation S-K
 promulgated under the Securities Act if such a registration statement was filed by the Company
 on the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each
 Contract (A) with any of the Affiliates of the Company (other than a Company Group Member)
 or (B) pursuant to which the Company or any Company Subsidiary receives any "preferred
 pricing" or similar benefit that is utilized by the Company or any Company Subsidiary
 in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 broker, distributor, dealer, manufacturer's representative, franchise, agency, sales
 promotion, market research, marketing consulting and advertising Contracts to which the Company
 or any Company Subsidiary is a party that provide for payments by the Company or any Company
 Subsidiary or to the Company or any Company Subsidiary in excess of $250,000, in the aggregate,
 over any twelve (12)-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all
 Contracts involving the payment of royalties or other amounts calculated based upon the revenues
 or income of the Company or any Company Subsidiary or income or revenues related to any Product
 of the Company or any Company Subsidiary to which the Company or any Company Subsidiary is
 a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 Contracts evidencing Indebtedness for borrowed money, and any pledge agreements, security
 agreements or other collateral agreements in which the Company or any Company Subsidiary
 granted to any Person a security interest in or Lien on any of the material property or assets
 of the Company or any Company Subsidiary, and all Contracts guarantying the debts or other
 obligations of any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all
 partnership, joint venture or similar agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all
 Contracts with any Governmental Authority to which the Company or any Company Subsidiary
 is a party, other than any Company Permits, or under which the Company or any Company Subsidiary
 is directly or indirectly, to the knowledge of the Company, providing goods, services, Software,
 or other items to or for use by a Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all
 Contracts awarded by the Company to a third party in the performance of a contract with a
 Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) all
 Contracts that limit, or purport to limit, the ability of the Company or any Company Subsidiary
 to compete in any line of business or with any Person or entity or in any geographic area
 or during any period of time, excluding customary confidentiality agreements and Contracts
 that contain customary confidentiality clauses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all
 Contracts that result in any Person holding an irrevocable power of attorney from the Company
 or any Company Subsidiary that relates to the Company, any Company Subsidiary or their respective
 business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) all
 leases or master leases of personal property reasonably likely to result in annual payments
 of $50,000 or more in a twelve (12)-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all
 Lease Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) all
 Contracts involving use of any Company-Licensed IP required to be listed in <u>Section 3.13(a)</u> of
 the Company Disclosure Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all
 Contracts which involve the license or grant of rights to Company-Owned IP by the Company
 other than non-exclusive licenses (or sublicenses) of Company-Owned IP granted in the Ordinary
 Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) all
 Contracts that relate to the direct or indirect acquisition or disposition of any securities
 or business (whether by merger, sale of stock, sale of assets or otherwise) and under which
 there are surviving obligations of the Company or any Company Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) all
 Contracts relating to a Company Interested Party Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) all
 Contracts involving any resolution or settlement of any actual or threatened Action or other
 dispute which require payment in excess of $250,000 or impose continuing obligations on the
 Company or any Company Subsidiary, including injunctive or other non-monetary relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) all
 Contracts under which the Company has agreed to purchase goods or services from a vendor,
 Supplier or other Person on a preferred supplier or "most favored supplier" basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) all
 Contracts for the development of Company-Owned IP for the benefit of the Company (other than
 Contracts of employment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) each
 Contract pursuant to which the Company agrees to jointly own any Intellectual Property with
 any third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) each
 Contract pursuant to which the Company is obligated to develop any Intellectual Property
 to be owned by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Material Contract is a legal, valid and binding obligation of the Company or the Company
 Subsidiaries and, to the knowledge of the Company, the other parties thereto, and neither
 the Company nor any Company Subsidiary is in breach or violation of, or default under, any
 Material Contract nor has any Material Contract been canceled by the other party, and to
 the Company's knowledge, no other party is in breach or violation of, or default under,
 any Material Contract, and the Company and the Company Subsidiaries have not received any
 written, or to the knowledge of the Company, oral claim of default under any such Material
 Contract, except for any such conflicts, violations, breaches, defaults or other occurrences
 which would not reasonably be expected to be
 material to the Company. No party to a Material Contract has given written notice of or,
 to the knowledge of the Company, threatened (i) any potential exercise of termination
 rights with respect to any Material Contract or (ii) any non-renewal or modification
 of any Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has furnished or made available to SPAC true and complete copies of all Material
 Contracts, including amendments thereto that are material in nature.

**3.17** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 3.17(a)</u> of
 the Company Disclosure Schedule sets forth, with respect to each material insurance policy
 under which the Company or any Company Subsidiary is an insured (the "  **<u>Insurance Policies</u>** "), a named insured or otherwise the principal beneficiary of coverage
 as of the date of this Agreement (i) the names of the insurer, the principal insured
 and each named insured, (ii) the policy number, (iii) the period, scope and amount
 of coverage, and (iv) the premium most recently charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to each such Insurance Policy, except as would
 not reasonably be expected to be material to the Company: (i) the policy is legal,
 valid, binding and enforceable in accordance with its terms (subject to the Enforceability
 Exceptions) and, except for policies that have expired under their terms in the Ordinary
 Course, is in full force and effect; (ii) neither the Company nor any Company Subsidiary
 is in material breach or default (including any such breach or default with respect to the
 payment of premiums or the giving of notice), and no event has occurred which, with notice
 or the lapse of time, would constitute such a breach or default, or permit termination or
 modification, under the policy; and (iii) to the knowledge of the Company, no insurer
 on the policy has been declared insolvent or placed in receivership, conservatorship or liquidation.

**3.18** **Board Approval; Vote Required** 

The Company has made available to SPAC a complete and correct copy of the resolutions of the Company Board in respect of the Transactions, which such resolutions were duly adopted by written consent and have not been subsequently rescinded or modified in any way. If the Company Required Approval in respect of the Arrangement Resolution is obtained, no additional approval or vote from any holders of any class or series of authorized shares of the Company would then be necessary to adopt this Agreement or the Plan of Arrangement and approve the Transactions. The Company Securityholders that are party to the Support Agreement constitute the Company Required Approval and the Company Preferred Shareholder Approval (as defined in the Company Disclosure Schedule).

**3.19** **Certain Business Practices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None
 of the Company or the Company Subsidiaries, nor to the knowledge of the Company any of their
 respective officers, directors, or employees, any agents, distributors or other third-party
 representatives, including but not limited to attorneys, accountants, consultants, or advisors,
 to the extent they act on behalf of the Company or any Company Subsidiary, is currently violating,
 or during the past five (5) years violated, whether directly or indirectly, any applicable
 Sanctions Laws or Ex-Im Laws. Neither the Company nor any Company Subsidiary, nor to the
 knowledge of the Company any of their respective officers, directors, or employees, any agents
 or other third-party representatives acting on behalf of the Company or any Company Subsidiary,
 is currently, or has been in the last five (5) years: (i) a Sanctioned Person;
 (ii) controlled by a Sanctioned Person; (iii) organized, resident, or located in
 a Sanctioned Country; (iv) operating, conducting business, or participating in any transaction
 in or with any Sanctioned Country, to the extent such activities violate applicable Sanctions
 Laws or Ex-Im Laws; or (v) engaging in dealings with any Sanctioned Person, to the extent
 such activities violate applicable Sanctions Laws or Ex-Im Laws. There are not now and have
 not been in the last five (5) years any proceedings, investigations, or disclosures
 by or before any Governmental Authority involving the Company, the Company Subsidiaries,
 or to the Company's knowledge any of their respective directors, officers, or employees,
 any agents relating to Sanctions Laws or Ex-Im Laws, nor to the Company's or the Company
 Subsidiaries' knowledge is such a proceeding, investigation, or disclosure pending
 or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither
 the Company nor the Company Subsidiaries nor to the knowledge of the Company their respective
 officers, directors, employees, any agents, distributors, or other third-party representatives
 acting on behalf of the Company or any Company Subsidiary, have in the past five (5) years
 directly or indirectly offered, paid, promised to pay, or authorized the payment of anything
 of value, including cash, checks, wire transfers, tangible or intangible gifts, favors, entertainment
 or services (including any facilitation payments) to any Person, including any Government
 Official, or any employee or representative of a Governmental Authority, or any Person acting
 for or on behalf of any Government Official while knowing (as defined in the FCPA) or having
 reason to know that all or some portion would be used for the purpose of: (i) influencing
 any act or decision of a Government Official or other person, including a decision to fail
 to perform official functions; (ii) inducing any Government Official or other person
 to do or omit to do any act in violation of the lawful duty of such official; or (iii) inducing
 any Government Official to use influence with any government, department, agency, or instrumentality
 in order to assist the Company or any Company Subsidiary or any other Person in obtaining
 or retaining business with, or directing business to any Person or otherwise securing for
 any Person an improper advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 have been no demands, claims, actions, legal proceedings or investigations by or before any
 Governmental Authority or any arbitrator involving the Company or any Company Subsidiary
 or their respective directors, officers, or employees relating to the Anti-Corruption Laws
 in the past five (5) years nor are there any pending, or, to the knowledge of the Company
 or any Company Subsidiary, threatened. In the past five (5) years, no civil, criminal,
 or administrative penalties have been imposed on the Company or any Company Subsidiary with
 respect to violations of applicable Anti-Corruption Laws, or applicable Anti-Money Laundering
 Laws, nor have any disclosures been submitted to any other Governmental Authority with respect
 to violations of such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the past five (5) years prior to the date of this Agreement, the Company and the Company
 Subsidiaries have conducted their businesses in compliance with applicable Anti-Corruption
 Laws and Anti-Money Laundering Laws and have instituted and maintain policies and procedures
 designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the past five (5) years prior to the date of this Agreement, the operations of the Company
 and the Company Subsidiaries are and have been conducted in material compliance with all
 applicable financial recordkeeping and reporting requirements and Anti-Money Laundering Laws
 and Sanctions Laws. The Company and Company Subsidiaries and their respective directors,
 officers, employees, shareholders, agents, consultants, independent contractors, representatives,
 and anyone acting on behalf of any of them have not knowingly falsified any entry in any
 book, record, or account of the Company or Company Subsidiaries, and all such entries fairly
 and accurately reflect the relevant transactions and dispositions of the Company's/Company
 Subsidiaries' assets in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 member of the Company or any Company Subsidiary is a Person that is, or is owned fifty percent
 (50%) or greater or controlled by, a Person that is: (i) the subject of any Sanctions;
 or (ii) located, organized, or resident in a country or territory that is the subject
 of comprehensive Sanctions (including the Crimea region of the Ukraine, Cuba, Iran,
 North Korea, Russia, and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except
 as set forth in <u>Section 3.19(g)</u> of the Company Disclosure Schedule, no director,
 officer, employee, agent, distributors, or representative of the Company or any Company Subsidiary
 is a Government Official.

**3.20** **Interested Party Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 for employment relationships and the payment of compensation, benefits and expense reimbursements
 and advances in the Ordinary Course or as set forth in <u>Section 3.20(a)</u> of
 the Company Disclosure Schedule, no director, officer or other Affiliate of the Company or
 any Company Subsidiary has or has had, directly or indirectly: (i) an economic interest
 in any Person that has furnished or sold, or furnishes or sells, services or Products that
 the Company or any Company Subsidiary furnishes or sells, or proposes to furnish or sell;
 (ii) an economic interest in any Person that purchases from or sells or furnishes to,
 the Company or any Company Subsidiary, any goods or services; (iii) a beneficial interest
 in any Material Contract; or (iv) any contractual or other arrangement with the Company
 or any Company Subsidiary (including any "preferred pricing" or similar benefit
 enjoyed by the Company or any Company Subsidiary as a result of any such affiliation) (each
 such transaction, a "  **<u>Company Interested Party Transaction</u>** "). The
 Company and the Company Subsidiaries have not, since January 1, 2025, (x) extended
 or maintained credit, arranged for the extension of credit or renewed an extension of credit
 in the form of a personal loan to or for any director or executive officer (or equivalent
 thereof) of the Company or (y) materially modified any term of any such extension or
 maintenance of credit. There are no contracts or arrangements between the Company on the
 one hand and any immediate family member of any director, officer of the Company on the other
 hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 for the Company Shareholders' Agreement and as set forth in <u>Section 3.20(b)</u> of
 the Company Disclosure Schedule, there are no transactions, Contracts, arrangements or understandings
 between the Company or any Company Subsidiary, on the one hand, and any other Person, on
 the other hand, which grant or purport to grant any board observer or management rights.

**3.21** **Exchange Act** 

Neither the Company nor any Company Subsidiary is currently (nor has it previously been) subject to the requirements of Section 12 of the Exchange Act.

**3.22** **Brokers** 

Except as set forth on <u>Section 3.22</u> of the Company Disclosure Schedule, no broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the Transactions based upon arrangements made by or on behalf of the Company or any of its Affiliates. The Company has provided SPAC with a true and complete copy of all Contracts, including engagement letters, between the Company and the Persons identified on <u>Section 3.22</u> of the Company Disclosure Schedule, other than those that have expired or terminated and as to which no further services are contemplated thereunder to be provided in the future.

**3.23** **Sexual Harassment and Misconduct** 

No Company Group Member has entered into a settlement agreement with a current or former officer, director or employee of any Company Group Member resolving allegations of sexual harassment or other misconduct by an executive officer, director, employee or independent contractor of any Company Group Member, and (b) there are no, and since the formation of each Company Group Member, there have not been any Actions pending or, to the knowledge of the Company, threatened, against any Company Group Member, in each case, involving allegations of sexual harassment or other misconduct by an officer, director, employee or independent contractor of any Company Group Member. To the knowledge of the Company, since January 1, 2023, each Company Group Member has materially complied with all applicable Laws with respect to investigating any sexual harassment or other discrimination, harassment or retaliation allegations with respect to current or former employees.

**3.24** **Solvency** 

No Company Group Member is the subject of an Insolvency Event, and to the knowledge of the Company, there are no circumstances that justify a Company Group Member being the subject of an Insolvency Event.

**3.25** **Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 records of each Company Group Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are
 in the possession or under the control of the Company Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have
 been properly maintained in all material respects in accordance with all applicable Laws
 in Canada or any other jurisdiction in which a Company Group Member operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) do
 not contain any material inaccuracies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) include
 all material information required or under, or to comply in all material respects with, or
 to support any filing made or required to be made under any applicable Law in Canada or any
 other jurisdiction in which a Company Group Member operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Company Group Member has received notice of any application or intended application for the
 rectification of its register of members or any other register that it is required by Law
 to maintain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 material document or filing which is required by Law to have been delivered or made to any
 Governmental Authority by a Company Group Member has been duly delivered or made.

**3.26** **No Other Representations or Warranties; Exclusivity of Representations and Warranties** 

The representations and warranties made by the Company in this Article 3 are the exclusive representations and warranties made by the Company and its Affiliates. Except for the representations and warranties contained in this Article 3, neither the Company nor any other Person, has made or makes any other express or implied representation or warranty, either written or oral, on behalf of the Company, to the accuracy or completeness of any information regarding the Company available to the other parties or their respective Representatives and expressly disclaims any such other representations or warranties. Except as otherwise expressly provided in this <u>Article 3</u> (as modified by the Company Disclosure Schedule), the Company hereby expressly disclaims and negates any other express or implied representation or warranty whatsoever (whether at Law or in equity) with respect to the Company, its Affiliates, and any matter relating to any of them, including their affairs, the condition, value or quality of the assets, liabilities, financial condition or results of operations, or with respect to the accuracy or completeness of any other information made available to SPAC, NewCo, their respective Affiliates or any of their respective Representatives by, or on behalf of, the Company, and any such representations or warranties are expressly disclaimed. Without limiting the generality of the foregoing, except as expressly set forth in this Agreement (as modified by the Company Disclosure Schedule) or in any certificate delivered by the Company pursuant to this Agreement, neither the Company nor any other Person on behalf of the Company has made or makes any representation or warranty, whether express or implied, with respect to any projections, forecasts, estimates or budgets made available to SPAC, NewCo, their respective Affiliates or any of their respective Representatives of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of the Company (including the reasonableness of the assumptions underlying any of the foregoing), whether or not included in any management presentation or in any other information made available to SPAC, NewCo, their respective Affiliates or any of their respective Representatives or any other Person, and any such representations or warranties are expressly disclaimed.

**Article 4** **<br> REPRESENTATIONS AND WARRANTIES OF SPAC and NewCo**

Except as set forth in the SPAC Disclosure Schedule (each of which qualifies (a) the correspondingly numbered representation, warranty or covenant if specified therein and (b) such other representations, warranties or covenants where its relevance as an exception to (or disclosure for purposes of) such other representation, warranty or covenant is reasonably apparent on its face) or the SPAC SEC Reports filed or furnished by SPAC on or before the date hereof (to the extent the qualifying nature of such disclosure is readily apparent from the content of such SPAC SEC Reports, but excluding (i) disclosures referred to in "Forward-Looking Statements", "Risk Factors" and any other disclosures therein to the extent they are of a predictive or cautionary nature or related to forward-looking statements and (ii) any exhibits or documents appended thereto), each of SPAC and NewCo, jointly and severally, hereby represents and warrants to the Company as follows:

**4.01** **Organization, Standing and Corporate Power** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of SPAC and NewCo is a corporation duly incorporated, validly existing and in good standing
 under the Laws of its jurisdiction of formation and has all requisite corporate power and
 authority to carry on its business as now being conducted. NewCo has no assets or operations
 other than those required to effect the Transactions contemplated hereby. SPAC is duly qualified
 or licensed to do business and is in good standing in each jurisdiction in which the conduct
 of its business or the ownership, leasing or operation of its properties makes such qualification
 or licensing necessary, except as would not have a SPAC Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NewCo
 is a corporation duly organized, validly existing and in good standing under the Law of the
 Province of British Columbia, with full corporate power and authority to enter into this
 Agreement and perform its obligations hereunder. Other than NewCo, SPAC has no other Subsidiaries
 or any equity or other interests in any other Person. NewCo was formed solely for the purpose
 of effecting the Amalgamation. Since its date of incorporation, NewCo has not carried on
 any business or conducted any operations other than the execution of this Agreement, the
 performance of its obligations hereunder and matters ancillary hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SPAC
 has provided to the Company a true, complete and correct copy of the SPAC Organizational
 Documents and NewCo Organizational Documents, and there are no other Contracts which would
 amend, supplement or relate to the subject matters described in the SPAC Organizational Documents
 or the NewCo Organizational Documents.

**4.02** **Corporate Authority; Approval; Non-Contravention; Government Approvals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of SPAC and NewCo has the requisite corporate power and authority and has taken all corporate
 action necessary in order to execute, deliver and perform its obligations under this Agreement
 and the Ancillary Agreements to which it is a party and, subject to satisfaction of the conditions
 to Closing contemplated hereby, to consummate the Transactions. The execution, delivery and
 performance by SPAC and NewCo of this Agreement and the Ancillary Agreements to which it
 is a party, and the consummation by it of the Transactions, have been duly and validly authorized
 by all necessary corporate consent and authorizations on the part of SPAC and NewCo, and
 no other corporate or other actions on the part of SPAC or NewCo are necessary to authorize
 the execution and delivery by SPAC or NewCo of this Agreement, the Ancillary Agreements to
 which it is a party and the consummation by it of the Transactions, in each case, subject
 to receipt of the SPAC Shareholder Approvals. This Agreement has been duly executed and delivered
 by SPAC and NewCo and, assuming due authorization, execution and delivery hereof by the other
 parties, is a legal, valid and binding obligation of SPAC and NewCo, enforceable against
 SPAC and NewCo in accordance with its terms (subject to the Enforceability Exceptions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 execution, delivery, and performance of this Agreement and the Ancillary Agreements to which
 SPAC and/or NewCo is a party, and the consummation of the Transactions, subject to receipt
 of the SPAC Shareholder Approvals (in the case of SPAC), do not, and will not, constitute
 or result in (i) a breach or violation of, or a default under, the SPAC Organizational
 Documents or any organizational documents of NewCo or (ii) with or without notice, lapse
 of time or both, a breach or violation of, a termination (or right of termination) of or
 default under, or the creation or acceleration of any obligations under or the creation of
 a Lien on any of the assets of SPAC, NewCo or any of their Affiliates pursuant to, any Contract
 to which SPAC, NewCo or any of their Affiliates is a party or, assuming compliance with the
 matters referred to in <u>Section 4.02(a)</u> (solely with respect to performance
 of this Agreement and consummation of the Transactions), under any Law to which SPAC, NewCo
 or any of their Affiliates is subject, except (in the case of <u>clause (ii)</u> above)
 for such violations, breaches or defaults which has not had or would not, individually or
 in the aggregate, reasonably be expected to materially impair, delay or prohibit the ability
 of SPAC or NewCo to enter into, or perform its obligations under, this Agreement and consummate
 the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 consent of, or registration, declaration, notice or filing with, any Governmental Authority
 is required by or with respect to SPAC or NewCo in connection with the execution and delivery
 by SPAC or NewCo of this Agreement or the consummation of the Transactions contemplated by
 this Agreement or the Ancillary Agreements, except for (i) compliance with and filings
 under the HSR Act, (ii) the filing with the SEC of (A) the Registration Statement
 / Proxy Statement and the declaration of the effectiveness thereof by the SEC and (B) such
 reports under Section 13(a) or 15(d) of the Exchange Act as may be required
 in connection with this Agreement, the Ancillary Agreements or the transactions contemplated
 hereby or thereby, (iii) the filing with the BCSC of the Canadian Prospectus, or (iv) such
 other consents, registrations, declarations, notices and filings which, if not obtained or
 made, would not have a SPAC Material Adverse Effect.

**4.03** **Compliance with Laws** 

SPAC and NewCo are, and since their respective dates of incorporation have been, operating in all material respects in a manner that is customary for businesses similar to SPAC and NewCo, and each of SPAC and NewCo is conducting and, since their respective dates of incorporation, has conducted its business in material compliance with all Laws, and no notices have been received by either SPAC or NewCo from any Governmental Authority or any other Person alleging an uncured material violation of any Law.

**4.04** **Employee Benefit Plans** 

Except as may be contemplated by the SPAC Equity Incentive Plan, neither SPAC nor NewCo maintains or contributes to any Employee Benefit Plan. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement (either alone or in combination with another event) will (i) result in any payment (including severance, unemployment compensation, golden parachute, bonus or otherwise) becoming due to any shareholder, director, officer or employee of SPAC or NewCo, or (ii) result in the acceleration, vesting or creation of any rights of any shareholder, director, officer or employee of SPAC or NewCo to payments or benefits or increases in any existing payments or benefits or any loan forgiveness.

**4.05** **Financial Ability; Trust Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 of the date hereof, there is at least $230,585,241 invested in a trust account at J.P. Morgan
 Chase Bank, N.A. (the "**Trust Account** "), with Continental Stock Transfer &
 Trust Company acting as trustee (the "**Trustee** "), pursuant to the Investment
 Management Trust Agreement, dated September 3, 2025, by and between SPAC and the Trustee
 (the "**Trust Agreement** "). The Trust Agreement is in full force and effect
 and is a legal, valid and binding obligation of SPAC and, to the knowledge of SPAC, the Trustee,
 enforceable in accordance with its terms, subject to Enforceability Exceptions. The Trust
 Agreement has not been terminated, repudiated, rescinded, amended or supplemented or modified,
 in any respect and, to the knowledge of SPAC, no such termination, repudiation, rescission,
 amendment, supplement or modification is contemplated. To the knowledge of SPAC, there are
 no side letters and there are no agreements, Contracts, arrangements or understandings, whether
 written or oral, with the Trustee or any other Person that would (i) cause the description
 of the Trust Agreement in the SPAC SEC Reports to be inaccurate or (ii) entitle any
 Person (other than any SPAC Shareholder who is a Redeeming Shareholder) to any portion of
 the proceeds in the Trust Account. Prior to the Closing, none of the funds held in the Trust
 Account may be released except in accordance with the Trust Agreement and the SPAC Organizational
 Documents. Amounts in the Trust Account are invested in accordance with the Trust Agreement.
 SPAC has performed all material obligations required to be performed by it to date under,
 and is not in material default, breach or delinquent in performance or any other respect
 (claimed or actual) in connection with, the Trust Agreement, and no event has occurred which,
 with due notice or lapse of time or both, would constitute such a default or breach thereunder.
 There are no Actions pending or, to the knowledge of SPAC, threatened with respect to the
 Trust Account. SPAC has not released any money from the Trust Account (other than interest
 income earned on the principal held in the Trust Account or redemptions paid to SPAC Shareholders,
 in each case, as permitted by the Trust Agreement). As of the Arrangement Effective Time,
 the obligations of SPAC to dissolve or liquidate pursuant to the SPAC Organizational Documents
 shall terminate, and, as of the Arrangement Effective Time, SPAC shall have no obligation
 whatsoever pursuant to the SPAC Organizational Documents to dissolve and liquidate the assets
 of SPAC by reason of the consummation of the transactions contemplated hereby. Following
 the Arrangement Effective Time, no SPAC Shareholder shall be entitled to receive any amount
 from the Trust Account except to the extent such SPAC Shareholder is a Redeeming Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date hereof, assuming the accuracy of the representations and warranties of the Company
 herein and the compliance by the Company with its respective obligations hereunder, SPAC
 has no reason to believe that any of the conditions to the use of funds in the Trust Account
 will not be satisfied or funds available in the Trust Account will not be available to SPAC
 on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as set forth on <u>Section 4.05(c)</u> of the SPAC Disclosure Schedule, as of the
 date hereof, SPAC does not have, or have any present intention to enter into, any agreement,
 arrangement or understanding providing for any obligations with respect to or in connection
 with any Indebtedness.

**4.06** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of SPAC and NewCo is, and has at all times since its date of formation been, treated as a
 corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of SPAC and NewCo has timely filed with the appropriate Taxing Authority, or has caused to
 be timely filed on its behalf (taking into account any valid extension of time within which
 to file), all material Tax Returns required to be filed by it, and all such Tax Returns were
 and are true, correct and complete in all material respects and were prepared in compliance
 in all material respects with all applicable Laws. Each of SPAC and NewCo has timely paid
 all material amounts of Taxes due and payable (whether or not shown on any Tax Return), other
 than Taxes being contested in good faith and for which adequate reserves have been established
 in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 of SPAC and NewCo, as applicable, has withheld and paid to the appropriate Taxing Authority
 all material Taxes required to have been withheld and paid in connection with any amounts
 paid or owing to any current or former employee, independent contractor, creditor, equityholder
 or other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 claim, assessment, deficiency or proposed adjustment for any Tax has been asserted or assessed
 by any Taxing Authority against SPAC or NewCo that remains unresolved or unpaid except for
 claims, assessments, deficiencies or proposed adjustments being contested in good faith and
 for which adequate reserves have been established in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There
 is no Tax audit, examination or other Action of SPAC or NewCo presently in progress, and
 there are no waivers, extensions or requests for any waivers or extensions of any statute
 of limitations currently in effect with respect to any material Taxes of SPAC or NewCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither
 SPAC nor NewCo is or has been (i) a party to any Tax sharing, indemnification, allocation
 or similar agreement or Contract (excluding any commercial Contract entered into in the Ordinary
 Course and not primarily related to Taxes), (ii) a member of an affiliated, consolidated,
 combined, unitary or similar Tax group (other than any such Tax group the common parent of
 which was the Company), or (iii) a party to any "listed transaction" under
 Treasury Regulations Section 1.6011-4(b) (2) (or any similar or corresponding
 provision of U.S. state or local or non-U.S. Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) SPAC
 and NewCo do not have any liability for Taxes of any other Person as a result of Treasury
 Regulations Section 1.1502-6 (or any similar provision of U.S. state or local or non-U.S.
 Law), as a transferee or successor, or by operation of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) SPAC
 and NewCo will not be required to include any material item of income in, or exclude any
 material deduction from, taxable income for any taxable period (or portion thereof) beginning
 after the Closing Date as a result of any: (i) change in method of accounting, or use
 of an improper method of accounting, for a taxable period (or portion thereof) ending on
 or prior to the Closing Date; (ii) "closing agreement" as described in Section 7121
 of the Code (or any corresponding or similar provision of U.S. state or local or non-U.S.
 Law) executed on or prior to the Closing Date; (iii) installment sale or open transaction
 disposition made on or prior to the Closing Date; (iv) prepaid amount received or deferred
 revenue accrued on or prior to the Closing Date outside of the Ordinary Course; or (v) intercompany
 item under Treasury Regulation Section 1.1502-13 (or any corresponding or similar provision
 of U.S. state or local or non-U.S. Law) or excess loss account under Treasury Regulation
 Section 1.1502-19 (or any corresponding or similar provision of U.S. state or local
 or non-U.S. Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There
 are no Liens for Taxes on any assets of either SPAC or NewCo other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No
 written claims have ever been made by any Taxing Authority in a jurisdiction where SPAC and
 NewCo do not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither
 SPAC nor NewCo has been either a "distributing corporation" or a "controlled
 corporation" within the respective meanings of such terms under Code Section 355(a)(1)(A) in
 a distribution of stock qualifying under Code Section 355 (i) in the two years
 before the date of this Agreement or (ii) in a distribution that could otherwise constitute
 part of a "plan" or "series of related transactions" within the meaning
 of Code Section 355(e) in conjunction with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Neither
 SPAC nor NewCo is a "surrogate foreign corporation" within the meaning of Section 7874(a)(2)(B) of
 the Code or is treated as a "domestic corporation" (as such term is defined in
 Section 7701 of the Code) as a result of the application of Section 7874(b) of
 the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Neither
 SPAC nor NewCo has knowledge of any facts or circumstances or has taken, failed to take,
 or agreed to take any action that would reasonably be expected to prevent or impede the Transactions
 from qualifying for the Intended Tax Treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Neither
 SPAC nor NewCo has knowledge of any facts or circumstances or of any reason that would reasonably
 be expected to cause SPAC to be treated, as a result of the Transactions, as (i) a "surrogate
 foreign corporation" within the meaning of Section 7874(a)(2)(B) of the Code,
 or (ii) a "domestic corporation" (as such term is defined in Section 7701
 of the Code) as a result of the application of Section 7874(b) of the Code.

**4.07** **Brokers** 

No broker, investment banker, financial advisor or other Person, other than those set out in <u>Section 4.07</u> of the SPAC Disclosure Schedule (the fees and expenses of which will be paid by SPAC or NewCo pursuant to an engagement letter entered into therewith), is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the Transactions based upon arrangements made by or on behalf of SPAC, NewCo or any of their Affiliates. SPAC has provided the Company with a true and complete copy of all Contracts, including engagement letters, between SPAC or Newco, on the one hand, and the Persons identified on Section 4.07 of the SPAC Disclosure Schedule, on the other hand, other than those that have expired or terminated and as to which no further services are contemplated thereunder to be provided in the future.

**4.08** **SPAC SEC Reports; Financial Statements; Sarbanes-Oxley Act** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SPAC
 has filed or furnished in a timely manner all required registration statements, reports,
 schedules, forms, statements and other documents required to be filed or furnished by it
 with the SEC since September 3, 2025, pursuant to the Exchange Act or the Securities
 Act (collectively, as they have been amended since the time of their filing and including
 all exhibits thereto, the "**SPAC SEC Reports** "). None of the SPAC SEC Reports,
 as of their respective dates (or if amended or superseded by a filing prior to the date of
 this Agreement or the Closing Date, then on the date of such filing), contained any untrue
 statement of a material fact or omitted to state a material fact required to be stated therein
 or necessary in order to make the statements made therein, in light of the circumstances
 under which they were made, not misleading. The SPAC Financial Statements included in the
 SPAC SEC Reports complied as to form in all material respects with the published rules and
 regulations of the SEC with respect thereto, were prepared in accordance with GAAP applied
 on a consistent basis during the periods involved (except as may be indicated therein or
 in the notes thereto and except with respect to unaudited statements as permitted by Form 10-Q
 of the SEC) and fairly present (subject, in the case of the unaudited interim financial statements
 included therein, to normal year-end adjustments and the absence of complete footnotes) in
 all material respects the financial position of SPAC as of the respective dates thereof and
 the results of their operations and cash flows for the respective periods then ended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC
 has established and maintains disclosure controls and procedures (as defined in Rule 13a-15
 under the Exchange Act). Such disclosure controls and procedures are designed to ensure that
 material information relating to SPAC and other material information required to be disclosed
 by SPAC in the reports and other documents that it files or furnishes under the Exchange
 Act is recorded, processed, summarized and reported within the time periods specified in
 the rules and forms of the SEC and that all such material information is accumulated
 and communicated to SPAC's management, including its principal executive officer and
 its principal financial officer as appropriate to allow timely decisions regarding required
 disclosure and to make the certifications required pursuant to Sections 302 and 906 of the
 Sarbanes-Oxley Act. Such disclosure controls and procedures are effective in timely alerting
 SPAC's principal executive officer and principal financial officer to material information
 required to be included in SPAC's periodic reports required under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SPAC
 has established and maintained a system of internal control over financial reporting (as
 defined in Rule 13a-15 under the Exchange Act). Such internal control over financial
 reporting is designed to provide reasonable assurance regarding the reliability of SPAC's
 financial reporting and the preparation of the SPAC Financial Statements for external purposes
 in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 are no outstanding loans or other extensions of credit made by SPAC to any executive officer
 (as defined in Rule 3b-7 under the Exchange Act) or director of SPAC. SPAC has not taken
 any action prohibited by Section 402 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither
 SPAC (including any employee thereof) nor SPAC's independent auditors has identified
 or been made aware of (i) any significant deficiency or material weakness in SPAC's
 internal control over financial reporting, (ii) any fraud, whether or not material,
 that involves SPAC's management or other employees who have a role in the preparation
 of financial statements or SPAC's internal control over financial reporting, or (iii) any
 claim or allegation regarding any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) SPAC
 does not have any past due liability relating to the PCAOB issuer accounting support fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To
 the knowledge of SPAC, as of the date hereof, there are no outstanding comments from the
 SEC with respect to the SPAC SEC Reports. To the knowledge of SPAC, none of the SPAC SEC
 Reports filed on or prior to the date hereof is subject to ongoing SEC review or investigation
 as of the date hereof.

**4.09** **Business Activities; Absence of Changes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since
 its incorporation, SPAC has not conducted any business activities other than activities directed
 toward the accomplishment of a Business Combination. Except as set forth in the SPAC Organizational
 Documents, there is no agreement, commitment or Governmental Order binding upon SPAC or to
 which SPAC is a party which has had or would reasonably be expected to have the effect of
 prohibiting or impairing any business practice of SPAC or any acquisition of property by
 SPAC or the conduct of business by SPAC as currently conducted or as contemplated to be conducted
 as of the Closing other than such effects, individually or in the aggregate, which have not
 had a SPAC Material Adverse Effect on the ability of SPAC or NewCo to enter into, perform
 its obligations under this Agreement and consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other
 than NewCo, SPAC does not own or have a right to acquire, directly or indirectly, any interest
 or investment (whether equity or debt) in any corporation, partnership, joint venture, business,
 trust or other entity. Except for this Agreement and the Transactions, SPAC has no interests,
 rights, obligations or liabilities with respect to, and is not party to or bound by or has
 its assets or property subject to, in each case whether directly or indirectly, any Contract
 or transaction which is, or could reasonably be interpreted as constituting, a Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 for (i) this Agreement and the agreements expressly contemplated hereby (including any
 agreements permitted by <u>Section 5.02 or 5.03</u>), (ii) as set forth on <u>Section 4.09(c)</u> of
 the SPAC Disclosure Schedule and (iii) with respect to fees and expenses of SPAC's
 legal, financial and other advisors, SPAC is not party to any Contract with any other Person
 that would require payments by SPAC in excess of $150,000 in the aggregate with respect thereto
 (other than this Agreement and the agreements expressly contemplated hereby (including any
 agreements permitted by <u>Section 5.02</u> or <u>5.03</u>) and Contracts set forth
 on <u>Section 4.09(c)</u> of the SPAC Disclosure Schedule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 is no liability, debt or obligation against SPAC or NewCo, except for (i) liabilities
 and obligations reflected or reserved for on SPAC's consolidated balance sheet as of
 December 31, 2024 or disclosed in the notes thereto (other than any such liabilities
 not reflected, reserved or disclosed as are not and would not be, in the aggregate, material
 to SPAC and NewCo, taken as a whole), (ii) that have arisen since the date of SPAC's
 consolidated balance sheet as of December 31, 2024 in the ordinary course of the operation
 of business of the SPAC and NewCo (other than any such liabilities as are or would be, in
 the aggregate, material to SPAC and NewCo, taken as a whole), or (iii) disclosed in <u>Section 4.09(d)</u> of the SPAC Disclosure Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since
 its organization, NewCo has not conducted any business activities other than activities directed
 toward the accomplishment of the Amalgamation. Except as set forth in NewCo's organizational
 documents, there is no agreement, commitment, or Governmental Order binding upon NewCo or
 to which NewCo is a party which has had or would reasonably be expected to have the effect
 of prohibiting or impairing any business practice of NewCo or any acquisition of property
 by NewCo or the conduct of business by NewCo as currently conducted or as contemplated to
 be conducted as of the Closing other than such effects which have not had and would not reasonably
 be expected to have a SPAC Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) NewCo
 does not own or have a right to acquire, directly or indirectly, any interest or investment
 (whether equity or debt) in any corporation, partnership, joint venture, business, trust
 or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) NewCo
 was formed solely for the purpose of effecting the Amalgamation and has not engaged in any
 business activities or conducted any operations other than in connection with the Amalgamation
 and has no, and at all times prior to the Amalgamation Effective Time except as contemplated
 by this Agreement or the Ancillary Agreements, will have no, assets, liabilities or obligations
 of any kind or nature whatsoever other than those incident to its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Since
 the date of SPAC's incorporation, there has not been any change, development, condition,
 occurrence, event or effect relating to the SPAC or NewCo that, individually or in the aggregate,
 resulted in, or would reasonably be expected to result in, a SPAC Material Adverse Effect,
 and since the date of their respective incorporation, through the date of this Agreement,
 SPAC and NewCo have not taken any action that would require the consent of the Company pursuant
 to <u>Section 5.02</u> or <u>5.03</u> if such action had been taken after the date hereof.

**4.10** **Litigation** 

There are no material Actions pending or, to the knowledge of the SPAC, threatened against the SPAC or, to the knowledge of the SPAC, any director, officer or employee of the SPAC (in their capacity as such) and since the SPAC's date of incorporation there have not been any such material Actions. There are no material Actions pending or threatened by SPAC against any other Person.

**4.11** **No Outside Reliance** 

Notwithstanding anything contained in this <u>Article 4</u> or any other provision hereof, SPAC and its Affiliates acknowledge and agree that SPAC has made its own investigation of the Company and that neither the Company nor any of its Affiliates or any of their respective directors, officers, employees, shareholders, partners, members, agents or Representatives is making any representation or warranty whatsoever, express or implied, beyond those expressly given by the Company in <u>Article 4</u> or any certificate delivered in accordance with <u>Section 7.02(f)</u>, including any implied warranty or representation as to condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the Company. Without limiting the generality of the foregoing, it is understood that any cost or other estimates, financial or other projections or other predictions that may be contained or referred to in the Company Disclosure Schedule or elsewhere, as well as any information, documents or other materials (including any such materials contained in any "data room" (whether or not accessed by SPAC or its Representatives)) or management presentations that have been or shall hereafter be provided to SPAC or any of its Affiliates, agents or Representatives are not and will not be deemed to be representations or warranties of the Company, and no representation or warranty is made as to the accuracy or completeness of any of the foregoing except as may be expressly set forth in <u>Article 4</u> of this Agreement or any certificate delivered in accordance with <u>Section 7.02(f)</u>. Except as otherwise expressly set forth in this Agreement, SPAC understands and agrees that any assets, properties and business of the Company are furnished "as is," "where is" and subject to and except as otherwise provided in the representations and warranties contained in <u>Article 4</u> or any certificate delivered in accordance with <u>Section 7.02(f)</u>, with all faults and without any other representation or warranty of any nature whatsoever.

**4.12** **Capitalization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 of the date hereof, the authorized capital stock of SPAC consists of (i) 200,000,000
 SPAC Class A Ordinary Shares, par value $0.0001, of which (A) 23,000,000 SPAC Class A
 Ordinary Shares are issued and outstanding as of the date of this Agreement and (B) 14,712,778
 SPAC Class A Ordinary Shares are reserved for future issuance pursuant to SPAC Warrants
 as of the date of this Agreement, (ii) 20,000,000 SPAC Class B Ordinary Shares,
 par value $0.0001, of which 7,666,667 SPAC Class B Ordinary Shares are issued and outstanding
 as of the date of this Agreement, and (iii) 1,000,000 preference shares of SPAC, par
 value $0.0001, none of which are issued and outstanding as of the date of this Agreement.
 All of the issued and outstanding SPAC Class A Ordinary Shares, SPAC Class B Ordinary
 Shares and, as applicable, SPAC Warrants (1) have been duly authorized and validly issued
 and are fully paid and nonassessable, (2) were issued in compliance in all material
 respects with applicable Law, and (3) were not issued in breach or violation of any
 preemptive rights or Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 for this Agreement, the Subscription Agreements, the SPAC Warrants, the and SPAC Class B
 Ordinary Shares, as of the date hereof, there are (i) no subscriptions, calls, options,
 warrants, rights or other securities convertible into or exchangeable or exercisable for
 SPAC Class A Ordinary Shares or the equity interests of SPAC, or any other Contracts
 to which SPAC is a party or by which SPAC is bound obligating SPAC to issue or sell any shares
 of capital stock of, other equity interests in or debt securities of, SPAC and (ii) no
 equity equivalents, stock appreciation rights, phantom stock ownership interests or similar
 rights in SPAC. Except as disclosed in <u>Section 4.12(b)</u> of the SPAC Disclosure
 Schedule or the SPAC Organizational Documents, there are no outstanding contractual obligations
 of SPAC to repurchase, redeem or otherwise acquire any securities or equity interests of
 SPAC. There are no outstanding bonds, debentures, notes or other indebtedness of SPAC having
 the right to vote (or convertible into, or exchangeable for, securities having the right
 to vote) on any matter for which SPAC Shareholders may vote. Except as disclosed in <u>Section 4.12(b)</u> of
 the SPAC Disclosure Schedule, SPAC is not a party to any shareholders agreement, voting agreement
 or registration rights agreement relating to SPAC Class A Ordinary Shares or any other
 equity interests of SPAC. Other than NewCo, SPAC does not own any capital stock or any other
 equity interests in any other Person or have any right, option, warrant, conversion right,
 stock appreciation right, redemption right, repurchase right, agreement, arrangement or commitment
 of any character under which a Person is or may become obligated to issue or sell, or give
 any right to subscribe for or acquire, or in any way dispose of, any shares of the capital
 stock or other equity interests, or any securities or obligations exercisable or exchangeable
 for or convertible into any shares of the capital stock or other equity interests, of such
 Person. There are no securities or instruments issued by or to which the SPAC is a party
 containing anti-dilution or similar provisions that will be triggered by the consummation
 of the transactions contemplated by this Agreement that have not been or will not be waived
 on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 of the issued and outstanding Equity Interests of NewCo are held by SPAC as of the date of
 this Agreement. All outstanding Equity Interests of NewCo are validly issued, fully paid
 and non-assessable, and are not subject to preemptive rights or any other Liens (other than
 Liens arising pursuant to applicable Securities Laws).

**4.13** **NASDAQ Stock Market Quotation** 

The issued and outstanding SPAC Class A Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on NASDAQ under the symbol "SVAC." SPAC is in compliance in all material respects with the rules of NASDAQ and there is no action or proceeding pending or, to the knowledge of SPAC, threatened against SPAC by NASDAQ, the Financial Industry Regulatory Authority or the SEC with respect to any intention by such entity to deregister the SPAC Class A Ordinary Shares or terminate the listing of SPAC Class A Ordinary Shares on NASDAQ. None of SPAC or its Affiliates has taken any action in an attempt to terminate the registration of the SPAC Class A Ordinary Shares under the Exchange Act except as contemplated by this Agreement.

**4.14** **Affiliate Agreements** 

Except as set forth on <u>Section 4.14</u> of the SPAC Disclosure Schedule, neither of the SPAC nor NewCo is a party to any transaction, agreement, arrangement or understanding with any (a) present or former executive officer or director of either of the SPAC or NewCo, (b) beneficial owner (within the meaning of Section 13(d) of the Exchange Act) of five (5%) percent or more of the capital stock or equity interests of SPAC, or (c) Affiliate, "associate" or member of the "immediate family" (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) of any of the foregoing (each of the foregoing, an "**<u>SPAC Affiliate Agreement</u>**").

**4.15** **Anti-Bribery; Economic Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since
 their respective dates of incorporation, SPAC and NewCo have complied with all applicable
 Anti-Bribery Laws. Since their respective dates of incorporation, neither SPAC nor NewCo,
 nor to the knowledge of the SPAC, any of their respective Representatives, have directly
 or indirectly paid, offered or promised to pay, or authorized or ratified the payment, directly
 or indirectly, of any monies or anything of value to any Public Official for the purpose
 of influencing any act or decision of such official or of any Governmental Authority to obtain
 or retain business, or direct business to any person or to secure any other improper benefit
 or advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither
 SPAC nor NewCo are Sanctioned Persons or located, organized, or ordinarily reside in a Sanctioned
 Country.

**4.16** **No Other Representations or Warranties** 

The representations and warranties made by SPAC and NewCo in this <u>Article 4</u> are the exclusive representations and warranties made by SPAC, NewCo and their Affiliates. Except for the representations and warranties contained in this <u>Article 4</u>, neither SPAC nor NewCo, nor any other Person, has made or makes any other express or implied representation or warranty, either written or oral, on behalf of SPAC or NewCo, to the accuracy or completeness of any information regarding SPAC or NewCo available to the other parties or their respective Representatives and expressly disclaims any such other representations or warranties. Without limiting the foregoing, neither SPAC nor NewCo, nor any other Person, makes or has made any representation or warranty to the other parties hereto with respect to, and shall have no liability in respect of, (a) any financial projection, forecast, estimate, budget or prospect information relating to SPAC or NewCo or (b) any oral or, except for the representations and warranties expressly made by SPAC or NewCo in this <u>Article 4</u>, written information made available to the other parties hereto in the course of their evaluation of SPAC and NewCo and the negotiation of this Agreement or in the course of the Transactions. Each of SPAC and NewCo hereby acknowledge and agree with the statements and provisions set forth in <u>Section 3.26</u>.

**Article 5** **<br> CONDUCT OF BUSINESS**

**5.01** **Conduct of Business by the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company agrees that it shall, and shall cause each Company Subsidiary to, between the date
 of this Agreement and the Amalgamation Effective Time or the earlier termination of this
 Agreement, except (1) as may be required or expressly contemplated by any other
 provision of this Agreement or any Ancillary Agreement, (2) as set forth in <u>Section 5.01</u> of the Company Disclosure Schedule, or (3) as required by applicable Law (including
 as may be requested or compelled by any Governmental Authority), unless SPAC shall otherwise
 consent in writing (which consent shall not be unreasonably conditioned, withheld or delayed); *provided* that SPAC shall be deemed to have consented in writing if it provides no
 response within five (5) Business Days after the Company has made a request for such
 consent in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct
 their business in the Ordinary Course; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use
 its reasonable best efforts to preserve substantially intact the business organization of
 the Company and the Company Subsidiaries, to keep available the services of the current officers,
 employees, service partners and consultants of the Company and the Company Subsidiaries,
 to preserve the current relationships of the Company and the Company Subsidiaries with customers,
 Suppliers and other Persons with which the Company or any Company Subsidiary has significant
 business relations, and to maintain in effect all Company Permits and Insurance Policies
 (in such amounts and with such deductibles as are currently maintained).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 (1) as may be required or expressly contemplated by any other provision of this Agreement
 or any Ancillary Agreement, (2) as set forth in <u>Section 5.01</u> of the Company
 Disclosure Schedule, and (3) as required by applicable Law (including as may be requested
 or compelled by any Governmental Authority), the Company shall not, and the Company shall
 cause each Company Subsidiary not to, between the date of this Agreement and the Amalgamation
 Effective Time or the earlier termination of this Agreement, directly or indirectly, do any
 of the following without the prior written consent of SPAC (which consent shall not be unreasonably
 conditioned, withheld or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 or otherwise change any organizational documents of the Company or any Company Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adopt
 or enter into a plan of complete or partial liquidation, dissolution, merger, consolidation,
 restructuring, recapitalization or other reorganization of the Company or any Company Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue,
 sell, pledge, dispose of, grant or encumber, or authorize the issuance, sale, pledge, disposition,
 grant or encumbrance of, (A) any Equity Interests of the Company or any Company Subsidiary,
 or any options, warrants, convertible securities or other rights of any kind to acquire any
 Equity Interest (including, without limitation, any phantom interest), of the Company or
 any Company Subsidiary or (B) any material assets of the Company or any Company Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) form
 any Subsidiary or acquire any Equity Interest or other interest in any other entity or enter
 into a joint venture with any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) declare,
 set aside, make or pay any dividend or other distribution, payable in cash, shares, property
 or otherwise, with respect to any of its Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reclassify,
 combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly,
 any of its Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) acquire
 (including, by merger, consolidation, or acquisition of stock or substantially all of the
 assets or any other business combination) any corporation, partnership, other business organization
 or any division thereof, (B) incur any Indebtedness or issue any debt securities or
 assume, guarantee or endorse, or otherwise become responsible for, the obligations of any
 Person, or make any loans or advances, or intentionally grant any security interest in any
 of its assets, or (C) merge, consolidate, combine or amalgamate with any Person or authorize,
 recommend, propose or announce an intention to adopt a plan of complete or partial liquidation,
 dissolution or winding-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) other
 than (x) in the Ordinary Course (except with respect to the following clauses <u>(B)</u> and <u>(C)</u>), (y) as required under the terms of any Plan in effect on the date hereof
 (or any Plan adopted or amended after the date hereof in accordance with this Agreement)
 or (z) as contemplated by clause (ii) above, (A) grant any increase in the
 compensation, incentives or benefits payable or to become payable to any current or former
 director, officer, employee or independent contractor, (B) enter into any new or amend
 any existing, employment, retention, bonus, change in control, severance, redundancy or termination
 agreement with any current or former director, officer, employee or independent contractor,
 (C) accelerate or commit to accelerate the funding, payment, or vesting of any compensation
 or benefits to any current or former director, officer, employee or independent contractor,
 (D) establish or become obligated under any collective bargaining agreement, collective
 agreement, or other Contract with a labor union, trade union, works council, industrial organization,
 or similar representative of employees, (E) hire any new employees, or (F) transfer
 or terminate the employment or engagement of any employee or independent contractor other
 than any such termination for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) adopt,
 amend and/or terminate any material Plan except as may be required by applicable Law, or
 is necessary in order to consummate the Transactions, or health and welfare plan renewals
 in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make
 any change in any method of financial accounting or financial accounting principles, policies,
 procedures or practices, except as required by a concurrent amendment in GAAP or applicable
 Law made subsequent to the date hereof, as agreed to by its independent accountants, or in
 the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) other
 than in the Ordinary Course, (A) amend any material Tax Return that would have the effect
 of materially increasing the Tax liability or materially reducing any Tax asset of the Company
 or any Company Subsidiary, (B) change any material method of Tax accounting, (C) make,
 change or rescind any material election relating to Taxes, or (D) settle or compromise
 any material Tax audit, assessment, Tax claim or other controversy relating to Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) other
 than in the Ordinary Course, (A) amend, or modify or consent to the termination (excluding
 any expiration in accordance with its terms) of any Material Contract or amend, waive, modify
 or consent to the termination (excluding any expiration in accordance with its terms) of
 the Company's or any Company Subsidiary's material rights thereunder or (B) enter
 into any Contract that would have been a Material Contract had it been entered into prior
 to the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) materially
 amend, modify, extend, renew or terminate any of the Lease Documents or enter into any new
 Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) other
 than in the Ordinary Course, allow to lapse, abandon, fail to maintain the existence of,
 or fail to use commercially reasonable efforts to protect, its interest in, the existence
 and enforceability of, Company-Owned IP to the extent such Company-Owned IP remains material
 to the conduct of the businesses of the Company and any Company Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) other
 than in the Ordinary Course, enter into any Contract that obligates the Company or any Company
 Subsidiary to develop any Intellectual Property related to the business of the Company or
 the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) enter
 into any material new line of business outside of the business currently conducted by the
 Company or the Company Subsidiaries as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) voluntarily
 fail to maintain, cancel or materially change coverage under any material insurance policy
 in form and amount equivalent in all material respects to the insurance coverage currently
 maintained with respect to the Company and any Company Subsidiaries and their assets and
 properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) fail
 to keep current and in full force and effect, or to comply in all material respects with
 the requirements of, any Company Permit that is material to the conduct of the business of
 the Company and the Company Subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) take
 any action or knowingly fail to take any reasonable action, which action or failure to act
 would reasonably be expected to prevent or impede the Transactions from qualifying for the
 Intended Tax Treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) waive,
 release, assign, settle or compromise any Action, other than waivers, releases, assignments,
 settlements or compromises that are solely monetary in nature and do not exceed $100,000
 individually or $500,000 in the aggregate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) enter
 into any formal or informal agreement or otherwise make a binding commitment to do any of
 the foregoing.

Nothing herein shall require the Company to obtain consent from SPAC to do any of the foregoing if obtaining such consent might reasonably be expected to violate applicable Law, and nothing contained in this <u>Section 5.01</u> shall give to SPAC, directly or indirectly, the right to control or direct the ordinary course of business operations of the Company or any of the Company Subsidiaries prior to the Closing Date. Prior to the Closing Date, each of SPAC and the Company shall exercise, consistent with the terms and conditions hereof, complete control and supervision of its respective operations, as required by Law.

**5.02** **Conduct of Business by SPAC** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as expressly contemplated by any other provision of this Agreement or any Ancillary Agreement
 and except as required by applicable Law (including as may be requested or compelled by any
 Governmental Authority), SPAC agrees that from the date of this Agreement until the earlier
 of the termination of this Agreement and the Amalgamation Effective Time, unless the Company
 shall otherwise consent in writing (which consent shall not be unreasonably withheld, delayed
 or conditioned), the businesses of SPAC and NewCo shall be conducted in the Ordinary Course.
 By way of amplification and not limitation, except as expressly contemplated by any other
 provision of this Agreement or any Ancillary Agreement and as required by applicable Law
 (including as may be requested or compelled by any Governmental Authority), SPAC shall not,
 and SPAC shall cause NewCo not to, between the date of this Agreement and the Amalgamation
 Effective Time or the earlier termination of this Agreement, directly or indirectly, do any
 of the following without the prior written consent of the Company, which consent shall not
 be unreasonably withheld, delayed or conditioned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 or otherwise change the SPAC Organizational Documents or the NewCo Organizational Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare,
 set aside, make or pay any dividend or other distribution, payable in cash, stock, property
 or otherwise, with respect to any of its capital stock or share capital, as applicable, other
 than redemptions from the funds in the Trust Account that are required pursuant to the SPAC
 Organizational Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reclassify,
 combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly,
 any of the SPAC Class A Ordinary Shares, SPAC Class B Ordinary Shares, SPAC Warrants
 or any Equity Interests in NewCo, except for redemptions from the funds in the Trust Account
 and the SPAC Class B Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue,
 sell, pledge, dispose of, grant or encumber, or authorize the issuance, sale, pledge, disposition,
 grant or encumbrance of, any Equity Interests or other securities of SPAC or NewCo, or any
 options, warrants, convertible securities or other rights of any kind to acquire any Equity
 Interests or any other ownership interest (including, without limitation, any phantom interest),
 of SPAC or NewCo, except in connection with the SPAC Class B Conversion or in connection
 with a loan from the Sponsor or an Affiliate thereof or certain of SPAC's officers
 and directors to finance the SPAC Transaction Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) acquire
 (including, without limitation, by merger, consolidation, or acquisition of stock or assets
 or any other business combination) any corporation, partnership, other business organization
 or enter into any strategic joint ventures, partnerships or alliances with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) incur
 any Indebtedness or guarantee any such Indebtedness of another Person or Persons, issue or
 sell any debt securities or options, warrants, calls or other rights to acquire any debt
 securities of SPAC or NewCo, as applicable, or enter into any "keep well" or
 other agreement to maintain any financial statement condition or enter into any arrangement
 having the economic effect of any of the foregoing, in each case, except a loan from the
 Sponsor or an Affiliate thereof or certain of SPAC's officers and directors to finance
 the SPAC Transaction Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make
 any change in any method of financial accounting or financial accounting principles, policies,
 procedures or practices, except as required by a concurrent amendment in GAAP or applicable
 Law made subsequent to the date hereof, as agreed to by its independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) other
 than in the Ordinary Course, (A) amend any material Tax Return that would have the effect
 of materially increasing the Tax liability or materially reducing any Tax asset of SPAC or
 NewCo, (B) change any material method of Tax accounting, (C) make, change or rescind
 any material election relating to Taxes, or (D) settle or compromise any material Tax
 audit, assessment, Tax claim or other controversy relating to Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) merge,
 consolidate, combine or amalgamate with any Person or liquidate, dissolve, reorganize or
 otherwise wind up the business and operations of SPAC or NewCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) amend,
 supplement or modify in any respect or terminate or waive any material rights or benefits
 under the Trust Agreement or any other agreement related to the Trust Account or any other
 SPAC Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) hire
 or engage any employee, consultant or independent contractor (other than consultants and
 advisors engaged in the Ordinary Course), or adopt enter into or incur any liability with
 respect to any Employee Benefit Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) other
 than in the Ordinary Course or in a form consistent with SPAC's public filings with
 the SEC, enter into any indemnification agreements with the directors and officers of SPAC
 or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) enter
 into any new line of business outside of the business currently conducted by SPAC as of the
 date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) enter
 into, renew, modify or amend any transaction or Contract with an Affiliate of SPAC (including,
 for the avoidance of doubt, (A) the Sponsor, (B) any director or officer of SPAC
 or the Sponsor or any other current or former SPAC Insider or any immediate family member
 thereof, or (C) any Person in which the Sponsor or any director or officer of SPAC or
 the Sponsor or any other current or former SPAC Insider has a direct or indirect legal, contractual
 or beneficial ownership interest of 5% or greater) or any other SPAC Affiliate Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) enter
 into, renew or amend in any material respect, any Contract with a broker, finder, investment
 banker or other Person entitled to any brokerage fee, finder's fee or commission or
 any transaction or Contract relating to SPAC Transaction Expenses if such entry, renewal
 or amendment would result in additional SPAC Transaction Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) take
 any action or knowingly fail to take any reasonable action, which action or failure to act
 would reasonably be expected to prevent or impede the Transactions from qualifying for the
 Intended Tax Treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) waive,
 release, assign, settle or compromise any Action or threatened Action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) enter
 into any Contract or otherwise make a binding commitment to do any of the foregoing.

Nothing herein shall require SPAC to obtain consent from the Company to do any of the foregoing if obtaining such consent might reasonably be expected to violate applicable Law, and nothing contained in this <u>Section 5.02</u> shall give to the Company, directly or indirectly, the right to control or direct the ordinary course of business operations of SPAC prior to the Closing Date. Prior to the Closing Date, each of SPAC and the Company shall exercise, consistent with the terms and conditions hereof, complete control and supervision of its respective operations, as required by Law.

**5.03** **Conduct of Business by NewCo** 

Between the date hereof and the Amalgamation Effective Time or the earlier termination of this Agreement, NewCo shall not engage in any activities other than the execution of any Transaction Documents to which it is party and the performance of its obligations hereunder and thereunder in furtherance of the Transactions (and matters ancillary thereto).

**5.04** **SPAC Continuation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to obtaining the SPAC Shareholder Approval, prior to the Amalgamation, SPAC shall take all
 actions necessary to cause the SPAC Continuation to become effective in accordance with the
 applicable provisions of the BCBCA and the Cayman Companies Act, including by (a) making
 and procuring all those filings required to be made, including with the Registrar of Companies
 in the Cayman Islands, as required under the Cayman Companies Act in connection with the
 SPAC Continuation and the British Columbia Corporate Registrar, (b) obtaining a certificate
 of de-registration from the Registrar of Companies in the Cayman Islands, and (c) obtaining
 a Certificate of Continuation issued pursuant to Section 303 of the BCBCA. The SPAC
 Continuation shall be effective upon obtaining the Certificate of Continuation issued pursuant
 to Section 303 of the BCBCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the avoidance of doubt, any reference in this Agreement to SPAC Class A Common Shares
 or SPAC Class B Common Shares for periods prior to the SPAC Continuation will be deemed
 to refer to SPAC Class A Ordinary Shares and SPAC Class B Ordinary Shares (respectively).

**5.05** **Claims Against Trust Account** 

The Company agrees that, notwithstanding any other provision contained in this Agreement, the Company does not have, and shall not at any time prior to the Closing have, any claim to, or make any claim against, the funds in the Trust Account, regardless of whether such claim arises as a result of, in connection with or relating in any way to, the business relationship between the Company on the one hand, and SPAC and/or NewCo on the other hand, this Agreement, or any other agreement or any other matter, and regardless of whether such claim arises based on Contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred to in this <u>Section 5.05</u> as the "**<u>Claims</u>**"). Notwithstanding any other provision contained in this Agreement, the Company hereby irrevocably waives any Claim it and its Affiliates may have, now or in the future and will not seek recourse against the funds in the Trust Account for any reason whatsoever in respect thereof; *provided*, *however*, that the foregoing waiver will not limit or prohibit the Company from pursuing a claim against SPAC, NewCo or any other person (a) for legal relief against monies or other assets of SPAC held outside of the Trust Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired with any such funds) or for specific performance or other equitable relief in connection with the Transactions (including a claim for SPAC or NewCo to specifically perform their obligations under this Agreement and cause the disbursement of the balance of the funds in the Trust Account (after giving effect to the Redemption Rights)) or for Fraud or (b) for damages for breach of this Agreement against SPAC, NewCo or any of their respective successor entities in the event this Agreement is terminated for any reason and SPAC consummates, directly or indirectly, a business combination transaction, whether by way of a purchase of assets or securities or merger, consolidation or otherwise, with another party. In the event that the Company or any of its Affiliates commences any Action against or involving the funds in the Trust Account in violation of the foregoing, SPAC shall be entitled to recover from the Company the associated reasonable legal fees and costs in connection with any such Action in the event SPAC prevails in such Action.

**Article 6** **<br> ADDITIONAL AGREEMENTS**

**6.01** **Registration Statement / Proxy Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 promptly as reasonably practicable after the date hereof, SPAC and the Company shall prepare
 and mutually agree upon (such agreement not to be unreasonably withheld, conditioned or delayed),
 and SPAC shall file with the SEC, a registration statement on Form F-4 in connection
 with (x) the registration under the Securities Act of the SPAC Common Shares to be issued
 under this Agreement and (y) the Transactions (the "  **<u>Registration Statement / Proxy Statement</u>**") (it being understood that the Registration Statement /
 Proxy Statement will be used as a proxy statement with respect to the SPAC Shareholders Meeting
 to adopt and approve the Transaction Proposals (as defined below), the SPAC Equity Incentive
 Plan and other matters reasonably related to the Transaction Proposals, all in accordance
 with and as required by SPAC's Organizational Documents, any related agreements with
 Sponsor and its Affiliates, applicable Law, and any applicable rules and regulations
 of the SEC and the Nasdaq Capital Market). Each of SPAC and the Company shall use its reasonable
 best efforts to: (i) cause the Registration Statement / Proxy Statement to comply in
 all material respects with the applicable rules and regulations promulgated by the SEC;
 (ii) promptly notify the other of, cooperate with each other with respect to and respond
 promptly to any comments of the SEC or its staff; (iii) have the Registration Statement
 / Proxy Statement declared effective under the Securities Act as promptly as reasonably practicable
 after it is filed with the SEC; and (iv) keep the Registration Statement / Proxy Statement
 effective through the Closing in order to permit the consummation of the Transactions. Each
 of SPAC and the Company shall promptly furnish to each other all information concerning such
 Party, its Subsidiaries, Representatives and shareholders that may be required or reasonably
 requested in connection with any action contemplated by this <u>Section 6.01</u>; *provided*, *however*, that neither SPAC or the Company shall use any such information for any purposes
 other than those contemplated by this Agreement unless: (A) such Party obtains the prior
 written consent of the other to such use (which consent shall not be unreasonably withheld,
 conditioned or delayed); or (B) to the extent that use of such information is required
 to avoid violation of applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 required by the applicable Law, no filing of, or amendment or supplement to the Registration
 Statement / Proxy Statement will be made by the Company or SPAC without the approval of the
 other Parties (such approval not to be unreasonably withheld, conditioned or delayed). Each
 of the Company and SPAC will advise the other Parties, promptly after it receives notice
 thereof, of any request by the SEC for amendment of the Registration Statement / Proxy Statement
 or comments thereon and responses thereto or requests by the SEC for additional information.
 Each of the Company and SPAC shall, as promptly as practicable after receipt thereof, supply
 the other Parties with copies of all written correspondence between it or any of its Representatives,
 on the one hand, and the SEC or the staff of the SEC, on the other hand, or, if not in writing,
 a description of such communication. Unless required by the applicable Law, no response to
 any comments from the SEC or the staff of the SEC relating to the Registration Statement
 / Proxy Statement will be made by the Company or SPAC without the prior consent of the other
 Parties (such consent not to be unreasonably withheld, conditioned or delayed), and without
 providing the other Parties a reasonable opportunity to review and comment thereon unless
 pursuant to a telephone call initiated by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SPAC
 represents that the information supplied by SPAC and NewCo for inclusion in the Registration
 Statement / Proxy Statement shall not include any untrue statement of a material fact or
 omit to state any material fact necessary in order to make the statements therein, in the
 light of the circumstances under which they were made, not misleading, at (i) the time
 the Registration Statement / Proxy Statement is declared effective, (ii) the time the
 Registration Statement / Proxy Statement (or any amendment thereof or supplement thereto)
 is first mailed to the SPAC Shareholders, and (iii) the time of the SPAC Shareholders
 Meeting; provided, however, that SPAC makes no representations or warranties as to the information
 contained in or omitted from the Registration Statement / Proxy Statement in reliance upon
 and in conformity with information furnished in writing to the SPAC by or on behalf of the
 Company specifically for inclusion in the Registration Statement / Proxy Statement. If, at
 any time prior to the SPAC Shareholders Meeting, any event or circumstance relating to SPAC,
 NewCo or their officers or directors should be discovered by SPAC which should be set forth
 in an amendment or a supplement to the Registration Statement / Proxy Statement, SPAC shall
 promptly inform the Company. All documents that SPAC is responsible for filing with the SEC
 in connection with the Transactions shall comply as to form and substance in all material
 respects with the applicable requirements of the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company represents that the information supplied by the Company for inclusion in the Registration
 Statement / Proxy Statement shall not include any untrue statement of a material fact or
 omit to state any material fact necessary in order to make the statements therein, in the
 light of the circumstances under which they were made, not misleading, at (i) the time
 the Registration Statement / Proxy Statement is declared effective, (ii) the time the
 Registration Statement / Proxy Statement (or any amendment thereof or supplement thereto)
 is first mailed to the SPAC Shareholders, and (iii) the time of the SPAC Shareholders
 Meeting. If, at any time prior to the SPAC Shareholders Meeting, any event or circumstance
 relating to the Company or any Company Subsidiary or its officers or directors should be
 discovered by the Company which should be set forth in an amendment or a supplement to the
 Registration Statement / Proxy Statement, the Company shall promptly inform SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except
 to the extent required by the SEC or any other Governmental Authority or as otherwise required
 under applicable Law, no Party shall provide any advice, disclosure, assurance, representation,
 warranty or other communication regarding any Tax consequences related to the Transactions
 to its equityholders. If either Party sends any material communication regarding the Transactions
 to its equityholders, each Party shall (x) allow each other Party to review and comment
 on any such communication (and revise such communication in good faith to reflect any such
 reasonable comments) and (y) to the maximum extent reasonably permissible in such communication,
 explicitly state in such communication that (1) the Tax consequences of the Transactions
 are not free from doubt, (2) none of the Parties, their equityholders, any of their
 Affiliates or any of their Representatives is providing any advice, disclosure, assurance,
 representation or warranty regarding the Tax consequences of the Transactions, and (3) each
 such recipient should consult with and rely solely upon its own Tax advisors as to the Tax
 consequences of the Transactions.

**6.02** **Canadian Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 promptly as reasonably practicable after the date hereof, SPAC and the Company shall prepare
 and mutually agree upon (such agreement not to be unreasonably withheld, conditioned or delayed),
 and SPAC shall file with BCSC, a preliminary Canadian Prospectus and a final Canadian Prospectus
 in sufficient time for SPAC to become a reporting issuer in the Province of British Columbia
 on or as soon as reasonably practicable after the Closing Date. Each of SPAC and the Company
 shall use its reasonable best efforts to: (i) cause each of the preliminary Canadian
 Prospectus and final Canadian Prospectus to comply as to form in all material respects with
 applicable Canadian securities Laws and regulations promulgated by the BCSC; (ii) promptly
 notify the other of, cooperate with each other with respect to and respond promptly to any
 comments of the BCSC or its staff; and (iii) have the Canadian Prospectus receipted
 under the applicable Canadian securities Laws as promptly as reasonably practicable after
 it is filed with the BCSC. The Company shall allow SPAC and its counsel to review the Canadian
 Prospectus and any amendments thereto a reasonable amount of time prior to their respective
 filings and shall consider for inclusion in the Canadian Prospectus and/or any amendment
 or supplement thereto any reasonable comments proposed by SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 required by the applicable Law, no filing of, or amendment or supplement to the Canadian
 Prospectus will be made by the Company or SPAC without the approval of the other Parties
 (such approval not to be unreasonably withheld, conditioned or delayed). Each of the Company
 and SPAC will advise the other Parties, promptly after it receives notice thereof, of any
 request by the BCSC for amendment of the Canadian Prospectus or comments thereon and responses
 thereto or requests by the BCSC for additional information. Each of the Company and SPAC
 shall, as promptly as practicable after receipt thereof, supply the other Parties with copies
 of all written correspondence between it or any of its Representatives, on the one hand,
 and the BCSC or the staff of the BCSC, on the other hand, or, if not in writing, a description
 of such communication. Unless required by the applicable Law, no response to any comments
 from the BCSC or the staff of the BCSC relating to the Canadian Prospectus will be made by
 the Company or SPAC without the prior consent of the other Parties (such consent not to be
 unreasonably withheld, conditioned or delayed), and without providing the other Parties a
 reasonable opportunity to review and comment thereon unless pursuant to a telephone call
 initiated by the BCSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SPAC
 represents that the information supplied by SPAC and NewCo for inclusion in the Canadian
 Prospectus shall not include any untrue statement of a material fact or omit to state any
 material fact necessary in order to make the statements therein, in the light of the circumstances
 under which they were made, not misleading, at (i) the time the Canadian Prospectus
 is receipted pursuant to applicable Canadian securities Laws, and (ii) the time the
 Canadian Prospectus (or any amendment thereof or supplement thereto) is first mailed to the
 SPAC Shareholders; provided, however, that SPAC makes no representations or warranties as
 to the information contained in or omitted from the Canadian Prospectus in reliance upon
 and in conformity with information furnished in writing to the SPAC by or on behalf of the
 Company specifically for inclusion in the Canadian Prospectus. If, at any time prior to the
 filing of the final Canadian Prospectus, any event or circumstance relating to SPAC, NewCo
 or their officers or directors should be discovered by SPAC which should be set forth in
 an amendment or a supplement to the Canadian Prospectus, SPAC shall promptly inform the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company represents that the information supplied by the Company for inclusion in the Canadian
 Prospectus shall not include any untrue statement of a material fact or omit to state any
 material fact necessary in order to make the statements therein, in the light of the circumstances
 under which they were made, not misleading, at (i) the time the Canadian Prospectus
 is receipted pursuant to applicable Canadian securities Laws, and (ii) the time the
 Canadian Prospectus (or any amendment thereof or supplement thereto) is first mailed to the
 SPAC Shareholders. If, at any time prior to the filing of the final Canadian Prospectus,
 any event or circumstance relating to the Company or any Company Subsidiary or its officers
 or directors should be discovered by the Company which should be set forth in an amendment
 or a supplement to the Canadian Prospectus, the Company shall promptly inform SPAC.

**6.03** **SPAC Shareholders Meeting** 

SPAC shall: (i) take all action necessary under applicable Law and the SPAC Organizational Documents to call, give notice of, convene and hold a meeting of the SPAC Shareholders (the "**<u>SPAC Shareholders Meeting</u>**") to seek (A) approval of the SPAC Continuation, including the SPAC Continuation Articles, (B) approval of the proposed business combination (which includes the approval and adoption of this Agreement and the Transactions, including the approval of the Arrangement Resolution) (the "**<u>Business Combination Proposal</u>**"), (C) approval of the Plan of Arrangement (the "**<u>Plan of Arrangement Proposal</u>**"), (D) approval of an amendment to the SPAC IPO Letter Agreement to change the lock-up period in such letter agreement to six (6) months, (E) the adjournment of the SPAC Shareholders Meeting, if necessary, to permit further solicitation of proxies because there are not sufficient votes to approve and adopt any of the foregoing (and if needed, such proposal will be put before any of the foregoing proposals) and (F) approval of any other proposals reasonably agreed by SPAC and the Company to be necessary or appropriate in connection with the Transactions (such proposals in <u>clauses (A)</u> through <u>(F)</u>, together, the "**<u>Transaction Proposals</u>**"), which SPAC Shareholders Meeting shall be held as promptly in accordance with the SPAC Organizational Documents as reasonably practicable following the date the Registration Statement / Proxy Statement is declared effective by the SEC (and conditioned upon such declaration of effectiveness); and (ii) submit the Transaction Proposals to, and use its reasonable best efforts to solicit proxies in favor of such Transaction Proposals from, the SPAC Shareholders at the SPAC Shareholders Meeting. SPAC shall, through the SPAC Board, include a statement in the Registration Statement / Proxy Statement to the effect that the SPAC Board recommends that the SPAC Shareholders vote in favor of the Transaction Proposals (the "**<u>SPAC Board Recommendation</u>**"). The SPAC Board shall not change, withdraw, withhold, qualify or modify in a manner adverse to the Company, the SPAC Board Recommendation (a "**<u>Change in Recommendation</u>**"); *provided*, *however*, that, at any time prior to obtaining the SPAC Shareholder Approval, the SPAC Board may make a Change in Recommendation, if concluded in good faith, in response to any material event, change, fact, condition, occurrence or circumstance (A) that does not relate to an Alternative Transaction, (B) that does not relate to any change in the market price or trading volume of SPAC's securities (it being understood that this clause (B) shall not prevent a determination that any event underlying such change constitutes an Intervening Event) and (C) (x) first occurring after the date hereof or (y) first actually or constructively known by the SPAC Board following the date hereof, if it determines in good faith, after consultation with its outside legal counsel, that a failure to make such Change in Recommendation would constitute a breach by the SPAC Board of its fiduciary obligations under applicable Law (an "**<u>Intervening Event</u>**"); *provided*, *however*, that the SPAC Board may not make a Change in Recommendation unless SPAC notifies the Company in writing at least five (5) Business Days before taking that action of its intention to do so (such period from the time the Intervening Event notice is delivered until 5:00 p.m., New York time on the fifth (5th) Business Day from the date of such notice, it being understood that any material development with respect to such Intervening Event shall require a new notice with an additional four (4) Business Day period from the date of such notice), and specifies the reasons therefor, and negotiates, and causes its financial and legal advisors to negotiate, with the Company in good faith during the applicable notice period (to the extent the Company seeks to negotiate) regarding any revisions to the terms of the Transactions proposed by the Company so as to obviate the need for a Change in Recommendation and, following such good faith negotiations, the SPAC Board determines in good faith, after consultation with its outside legal counsel, that a failure to make a Change in Recommendation would continue to constitute a breach by the SPAC Board of its fiduciary obligations under applicable Law (provided that such notification would not, after consultation with its outside legal counsel, constitute a breach by the SPAC Board of its fiduciary obligations under applicable Law or constitute a breach of any applicable Law). Notwithstanding anything to the contrary contained in this Agreement, SPAC may postpone or adjourn the SPAC Shareholders Meeting (1) to the extent necessary to ensure that any required supplement or amendment to the Registration Statement / Proxy Statement is provided to the SPAC Shareholders or if, as of the time for which the SPAC Shareholders Meeting is scheduled, there are insufficient SPAC Class A Ordinary Shares and SPAC Class B Ordinary Shares represented (either in person or by proxy) to constitute a quorum necessary to conduct business at such meeting, or (2) in order to solicit additional proxies from SPAC Shareholders in favor of the adoption of each of the Transaction Proposals.

**6.04** **Access to Information; Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 the date of this Agreement until the Amalgamation Effective Time, the Company, SPAC and NewCo
 shall (and shall cause their respective Subsidiaries to): (i) provide to the other Party
 (and the other Party's officers, directors, employees, accountants, consultants, legal
 counsel, agents and other representatives, collectively, "  **<u>Representatives</u>** ")
 reasonable access at reasonable times upon prior notice to the officers, employees, agents,
 properties, offices and other facilities of such Party and its Subsidiaries and to the books
 and records thereof; and (ii) furnish promptly to the other Party such information concerning
 the business, properties, Contracts, assets, liabilities, personnel and other aspects of
 such Party and its Subsidiaries as the other Party or its Representatives may reasonably
 request. Notwithstanding the foregoing, neither the Company nor SPAC shall be required to
 provide access to or disclose information where the access or disclosure would jeopardize
 the protection of attorney-client privilege or contravene applicable Law (it being agreed
 that the Parties shall use their reasonable best efforts to cause such information to be
 provided in a manner that would not result in such jeopardy or contravention).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 information obtained by the Parties pursuant to this <u>Section 6.04</u> shall be kept
 confidential in accordance with the Confidentiality Agreement, dated September 24, 2025,
 by and between the Company and SPAC (the "  **<u>Confidentiality Agreement</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 anything in this Agreement to the contrary, each Party (and its respective Representatives)
 may consult any Tax advisor as is reasonably necessary regarding the Tax treatment and Tax
 structure of the Transactions and may disclose to such advisor as if reasonably necessary,
 the Intended Tax Treatment and Tax structure of the Transactions and all materials (including
 any Tax analysis) that are provided relating to such treatment or structure, in each case
 in accordance with the Confidentiality Agreement.

**6.05** **Exclusivity** 

From the date of this Agreement and ending on the earlier of (a) the Amalgamation Effective Time and (b) the termination of this Agreement pursuant to <u>Article 8</u>, the Parties shall not, and shall cause their respective Subsidiaries and its and their respective Representatives not to, directly or indirectly, (i) enter into, solicit, initiate or continue any discussions or negotiations with, or encourage or respond to any inquiries, indications of interest, offers or proposals by, or participate in any negotiations with, or provide any information to, or otherwise cooperate in any way with, any Person or other entity or "group" within the meaning of Section 13(d) of the Exchange Act, concerning an Alternative Transaction, (ii) enter into any agreement regarding, continue or otherwise participate in any discussions regarding, or furnish to any Person any information with respect to, or cooperate in any way that would otherwise reasonably be expected to lead to, any Alternative Transaction, or (iii) commence, continue or renew any due diligence investigation regarding any Alternative Transaction; *provided* that the execution, delivery and performance of this Agreement and the Transaction Documents and the consummation of the Transactions shall not be deemed a violation of this <u>Section 6.05</u>. For purposes of this Agreement, an "**<u>Alternative Transaction</u>**" shall mean (A) with respect to the Company, (w) the issuance, sale or transfer to or investment by any Person in any newly issued or currently outstanding Equity Interest in the Company or any Company Subsidiary, (x) the sale or transfer of the assets of the Company and its Subsidiaries to any Person (except, in the cases of clauses (w) and (x), with respect to any de minimis transfers of Equity Interests or assets or any issuance, sale, transfer, investment of Equity Interests or assets permitted by the terms of the Company's current contractual arrangements, including its Company Stock Plan, this Agreement or the Plan of Arrangement), (y) any merger or business combination between the Company or any of its Subsidiaries, on the one hand, and any other Person, on the other hand, including a reverse takeover or merger, or (z) an initial public offering of any of the Company's or its Subsidiaries' securities, and (B) with respect to SPAC, any direct or indirect acquisition of assets or business of any Person, whether by way of a purchase of assets or securities or merger, consolidation or otherwise, that would constitute an "initial business combination" as defined in SPAC's prospectus for its initial public offering. Each Party shall, and shall cause its Subsidiaries and its and their respective Affiliates and Representatives to, immediately cease any and all existing discussions or negotiations with any Person conducted heretofore with respect to any Alternative Transaction. Each Party also agrees that it shall promptly request each Person (other than the Parties and their respective Representatives) that has prior to the date hereof executed a confidentiality agreement in connection with its consideration of an Alternative Transaction to return or destroy all confidential information furnished to such Person by or on behalf of it prior to the date hereof (to the extent so permitted under, and in accordance with the terms of, such confidentiality agreement). If a Party or any of its Subsidiaries or any of its or their respective Representatives receives any inquiry or proposal with respect to an Alternative Transaction at any time prior to the earlier of (a) Closing and (b) the termination of this Agreement pursuant to <u>Article 8</u>, then such Party shall promptly (and in no event later than twenty-four (24) hours after such Party becomes aware of such inquiry or proposal) notify such Person in writing that such Party is subject to an exclusivity agreement with respect to the Transactions that prohibits such Party from considering such inquiry or proposal. Without limiting the foregoing, the Parties agree that any violation of the restrictions set forth in this <u>Section 6.05</u> by a Party or any of its Subsidiaries or its or their respective Affiliates or Representatives shall be deemed to be a breach of this <u>Section 6.05</u> by such Party. The Parties agree that this <u>Section 6.05</u> shall supersede the exclusivity provisions included in that certain Letter of Intent entered into by and among SPAC and the Company dated November 6, 2025 in its entirety and such exclusivity provisions shall be terminated as of the date hereof.

**6.06** **SPAC Equity Incentive Plan** 

Prior to the consummation of the Transactions, SPAC shall adopt the SPAC Equity Incentive Plan, which shall be (i) a customary public company equity incentive plan and (ii) in a form mutually agreed by SPAC and the Company. The total number of SPAC Common Shares initially reserved for issuance under the SPAC Equity Incentive Plan shall be equal to fifteen percent (15%) of the SPAC Common Shares outstanding as of immediately following the Closing determined on a fully diluted basis (taking into account the number of SPAC Common Shares subject to SPAC Exchange Options, SPAC Exchange Warrants and SPAC PIPE Warrants). The SPAC Exchange Options issued pursuant to the Amalgamation shall be deemed to have been granted pursuant to the SPAC Equity Incentive Plan and shall reduce the number of SPAC Common Shares reserved for grant thereunder.

**6.07** **Directors' and Officers' Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
 the Closing, the organizational documents of SPAC shall, to the fullest extent permitted
 under applicable Law, contain provisions no less favorable with respect to indemnification,
 advancement or expense reimbursement of individuals who, at or prior to the Closing, were
 directors or officers, employees of SPAC or any Subsidiary of SPAC ("  **<u>SPAC Indemnified Persons</u>**") than are set forth in the SPAC Organizational Documents, and such
 provisions shall not thereafter be amended, repealed or otherwise modified for a period of
 six (6) years from the Closing in any manner that would affect adversely the rights
 thereunder of the SPAC Indemnified Persons, with respect to actions or omissions prior to
 the Closing, unless such modification shall be required by applicable Law. Following the
 Closing, the provisions of the organizational documents of the Amalgamated Company and any
 Company Subsidiaries relating to indemnification, advancement or expense reimbursement of
 individuals who, at or prior to the Closing, were directors or officers of the Company or
 such Company Subsidiary ("  **<u>Company Indemnified Persons</u>** "), shall,
 to the fullest extent permitted under applicable Law, contain provisions no less favorable
 than such provisions as set forth in the applicable company's organizational documents
 as of the date of this Agreement, and such provisions shall not be amended, repealed or otherwise
 modified for a period of six (6) years from the Closing in any manner that would affect
 adversely the rights thereunder of the Company Indemnified Persons, with respect to acts
 or omissions prior to the Closing, unless such modification shall be required by applicable
 Law. For a period of six (6) years from the Closing, SPAC shall defend, indemnify and
 hold harmless each SPAC Indemnified Person and Company Indemnified Person against any costs
 or expenses (including reasonable attorneys' fees), judgments, fines, losses, claims,
 damages or liabilities incurred in connection with any claim, action, suit, proceeding or
 investigation, whether civil, criminal, administrative or investigative, alleged against
 such directors or officers in their capacity as such and arising out of or pertaining to
 matters existing or occurring at or prior to the Closing, whether asserted or claimed prior
 to, at or after the Closing, to the fullest permitted under applicable Law (including the
 advancing of expenses as incurred to the fullest extent permitted under applicable Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior
 to the Closing, the Company may purchase a prepaid "tail" policy or policies
 in respect of the Company's current directors' and officers' liability
 insurance ("  **<u>D&O Insurance</u>**") covering those Persons who are
 currently covered by the Company's D&O Insurance (true, correct and complete copies
 of which have been heretofore made available to SPAC or its agents or Representatives) on
 terms not less favorable than the terms of such current insurance coverage, except that in
 no event shall the Company pay a premium for such insurance in excess of 300% of the aggregate
 annual premium attributable to the Company for coverage of the Company under such insurance
 policy or policies for the most recent policy year (the "  **<u>Maximum Annual Premium</u>** ").
 If the premium of such insurance coverage exceeds the Maximum Annual Premium, then the Company
 may obtain a "tail" policy or policies with the greatest coverage available for
 a cost not exceeding the Maximum Annual Premium from an insurance carrier with the same or
 better credit rating as the Company's current directors' and officers'
 liability insurance carrier. SPAC shall maintain any such "tail" policy or policies
 in full force and effect for a period of no less than six (6) years after the Closing
 and continue to honor its obligations thereunder. From and after the date of this Agreement,
 SPAC and the Company shall cooperate in good faith with respect to any efforts to obtain
 the insurance described in this <u>Section 6.07(b)</u>, including but not limited to
 providing access to insurance broker presentations, underwriter quotes for such insurance,
 and draft policies for such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior
 to or in connection with the Closing, SPAC shall purchase a six (6)-year prepaid "tail"
 policy (a "  **<u>SPAC Tail Policy</u>**") with respect to SPAC's current
 D&O Insurance covering those persons who are currently covered by SPAC's D&O
 Insurance policies (true, correct and complete copies of which have been made available to
 the Company), except that in no event shall the SPAC pay or agree to a premium for such insurance
 in excess of three hundred percent (300%) of the aggregate annual premium attributable to
 SPAC's current D&O Insurance for the current policy year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior
 to or in connection with the Closing, the Company shall purchase "go-forward"
 D&O Insurance to cover the post-Closing directors and officers of SPAC. From and after
 the date of this Agreement, NewCo, SPAC, and the Company shall cooperate in good faith with
 respect to any efforts to obtain the insurance described in this <u>Section 6.07(d)</u>,
 including providing access to insurance broker presentations, underwriter quotes for such
 insurance, and draft policies for such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On
 the Closing Date, SPAC shall enter into customary indemnification agreements reasonably satisfactory
 to each of the Company and SPAC with the post-Closing directors and officers of SPAC.

**6.08** **Notification of Certain Matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall give prompt notice to SPAC, and SPAC shall give prompt notice to the Company,
 of any event which a Party becomes aware of between the date of this Agreement and the Closing
 (or the earlier termination of this Agreement in accordance with <u>Article 8</u>),
 the occurrence or non-occurrence of which causes or would reasonably be expected to cause
 any of the conditions set forth in <u>Article 8</u> to fail. No such notice shall constitute
 an acknowledgement or admission by the Party providing the notice regarding whether or not:
 (i) any of the conditions to the Closing have been satisfied or would fail to be satisfied;
 or (ii) any of the representations, warranties or covenants contained in this Agreement
 have been breached or not performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From
 and after the date of this Agreement until the earlier of the Closing or the termination
 of this Agreement in accordance with its terms, SPAC and the Company shall each notify the
 other in writing promptly after learning of any shareholder demands or other shareholder
 Proceedings (including derivative claims) relating to this Agreement, any Ancillary Agreement
 or any matters relating thereto (collectively, the "  **<u>Transaction Litigation</u>** ")
 commenced against such Party or any of its Affiliates or Representatives (in their capacity
 as such). SPAC and the Company shall each (i) keep the other reasonably informed regarding
 any Transaction Litigation, (ii) give the other the opportunity to, at its own cost
 and expense, participate in the defense, settlement and compromise of any such Transaction
 Litigation and reasonably cooperate with the other in connection with the defense, settlement
 and compromise of any such Transaction Litigation, (iii) consider in good faith the
 other's advice with respect to any such Transaction Litigation, (iv) reasonably
 cooperate with each other, and (v) refrain from settling or compromising any Transaction
 Litigation without the prior written consent of the other Party (not to be unreasonably withheld,
 conditioned or delayed).

**6.09** **Further Action; Reasonable Best Efforts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the terms and subject to the conditions of this Agreement, each of the Parties shall use
 its reasonable best efforts to take, or cause to be taken, appropriate action, and to do,
 or cause to be done, such things as are necessary, proper or advisable under applicable Laws
 or otherwise, and each shall cooperate with the other, to consummate and make effective the
 Transactions, including, without limitation, using its reasonable best efforts to obtain
 all permits, consents, approvals, authorizations, qualifications and orders of, and the expiration
 or termination of waiting periods by, Governmental Authorities and parties to Contracts with
 the Company and the Company Subsidiaries as set forth in <u>Section 3.05</u> of the
 Company Disclosure Schedule necessary for the consummation of the Transactions and to fulfill
 the conditions to the Transactions. In case, at any time after the Closing, any further action
 is necessary or desirable to carry out the purposes of this Agreement, the proper officers
 and directors of each Party shall use their reasonable best efforts to take all such action.
 Subject to the terms and conditions of this Agreement, the Parties agree to use their reasonable
 best efforts (except where a different efforts standard is specifically contemplated by this
 Agreement, in which case such different standard shall apply) to take, or cause to be taken,
 all actions and to do, or cause to be done, all things necessary, proper or advisable to
 consummate and make effective the Transactions and cause the conditions to the Transactions
 to be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of the Parties shall cooperate with one another and use their reasonable best efforts to
 prepare all necessary documentation (including furnishing all information required under
 any applicable Antitrust Laws or other applicable Laws or requested by a Governmental Authority
 pursuant to applicable Antitrust Laws or other applicable Laws) to effect promptly all necessary
 filings with any Governmental Authority, and thereafter to respond as promptly as reasonably
 practicable and advisable to any request for additional information or documentary material
 relating to such Party (and, in the case of SPAC, the Sponsor) that may be made and to obtain
 all necessary, proper or advisable actions or nonactions, permits, approvals, consents, waivers,
 exemptions, authorizations, qualifications, orders and approvals of, and the expiration or
 termination of waiting periods by, any Governmental Authority necessary to consummate the
 Transactions. Each of the Parties shall keep each other apprised of the status of matters
 relating to the Transactions, including promptly notifying the other Parties of any communication
 it or any of its Affiliates receives from any Governmental Authority relating to the matters
 that are the subject of this Agreement and permitting the other Parties to review in advance,
 and to the extent practicable consult about, any proposed communication by such Party to
 any Governmental Authority in connection with the Transactions. No Party to this Agreement
 shall agree to participate in any meeting, or video or telephone conference, with any Governmental
 Authority in respect of any filings, authorizations, approvals, requests, investigation or
 other inquiry unless it consults with the other Parties in advance and, to the extent permitted
 by such Governmental Authority, gives the other Parties the opportunity to attend and participate
 at such meeting or conference. Subject to the terms of the Confidentiality Agreement, the
 Parties shall coordinate and cooperate fully with each other in exchanging such information
 and providing such assistance as the other Parties may reasonably request in connection with
 the foregoing. Subject to the terms of the Confidentiality Agreement, the Parties shall provide
 each other with copies of all material correspondence, filings or communications, including
 any documents, information and data contained therewith, between them or any of their Representatives,
 on the one hand, and any Governmental Authority, on the other hand, with respect to this
 Agreement and the Transactions. No Party shall take or cause to be taken any action before
 any Governmental Authority that is inconsistent with or intended to delay its action on requests
 for a consent or the consummation of the Transactions. Notwithstanding the foregoing, to
 the extent that any information or documentation to be provided by one Party to another Party
 pursuant to this Section 6.09 or otherwise under this Agreement is, in the reasonable
 view of the providing Party, competitively sensitive, such information or documentation may
 be provided only to external counsel of the other Party on an "external counsel only"
 basis, and such receiving Party shall not request or otherwise receive such information from
 its external counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 anything to the contrary in the Agreement, in the event that this Section 6.09 conflicts
 with (or provides for a different efforts standard with respect to) any other covenant or
 agreement in this <u>Article 6</u> that is intended to specifically address any subject
 matter, then such other covenant or agreement shall govern and control solely to the extent
 of such conflict.

**6.10** **Public Announcements** 

The initial press release relating to this Agreement shall be a joint press release the text of which has been agreed to by each of SPAC and the Company. Thereafter, between the date of this Agreement and the Closing Date (or the earlier termination of this Agreement in accordance with <u>Article 8</u>) unless otherwise prohibited by applicable Law or the requirements of the Nasdaq Capital Market, each Party shall use its reasonable best efforts to consult with each other Party before issuing any press release or otherwise making any public statements (including through social media platforms) with respect to this Agreement and the Transactions, and shall not issue any such press release or make any such public statement (including through social media platforms) without the prior written consent of the other Parties. Furthermore, nothing contained in this <u>Section 6.10</u> shall prevent SPAC or the Company and/or their respective Affiliates from furnishing customary or other reasonable information concerning the Transactions to their investors and prospective investors that is substantively consistent with public statements previously consented to by the other Party in accordance with this <u>Section 6.10</u>.

**6.11** **Stock Exchange Listing** 

From the date of this Agreement through the Amalgamation Effective Time, the Parties shall use reasonable best efforts to ensure that SPAC remains listed as a public company on, and for the SPAC Class A Ordinary Shares to be tradable over, the Nasdaq Capital Market.

**6.12** **Regulatory Approvals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the extent required under any Laws that are designed to prohibit, restrict or regulate actions
 having the purpose or effect of monopolization or restraint of trade, including the HSR Act
 ("  **<u>Antitrust Laws</u>** "), each Party agrees to promptly make any required
 filing or application under Antitrust Laws, as applicable. The Parties agree to supply as
 promptly as reasonably practicable any additional information and documentary material that
 may be requested pursuant to Antitrust Laws and to take all other actions necessary, proper
 or advisable to cause the expiration or termination of the applicable waiting periods or
 obtain required approvals, as applicable under Antitrust Laws as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC
 and the Company each shall, in connection with its efforts to obtain and expiration or termination
 of waiting periods for the Transactions under any Antitrust Law: (i) cooperate in all
 respects with each other Party or its Affiliates in connection with any filing or submission
 and in connection with any investigation or other inquiry; (ii) keep the other Party
 informed of any communication received by such Party from, or given by such Party to, any
 Governmental Authority and of any communication received or given in connection with any
 proceeding by a private Person, in each case regarding any of the Transactions, and promptly
 furnish the other with copies of all such written communications; (iii) permit the other
 Party to review in advance any written communication to be given by it to, and consult with
 each other in advance of any meeting or video or telephonic conference with, any Governmental
 Authority or, in connection with any proceeding by a private Person, with any other Person,
 and to the extent permitted by such Governmental Authority or other Person, give the other
 the opportunity to attend and participate in such in person, video or telephonic meetings
 and conferences; (iv) in the event a Party is prohibited from participating in or attending
 any in person, video or telephonic meetings or conferences, the other Party shall keep such
 Party promptly and reasonably apprised with respect thereto; and (v) cooperate in the
 filing of any memoranda, submissions, white papers, filings, correspondence or other written
 communications explaining or defending the Transactions, articulating any regulatory or competitive
 argument, and/or responding to requests or objections made by any Governmental Authority; *provided* that materials required to be provided pursuant to this <u>Section 6.12(b)</u> may
 be restricted to outside counsel and may be redacted to remove references concerning the
 valuation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither
 the Company nor SPAC shall take any action that could reasonably be expected to adversely
 affect or materially delay the approval of any Governmental Authority, or the expiration
 or termination of any waiting period under Antitrust Laws.

**6.13** **Trust Account** 

At least seventy-two (72) hours prior to the Closing, SPAC shall provide notice to the Trustee in accordance with the Trust Agreement and shall deliver any other documents, opinions or notices required to be delivered to the Trustee pursuant to the Trust Agreement and cause the Trustee, immediately following the Amalgamation Effective Time to, and the Trustee shall thereupon be obligated to, transfer all the funds in the Trust Account as directed by SPAC and thereafter shall cause the Trust Account and the Trust Agreement to terminate.

**6.14** **Working Capital Loan** 

In the event that SPAC obtains working capital loans from the Sponsor or an Affiliate to finance transaction costs related to the Transactions, up to $1,500,000 of such loans may be converted into warrants to purchase SPAC Common Shares for an exercise price of $0.90 per share, at the Sponsor's option.

**6.15** **Certain Actions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior
 to the Closing, the Company shall, and shall cause the Company Subsidiaries to, use reasonable
 best efforts to obtain and maintain in full force and effect all consents, approvals, ratifications,
 notices, waivers or other authorizations required as a result of the consummation of the
 Transactions under any Contract to which the Company or any Company Subsidiary is a party
 or by which any of their respective assets are bound, and shall cooperate in good faith with
 all reasonable requests of SPAC related to the same; *provided*, *however*, that
 neither the Company nor any Company Subsidiary shall be required to expend money (other than
 costs and expenses associated with compliance with this <u>Section 6.15(a)</u>) commence,
 defend or participate in any litigation, or offer or grant any material accommodation (financial
 or otherwise) to any third party in connection with obtaining any consent therefrom in connection
 with the Transactions. In connection with the actions contemplated by this <u>Section 6.15(a),</u> the Company shall not, without the prior written consent of SPAC (which shall not be unreasonably
 conditioned, withheld or delayed), enter into any (i) amendment to the applicable Contract
 or (ii) agreement, or otherwise agree to any accommodation or concession that requires
 any payments by, or imposes any obligations, liabilities or restrictions (including any limitations
 on commercial or business activities) on, NewCo, the Company or any Company Subsidiary prior
 to or following the Closing.

**6.16** **Intended Tax Treatment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement and the Plan of Arrangement are intended to constitute, and the Parties hereto
 hereby adopt this Agreement and the Plan of Arrangement as, a "plan of reorganization"
 within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a). Each
 of the Parties shall (and shall cause each of its Subsidiaries to) use its reasonable
 best efforts to cause the Transactions to qualify for the Intended Tax Treatment. Each of
 the Parties shall not (and shall not permit or cause any of their Affiliates, Subsidiaries
 or Representatives to) take or fail to take any action, or become obligated to take any action,
 or fail to take any reasonable action, which action or failure would, or would reasonably
 be expected to, impede or prevent the Transactions from qualifying for the Intended Tax Treatment.
 The Parties agree to (and to cause each of their Subsidiaries to) reasonably cooperate to
 support the Intended Tax Treatment, to complete all procedural requirements and other Tax
 Returns and Tax filings required to support the Intended Tax Treatment, and (assuming the
 Parties' compliance with the terms of this Agreement and assuming no action outside
 the control of any Party with respect to dissenters that would render any portion of the
 Intended Tax Treatment unavailable) to report and file all relevant Tax Returns consistent
 with the Intended Tax Treatment (including attaching the statement described in Treasury
 Regulations Section 1.368-3(a) on or with its Tax Return for the taxable year of
 the Closing, as applicable) and take no position inconsistent with the Intended Tax Treatment
 (whether in audits, Tax Returns or otherwise), unless required to do so pursuant to a change
 in applicable Law after the date hereof or a "determination" within the meaning
 of Section 1313(a) of the Code (or a corresponding or similar provision of other
 applicable Law). Each of the Parties agrees to use reasonable best efforts to promptly notify
 all of the other Parties of any challenge to the Intended Tax Treatment by any Governmental
 Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties agree to (and to cause their Subsidiaries to) cooperate with one another and their
 respective Tax advisors in connection with the issuance to SPAC or the Company of any opinion
 relating to the Tax consequences of the Transactions (including any such opinion referred
 to in next succeeding sentence), including using reasonable best efforts to deliver to the
 relevant counsel certificates (dated as of the necessary date and signed by an officer of
 the Parties or their respective Affiliates, as applicable) containing such customary representations
 as are reasonably necessary or appropriate for such counsel to render such opinion. If the
 SEC or any other Governmental Authority requests or requires that an opinion be provided
 on or prior to the Closing in respect of the Tax consequences of or related to the Transactions:
 (i) to the extent such opinion relates to SPAC or any equityholders thereof, SPAC will
 use its reasonable best efforts to cause its Tax advisors to provide any such opinion, subject
 to customary assumptions and limitations; and (ii) to the extent such opinion relates
 to the Company or any equityholders thereof, the Company will use its reasonable best efforts
 to cause its Tax advisors to provide any such opinion, subject to customary assumptions and
 limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 or prior to the Closing, the Company shall deliver (or cause to be delivered) to SPAC a certification
 of General Fusion Corp., a Delaware corporation ("  **<u>GF US</u>** "), prepared
 in a manner consistent and in accordance with the requirements of Treasury Regulations Sections
 1.897-2(g), (h) and 1.1445-2(c), dated no more than 30 days prior to the Closing Date
 and signed by a responsible corporate officer of GF US, certifying that no interest in GF
 US is, or has been during the relevant period specified in Section 897(c)(1)(A)(ii) of
 the Code, a "United States real property interest" within the meaning of Section 897(c) of
 the Code, and a form of notice to the IRS prepared in accordance with the provisions of Treasury
 Regulations Section 1.897-2(h)(2) (<u>provided</u>, that the only remedy for any
 failure to deliver the documentation described in this <u>Section 6.15(c)</u> shall
 be to make an appropriate withholding (to the extent required by applicable Law) from consideration
 deliverable in connection with this Agreement consistent with the terms of <u>Section 2.09)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Parties acknowledge that any direct or indirect holder of Company Shares (including following
 the Company Preferred Conversion and the Company SAFE Conversion) who is a "five-percent
 transferee shareholder" (within the meaning of Treasury Regulations Section 1.367(a)-3(c)(5)(ii))
 of SPAC following the Transactions (a "  **<u>SPAC 5% Shareholder</u>**") may
 enter into (and cause to be filed with the U.S. Internal Revenue Service) a GRA. Upon the
 written request of any SPAC 5% Shareholder made following the Closing Date, SPAC shall use
 commercially reasonable efforts to (i) furnish to such SPAC 5% Shareholder such information
 as such SPAC 5% Shareholder reasonably requests in connection with such SPAC 5% Shareholder's
 preparation of a GRA and any necessary Tax forms with respect thereto during the period in
 which such GRA is in place under Treasury Regulations Section 1.367(a)-8, and (ii) provide
 such SPAC 5% Shareholder with the information reasonably requested by such SPAC 5% Shareholder
 for purposes of such SPAC 5% Shareholder's tax compliance during the period in which
 such GRA is in place under Treasury Regulations Section 1.367(a)-8, including for purposes
 of determining whether there has been a "triggering event" (within the meaning
 of Treasury Regulations Section 1.367(a)-8(j)) or any other "gain recognition
 event" (within the meaning of Treasury Regulations Section 1.367(a)-8(b)(v)) under
 the terms of such SPAC 5% Shareholder's GRA.

**6.17** **Delivery of Financial Statements** 

As soon as reasonably practicable following the date of this Agreement, and in any event by no later than February 12, 2026, the Company shall deliver to SPAC (i) the Company Financial Statements, and (ii) any other audited or reviewed financial statements of the Company and the Company Subsidiaries that are required by applicable Law to be included in the Registration Statement / Proxy Statement in such form as required by the applicable rules and regulations of the SEC) (together with the Company Financial Statements, the "**<u>Updated Financial Statements</u>**"). Following any "staleness" date (as determined in accordance with the applicable rules and regulations of the SEC) applicable to the financial statements that are required by the applicable accounting requirements and other rules and regulations of the SEC to be included in the Registration Statement / Proxy Statement (including pro forma financial information) that occurs prior to the Closing Date, the Company shall deliver as promptly as reasonably practicable, any financial statements of the Company and the Company Subsidiaries that are required by the applicable accounting requirements and other rules and regulations of the SEC to be included in the Registration Statement / Proxy Statement (including pro forma financial information) (such audited or unaudited financial statements, the "**<u>Additional Financial Statements</u>**"). Upon delivery of any Updated Financial Statements or Additional Financial Statements, the representations and warranties set forth in <u>Section 3.07(a)</u> shall be deemed to apply to the Updated Financial Statements or Additional Financial Statements, as applicable, with the same force and effect as if made as of the date of this Agreement (provided that, in the case of any reviewed financial statements provided pursuant to this <u>Section 6.17</u>, such statements are subject to normal year-end adjustments that were not or are not expected to be material in amount or effect).

**6.18** **Post-Closing Directors and Officers** 

All officers and directors of SPAC, in each case immediately prior to the Amalgamation Effective Time, shall execute written resignations effective as of the Amalgamation Effective Time. The Parties hereto shall take all necessary action so that immediately after the Amalgamation Effective Time, the Post-Closing Officers and Directors shall serve as the sole officers and directors of SPAC.

**6.19** **PIPE Financing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 and after the date hereof, subject to and in accordance with applicable Law, SPAC and the
 Company shall use reasonable best efforts to take, or cause to be taken, all reasonable actions
 and do, or cause to be done, including through SPAC's Representatives and the Company's
 Representatives, all things necessary, proper or advisable, in consultation and cooperation
 with one another, to negotiate and enter into Subscription Agreements, on terms acceptable
 to the Company and SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC
 and the Company shall take, or cause to be taken all actions and do, or cause to be done,
 all things necessary, proper or advisable to consummate the transactions contemplated by
 the Subscription Agreements on the terms and conditions described therein, including maintaining
 in effect the Subscription Agreements and to: (i) satisfy on a timely basis all conditions
 and covenants in the Subscription Agreements and otherwise comply with their obligations
 thereunder; (ii) in the event that all conditions in the Subscription Agreements (other
 than conditions that SPAC, the Company or any of their Affiliates control the satisfaction
 of and other than those conditions that by their nature are to be satisfied at the Closing)
 have been satisfied, consummate transactions contemplated by the Subscription Agreements
 at or prior to the Closing; (iii) confer with one another regarding the expected closing
 date; (iv) deliver notices to the respective counterparties to the Subscription Agreements
 and cause the investors thereof to fund their obligations thereunder on the timing set forth
 in the Subscription Agreements; and (v) without limiting their enforcement rights thereunder
 or pursuant to this Agreement, enforce their rights under the Subscription Agreements to
 cause the applicable investors to pay to (or as directed by) SPAC and the Company the purchase
 price thereunder when required in accordance with the terms of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without
 limiting the generality of <u>Section 6.08</u>, SPAC shall give the Company and the
 Company shall give SPAC, as applicable, prompt written notice of (i) any breach
 or default (or any event or circumstance that, with or without notice, lapse of time or both,
 could give rise to any breach or default) by the investor counterparty to any Subscription
 Agreements known to SPAC or the Company, as applicable, (ii) the receipt of any written
 notice or other written communication from any party with respect to any actual, potential,
 threatened or claimed expiration, lapse, withdrawal, breach, default, termination or repudiation
 of any Subscription Agreements or any provisions of any such agreements, and (iii) if
 SPAC or the Company does not expect to receive all or any portion of the PIPE Financing on
 the terms, in the manner or from the persons contemplated by the applicable agreements.

**6.20** **Public Filings** 

From the date hereof through the Closing, SPAC will keep current and timely file all reports required to be filed or furnished with the SEC and otherwise comply in all material respects with its reporting obligations under applicable securities Laws.

**6.21** **NewCo Shareholder Approvals** 

Promptly following the execution of this Agreement, SPAC shall deliver the NewCo Shareholder Approval as the sole shareholder of NewCo.

**6.22** **Transferred Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Disclosing Party shall ensure that any Transferred Information with respect to which it is
 responsible for disclosing to a Recipient is necessary for the purposes of determining if
 the Parties shall proceed with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior
 to the completion of the Transactions, each of the Parties covenants and agrees to: (i) use
 and disclose the Transferred Information solely for the purpose of reviewing and completing
 the Transactions, including for the purpose of determining to complete such Transactions;
 (ii) protect the Transferred Information by making reasonable security arrangements
 against such risks as unauthorized access, collection, use, disclosure, copying, modification,
 disposal or destruction, *provided, however*, that such arrangements include, at a minimum,
 safeguards that are appropriate to the sensitivity of the Transferred Information; and (iii) if
 the Transactions do not proceed, return the Transferred Information to the Disclosing Party
 or destroy it, at the Disclosing Party's election, within a reasonable time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After
 the completion of the Transactions, the Recipient agrees to: (i) use and disclose the
 Transferred Information under its control only for those purposes for which the Transferred
 Information was initially collected, permitted to be used or disclosed, unless: (A) the
 Disclosing Party or Recipient have first notified the individual about whom the Transferred
 Information related of any additional purpose, and where required by applicable Law, obtained
 the consent of such individual to such additional purpose or (B) such use or disclosure
 is permitted or authorized by applicable Law, without notice to, or consent from, such individual;
 (ii) protect the Transferred Information under its control by making reasonable security
 arrangements against such risks as unauthorized access, collection, use, disclosure, copying,
 modification, disposal or destruction, *provided, however*, that such arrangements include,
 at a minimum, safeguards that are appropriate to the sensitivity of such Transferred Information;
 and (iii) give effect to any withdrawal of consent made by an individual to whom the
 Transferred Information under its control relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 required by applicable Law, the Company further agrees to promptly notify the individuals
 about whom the Transferred Information relates that Transactions have taken place and that
 their Transferred Information has been disclosed.

**6.23** **Investment Canada Act** 

SPAC is either not a "non-Canadian" or is a "trade agreement investor" and not a "state-owned enterprise" within the meaning of the Investment Canada Act.

**Article 7** **<br> CONDITIONS TO THE TRANSACTIONS**

**7.01** **Conditions to the Obligations of each Party** 

The obligations of the Company, SPAC and NewCo to consummate the Amalgamation are subject to the satisfaction or waiver (where permissible) at or prior to the Amalgamation Effective Time of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Company Required Approval</u>. The Company Required Approval of the Arrangement Resolution shall
 have been obtained at the Company Securityholders Meeting in accordance with the Interim
 Order and applicable Law and a certified copy of such Arrangement Resolution shall have been
 delivered to SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Final Order</u>. The Final Order shall have been granted in form and substance satisfactory to
 the Parties, acting reasonably, and the Final Order shall not have been set aside or modified
 in a manner unacceptable to the Parties, acting reasonably, on appeal or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>SPAC Shareholder Approval</u>. The SPAC Shareholder Approval shall have been obtained at the SPAC
 Shareholders Meeting in accordance with the Registration Statement / Proxy Statement, the
 Cayman Companies Act, the SPAC Organizational Documents and the rules and regulations
 of Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Order</u>. No Governmental Authority shall have enacted, issued, promulgated, enforced or
 entered any Law, rule, regulation, judgment, decree, executive order or award which is then
 in effect and has the effect of making the Transactions, illegal or otherwise prohibiting
 consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Regulatory Approvals</u>. (i) All required filings and approvals under the NSCA shall have been
 completed and obtained; and (ii) all required filings under Antitrust Laws shall have
 been completed and any applicable waiting period (and any extension thereof) applicable to
 the consummation of the Transactions under Antitrust Laws shall have expired or been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Stock Exchange Listing</u>. The SPAC Common Shares shall have been registered with the SEC on Form F-4
 and accepted for listing on Nasdaq Capital Market (subject to the Closing occurring), or
 another national securities exchange mutually agreed to by the Parties in writing, as of
 the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Registration Statement / Proxy Statement</u>. The Registration Statement
 / Proxy Statement shall have been declared effective under the Securities Act. No stop order
 suspending the effectiveness of the Registration Statement / Proxy Statement shall be in
 effect, and no proceedings for purposes of suspending the effectiveness of the Registration
 Statement / Proxy Statement shall have been initiated or be threatened in writing by the
 SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>PIPE Financing</u>. The Anchor PIPE Investor (as defined in the Company Disclosure Schedule) shall
 have funded the aggregate Subscription Amount (as defined in the Anchor PIPE Investor's
 Subscription Agreement) for the Anchor PIPE Investor's Company Convertible PIPE Preferred
 Shares in the Escrow Account (as defined in the Subscription Agreement) with release of such
 funds held in the Escrow Account to the Company conditioned only upon evidence that the conditions
 to closing in this <u>Article 7</u> have been satisfied or waived in writing by the
 Person(s) with the authority to make such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Final Canadian Prospectus</u>. The BCSC shall cleared the final Canadian Prospectus for filing
 in a manner acceptable to the Company and SPAC, acting reasonably.

**7.02** **Conditions to the Obligations of SPAC and NewCo** 

The obligations of SPAC and NewCo to consummate the Amalgamation are subject to the satisfaction or waiver (where permissible) at or prior to the Amalgamation Effective Time of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties</u>. The representations and warranties of the Company in (x) <u>Section 3.01</u>, <u>Section 3.02</u>, <u>Section 3.03</u> (other than <u>3.03(a)</u> and <u>3.03(c)</u>), <u>Section 3.04</u>, <u>Section 3.05(a)(i)</u>, <u>Section 3.18</u> and <u>Section 3.22</u> shall each be true and correct in all material respects (other than any such representations
 and warranties that are qualified by "materiality," "Company Material Adverse
 Effect" or similar qualifiers, which shall be true and correct in all respects) as
 of the date hereof and the Amalgamation Effective Time as though made on and as of such date
 (except to the extent that any such representation or warranty expressly is made as of an
 earlier date, in which case such representation and warranty shall be true and correct as
 of such specified date), (y) <u>Sections 3.03(a)</u> and <u>3.03(c)</u> shall
 each be true and correct in all respects except for de minimis inaccuracies as of the date
 hereof and the Amalgamation Effective Time as though made on and as of such date (except
 to the extent that any such representation or warranty expressly is made as of an earlier
 date, in which case such representation and warranty shall be true and correct as of such
 specified date), and (z) the other provisions of <u>Article 3</u> shall be true
 and correct in all respects (without giving effect to any "materiality," "Company
 Material Adverse Effect" or similar qualifiers contained in any such representations
 and warranties) as of the date hereof and as of the Amalgamation Effective Time as though
 made on and as of such date (except to the extent that any such representation or warranty
 expressly is made as of an earlier date, in which case such representation and warranty shall
 be true and correct as of such earlier date), except where the failures of any such representations
 and warranties to be so true and correct, individually or in the aggregate, would not reasonably
 be expected to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Agreements and Covenants.</u> The Company shall have performed or complied in all material respects
 with all agreements and covenants required by this Agreement to be performed or complied
 with by it on or prior to the Amalgamation Effective Time; *provided*, that for the
 purposes of this <u>Section 7.02(b)</u>, a covenant of the Company shall only be deemed
 to have not been performed if the Company has materially breached such covenant and failed
 to cure within 20 days after written notice of such breach has been delivered to the Company
 (or if earlier, the Outside Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ancillary Agreements</u>. The Company shall have delivered to SPAC counterparts to each Ancillary Agreement
 to be entered into by the Company in connection with the Closing, duly executed by the Company
 together with a counterpart to the Lock-Up Agreement executed by each Key Company Securityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Material Adverse Effect</u>. No Company Material Adverse Effect shall have occurred between the date
 of this Agreement and the Amalgamation Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Pre-Closing Transactions</u>. The Company Preferred Conversion and the Company SAFE Conversion shall
 have each been consummated in accordance with this Agreement and the Plan of Arrangement,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Officer Certificate</u>. The Company shall have delivered to SPAC a certificate, dated the Closing
 Date, signed by an officer of the Company, certifying as to the satisfaction of the conditions
 specified in <u>Section 7.02(a)</u> through <u>Section 7.02(e).</u> 

**7.03** **Conditions to the Obligations of the Company** 

The obligations of the Company to consummate the Amalgamation are subject to the satisfaction or waiver (where permissible) at or prior to the Amalgamation Effective Time of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties</u>. The representations and warranties of SPAC contained in (x) <u>Section 4.01</u>, <u>Section 4.12</u> (other than <u>4.12(a)</u> and <u>4.12(b)</u>), <u>Section 4.02(a)</u>, <u>Section 4.02(b)(i)</u>, and <u>Section 4.07</u> shall each be true and correct
 in all material respects (other than any such representations and warranties that are qualified
 by "materiality," "SPAC Material Adverse Effect" or similar qualifiers,
 which shall be true and correct in all respects) as of the date hereof and the Amalgamation
 Effective Time as though made on and as of such date (except to the extent of any changes
 that reflect actions permitted in accordance with <u>Section 5.02</u> of this Agreement
 and except to the extent that any such representation or warranty expressly is made as of
 an earlier date, in which case such representation and warranty shall be true and correct
 as of such specified date), (y) <u>Section 4.12(a)</u> and <u>Section 4.12(b)</u> shall
 be true and correct in all respects except for de minimis inaccuracies as of the date hereof
 and as of the Amalgamation Effective Time as though made on and as of such date (except to
 the extent of any changes that reflect actions permitted in accordance with <u>Section 5.02</u> of this Agreement and except to the extent that any such representation or warranty expressly
 is made as of an earlier date, in which case such representation and warranty shall be true
 and correct as of such specified date), and (z) the other provisions of <u>Article 4</u> shall be true and correct in all respects (without giving effect to any "materiality,"
 "SPAC Material Adverse Effect" or similar qualifiers contained in any such representations
 and warranties) as of the date hereof and as of the Amalgamation Effective Time as though
 made on and as of such date (except to the extent that any such representation or warranty
 expressly is made as of an earlier date, in which case such representation and warranty shall
 be true and correct as of such earlier date), except where the failures of any such representations
 and warranties to be so true and correct, individually or in the aggregate, would not reasonably
 be expected to have a SPAC Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Agreements and Covenants.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SPAC
 shall have performed or complied in all material respects with all other agreements and covenants
 required by this Agreement to be performed or complied with by it on or prior to the Amalgamation
 Effective Time; *provided*, that for purposes of this <u>Section 7.03(b)(i)</u>,
 a covenant of the SPAC shall only be deemed to have not been performed if the SPAC has materially
 breached such covenant and failed to cure within 20 days after written notice of such breach
 has been delivered to the SPAC (or if earlier, the Outside Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NewCo
 shall have performed or complied in all material respects with all other agreements and covenants
 required by this Agreement to be performed or complied with by it on or prior to the Amalgamation
 Effective Time; *provided*, that for purposes of this <u>Section 7.03(b)(ii)</u>,
 a covenant of the NewCo shall only be deemed to have not been performed if NewCo has materially
 breached such covenant and failed to cure within 20 days after written notice of such breach
 has been delivered to the SPAC (or if earlier, the Outside Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Material Adverse Effect</u>. No SPAC Material Adverse Effect shall have occurred between the date
 of this Agreement and the Amalgamation Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officers and Directors</u>. SPAC shall have delivered to the Company written resignations of each
 of the officers and directors of SPAC as of the Amalgamation Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Ancillary Agreements</u>. SPAC shall have delivered to the Company duly executed counterparts to each
 Ancillary Agreement to which SPAC or NewCo is a party, together with a counterpart to each
 of the other Ancillary Agreements to which the Sponsor, any SPAC Insider, or any Affiliate
 thereof or of SPAC is party, duly executed by such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Officer Certificate</u>. SPAC shall have delivered to the Company a certificate, dated the Closing
 Date, signed by the former Chief Executive Officer of SPAC and current Chief Executive Officer
 of NewCo, certifying as to the satisfaction of the conditions specified in <u>Section 7.03(a)</u>.

**7.04** **Frustration of Closing Conditions** 

The Company may not rely on the failure of any condition set forth in this Article 7 to be satisfied if such failure was proximately caused by the Company's failure to use reasonable best efforts to cause the Closing to occur, as required by <u>Section 6.09</u> or a breach of this Agreement. SPAC may not rely on the failure of any condition set forth in this Article 7 to be satisfied if such failure was proximately caused by SPAC's or NewCo's failure to use reasonable best efforts to cause the Closing to occur, as required by <u>Section 6.09</u> or a breach of this Agreement.

**Article 8** **<br> TERMINATION, AMENDMENT AND WAIVER**

**8.01** **Termination** 

This Agreement may be terminated, and the Transactions may be abandoned at any time prior to the Amalgamation Effective Time, notwithstanding any requisite approval and adoption of this Agreement and the Transactions by the shareholders of SPAC or the Company, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 mutual written consent of SPAC and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 either SPAC or the Company if the Amalgamation Effective Time shall not have occurred prior
 to August 31, 2026 (the "  **<u>Outside Date</u>** "); *provided*, *however*, that (i) the Outside Date shall be automatically extended for three
 months in the event the Court refuses to issue a Final Order in respect of the Plan of Arrangement
 and (ii) this Agreement may not be terminated under this <u>Section 8.01(b)</u> by
 or on behalf of any Party that either directly or indirectly through its Affiliates is in
 breach or violation of any representation, warranty, covenant, agreement or obligation contained
 herein and such breach or violation is the principal cause of the failure of a condition
 set forth in <u>Article 7</u> on or prior to the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 either SPAC or the Company if any Governmental Authority shall have enacted, issued, promulgated,
 enforced or entered any injunction, order, decree or ruling (whether temporary, preliminary
 or permanent) which has become final and non-appealable and has the effect of making consummation
 of the Transactions illegal or otherwise preventing or prohibiting consummation of the Transactions,
 except that, for greater certainty, this termination right shall not apply as a result of
 the refusal (for any reason or no reason) of the Court to issue a Final Order in respect
 of the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 either SPAC or the Company if the SPAC Shareholder Approval of the Transaction Proposals
 is not obtained at the SPAC Shareholders Meeting or any adjournment or postponement thereof
 in accordance with the Registration Statement / Proxy Statement, the Cayman Companies Act,
 the SPAC Memorandum and Articles of Association and the rules and regulations of Nasdaq
 Capital Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 either SPAC or the Company if the Company Required Approval in respect of the Arrangement
 Resolution shall not have been obtained at the Company Securityholders Meeting or any adjournment
 or postponement thereof in accordance with the Interim Order and applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 SPAC upon a breach of any representation, warranty, covenant or agreement on the part of
 the Company set forth in this Agreement, or if any representation or warranty of the Company
 shall have become untrue, in either case such that the conditions set forth in <u>Sections 7.01</u> and <u>7.02</u> would not be satisfied ("  **<u>Terminating Company Breach</u>** "); *provided* that SPAC has not waived such Terminating Company Breach and SPAC or NewCo
 is not then in material breach of their representations, warranties, covenants or agreements
 in this Agreement; *provided*, *further*, that, if such Terminating Company Breach
 is curable by the Company SPAC may not terminate this Agreement under this <u>Section 8.01(f)</u> for
 so long as the Company continues to exercise its reasonable efforts to cure such breach,
 unless such breach is not cured by the earlier of thirty (30) days after notice of such breach
 is provided by SPAC to the Company and the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by
 the Company upon a breach of any representation, warranty, covenant or agreement on the part
 of SPAC or NewCo set forth in this Agreement, or if any representation or warranty of SPAC
 or NewCo shall have become untrue, in either case such that the conditions set forth in <u>Sections 7.01</u> and <u>7.03</u> would not be satisfied ("  **<u>Terminating SPAC Breach</u>** "); *provided* that the Company has not waived such Terminating SPAC Breach and the Company
 is not then in material breach of its representations, warranties, covenants or agreements
 in this Agreement; *provided*, *however*, that, if such Terminating SPAC Breach
 is curable by SPAC or NewCo, the Company may not terminate this Agreement under this <u>Section 8.01(g)</u> for
 so long as SPAC or NewCo continue to exercise their reasonable efforts to cure such breach,
 unless such breach is not cured by the earlier of thirty (30) days after notice of such breach
 is provided by the Company to the SPAC and the Outside Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) by
 the Company, at any time prior to SPAC's receipt of the SPAC Shareholder Approval,
 if SPAC or the SPAC Board effects a Change in Recommendation.

**8.02** **Effect of Termination** 

In the event of the termination of this Agreement pursuant to <u>Section 8.01</u>, this Agreement shall forthwith become void, and there shall be no liability under this Agreement on the part of any Party, except (i) as set forth in <u>Article 9</u>, and any corresponding definitions set forth in <u>Article 1</u>, (ii) in the case of termination subsequent to a willful and material breach of this Agreement by a Party, or (iii) in the case of Fraud.

**8.03** **Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as set forth in this <u>Section 8.03</u> or as otherwise set forth in this Agreement
 (including <u>Section 6.15</u>), all expenses incurred in connection with this Agreement
 and the Transactions shall be paid by the Party incurring such expenses (including fees and
 expenses of legal counsel, investment bankers, brokers, finders, and other representatives
 or consultants); *provided* that the payment of (i) any filing fees with SEC relating
 to the Form F-4, (ii) any fees in connection with any filings pursuant to the HSR
 Act, or (iii) any other filing fees paid to any regulatory authority, including NASDAQ,
 shall be paid by the Company. Assuming the Transactions are consummated, the aforementioned
 expenses will be paid from the capital of SPAC upon consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties acknowledge and agree that the advisory, banking and professional fees payable in
 connection with the Transactions shall be subject to the terms described in <u>Schedule D</u>.

**8.04** **Amendment** 

This Agreement may be amended in writing by the Parties at any time prior to the Amalgamation Effective Time. This Agreement may not be amended except by an instrument in writing signed by each of the Parties.

**8.05** **Waiver** 

At any time prior to the Closing, (a) SPAC may (i) extend the time for the performance of any obligation or other act of the Company, (ii) waive any inaccuracy in the representations and warranties of the Company contained herein or in any document delivered by the Company pursuant hereto, and (iii) waive compliance with any agreement of the Company or any condition to its own obligations contained herein and (b) the Company may (i) extend the time for the performance of any obligation or other act of SPAC or NewCo, (ii) waive any inaccuracy in the representations and warranties of SPAC or NewCo contained herein or in any document delivered by SPAC or NewCo pursuant hereto, and (iii) waive compliance with any agreement of SPAC or NewCo or any condition to its own obligations contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the Party or Parties to be bound thereby. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the Party granting such waiver in any other respect or at any other time. Neither the waiver by any of the Parties of a breach of or a default under any of the provisions of this Agreement, nor the failure by any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that each Party may otherwise have at law or in equity.

**Article 9** **<br> GENERAL PROVISIONS**

**9.01** **Notices** 

All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this <u>Section 9.01</u>):

if to SPAC or NewCo:

Spring Valley Acquisition Corp. III<br> 1675 - 2100 McKinney Avenue<br> Dallas, Texas 75201<br> Attention: Christopher Sorrells, Chairman and Chief Executive Officer<br> Email: <u>chris.sorrells@sv-ac.com</u>

with a copy to:

Greenberg Traurig, LLP<br> One Vanderbilt Avenue<br> New York, New York 10017<br> Attention: Alan Annex, Jason Simon and Adam Namoury<br> Email: <u>alan.annex@gtlaw.com</u>; <u>jason.simon@gtlaw.com</u>;

<u>adam.namoury@gtlaw.com</u>

and

Cassels Brock & Blackwell LLP<br> Suite 3200, Bay Adelaide Centre – North Tower, 40 Temperance Street<br> Toronto, Ontario M5H 0B4<br> Attention: Jonathan Sherman, Micky Lungu<br> Email: <u>jsherman@cassels.com</u>, <u>mlungu@cassels.com</u>

if to the Company:

General Fusion Inc.<br> 6020 Russ Baker Way<br> Richmond, British Columbia<br> Attention: Greg Twinney, Chief Executive Officer<br> Email: <u>greg.twinney@generalfusion.com</u>

with a copy to:

Faegre Drinker Biddle & Reath LLP<br> 2200 Wells Fargo Center, 90 South Seventh Street<br> Minneapolis, Minnesota 55402<br> Attention: Ben A. Stacke<br> Email: <u>ben.stacke@faegredrinker.com</u>

and

Fasken Marineau DuMoulin LLP<br> 2900 – 550 Burrard Street<br> Vancouver, British Columbia V6C 0A3<br> Attention: Shahrooz Nabavi, Iain Mant<br> Email: <u>snabavi@fasken.com</u>, <u>imant@fasken.com</u>

**9.02** **Nonsurvival of Representations, Warranties and Covenants** 

None of the representations, warranties, covenants, obligations or other agreements in this Agreement or in any certificate, statement or instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such representations, warranties, covenants, obligations, agreements and other provisions, shall survive the Closing and all such representations, warranties, covenants, obligations or other agreements shall terminate and expire upon the occurrence of the Closing (and there shall be no liability after the Closing in respect thereof), except for (a) those covenants and agreements contained herein that by their terms expressly apply in whole or in part after the Closing and then only with respect to any breaches occurring after the Closing and (b) this <u>Article 9</u> and any corresponding definitions set forth in <u>Article 1</u>.

**9.03** **Severability** 

If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, in whole or in part, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the Transactions be consummated as originally contemplated to the fullest extent possible.

**9.04** **Entire Agreement; Assignment** 

This Agreement and the Ancillary Agreements constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede, except as set forth in <u>Section 6.04(b)</u>, all prior and contemporaneous agreements and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof, except for the Confidentiality Agreement. No Party shall assign, grant or otherwise transfer the benefit of the whole or any part of this Agreement or any of the rights hereunder (whether pursuant to a merger, by operation of Law or otherwise) to any Person (other than another Party by operation of Law pursuant to the Amalgamation) without the prior express written consent of the other Parties.

**9.05** **Parties in Interest** 

This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, other than <u>Section 6.07</u> and <u>Section 9.11</u> (which is intended to be for the benefit of the Persons covered thereby and may be enforced by such Persons).

**9.06** **Governing Law** 

This Agreement shall be governed, including as to validity, interpretation and effect, by the Laws of the Province of British Columbia and the federal Laws of Canada applicable therein. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the state or federal courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and the Business Combination.

**9.07** **Waiver of Jury Trial** 

Each of the Parties hereby waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the Transactions. Each of the Parties (a) certifies that no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other Parties hereto have been induced to enter into this Agreement and the Transactions, as applicable, by, among other things, the mutual waivers and certifications in this <u>Section 9.07</u>.

**9.08** **Headings** 

The descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

**9.09** **Counterparts** 

This Agreement may be executed and delivered (including executed manually or electronically via DocuSign or other similar services and delivered by facsimile or portable document format (pdf) transmission) in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

**9.10** **Specific Performance** 

The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof, and, accordingly, that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof (including the Parties' obligation to consummate the Transactions) without proof of actual damages or otherwise, in addition to any other remedy to which they are entitled at Law or in equity as expressly permitted in this Agreement. Each of the Parties hereby further waives (i) any defense in any action for specific performance that a remedy at Law would be adequate and (ii) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief.

**9.11** **No Recourse** 

All claims, obligations, liabilities, or causes of action (whether in Contract or in tort, in Law or in equity or otherwise, or granted by statute or otherwise, whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or any other theory or doctrine, including alter ego or otherwise) that may be based upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to this Agreement or the other Transaction Documents, or the negotiation, execution, or performance or non-performance of this Agreement or the other Transaction Documents (including any representation or warranty made in, in connection with, or as an inducement to, this Agreement or the other Transaction Documents), may be made only against (and such representations and warranties are those solely of) the Persons that are expressly identified as parties to this Agreement or the applicable Transaction Document (the "**<u>Contracting Parties</u>**") except as set forth in this <u>Section 9.11</u>. In no event shall any Contracting Party have any shared or vicarious liability for the actions or omissions of any other Person. No Person who is not a Contracting Party, including without limitation any current, former or future director, officer, employee, incorporator, member, partner, manager, stockholder, Affiliate, agent, financing source, attorney or Representative or assignee of any Contracting Party, or any current, former or future director, officer, employee, incorporator, member, partner, manager, stockholder, Affiliate, agent, financing source, attorney or Representative or assignee of any of the foregoing (collectively, the "**<u>Non-Party Affiliates</u>**"), shall have any liability (whether in Contract or in tort, in Law or in equity or otherwise, or granted by statute or otherwise, whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or any other theory or doctrine, including alter ego or otherwise) for any obligations or liabilities arising under, out of, in connection with, or related in any manner to this Agreement or the other Transaction Documents or for any claim based on, in respect of, or by reason of this Agreement or the other Transaction Documents or their negotiation, execution, performance, or breach, except with respect to willful misconduct or Fraud against the Person who committed such willful misconduct or Fraud, and, to the maximum extent permitted by applicable Law; and each party waives and releases all such liabilities, claims, causes of action and obligations against any such Non-Party Affiliates. The Parties acknowledge and agree that the Non-Party Affiliates are intended third-party beneficiaries of this <u>Section 9.11</u>. Notwithstanding anything to the contrary herein, none of the Contracting Parties or any Non-Party Affiliate shall be responsible or liable for any multiple, consequential, indirect, special, statutory, exemplary or punitive damages which may be alleged as a result of this Agreement, the Transaction Documents or any other agreement referenced herein or therein or the transactions contemplated hereunder or thereunder, or the termination or abandonment of any of the foregoing, except with respect to willful misconduct or Fraud against the Person who committed such willful misconduct or Fraud, and, to the maximum extent permitted by applicable Law.

[*Signature Page Follows*.]

SPAC, NewCo and the Company have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| **SPRING VALLEY ACQUISITION CORP. III** | **SPRING VALLEY ACQUISITION CORP. III** |
| By: | /s/ Christopher Sorrells |
| Name: | Christopher Sorrells |
| Title: | Chief Executive Officer |

---

[Signature Page to Business Combination Agreement]

---

| | |
|:---|:---|
| **1573562 B.C. Ltd.** | **1573562 B.C. Ltd.** |
| By: | /s/ Christopher Sorrells |
| Name: | Christopher Sorrells |
| Title: | Director |

---

[Signature Page to Business Combination Agreement]

---

| | |
|:---|:---|
| **GENERAL FUSION INC.** | **GENERAL FUSION INC.** |
| By: | /s/ Greg Twinney |
| Name: | Greg Twinney |
| Title: | Chief Executive Officer |

---

[Signature Page to Business Combination Agreement]

**Exhibit A**

**Form of Lock-Up Agreement**

[See Exhibit 10.4]

**Exhibit B**

**Form of SPAC Closing Articles**

[Attached]

---

| |
|:---|
| &nbsp;&nbsp;**Incorporation Number** |
| &nbsp;&nbsp;**Translation of Name (if any)** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Effective as of** | &nbsp;&nbsp;**[**·**], 2026** |

---

**PROVINCE OF BRITISH COLUMBIA**

***BUSINESS CORPORATIONS ACT***

**ARTICLES**

**OF**

**General Fusion INC.**

**Fasken Martineau DuMoulin LLP<br> Barristers & Solicitors<br> Canada**

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| **Part 1 INTERPRETATION** | **Part 1 INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** | **Definitions** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** | ***Business Corporations Act* Definitions Apply** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** | ***Interpretation Act* Applies** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** | **Conflict in Definitions** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** | **Conflict Between Articles and Legislation** | **1** |
| **Part 2 SHARES AND SHARE CERTIFICATES** | **Part 2 SHARES AND SHARE CERTIFICATES** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** | **Authorized Share Structure** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** | **Form of Share Certificate** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** | **Right to Share Certificate or Acknowledgement** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** | **Sending of Share Certificate** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** | **Replacement of Worn Out or Defaced Certificate** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** | **Replacement of Lost, Stolen or Destroyed Certificate** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** | **Splitting Share Certificates** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** | **Certificate Fee** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** | **Recognition of Trusts** | **2** |
| **Part 3 ISSUE OF SHARES** | **Part 3 ISSUE OF SHARES** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** | **Directors Authorized to Issue Shares** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | **Commissions and Discounts** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** | **Brokerage** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | **Conditions of Issue** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** | **Warrants, Options and Rights** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** | **Fractional Shares** | **3** |
| **Part 4 SHARE REGISTERS** | **Part 4 SHARE REGISTERS** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** | **Central Securities Register** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** | **Branch Registers** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** | **Appointment of Agents** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** | **Closing Register** | **3** |
| **Part 5 SHARE TRANSFERS** | **Part 5 SHARE TRANSFERS** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** | **Recording or Registering Transfer** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** | **Form of Instrument of Transfer** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** | **Transferor Remains Shareholder** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** | **Signing of Instrument of Transfer** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** | **Enquiry as to Title Not Required** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6** | **Transfer Fee** | **4** |
| **Part 6 TRANSMISSION OF SHARES** | **Part 6 TRANSMISSION OF SHARES** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** | **Legal Personal Representative Recognized on Death** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** | **Rights of Legal Personal Representative** | **4** |
| **Part 7 PURCHASE OF SHARES** | **Part 7 PURCHASE OF SHARES** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** | **Company Authorized to Purchase Shares** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** | **Purchase When Insolvent** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** | **Sale and Voting of Purchased Shares** | **5** |
| **Part 8 BORROWING POWERS** | **Part 8 BORROWING POWERS** | **5** |

---

**FASKEN MARTINEAU DUMOULIN LLP**

**TABLE OF CONTENTS**

**(continued)**

**Page**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** | **Powers of Directors** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** | **Terms of Debt Instruments** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** | **Delegation by Directors** | **5** |
| **Part 9 ALTERATIONS** | **Part 9 ALTERATIONS** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** | **Alteration of Authorized Share Structure** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** | **Special Rights and Restrictions** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** | **Change of Name** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** | **Company Alterations** | **6** |
| **Part 10 MEETINGS OF SHAREHOLDERS** | **Part 10 MEETINGS OF SHAREHOLDERS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** | **Annual General Meetings** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** | **Resolution Instead of Annual General Meeting** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** | **Calling of Shareholder Meetings** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** | **Location of Shareholder Meetings** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** | **Notice for Meetings of Shareholders** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** | **Record Date for Notice** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7** | **Record Date for Voting** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8** | **Failure to Give Notice and Waiver of Notice** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9** | **Notice of Special Business at Meetings of Shareholders** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10** | **Class Meetings and Series Meetings of Shareholders** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11** | **Notice of Dissent Rights** | **7** |
| **Part 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **Part 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** | **Special Business** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** | **Special Resolution** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** | **Quorum** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** | **One Shareholder May Constitute Quorum** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** | **Meetings by Telephone or Other Communications Medium** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** | **Other Persons May Attend** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** | **Requirement of Quorum** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8** | **Lack of Quorum** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9** | **Lack of Quorum at Succeeding Meeting** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10** | **Chair** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11** | **Selection of Alternate Chair** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12** | **Adjournments** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13** | **Notice of Adjourned Meeting** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.14** | **Decisions by Show of Hands or Poll** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.15** | **Declaration of Result** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.16** | **Motion Need Not Be Seconded** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.17** | **Casting Vote** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.18** | **Manner of Taking a Poll** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.19** | **Demand for a Poll on Adjournment** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.20** | **Chair Must Resolve Dispute** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.21** | **Casting of Votes** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.22** | **No Demand for Poll** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.23** | **Demand for a Poll Not to Prevent Continuation of Meeting** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.24** | **Retention of Ballots and Proxies** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.25** | **Electronic Voting** | **10** |
| **Part 12 VOTES OF SHAREHOLDERS** | **Part 12 VOTES OF SHAREHOLDERS** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** | **Number of Votes by Shareholder or by Shares** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** | **Votes of Persons in Representative Capacity** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** | **Votes by Joint Shareholders** | **10** |

---

---

| | |
|:---|:---|
| -ii- | **FASKEN MARTINEAU DUMOULIN LLP** |

---

**TABLE OF CONTENTS**

**(continued)**

**Page**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** | **Legal Personal Representatives as Joint Shareholders** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5** | **Representative of a Corporate Shareholder** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6** | **Proxy Provisions Do Not Apply to All Companies** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7** | **Appointment of Proxy Holder** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8** | **Alternate Proxy Holders** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9** | **When Proxy Holder Need Not Be Shareholder** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10** | **Deposit of Proxy** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11** | **Validity of Proxy Vote** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12** | **Form of Proxy** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13** | **Revocation of Proxy** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14** | **Revocation of Proxy Must Be Signed** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.15** | **Production of Evidence of Authority to Vote** | **12** |
| **Part 13 DIRECTORS** | **Part 13 DIRECTORS** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** | **Number of Directors** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** | **Change in Number of Directors** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** | **Additional Directors** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** | **Directors' Acts Valid Despite Vacancy** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** | **Qualifications of Directors** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6** | **Remuneration of Directors** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7** | **Reimbursement of Expenses of Directors** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8** | **Special Remuneration for Directors** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9** | **Gratuity, Pension or Allowance on Retirement of Director** | **13** |
| **Part 14 ELECTION AND REMOVAL OF DIRECTORS** | **Part 14 ELECTION AND REMOVAL OF DIRECTORS** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** | **Election at Annual General Meeting** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** | **Consent to be a Director** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** | **Failure to Elect or Appoint Directors** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** | **Places of Retiring Directors Not Filled** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** | **Directors May Fill Casual Vacancies** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6** | **Remaining Directors Power to Act** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7** | **Shareholders May Fill Vacancies** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8** | **Ceasing to be a Director** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9** | **Removal of Director by Shareholders** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.10** | **Removal of Director by Directors** | **15** |
| **Part 15 ADVANCE NOTICE REQUIREMENTS** | **Part 15 ADVANCE NOTICE REQUIREMENTS** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** | **Definitions** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** | **Nomination of Directors** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** | **Timely Notice** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** | **Manner of Timely Notice** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** | **Proper Form of Timely Notice** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6** | **Notice to be Updated** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7** | **Eligibility for Nomination as a Director** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.8** | **Delivery of Notice** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9** | **Board's Discretion** | **17** |
| **Part 16 FORUM FOR ADJUDICATION OF CERTAIN DISPUTES** | **Part 16 FORUM FOR ADJUDICATION OF CERTAIN DISPUTES** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** | **Governing Law and Forum Selection** | **17** |
| **Part 17 POWERS AND DUTIES OF DIRECTORS** | **Part 17 POWERS AND DUTIES OF DIRECTORS** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** | **Powers of Management** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** | **Appointment of Attorney of Company** | **18** |

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**TABLE OF CONTENTS**

**(continued)**

**Page**

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| | | |
|:---|:---|:---|
| **Part 18 DISCLOSURE OF INTEREST OF DIRECTORS** | **Part 18 DISCLOSURE OF INTEREST OF DIRECTORS** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** | **Obligation to Account for Profits** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** | **Restrictions on Voting by Reason of Interest** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3** | **Interested Director Counted in Quorum** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.4** | **Disclosure of Conflict of Interest or Property** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.5** | **Director Holding Other Office in the Company** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.6** | **No Disqualification** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.7** | **Professional Services by Director or Officer** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.8** | **Director or Officer in Other Corporations** | **19** |
| **Part 19 PROCEEDINGS OF DIRECTORS** | **Part 19 PROCEEDINGS OF DIRECTORS** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** | **Meetings of Directors** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** | **Voting at Meetings** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** | **Chair of Meetings** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** | **Meetings by Telephone or Other Communications Medium** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5** | **Calling of Meetings** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6** | **Notice of Meetings** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7** | **When Notice Not Required** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.8** | **Meeting Valid Despite Failure to Give Notice** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.9** | **Waiver of Notice of Meetings** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.10** | **Quorum** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.11** | **Validity of Acts Where Appointment Defective** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.12** | **Consent Resolutions in Writing** | **20** |
| **Part 20 EXECUTIVE AND OTHER COMMITTEES** | **Part 20 EXECUTIVE AND OTHER COMMITTEES** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** | **Appointment and Powers of Executive Committee** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** | **Appointment and Powers of Other Committees** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** | **Obligations of Committee** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** | **Powers of Board** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5** | **Committee Meetings** | **21** |
| **Part 21 OFFICERS** | **Part 21 OFFICERS** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1** | **Appointment of Officers** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2** | **Functions, Duties and Powers of Officers** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** | **Qualifications** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4** | **Remuneration and Terms** | **21** |
| **Part 22 INDEMNIFICATION** | **Part 22 INDEMNIFICATION** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** | **Definitions** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** | **Mandatory Indemnification of Eligible Parties** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3** | **Indemnification of Other Persons** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.4** | **Non-Compliance with *Business Corporations Act*** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.5** | **Company May Purchase Insurance** | **22** |
| **Part 23 DIVIDENDS** | **Part 23 DIVIDENDS** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** | **Payment of Dividends Subject to Special Rights** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** | **Declaration of Dividends** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3** | **No Notice Required** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.4** | **Record Date** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.5** | **Manner of Paying Dividend** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.6** | **Settlement of Difficulties** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.7** | **When Dividend Payable** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.8** | **Dividends to be Paid in Accordance with Number of Shares** | **23** |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.9** | **Receipt by Joint Shareholders** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.10** | **Dividend Bears No Interest** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.11** | **Fractional Dividends** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.12** | **Payment of Dividends** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.13** | **Capitalization of Surplus** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.14** | **Unclaimed Dividends** | **24** |
| **Part 24 DOCUMENTS, RECORDS AND REPORTS** | **Part 24 DOCUMENTS, RECORDS AND REPORTS** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** | **Recording of Financial Affairs** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** | **Inspection of Accounting Records** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** | **Remuneration of Auditors** | **24** |
| **Part 25 NOTICES** | **Part 25 NOTICES** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1** | **Method of Giving Notice** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2** | **Deemed Receipt** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3** | **Certificate of Sending** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4** | **Notice to Joint Shareholders** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.5** | **Notice to Trustees** | **25** |
| **Part 26 SEAL** | **Part 26 SEAL** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** | **Who May Attest Seal** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** | **Sealing Copies** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.3** | **Mechanical Reproduction of Seal** | **25** |
| **Part 27 PROHIBITIONS** | **Part 27 PROHIBITIONS** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1** | **Definitions** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2** | **Application** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** | **Consent Required for Transfer of Shares or Designated Securities** | **26** |
| **Part 28 COMMON SHARES** | **Part 28 COMMON SHARES** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1** | **Voting** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2** | **Dividends** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.3** | **Liquidation Distribution** | **26** |
| **Part 29 EARNOUT SHARES** | **Part 29 EARNOUT SHARES** | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1** | **Definitions** | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** | **Earnout Shares** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3** | **Non-Voting** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4** | **Dividends** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.5** | **Liquidation Distribution** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.6** | **Redemption** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.7** | **Limits on Transferability** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.8** | **Conversion Provisions** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.9** | **Automatic Conversion** | **30** |
| **Part 30 preferred shares** | **Part 30 preferred shares** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1** | **Issuable in Series** | **31** |
| **Part 31 CONVERTIBLE PREFERRED SHARES** | **Part 31 CONVERTIBLE PREFERRED SHARES** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.1** | **Convertible Preferred Shares** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** | **Definitions** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.3** | **Designation and Amount** | **37** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.4** **Dividends** **37** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.5** **Voting Rights** **38** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.6** **Ranking; Liquidation** **39** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.7** **Conversion** **41** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.8** **Certain Adjustments** **45** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.9** **Redemption** **49** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.10** **Miscellaneous** **51** 

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**PROVINCE OF BRITISH COLUMBIA**

***BUSINESS CORPORATIONS ACT***

**ARTICLES<br> of** **<br> GENERAL FUSION inc.**

**(the "Company")**

**Incorporation Number [**·**]**

&nbsp;&nbsp;**Translation of Name (if any)** 

**Part 1<br> INTERPRETATION**

**1.1** **Definitions**. Without limiting Article 1.2, in these
Articles, unless the context requires otherwise:

"**adjourned meeting**" means the meeting to which a meeting is adjourned under Article 11.8 or 11.12;

"**beneficial owner**", "**beneficially own**" and any correlative phrases means to be the beneficial owner of securities, directly or indirectly, within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act and the *Business Corporations Act*.

"**board**", "board of directors" and "directors" mean the directors or sole director of the Company for the time being and include a committee or other delegate, direct or indirect, of the directors or director;

"***Business Corporations Act***" means the *Business Corporations Act*, S.B.C. 2002, c.57 as amended, restated or replaced from time to time, and includes its regulations;

"**Exchange Act**" means the means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**holder**" of any share of the Company means the holder of such share as registered on the central securities register of the Company and, in respect of shares held by joint holders, means all such joint holders.

"***Interpretation Act***" means the *Interpretation Act*, R.S.B.C. 1996, c. 238;

"**legal personal representative**" means the personal or other legal representative of the shareholder; and

"**seal**" means the seal of the Company, if any.

**1.2** ***Business Corporations Act* Definitions Apply**. The definitions in the *Business Corporations Act* apply to these Articles.

**1.3** ***Interpretation Act* Applies**. The *Interpretation Act* applies to the interpretation of these Articles as if these Articles were an enactment.

**1.4** **Conflict in Definitions**. If there is a conflict between a definition in the *Business Corporations Act* and a definition or rule in the *Interpretation Act* relating to a term used in these Articles, the definition in the *Business Corporations Act* will prevail in relation to the use of the term in these Articles.

**1.5** **Conflict Between Articles and Legislation**. If there is a conflict between these Articles and the *Business Corporations Act*, the *Business Corporations Act* will prevail.

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**Part 2<br> SHARES AND SHARE CERTIFICATES**

**2.1** **Authorized Share Structure**. The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

**2.2** **Form of Share Certificate**. Each share certificate issued by the Company must comply with, and be signed as required by, the *Business Corporations Act*.

**2.3** **Right to Share Certificate or Acknowledgement**. Each shareholder is entitled, without charge, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one certificate representing the share
 or shares of each class or series of shares registered in the shareholder's name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a non-transferable written acknowledgment
 of the shareholder's right to obtain such a share certificate,

provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgement and delivery of a share certificate or acknowledgment for a share to one of several joint shareholders or to one of the shareholder's duly authorized agents will be sufficient delivery to all. The Company may refuse to register more than three persons as joint holders of a share.

**2.4** **Sending of Share Certificate**. Any share certificate or non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate to which a shareholder is entitled may be sent to the shareholder by mail at the shareholder's registered address, and neither the Company nor any agent is liable for any loss to the shareholder because the share certificate or acknowledgment sent is lost in the mail or stolen.

**2.5** **Replacement of Worn Out or Defaced Certificate**. If the board of directors, or any officer or agent designated by the directors, is satisfied that a share certificate is worn out or defaced, they must, on production to them of the certificate and on such other terms, if any, as they think fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) order the certificate to be cancelled;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue a replacement share certificate.

**2.6** **Replacement of Lost, Stolen or Destroyed Certificate**. If a share certificate is lost, stolen or destroyed, a replacement share certificate must be issued to the person entitled to that certificate if the board of directors, or any officer or agent designated by the directors, receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proof satisfactory to them that the certificate
 is lost, stolen or destroyed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any indemnity the board of directors,
 or any officer or agent designated by the directors, considers adequate.

**2.7** **Splitting Share Certificates**. If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the certificate so surrendered, the Company must cancel the surrendered certificate and issue replacement share certificates in accordance with that request. The Company may refuse to issue a certificate with respect to a fraction of a share.

**2.8** **Certificate Fee**. There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any and which must not exceed the amount prescribed under the *Business Corporations Act*, determined by the directors.

**2.9** **Recognition of Trusts**. Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

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**Part 3<br> ISSUE OF SHARES**

**3.1** **Directors Authorized to Issue Shares**. Subject to the *Business Corporations Act* and the rights of the holders of issued shares of the Company, the directors may issue, allot, sell or otherwise dispose of the unissued shares, and previously issued shares that are subject to reissuance or held by the Company, whether with par value or without par value, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares may be issued) that the directors, in their absolute discretion, may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

**3.2** **Commissions and Discounts**. The directors may, at any time, authorize the Company to pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

**3.3** **Brokerage**. The directors may authorize the Company to pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**3.4** **Conditions of Issue**. Except as provided for by the *Business Corporations Act*, no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consideration is provided to the Company
 for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received
 by the Company equals or exceeds the issue price set for the share under Article 3.1.

**3.6** **Fractional Shares**. A person holding a fractional share does not have, in relation to the fractional share, the rights of a shareholder in proportion to the fraction of the share held.

**Part 4<br> SHARE REGISTERS**

**4.1** **Central Securities Register**. As required by and subject to the *Business Corporations Act*, the Company must maintain in British Columbia a central securities register, or such other jurisdiction approved by the board provided the central securities register must be available for inspection and copying at a location inside British Columbia by means of a computer terminal or other electronic technology.

**4.2** **Branch Registers**. In addition to the central securities register, the Company may maintain branch securities registers.

**4.3** **Appointment of Agents**. The directors may, subject to the *Business Corporations Act*, appoint an agent to maintain the central securities register and any branch securities registers. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**4.4** **Closing Register**. The Company must not at any time close its central securities register.

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**Part 5<br> SHARE TRANSFERS**

**5.1** **Recording or Registering Transfer**. Except to the extent that the *Business Corporations Act* otherwise provides, a transfer of a share of the Company must not be recorded or registered unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a duly signed instrument of transfer in
 respect of the share has been received by the Company or its duly appointed transfer agent,
 if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a share certificate has been issued
 by the Company in respect of the share to be transferred, that share certificate has been
 surrendered to the Company or its duly appointed transfer agent, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a non-transferable written acknowledgment
 of the shareholder's right to obtain a share certificate has been issued by the Company
 in respect of the share to be transferred, that acknowledgment has been surrendered to the
 Company or its duly appointed transfer agent, if any.

**5.2** **Form of Instrument of Transfer**. The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors, or any other officer or agent authorized by the directors, from time to time.

**5.3** **Transferor Remains Shareholder**. Except to the extent that the *Business Corporations Act* otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**5.4** **Signing of Instrument of Transfer**. If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer, or, if no number is specified, all the shares represented by share certificates deposited with the instrument of transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the name of the person named as transferee
 in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no person is named as transferee in
 that instrument of transfer, in the name of the person on whose behalf the share certificate
 is deposited for the purpose of having the transfer registered.

**5.5** **Enquiry as to Title Not Required**. Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

**5.6** **Transfer Fee**. Subject to the applicable rules of any stock exchange on which the shares of the Company may be listed, there must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.

**Part 6<br> TRANSMISSION OF SHARES**

**6.1** **Legal Personal Representative Recognized on Death**. In the case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate.

**6.2** **Rights of Legal Personal Representative**. The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the *Business Corporations Act* and the directors have been deposited with the Company.

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**Part 7<br> PURCHASE OF SHARES**

**7.1** **Company Authorized to Purchase Shares**. Subject to the special rights and restrictions attached to any class or series of shares and the *Business Corporations Act*, the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and on the terms specified in such resolution.

**7.2** **Purchase When Insolvent**. The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making the payment or providing the consideration
 would render the Company insolvent.

**7.3** **Sale and Voting of Purchased Shares**. If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not entitled to vote the share at a
 meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not pay a dividend in respect of
 the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must not make any other distribution in
 respect of the share.

**Part 8<br> BORROWING POWERS**

**8.1** **Powers of Directors**. The Company, if authorized by the directors, may from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow money in the manner and amount,
 on the security, from the sources and on the terms and conditions that the directors consider
 appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue bonds, debentures and other debt
 obligations either outright or as security for any liability or obligation of the Company
 or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantee the repayment of money by any
 other person or the performance of any obligation of any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) mortgage or charge, whether by way of
 specific or floating charge, or give other security on the whole or any part of the present
 and future undertaking of the Company.

**8.2** **Terms of Debt Instruments**. Any bonds, debentures or other debt obligations of the Company may be issued at a discount, premium or otherwise, and with any special privileges on the redemption, surrender, drawing, allotment of or conversion into or exchange for shares or other securities, attending and voting at general meetings of the Company, appointment of directors or otherwise, and may by their terms be assignable free from any equities between the Company and the person to whom they were issued or any subsequent holder, all as the directors may determine.

**8.3** **Delegation by Directors**. For greater certainty, the powers of the directors under this Part 8 may be exercised by a committee or other delegate, direct or indirect, of the board authorized to exercise such powers.

**Part 9<br> ALTERATIONS**

**9.1** **Alteration of Authorized Share Structure**. Subject to Article 9.2, Article 30.1 and the *Business Corporations Act*, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) create one or more classes or series of
 shares or, if none of the shares of a class or series of shares is allotted or issued, eliminate
 that class or series of shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) increase, reduce or eliminate the maximum
 number of shares that the Company is authorized to issue out of any class or series of shares
 or establish a maximum number of shares that the Company is authorized to issue out of any
 class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Company is authorized to issue
 shares of a class of shares with par value:

&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) decrease the par value of those shares;
 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) if none of the shares of that class of
 shares is allotted or issued, increase the par value of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change all or any of its unissued, or fully
 paid issued, shares with par value into shares without par value or any of its unissued shares
 without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) alter the identifying name of any of its
 shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) otherwise alter its shares or authorized
 share structure when required or permitted to do so by the *Business Corporations Act*.;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by directors' resolution, subdivide
 or consolidate all or any of its unissued, or fully paid issued, shares, and, if applicable,
 alter the Notice of Articles and these Articles accordingly.

**9.2** **Special Rights and Restrictions**. Subject to Article 31.1 and the *Business Corporations Act*, the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create special rights or restrictions
 for, and attach those special rights or restrictions to, the shares of any class or series
 of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vary or delete any special rights or restrictions
 attached to the shares of any class or series of shares, whether or not any or all of those
 shares have been issued.

**9.3** **Change of Name**. The Company may by directors' resolution or ordinary resolution authorize an alteration of its Notice of Articles in order to change its name or adopt or change any translation of that name.

**9.4** **Company Alterations**. If the *Business Corporations Act* does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution authorize any act of the Company, including without limitation, an alteration of these Articles or its Notice of Articles.

**Part 10** **<br> MEETINGS OF SHAREHOLDERS**

**10.1** **Annual General Meetings**. Unless an annual general meeting is deferred or waived in accordance with the *Business Corporations Act* and subject to the applicable rules of any stock exchange on which the shares of the Company may be listed, the Company must hold an annual general meeting, for the first time, not more than 18 months after the date on which it was recognized, and after its first annual reference date, at least once in each calendar year and not more than 15 months after the annual reference date for the preceding calendar year at such date, time and location as may be determined by the directors.

**10.2** **Resolution Instead of Annual General Meeting**. If all of the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the *Business Corporations Act* to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**10.3** **Calling of Shareholder Meetings**. The directors may, whenever they think fit, call a meeting of shareholders.

**10.4** **Location of Shareholder Meetings**. The directors may by directors' resolution, approve a location outside of British Columbia for the holding of a meeting of shareholders, or a fully or partially electronic or virtual meeting of shareholders.

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**10.5** **Notice for Meetings of Shareholders**. The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and for so long as the Company is a
 public company, 21 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

**10.6** **Record Date for Notice**. The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act*, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and for so long as the Company is a
 public company, 21 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.7** **Record Date for Voting**. The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act*, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.8** **Failure to Give Notice and Waiver of Notice**. The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to receive notice does not invalidate any proceedings at that meeting. Any person entitled to receive notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

**10.9** **Notice of Special Business at Meetings of Shareholders**. If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) state the general nature of the special
 business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the special business includes considering,
 approving, ratifying, adopting or authorizing any document or the signing of or giving of
 effect to any document, have attached to it a copy of the document or state that a copy of
 the document will be available for inspection by the shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Company's records office, or
 at such other reasonably accessible location in British Columbia as is specified in the notice;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during statutory business hours on any
 one or more specified days before the day set for the holding of the meeting.

**10.10** **Class Meetings and Series Meetings of Shareholders**. Unless otherwise specified in these Articles, the provisions of these Articles relating to a meeting of shareholders will apply with the necessary changes and so far as they are applicable to a class meeting or series meeting of shareholders holding a particular class or series of shares.

**10.11** **Notice of Dissent Rights**. The Company must send to each of its shareholders, whether or not their shares carry the right to vote, a notice of any meeting of shareholders at which a resolution entitling shareholders to dissent is to be considered specifying the date of the meeting and containing a statement advising of the right to send a notice of dissent together with a copy of the proposed resolution at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and for so long as the Company is a
 public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

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**Part 11<br> PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**11.1** **Special Business**. At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at a meeting of shareholders that is not
 an annual general meeting, all business is special business except business relating to the
 conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at an annual general meeting, all business
 is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) business relating to the conduct of, or
 voting at, the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consideration of any financial statements
 of the Company presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consideration of any reports of the directors
 or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the setting or changing of the number of
 directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) business arising out of a report of the
 directors not requiring the passing of a special resolution or an exceptional resolution;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other business which, under these
 Articles or the *Business Corporations Act*, may be transacted at a meeting of shareholders
 without prior notice of the business being given to the shareholders.

**11.2** **Special Resolution**. The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

**11.3** **Quorum**. Subject to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 33 1/3% of the issued shares entitled to be voted at the meeting.

**11.4** **One Shareholder May Constitute Quorum**. If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the quorum is one person who is, or who
 represents by proxy, that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that shareholder, present in person or
 by proxy, may constitute the meeting.

**11.5** **Meetings by Telephone or Other Communications Medium**. A shareholder or proxy holder who is entitled to participate in, including vote at, a meeting of shareholders may participate in person or by telephone or other communications medium if all shareholders and proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A shareholder who participates in a meeting in a manner contemplated by this Article 11.5 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner. Nothing in this Article 11.5 obligates the Company to take any action or provide any facility to permit or facilitate the use of any communications mediums at a meeting of shareholders.

**11.6** **Other Persons May Attend**. The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum, and is not entitled to vote at the meeting, unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**11.7** **Requirement of Quorum**. No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting.

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**11.8** **Lack of Quorum**. If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting convened
 by requisition of shareholders, the meeting is dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting of shareholders,
 the meeting stands adjourned to the same day in the next week at the same time and place,
 or at such other date, time or location as the chair specifies on the adjournment.

**11.9** **Lack of Quorum at Succeeding Meeting**. If, at the meeting to which the first meeting referred to in Article 11.8(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.

**11.10** **Chair**. The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the chair of the board is absent or
 unwilling to act as chair of the meeting, the president, if any.

**11.11** **Selection of Alternate Chair**. If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**11.12** **Adjournments**. The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**11.13** **Notice of Adjourned Meeting**. It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**11.14** **Decisions by Show of Hands or Poll**. Subject to the *Business Corporations Act*, every motion put to a vote at a meeting of shareholders will be decided on a show of hands or the functional equivalent of a show of hands by means of telephonic, electronic or other communications facilities, unless a poll, before or on the declaration of the result of the vote by show of hands (or its functional equivalent), is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy.

**11.15** **Declaration of Result**. The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands (or its functional equivalent) or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.14, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**11.16** **Motion Need Not Be Seconded**. No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**11.17** **Casting Vote**. In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

**11.18** **Manner of Taking a Poll**. Subject to Article 11.19, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the meeting, or within seven days after
 the date of the meeting, as the chair of the meeting directs; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the manner, at the time and at the place
 that the chair of the meeting directs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the result of the poll is deemed to be
 a resolution of and passed at the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the demand for the poll may be withdrawn
 by the person who demanded it.

**11.19** **Demand for a Poll on Adjournment**. A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**11.20** **Chair Must Resolve Dispute**. In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

**11.21** **Casting of Votes**. On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**11.22** **No Demand for Poll**. No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**11.23** **Demand for a Poll Not to Prevent Continuation of Meeting**. The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**11.24** **Retention of Ballots and Proxies**. The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during statutory business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**11.25** **Electronic Voting**. Any vote at a meeting of shareholders may be held entirely or partially by means of telephonic, electronic or other communications facilities if the directors determine to make them available whether or not persons entitled to attend participate in the meeting by means of telephonic, electronic or other communications facilities.

**Part 12<br> VOTES OF SHAREHOLDERS**

**12.1** **Number of Votes by Shareholder or by Shares**. Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint registered holders of shares under Article 12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a vote by show of hands (or its functional
 equivalent), every person present who is a shareholder or proxy holder and entitled to vote
 at the meeting has one vote, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, every shareholder entitled
 to vote at the meeting has one vote in respect of each share held by that shareholder and
 may exercise that vote either in person or by proxy.

**12.2** **Votes of Persons in Representative Capacity**. A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is the legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**12.3** **Votes by Joint Shareholders**. If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one of the joint shareholders may
 vote at any meeting, either personally or by proxy, in respect of the share as if that joint
 shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if more than one of the joint shareholders
 is present at any meeting, personally or by proxy, and more than one of them votes in respect
 of that share, then only the vote of the joint shareholder present whose name stands first
 on the central securities register in respect of the share will be counted.

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**12.4** **Legal Personal Representatives as Joint Shareholders**. Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.

**12.5** **Representative of a Corporate Shareholder**. If a corporation that is not a subsidiary of the Company is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for that purpose, the instrument appointing
 a representative must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be received at the registered office of
 the Company or at any other place specified, in the notice calling the meeting, for the receipt
 of proxies, at least the number of business days specified in the notice for the receipt
 of proxies or, if no number is specified, two days before the day set for the holding of
 the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be provided, at the meeting, to the chair
 of the meeting or to a person designated by the chair of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a representative is appointed under
 this Article 12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representative is entitled to exercise
 in respect of and at that meeting the same rights on behalf of the corporation that the representative
 represents as that corporation could exercise if it were a shareholder who is an individual,
 including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representative, if present at the meeting,
 is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present
 in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.6** **Proxy Provisions Do Not Apply to All Companies**. If and for so long as it is a public company, Articles 12.7 to 12.15 apply only insofar as they are not inconsistent with any Canadian securities legislation applicable to the Company, any U.S. securities legislation applicable to the Company or any rules of an exchange on which securities of the Company are listed.

**12.7** **Appointment of Proxy Holder**. Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**12.8** **Alternate Proxy Holders**. A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**12.9** **When Proxy Holder Need Not Be Shareholder**. A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the person appointing the proxy holder
 is a corporation or a representative of a corporation appointed under Article 12.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has at the time of the meeting
 for which the proxy holder is to be appointed only one shareholder entitled to vote at the
 meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the shareholders present in person or
 by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed,
 by a resolution on which the proxy holder is not entitled to vote but in respect of which
 the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote
 at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company is a public company.

**12.10** **Deposit of Proxy**. A proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be received at the registered office of
 the Company or at any other place specified, in the notice calling the meeting, for the receipt
 of proxies, at least the number of business days specified in the notice, or if no number
 of days is specified, two business days before the day set for the holding of the meeting;
 or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the notice provides otherwise,
 be provided, at the meeting, to the chair of the meeting or to a person designated by the
 chair of the meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.11** **Validity of Proxy Vote**. A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company,
 at any time up to and including the last business day before the day set for the holding
 of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the chair of the meeting, before the
 vote is taken.

**12.12** **Form of Proxy**. A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

[General Fusion Inc]<br> (the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders to be held on [month, day, year] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of all shares registered in the name of the shareholder): _______________________

Signed this _____ day of _________, ________.

________________________

Signature of shareholder

________________________

Name of shareholder—printed

**12.13** **Revocation of Proxy**. Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) received at the registered office of the
 Company at any time up to and including the last business day before the day set for the
 holding of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided, at the meeting or any adjourned
 meeting, to the chair of the meeting, in each case, before any vote has been taken on any
 matter to which the proxy has been given.

**12.14** **Revocation of Proxy Must Be Signed**. An instrument referred to in Article 12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shareholder for whom the proxy
 holder is appointed is an individual, the instrument must be signed by the shareholder or
 his or her legal personal representative or trustee in bankruptcy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholder for whom the proxy
 holder is appointed is a corporation, the instrument must be signed by the corporation or
 by a representative appointed for the corporation under Article 12.5.

**12.15** **Production of Evidence of Authority to Vote**. The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

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**Part 13<br> DIRECTORS**

**13.1** **Number of Directors**. The number of directors shall, excluding any additional directors appointed under Article 13.3, be set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, the
 greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary
 resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors set under Article 13.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is not a public company,
 the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary
 resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors set under Article 13.3.

**13.2** **Change in Number of Directors**. If the number of directors is set under Articles 13.1(a)(i) or 13.1(b)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders may elect or appoint
 the directors needed to fill any vacancies in the board of directors up to that number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint
 the directors needed to fill any vacancies in the board of directors up to that number contemporaneously
 with the setting of that number, then the directors may appoint, or the shareholders may
 elect or appoint, directors to fill those vacancies.

**13.3** **Additional Directors**. Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may set the size of the board (but not at a lesser number of directors than the number of directors then elected or appointed) and appoint one or more additional directors to fill any vacancies resulting from an increase in the size of the board, but the number of additional directors appointed under this Article 13.3 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one-third of the number of first directors,
 if, at the time of the appointments, one or more of the first directors have not yet completed
 their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, one-third of the number
 of the current directors who were elected or appointed as directors other than under this
 Article 13.3.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(a), but is eligible for re-election or re-appointment.

**13.4** **Directors' Acts Valid Despite Vacancy**. An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**13.5** **Qualifications of Directors**. A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the *Business Corporations Act* to become, act or continue to act as a director.

**13.6** **Remuneration of Directors**. The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

**13.7** **Reimbursement of Expenses of Directors**. The Company must reimburse each director for the reasonable expenses that he or she may incur in his or her capacity as director in and about the business of the Company.

**13.8** **Special Remuneration for Directors**. If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company's business, he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.

**13.9** **Gratuity, Pension or Allowance on Retirement of Director**. The directors may authorize the Company to pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

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**Part 14<br> ELECTION AND REMOVAL OF DIRECTORS**

**14.1** **Election at Annual General Meeting**. At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders entitled to vote at the
 annual general meeting for the election of directors must elect, or in the unanimous resolution
 appoint, a board of directors consisting of the number of directors for the time being set
 under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the directors cease to hold office
 immediately before the election or appointment of directors under paragraph (a), but are
 eligible for re-election or re-appointment.

**14.2** **Consent to be a Director**. No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that individual consents to be a director
 in the manner provided for in the *Business Corporations Act*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that individual is elected or appointed
 at a meeting at which the individual is present and the individual does not refuse, at the
 meeting, to be a director.

**14.3** **Failure to Elect or Appoint Directors**. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company fails to hold an annual general
 meeting, and all the shareholders who are entitled to vote at an annual general meeting fail
 to pass the unanimous resolution contemplated by Article 10.2, on or before the date
 by which the annual general meeting is required to be held under the *Business Corporations Act*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general
 meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint
 any directors;

then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which his or her successor
 is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which he or she otherwise
 ceases to hold office under the *Business Corporations Act* or these Articles.

**14.4** **Places of Retiring Directors Not Filled**. If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

**14.5** **Directors May Fill Casual Vacancies**. Any casual vacancy occurring in the board of directors, including any vacancy resulting from the retirement, death, resignation, or incapacity of a director, may be filled by the directors.

**14.6** **Remaining Directors Power to Act**. The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the *Business Corporations Act*, for any other purpose.

**14.7** **Shareholders May Fill Vacancies**. If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

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**14.8** **Ceasing to be a Director**. A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the director resigns as a director by
 notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the director is removed from office pursuant
 to Articles 14.9 or 14.10.

**14.9** **Removal of Director by Shareholders**. The Company may remove any director before the expiration of his or her term of office by ordinary resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

**14.10** **Removal of Director by Directors**. The board may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company in accordance with the *Business Corporations Act* and does not promptly resign, and the board may appoint a director to fill the resulting vacancy.

**Part 15<br> ADVANCE NOTICE REQUIREMENTS**

**15.1** **Definitions**. In this Part 15, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Applicable Securities Laws** "
 means the applicable securities laws of each relevant state, province and territory of the
 United States and Canada, as applicable, as amended from time to time, the rules, regulations
 and forms made or promulgated under any such laws and the published national instruments,
 multilateral instruments, policies, bulletins, interpretations and notices of the securities
 commission and similar regulatory authority of each relevant state, province and territory
 of the United States and Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Person**" includes an
 individual, firm, association, trustee, executor, administrator, legal or personal representative,
 body corporate, company, corporation, trust, partnership, limited partnership, joint venture,
 syndicate or other form of unincorporated association, a government and its agencies or instrumentalities,
 any entity or group (whether or not having legal personality), any successor (by merger,
 statutory amalgamation or otherwise), any of the foregoing acting in any derivative, representative
 or fiduciary capacity, and any of the foregoing that directly, or indirectly through one
 or more intermediaries, controls, or is controlled by, or is under common control with, a
 Person, the term "control" (including the terms "controlled by" and
 "under common control with") meaning the possession, direct or indirect, of the
 power to direct or cause the direction of the management and policies of a Person, whether
 through the ownership of voting securities, by contract, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Public Announcement**" shall mean disclosure in a press release reported by a national news
 service in the United States and in Canada, as applicable, or in a document publicly filed
 by the Company with the Securities and Exchange Commission pursuant to Section 13, 14
 or 15(d) of the Exchange Act or by the Company under its profile on SEDAR+ at <u>www.sedarplus.ca</u>.

**15.2** **Nomination of Directors**. Only Persons who are eligible under the *Business Corporations Act* and who are nominated in accordance with the provisions herein shall be eligible for election as directors of the Company. At any annual general meeting of shareholders, or any special meeting of shareholders if one of the purposes for which the special meeting was called is the election of directors, nominations of Persons for election to the board may be made only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by or at the direction of the board, including
 pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by or at the direction or request of one
 or more shareholders pursuant to a "proposal" made in accordance with Part 5,
 Division 7 of the *Business Corporations Act*, or pursuant to a requisition of the shareholders
 made in accordance with Section 167 of the *Business Corporations Act*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any Person (a "Nominating Shareholder"):
 (i) who, at the close of business on the date that the Nominating Shareholder's
 Notice (as defined below) is given and at the close of business on the record date for notice
 of such meeting, is entered in the securities register of the Company as a holder of one
 or more shares carrying the right to vote at such meeting or who beneficially owns shares
 that are entitled to be voted at such meeting and provides evidence of such ownership that
 is satisfactory to the Company, acting reasonably; and (ii) who complies with all notice
 procedures set forth herein.

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**15.3** **Timely Notice**. In addition to any other requirements under applicable laws, for a nomination to be made by a Nominating Shareholder, the Nominating Shareholder must have given notice thereof that is both timely (in accordance with Article 15.4 below) and in proper written form (in accordance with Article 15.8 below) to the Corporate Secretary of the Company at the registered office of the Company (as set out in the notice of articles of the Company).

**15.4** **Manner of Timely Notice**. To be timely, the Nominating Shareholder's Notice to the Corporate Secretary of the Company must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting
 of shareholders, not less than thirty (30) days prior to the date of the annual general meeting
 of shareholders; provided, however, that in the event that the annual general meeting of
 shareholders is to be held on a date that is less than fifty (50) days after the date (the
 "Notice Date") on which the first Public Announcement of the date of the annual
 general meeting was made, the Nominating Shareholder's Notice may be made not later
 than the close of business on the tenth (10<sup>th</sup>) day following the Notice Date;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a special meeting (which
 is not also an annual general meeting) of shareholders called for the purpose of electing
 directors (whether or not called for other purposes), not later than the close of business
 on the fifteenth (15<sup>th</sup>) day following the day on which the first Public Announcement
 of the date of the special meeting of shareholders was made,

**15.5** **Proper Form of Timely Notice**. To be in proper written form, a Nominating Shareholder's notice to the Corporate Secretary of the Company must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to each Person whom the Nominating
 Shareholder proposes to nominate for election as a director: (i) the name, age, business
 address and residential address of the Person; (ii) the present principal occupation
 or employment of the Person and the principal occupation or employment within the five years
 preceding the notice; (iii) the country of residence of the Person; (iv) the class
 or series and number of shares in the capital of the Company which are directly or indirectly
 controlled or directed or which are owned beneficially or of record by the Person as of the
 record date for the annual general meeting of shareholders, or the special meeting of shareholders
 if one of the purposes for which the special meeting was called is the election of directors,
 (if such date shall then have been made publicly available and shall have occurred) and as
 of the date of such notice; (iv) full particulars regarding any agreements between the
 Person and/or the Nominating Shareholder and/or any other person or company relating to the
 Person's nomination for election as a director of the Company; (v) a description
 of any derivative instrument, swap, option, warrant, short interest, hedge or profit interest
 that has been entered into by or on behalf of such Person with respect to the class or series
 of shares in the capital of the Company (including the notional number of shares that are
 the subject of such agreement or arrangement or instrument) and a description of any other
 transaction, agreement, arrangement or understanding (including any short position or any
 borrowing or lending of shares) that has been made by or on behalf of such Person, the effect
 or intent of which is to mitigate loss to, or to manage the risk or benefit of stock price
 changes for, such Person or to increase or decrease the voting power or pecuniary or economic
 interest of such Person with respect to the class or series of shares in the capital of the
 Company; and (vi) any other information relating to the Person that would be required
 to be disclosed in a dissident's proxy circular in connection with solicitations of
 proxies for election of directors pursuant to the *Business Corporations Act* and Applicable
 Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as to the Nominating Shareholder giving
 the notice: (i) full particulars regarding any proxy, contract, agreement, arrangement,
 understanding or relationship pursuant to which such Nominating Shareholder has a right to
 vote any shares of the Company and any other information relating to such Nominating Shareholder
 that would be required to be made in a dissident's proxy circular in connection with
 solicitations of proxies for election of directors pursuant to the Act and Applicable Securities
 Laws; (collectively with Article 15.5(a), the "Nominating Shareholder's
 Notice"); (ii) a description of any derivative instrument, swap, option, warrant,
 short interest, hedge or profit interest that has been entered into by or on behalf of such
 Nominating Shareholder with respect to the class or series of shares in the capital of the
 Company (including the notional number of shares that are the subject of such agreement or
 arrangement or instrument) and a description of any other transaction, agreement, arrangement
 or understanding (including any short position or any borrowing or lending of shares) that
 has been made by or on behalf of such Nominating Shareholder, the effect or intent of which
 is to mitigate loss to, or to manage the risk or benefit of stock price changes for, such
 Nominating Shareholder or to increase or decrease the voting power or pecuniary or economic
 interest of such Nominating Shareholder with respect to the class or series of shares in
 the capital of the Company; and (iii) a representation as to whether the Nominating
 Shareholder intends to engage in a solicitation with respect to such nomination and, if so,
 the name of each participant in such solicitation and whether such person or group intends
 to deliver a proxy circular to holders of at least the percentage of the Company's
 outstanding share capital required to approve or adopt the nomination (in person or by proxy)
 by the Nominating Shareholder (collectively with Article 15.5(a), the "Nominating
 Shareholder's Notice").

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The Company may require any proposed nominee to furnish such other information as may be required to be contained in a dissident's proxy circular or by Applicable Securities Laws to determine the independence of the Proposed Nominee or the eligibility of such proposed nominee to serve as a director of the Company.

**15.6** **Notice to be Updated**. To be considered timely and in proper written form, the Nominating Shareholder's Notice will be promptly updated and supplemented, if necessary, so that the information provided or required to be provided in such Nominating Shareholder's Notice will be true and correct as of the record date for the annual general meeting of shareholders, or the special meeting of shareholders if one of the purposes for which the special meeting was called is the election of directors.

**15.7** **Eligibility for Nomination as a Director**. No Person shall be eligible for election as a director of the Company (except pursuant to Article 15.2(a) unless nominated in accordance with the provisions of this Part 15; provided, however, that nothing in this Part 15 shall be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at any annual general meeting of shareholders, or any special meeting of shareholders if one of the purposes for which the special meeting was called is the election of directors, of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the *Business Corporations Act* or at the discretion of the chair of the board. The chair of the board of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in this Part 15, and, if any proposed nomination is not in compliance with such provisions, to declare that such defective nomination shall be deemed voided and subsequently disregarded.

**15.8** **Delivery of Notice**. Notwithstanding any other provision in this Part 15, notice given to the Corporate Secretary of the Company pursuant to this Part 15 may only be given by personal delivery, facsimile transmission or email (provided that the Corporate Secretary has stipulated an e-mail address for purposes of this Part 15), and shall be deemed to have been given and received only at the time it is served by personal delivery or sent by facsimile transaction (provided that receipt of confirmation of such transmission has been received) or by e-mail (at the address as aforesaid) to the Corporate Secretary at the registered office of the Company, provided that if such delivery or electronic transmission is made on a day which is not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or electronic transmission shall be deemed to have been made on the subsequent day that is a business day.

**15.9** **Board's Discretion**. Notwithstanding the foregoing, the board may, in its sole discretion, waive any and all requirements in this Part 15.

**Part 16<br> FORUM FOR ADJUDICATION OF CERTAIN DISPUTES**

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**16.2** **Waiver of Service**. The Company and each shareholder hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under these Articles and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. The Company and each shareholder hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to these Articles or the transactions contemplated hereby. If the Company or any shareholder shall commence an action or proceeding to enforce any provisions of these Articles, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys' fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

**Part 17<br> POWERS AND DUTIES OF DIRECTORS**

**17.1** **Powers of Management**. The directors must, subject to the *Business Corporations Act* and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the *Business Corporations Act* or by these Articles, required to be exercised by the shareholders of the Company.

**17.2** **Appointment of Attorney of Company**. The directors exclusively may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney 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 excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

**Part 18<br> DISCLOSURE OF INTEREST OF DIRECTORS**

**18.1** **Obligation to Account for Profits**. A director or senior officer who holds a disclosable interest (as that term is used in the *Business Corporations Act*) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the *Business Corporations Act*.

**18.2** **Restrictions on Voting by Reason of Interest**. A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**18.3** **Interested Director Counted in Quorum**. A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

**18.4** **Disclosure of Conflict of Interest or Property**. A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the *Business Corporations Act*.

**18.5** **Director Holding Other Office in the Company**. A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

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**18.6** **No Disqualification**. No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

**18.7** **Professional Services by Director or Officer**. Subject to the *Business Corporations Act*, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**18.8** **Director or Officer in Other Corporations**. A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the *Business Corporations Act*, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**Part 19<br> PROCEEDINGS OF DIRECTORS**

**19.1** **Meetings of Directors**. The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the board held at regular intervals may be held at the place, at the time and on the notice, if any, that the board may by resolution from time to time determine.

**19.2** **Voting at Meetings**. Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**19.3** **Chair of Meetings**. Meetings of directors are to be chaired by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the chair of the board,
 the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other director chosen by the directors
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the chair of the board nor the president,
 if a director, is present at the meeting within 15 minutes after the time set for holding
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the chair of the board nor the
 president, if a director, is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the chair of the board and the president,
 if a director, have advised the secretary, if any, or any other director, that they will
 not be present at the meeting.

**19.4** **Meetings by Telephone or Other Communications Medium**. A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone or other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director who participates in a meeting in a manner contemplated by this Article 19.4 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner.

**19.5** **Calling of Meetings**. A director may, and the secretary or an assistant secretary, if any, on the request of a director must, call a meeting of the directors at any time.

**19.6** **Notice of Meetings**. Other than for meetings held at regular intervals as determined by the directors pursuant to Article 19.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in Article 25.1 or orally or by telephone.

**19.7** **When Notice Not Required**. It is not necessary to give notice of a meeting of the directors to a director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting is to be held immediately
 following a meeting of shareholders at which that director was elected or appointed or is
 the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director has waived notice of the
 meeting.

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**19.8** **Meeting Valid Despite Failure to Give Notice**. The accidental omission to give notice of any meeting of directors to any director, or the non-receipt of any notice by any director, does not invalidate any proceedings at that meeting.

**19.9** **Waiver of Notice of Meetings**. Any director may file with the Company a document signed by the director waiving notice of any past, present or future meeting of the directors and may at any time withdraw that waiver with respect to meetings of the directors held after that withdrawal. After sending a waiver with respect to all future meetings of the directors, and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director.

**19.10** **Quorum**. The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at a majority of the directors.

**19.11** **Validity of Acts Where Appointment Defective**. Subject to the *Business Corporations Act*, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**19.12** **Consent Resolutions in Writing**. A resolution of the directors or of any committee of the directors consented to in writing by all of the directors entitled to vote on it, whether by signed document, fax, email or any other method of transmitting legibly recorded messages, is as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors duly called and held. Such resolution may be in two or more counterparts which together are deemed to constitute one resolution in writing. A resolution passed in that manner is effective on the date stated in the resolution or, if no date is stated in the resolution, on the latest date stated on any counterpart. A resolution of the directors or of any committee of the directors passed in accordance with this Article 19.12 is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the *Business Corporations Act* and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**Part 20<br> EXECUTIVE AND OTHER COMMITTEES**

**20.1** **Appointment and Powers of Executive Committee**. The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power to fill vacancies in the board
 of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of,
 or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other powers, if any, as may be set
 out in the resolution or any subsequent directors' resolution.

**20.2** **Appointment and Powers of Other Committees**. The directors may, by resolution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint one or more committees (other
 than the executive committee) consisting of the director or directors that they consider
 appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delegate to a committee appointed under
 paragraph (a) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power to fill vacancies in the board
 of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the power to change the membership of,
 or fill vacancies in, any committee of the board, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the power to appoint or remove officers
 appointed by the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any delegation referred to in paragraph
 (b) subject to the conditions set out in the resolution.

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**20.3** **Obligations of Committee**. Any committee appointed under Articles 20.1 or 20.2, in the exercise of the powers delegated to it, must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conform to any rules that may from
 time to time be imposed on it by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) report every act or thing done in exercise
 of those powers as the directors may require.

**20.4** **Powers of Board**. The directors may, at any time, with respect to a committee appointed under Articles 20.1 or 20.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke or alter the authority given to
 a committee, or override a decision made by a committee, except as to acts done before such
 revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the appointment of, or change
 the membership of, a committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fill vacancies on a committee.

**20.5** **Committee Meetings**. Subject to Article 20.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 20.1 or 20.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the committee may meet and adjourn as
 it thinks proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the committee may elect a chair of its
 meetings but, if no chair of the meeting is elected, or if at any meeting the chair of the
 meeting is not present within 15 minutes after the time set for holding the meeting, the
 directors present who are members of the committee may choose one of their number to chair
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a majority of the members of a directors'
 committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) questions arising at any meeting of the
 committee are determined by a majority of votes of the members present, and in case of an
 equality of votes, the chair of the meeting has no second or casting vote.

**Part 21<br> OFFICERS**

**21.1** **Appointment of Officers**. The directors may, from time to time, appoint such officers, if any, as the directors determine, and the directors may, at any time, terminate any such appointment.

**21.2** **Functions, Duties and Powers of Officers**. The directors may, for each officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the functions and duties of
 the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entrust to and confer on the officer any
 of the powers exercisable by the directors on such terms and conditions and with such restrictions
 as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke, withdraw, alter or vary all or
 any of the functions, duties and powers of the officer.

**21.3** **Qualifications**. No officer may be appointed unless that officer is qualified in accordance with the *Business Corporations Act*. One person may hold more than one position as an officer of the Company. Any officer need not be a director.

**21.4** **Remuneration and Terms**. All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors think fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

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**Part 22<br> INDEMNIFICATION**

**22.1** **Definitions**. In this Part 22:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**eligible party**" means
 an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was a director or officer of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or was a director or officer of a corporation
 at a time when the corporation is or was an affiliate of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at the request of the Company, is or was
 a director or officer, or holds or held a position equivalent to that of, a director or officer,
 of another corporation or of a partnership, trust, joint venture or other unincorporated
 entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**eligible penalty** "
 means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement
 of, an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**eligible proceeding** "
 means a legal proceeding or investigative action, whether current, threatened, pending or
 completed, in which an eligible party or any of the heirs and legal personal representatives
 of the eligible party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of
 a judgment, penalty or fine in, or expenses related to, the proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**expenses**" has the
 meaning set out in the *Business Corporations Act*.

**22.2** **Mandatory Indemnification of Eligible Parties**. Subject to the *Business Corporations Act*, the Company must indemnify and advance expenses of an eligible party and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this Part 22.

**22.3** **Indemnification of Other Persons**. Subject to any restrictions in the *Business Corporations Act*, the Company may indemnify any person.

**22.4** **Non-Compliance with *Business Corporations Act***. The failure of an eligible party to comply with the *Business Corporations Act* or these Articles does not invalidate any indemnity to which he or she is entitled under this Part.

**22.5** **Company May Purchase Insurance**. The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a director, officer, employee
 or agent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was a director, officer, employee
 or agent of a corporation at a time when the corporation is or was an affiliate of the Company;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the request of the Company, is or was
 a director, officer, employee or agent, or holds or held a position equivalent to that of,
 a director or officer, of another corporation or of a partnership, trust, joint venture or
 other unincorporated entity;

against any liability incurred by him or her as such director, officer, employee or agent or person who holds or held such equivalent position.

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**Part 23<br> DIVIDENDS**

**23.1** **Payment of Dividends Subject to Special Rights**. The provisions of this Part 23 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**23.2** **Declaration of Dividends**. Subject to the *Business Corporations Act*, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**23.3** **No Notice Required**. The directors need not give notice to any shareholder of any declaration under Article 23.2.

**23.4** **Record Date**. The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

**23.5** **Manner of Paying Dividend**. A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of paid up shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways.

**23.6** **Settlement of Difficulties**. If any difficulty arises in regard to a distribution under Article 23.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set the value for distribution of specific
 assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine that cash payments in substitution
 for all or any part of the specific assets to which any shareholders are entitled may be
 made to any shareholders on the basis of the value so fixed in order to adjust the rights
 of all parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest any such specific assets in trustees
 for the persons entitled to the dividend.

**23.7** **When Dividend Payable**. Any dividend may be made payable on such date and time, and subject to such conditions, as is fixed by the directors.

**23.8** **Dividends to be Paid in Accordance with Number of Shares**. All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**23.9** **Receipt by Joint Shareholders**. If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**23.10** **Dividend Bears No Interest**. No dividend bears interest against the Company.

**23.11** **Fractional Dividends**. If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**23.12** **Payment of Dividends**. Any dividend or other distribution payable in respect of shares will be paid by cheque or by electronic means or by such other method as the directors may determine. The payment will be made to or to the order of each registered holder of shares in respect of which the payment is to be made. Cheques will be sent to the registered address of the shareholder unless the shareholder otherwise directs. In the case of joint holders, the payment will be made to the order of all such joint holders and, if applicable, sent to them at the registered address of the joint shareholder who is first named on the central securities register, unless such joint holders otherwise direct. The sending of the cheque or the sending of the payment by electronic means or the sending of the payment by a method determined by the directors in an amount equal to the dividend or other distribution to be paid less any tax that the Company is required to withhold will satisfy and discharge the liability for the payment, unless payment is not made upon presentation, if applicable, or the amount of tax so deducted is not paid to the appropriate taxing authority.

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**23.13** **Capitalization of Surplus**. Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus.

**23.14** **Unclaimed Dividends**. Any dividend unclaimed after a period of six years from the date on which the same has been declared to be payable shall be forfeited and shall revert to the Company. The Company shall not be liable to any person in respect of any dividend which is forfeited to the Company or delivered to any public official pursuant to any applicable abandoned property, escheat or similar law

**Part 24<br> DOCUMENTS, RECORDS AND REPORTS**

**24.1** **Recording of Financial Affairs**. The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the provisions of the *Business Corporations Act*.

**24.2** **Inspection of Accounting Records**. Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**24.3** **Remuneration of Auditors**. The remuneration of the auditors, if any, shall be set by the directors regardless of whether the auditor is appointed by the shareholders, by the directors or otherwise. For greater certainty, the directors may delegate to the audit committee or other committee the power to set the remuneration of the auditors.

**Part 25<br> NOTICES**

**25.1** **Method of Giving Notice**. Subject to Article 31.10(a) regarding notices to the Convertible Preferred Holders, unless the *Business Corporations Act* or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the *Business Corporations Act* or these Articles to be sent by or to a person may be sent by any one of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mail addressed to the person at the applicable
 address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record mailed to a shareholder, the
 shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record mailed to a director or officer,
 the prescribed address for mailing shown for the director or officer in the records kept
 by the Company or the mailing address provided by the recipient for the sending of that record
 or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the mailing address
 of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery at the applicable address for
 that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record delivered to a shareholder,
 the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record delivered to a director or
 officer, the prescribed address for delivery shown for the director or officer in the records
 kept by the Company or the delivery address provided by the recipient for the sending of
 that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the delivery address
 of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending the record by fax to the fax number
 provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sending the record, or a reference providing
 the intended recipient with immediate access to the record, by electronic communication to
 an address provided by the intended recipient for the sending of that record or records of
 that class;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sending the record by any method of transmitting
 legibly recorded messages, including without limitation by digital medium, magnetic medium,
 optical medium, mechanical reproduction or graphic imaging, to an address provided by the
 intended recipient for the sending of that record or records of that class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) physical delivery to the intended recipient.

**25.2** **Deemed Receipt**. Subject to Article 31.10(a) regarding notices to the Convertible Preferred Holders, a record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 25.1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing. Any demand, notice or other communication given by personal delivery will be conclusively deemed to have been given on the day of actual delivery thereof and, if given by electronic communication, on the day of transmittal thereof if given during statutory business hours on the day which statutory business hours next occur if not given during such hours on any day.

**25.3** **Certificate of Sending**. A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 25.1, prepaid and mailed or otherwise sent as permitted by Article 25.1 is conclusive evidence of that fact.

**25.4** **Notice to Joint Shareholders**. A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share.

**25.5** **Notice to Trustees**. A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by name, by the title of the legal personal
 representative of the deceased or incapacitated shareholder, by the title of trustee of the
 bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the address, if any, supplied to the
 Company for that purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an address referred to in paragraph
 (a)(ii) has not been supplied to the Company, by giving the notice in a manner in which
 it might have been given if the death, bankruptcy or incapacity had not occurred.

**Part 26<br> SEAL**

**26.1** **Who May Attest Seal**. Except as provided in Articles 26.2 and 26.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signature or signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company only has one director,
 that director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more directors or officers
 or persons as may be determined by resolution of the directors.

**26.2** **Sealing Copies**. For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 26.1, the impression of the seal may be attested by the signature of any director or officer.

**26.3** **Mechanical Reproduction of Seal**. The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the *Business Corporations Act* or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

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**Part 27<br> PROHIBITIONS**

**27.1** **Definitions**. In this Part 27:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**designated security** "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a voting security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a security of the Company that is not a
 debt security and that carries a residual right to participate in the earnings of the Company
 or, on the liquidation or winding up of the Company, in its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a security of the Company convertible,
 directly or indirectly, into a security described in paragraph (a) or (b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**security**" has the
 meaning assigned in the  ***Securities Act*** (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**voting security**" means
 a security of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not a debt security, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carries a voting right either under all
 circumstances or under some circumstances that have occurred and are continuing.

**27.2** **Application**. Article 27.3 does not apply to the Company if and for so long as it is a public company.

**27.3** **Consent Required for Transfer of Shares or Designated Securities**. No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.

**Part 28<br> COMMON SHARES**

**28.1** **Voting** The holders of the Common Shares shall be entitled to one vote for each Common Share held on all matters at all meetings of shareholders of the Company, other than meetings at which or with respect to matters on which only the holders of another class or series of shares are entitled to vote separately as a class or series.

**28.2** **Dividends** Subject to the prior rights of the Preferred Shares and any other class ranking senior to the Common Shares, the holders of the Common Shares shall be entitled to receive and the Company shall pay thereon, as and when declared by the directors of the Company out of moneys of the Company properly applicable to the payment of dividends, such non-cumulative dividends as the directors may from time to time declare.

**28.3** **Liquidation Distribution** In the event of any Liquidation Distribution, subject to the prior rights of the holders of the Preferred Shares of all series and the holders of the shares of any other class ranking senior to the Common Shares, the holders of the Common Shares shall be entitled to receive all remaining property and assets of the Company.

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**Part 29<br> EARNOUT SHARES**

**29.1** **Definitions.** In this Part 29 of these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means,
 with respect to any Person, any other Person who directly or indirectly, through one or more
 intermediaries, controls, is controlled by, or is under common control with, such Person.
 The term "control" means the possession, directly or indirectly, of the power
 to direct or cause the direction of the management and policies of a Person, whether through
 the ownership of voting securities, by contract or otherwise, and the terms "controlled"
 and "controlling" have meanings correlative thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Automatic Conversion Event** "
 means the occurrence of a Class A Earnout Share Conversion Event, Class B Earnout
 Share Conversion Event, or Class C Earnout Share Conversion Event, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Automatic Conversion Date** "
 has the meaning set forth in Article 29.9(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Class A Earnout Share Conversion Event**" has the meaning set forth in Article 29.9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Class A Earnout Shares** "
 means the Class A Earnout Shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Class B Earnout Share Conversion Event**" has the meaning set forth in Article 29.9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Class B Earnout Shares** "
 means the Class B Earnout Shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Class C Earnout Share Conversion Event**" has the meaning set forth in Article 29.9(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Class C Earnout Shares** "
 means the Class C Earnout Shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Conversion Rate**" has
 the meaning set forth in Article 29.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Deemed Liquidation Event** "
 means: (i) an amalgamation, merger, reorganization, consolidation or other similar transaction
 in which (A) the Company is a constituent party, or (B) a subsidiary of the Company
 is a constituent party and the Company issues shares under such amalgamation, merger, reorganization,
 consolidation or other similar transaction, except any such amalgamation, merger, reorganization,
 consolidation or other similar transaction involving the Company or a subsidiary in which
 the shares of the Company outstanding immediately before such amalgamation, merger, reorganization,
 consolidation or other similar transaction continue to represent, or are converted into or
 exchanged for shares that represent, immediately following such amalgamation, merger, reorganization,
 consolidation or other similar transaction, at least a majority, by voting power, of the
 shares of (1) the surviving or resulting Company, as applicable; or (2) if the
 surviving or resulting Company is a wholly owned subsidiary of another Company immediately
 following such amalgamation, merger, reorganization, consolidation or other similar transaction,
 the parent Company of such surviving or resulting Company; (ii) the sale, lease, transfer,
 license or other disposition, in a single transaction or series of related transactions,
 by the Company or any subsidiary of the Company of all or substantially all the assets of
 the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by
 amalgamation, merger, plan of arrangement, consolidation or otherwise) of one or more subsidiaries
 of the Company if substantially all of the assets of the Company and its subsidiaries taken
 as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer,
 license or other disposition is to a wholly owned subsidiary of the Company; or (iii) the
 completion of a share sale transaction to which the Company is a party between shareholders
 of the Company and a Person that results in those who were the holders of the voting securities
 of the Company before the sale transaction holding less than 50% of the votes attached to
 the outstanding voting securities of the Company after the completion of the share sale transaction
 other than a transaction or a series of related transactions in connection with bona fide
 equity financing of the Company or change of the jurisdiction of domicile of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Earnout Shares**" means,
 collectively, the Class A Earnout Shares, Class B Earnout Shares, and Class C
 Earnout Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Liquidation Distribution** "
 means a distribution of assets of the Company among its shareholders arising on the liquidation,
 dissolution or winding up of the Company, whether voluntary or involuntary or pursuant to
 a Deemed Liquidation Event, or any other distribution of the assets of the Company among
 its shareholders for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Original Issue Date** "
 means the date on our about [ · ], 2026, on which the first Earnout Share is issued.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Permitted Transfer** "
 means, in respect of a proposed Transfer by a holder of Earnout Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an individual, by gift to
 a member of the individual's immediate family, to a trust, the beneficiary or beneficiaries
 of which are all members of the individual's immediate family or to an Affiliate of
 such individual, in each case for estate planning purposes and for no consideration or nominal
 consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an individual, by virtue
 of laws of descent and distribution upon death of the individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of an individual, pursuant
 to a qualified domestic relations order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a corporation, partnership,
 limited liability company or other business entity, by virtue of the laws of the holder's
 organization and the holder's organizational documents upon liquidation or dissolution
 of the holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of a corporation, partnership,
 limited liability company or other business entity, to the officers or directors of such
 holder or its Affiliates, the direct or indirect members, partners or equityholders of such
 holder, any Affiliates of such holder, in each case, without consideration or for nominal
 consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Permitted Transferee** "
 means any transferee arising from a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Redemption Price** "
 with respect to each Class A Earnout Share, Class B Earnout Share, and Class C
 Earnout Share, shall be equal to US$0.00000000001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Redemption Time**" has
 the meaning set forth in Article 29.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Person** "
 means an individual, partnership, corporation, limited liability company, joint stock company,
 unincorporated organization or association, trust, joint venture or other entity, whether
 or not a legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Trading Day**" means
 a day on which the principal Trading Market is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Trading Market**" means
 any of the following markets or exchanges on which the Common Shares is listed or quoted
 for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq
 Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors
 to any of the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Transfer**" means, with
 respect to any security, any, (i) direct or indirect, sale or offer to sell, transfer,
 contract or agreement to sell, assignment, pledge, mortgage, exchange, hypothecation, grant
 of any option to purchase or other disposal of or agreement to dispose of, grant of a security
 interest or encumbrance in or disposition of an interest, establishment or increase of a
 put equivalent position or liquidation or decrease of a call equivalent position within the
 meaning of Section 16 of the Exchange Act with respect to, the security, or (ii) entry
 into any swap or other arrangement that transfers to another Person, in whole or in part,
 any of the economic consequences of ownership of the security, whether any such transaction
 is to be settled by delivery of such securities, in cash or otherwise (in each case, whether
 with or without consideration, and whether voluntarily or involuntarily).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**VWAP**" means, for any
 date, the price determined by the first of the following clauses that applies: (a) if
 the Common Shares is then listed or quoted on a Trading Market, the daily volume weighted
 average price of the Common Shares for the 20 Trading Days preceding such date (or the nearest
 preceding date) on the Trading Market on which the Common Shares is then listed or quoted
 as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City
 time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
 Market, the volume weighted average price of the Common Shares for the 20 Trading Days preceding
 such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
 Common Shares is not then listed or quoted for trading on OTCQB or OTCQX and if prices for
 the Common Shares are then reported in The Pink Open Market (or a similar organization or
 agency succeeding to its functions of reporting prices), the average of the highest closing
 bid price and the lowest closing ask price of the Common Shares for the 20 Trading Days preceding
 such date, or (d) in all other cases, the fair market value of a share of Common Shares
 as determined by an independent appraiser selected in good faith by the Company and reasonably
 acceptable to the holders of a majority in interest of the Preferred Shares then outstanding,
 the fees and expenses of which shall be paid by the Company.

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**29.2** **Earnout Shares** The Earnout Shares, shall confer on the holders thereof and shall be subject to the special rights and restrictions set forth in this Part 29.

**29.3** **Non-Voting** The holders of the Earnout Shares shall not be entitled to any voting rights in respect of such shares except as otherwise required under the *Business Corporations Act.*

**29.4** **Dividends** The holders of the Earnout Shares shall not be entitled to any dividends or other distributions in respect of such shares other than a Liquidation Distribution.

**29.5** **Liquidation Distribution** In the event of any Liquidation Distribution, the holders of Earnout Shares shall be entitled to receive, before any repayment of capital or any distribution of any part of the assets of the Company to the holders of the Common Shares, and any shares ranking junior to the Earnout Shares, an amount per Earnout Share equal to the Redemption Price. After payment to the holders of the Earnout Shares of the amount so payable to them as above provided, the holders of the Earnout Shares shall not be entitled to share in any further distribution of the property or assets of the Company.

**29.6** **Redemption** Subject to Section 79 of the *Business Corporations Act*, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time after the 5th year anniversary of the Original Issue
Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any time after a Deemed Liquidation ;

without notice, redeem at any time the whole of the then outstanding Earnout Shares on payment, in respect of each Earnout Share to be redeemed, of the Redemption Price thereon (provided that the ability to redeem Earnout Shares shall not apply in respect of any Earnout Shares which are automatically converted into Common Shares in accordance with the provisions of this Part 29.

**29.7** **Limits on Transferability** None of the Earnout Shares may be Transferred other than in a Permitted Transfer without the prior approval of the board of directors. Earnout Shares may only be Transferred in a Permitted Transfer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is satisfied that the Transfer
 is a Permitted Transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the transferring holder and the Permitted
 Transferee enter into a written agreement in form and substance reasonably satisfactory to
 the Company providing such assurances as the Company may require relating to, among other
 things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the eligibility of the Transfer as a Permitted
 Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Permitted Transferee's acknowledgement
 of the transfer restrictions in respect of the Earnout Shares being transferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Permitted Transferee's agreement
 to be bound by all of the covenants, agreements and obligations of the transferring holder
 to the Company in respect of (x) matters relating to the Earnout Shares and (y) the
 transferring holder's ownership of the Earnout Shares.

The Company shall not register, and no holder shall have any right to request, any Transfer of the registered ownership of any Earnout Shares not made in accordance with this Article 30.5. For greater certainty, no holder shall be entitled to pledge, mortgage, exchange, hypothecate or grant a security interest or encumbrance in any Earnout Shares..

**29.8** **Conversion Provisions** Unless and until adjusted as provided for in this Article 29.8, upon the occurrence of an Automatic Conversion Event, each Earnout Share shall be converted into Common Shares on a 1:1 basis (the "**Conversion Rate**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No fractional Common Shares shall be issued
 upon conversion of the Earnout Shares. All Common Shares (including fractions thereof) issuable
 upon conversion of more than one Earnout Share by a holder thereof shall be aggregated for
 the purpose of determining whether the conversion would result in the issuance of any fractional
 share. If, after the aforementioned aggregation, the conversion would result in the issuance
 of any fractional Common Share, the holder shall be entitled to the number of Common Shares
 determined by rounding the entitlement down to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company shall at any time or from
 time to time after the Original Issue Date effect a subdivision of the outstanding Common
 Shares, the Earnout Shares shall be similarly subdivided at the same time (failing which
 the Conversion Rate shall be adjusted accordingly). If the Company shall at any time or from
 time to time after the Original Issue Date effect a consolidation of the outstanding Common
 Shares, the Earnout Shares shall be similarly consolidated at the same time (failing which
 the Conversion Rate shall be adjusted accordingly).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Common Shares of the Company shall
 be changed into the same or a different number of shares of any class, whether by capital
 reorganization, reclassification, or otherwise (other than a subdivision or combination of
 shares, or a reorganization, merger, amalgamation, arrangement, consolidation, business combination
 or sale of assets provided for below), then in the event that any Earnout Shares are thereafter
 converted into Common Shares, the holders of the Earnout Shares shall be entitled to receive,
 upon conversion thereof, the kind and amount of shares or other securities or property that
 would have otherwise been receivable upon such reorganization, reclassification or other
 change by a holder of Common Shares holding the number of Common Shares into which such Earnout
 Shares would have been converted as of immediately prior to such reorganization, reclassification
 or change, all subject to further adjustment as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In case of any merger, amalgamation, consolidation,
 arrangement, reorganization or other business combination involving the Company and any other
 corporation or other entity or Person in which the Common Shares are converted into or exchanged
 for shares or other securities or property (in each case, other than a Deemed Liquidation
 Event), then in the event of a subsequent Automatic Conversion Event, the Earnout Shares
 shall thereafter be convertible (or shall be converted into a security which shall be convertible)
 into the kind and amount of shares or other securities or property to which a holder of Common
 Shares would have been entitled upon such event if the holder held the number of Common Shares
 issuable upon conversion of such Earnout Shares as of immediately prior to such event; and,
 in such case, appropriate adjustment (as determined in good faith by the board of directors
 of the Company) shall be made in the application of the provisions in this Article 29.8(d) with
 respect to the rights and interest thereafter of the holders of the Earnout Shares, to the
 end that the provisions set forth in this Article 29.8(d) (including provisions
 with respect to changes in and other adjustments of the Conversion Rate) shall thereafter
 be applicable, as nearly as reasonably may be, in relation to any shares or other securities
 or property thereafter deliverable upon the conversion of the Earnout Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon any Earnout Shares being converted
 as herein provided, all rights with respect to such shares, including the rights, if any,
 to receive notices and to vote, shall immediately cease and terminate, other than the right
 of the holders thereof to receive Common Shares in exchange therefor.

**29.9** **Automatic Conversion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A Earnout Shares</u>. All
 Class A Earnout Shares shall be converted automatically into Common Shares in accordance
 with the provisions set forth in this Article 29.9 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the VWAP of the Common Shares on the exceeds
 US $15.00 for any twenty (20) Trading Days within any thirty (30) Trading Day period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there occurs any transaction resulting
 in a Deemed Liquidation Event with a valuation of the Common Shares that is greater than
 or equal to US$15.00 per Common Share (the occurrence of any event in clause (i) or
 (ii), as applicable, a "**Class A Earnout Share Conversion Event** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class B Earnout Shares</u>. All Class B Earnout Shares shall be converted automatically into
 Common Shares in accordance with the provisions set forth in this Article 29.9 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the VWAP of the Common Shares on the exceeds
 US $20.00 for any twenty (20) Trading Days within any thirty (30) Trading Day period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there occurs any transaction resulting
 in a Deemed Liquidation Event with a valuation of the Common Shares that is greater than
 or equal to US$20.00 per Common Share (the occurrence of any event in clause (i) or
 (ii), as applicable, a "**Class B Earnout Share Conversion Event** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class C Earnout Shares</u>. All
 Class C Earnout Shares shall be converted automatically into Common Shares in accordance
 with the provisions set forth in this Article 29.9 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the VWAP of the Common Shares on the exceeds
 US $25.00 for any twenty (20) Trading Days within any thirty (30) Trading Day; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there occurs any transaction resulting
 in a Deemed Liquidation Event with a valuation of the Common Shares that is greater than
 or equal to US$25.00 per Common Share (the occurrence of any event in clause (i) or
 (ii), as applicable, a "**Class C Earnout Share Conversion Event** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mechanics of Conversion</u>. Upon the
 occurrence of an Automatic Conversion Event, all the then issued and outstanding Earnout
 Shares of the applicable class shall be converted automatically without any further action
 by the holders thereof and whether or not the certificates (if any) representing such shares
 are surrendered to the Company or its transfer agent. The Company shall provide all holders
 of the applicable class of Earnout Shares written notice as promptly as practicable following
 the occurrence of an Automatic Conversion Event including the date such event occurred (the
 "**Automatic Conversion Date** "). The Company shall not be obligated to issue
 certificates evidencing the Common Shares issuable upon any automatic conversion (to the
 extent the Common Shares are certificated) unless the certificates evidencing such Earnout
 Shares being converted, if any, are either delivered to the Company, or its transfer agent,
 or the holder notifies the Company, or its transfer agent, that such certificates have been
 lost, stolen or destroyed and executes an agreement satisfactory to the Company to indemnify
 the Company (and its transfer agent, if applicable) from any loss incurred by it in connection
 therewith **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Effect of Automatic Conversion</u>.
 On the Automatic Conversion Date, all rights with respect to the Earnout Shares so converted
 shall terminate, except for the right of the holder thereof to receive the number of Common
 Shares into which such Earnout Shares have been converted under these Articles. Upon the
 occurrence of an Automatic Conversion Event, any certificates representing the applicable
 Earnout Shares shall cease to have or to represent any rights with respect to such Earnout
 Shares and shall represent only the right of the holder to receive the Common Shares into
 which they were converted under these Articles. The Company or its agent shall, promptly
 upon request of any holder whose Earnout Shares have been converted into Common Shares and
 upon surrender by such holder to the Company of the outstanding certificate(s) formerly
 representing such Earnout Shares (if any), issue and deliver to such holder, a certificate
 or certificates or written acknowledgment for the number of Common Shares into which the
 Earnout Shares were converted at the Automatic Conversion Time (to the extent the Common
 Shares are certificated). Any conversion under this Part 31 shall be deemed to have
 been made upon the occurrence of the Automatic Conversion Event and the Person or Persons
 who at the time of the Automatic Conversion Event were the record holder or holders of the
 Earnout Shares shall be treated for all purposes as the record holder or holders of the Common
 Shares into which they were converted as of such time.

**Part 30<br> preferred shares**

**30.1** **Issuable in Series.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Preferred shares on the capital of
 the Company ()"**Preferred Shares**") may include one or more series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Article 30.1(c) of
 these Articles and the *Business Corporations Act*, from time to time, the directors
 by resolution may, if none of the Preferred Shares of any particular series are issued, alter
 these Articles and authorize the alteration of the Notice of Articles of the Company, as
 the case may be, to do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the maximum number of shares of
 any of those series of Preferred Shares that the Company is authorized to issue, determine
 that there is no such maximum number, or alter any determination made under this Article 30.1(b)(i) or
 otherwise in relation to a maximum number of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) create an identifying name by which the
 shares of any of those series of Preferred Shares may be identified, or alter any identifying
 name created for those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) attach or alter special rights or restrictions
 to the shares of any of those series of Preferred Shares, including, but without limiting
 or restricting the generality of the foregoing, special rights or restrictions with respect
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the rate, amount, method of calculation
 and payment of any dividends, whether cumulative, partly cumulative or non-cumulative, and
 whether such rate, amount, method of calculation or payment is subject to change or adjustment
 in the future;

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&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) any rights upon a dissolution, liquidation
 or winding-up of the Company or upon any other return of capital or distribution of the assets
 of the Company among its shareholders for the purpose of winding up its affairs;

&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) any rights of redemption, retraction or
 purchase for cancellation and the prices and terms and conditions of any such rights;

&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) any rights of conversion, exchange or
 reclassification and the terms and conditions of any such rights;

&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) any rights to vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any other special rights or restrictions,
 not inconsistent with these share provisions, attaching to such series of Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No special rights or restrictions attached
 to any series of Preferred Shares shall confer upon the shares of such series a priority
 over the shares of any other series of Preferred Shares in respect of dividends or a return
 of capital in the event of the dissolution of the Company or on the occurrence of any other
 event that entitles the shareholders holding the shares of all series of the Preferred Shares
 to a return of capital. The Preferred Shares of each series shall, with respect to the payment
 of dividends and the distribution of assets or return of capital in the event of dissolution
 or on the occurrence of any other event that entitles the shareholders holding the shares
 of all series of the Preferred Shares to a return of capital, rank on a parity with the shares
 of every other series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the special rights or restrictions
 attached to any series of Preferred Shares otherwise state, each series of Preferred Shares
 shall, with respect to the payment of dividends and the distribution of assets or return
 of capital in the event of dissolution or on the occurrence of any other event that entitles
 the shareholders holding the shares of all series of the Preferred Shares to a return of
 capital, rank in priority to the rights of holders of Common Shares and any other class of
 shares stated to be ranking junior to the Preferred Shares. For greater certainty, the amount
 of the priority in respect of the return of capital in the case of the distribution of assets
 or return of capital in the event of dissolution or on the occurrence of any other event
 that entitles the shareholders holding the shares of all series of the Preferred Shares to
 a return of capital shall be the amount stated or calculated in accordance with the special
 rights or restrictions of the particular series of Preferred Shares.

**Part 31<br> CONVERTIBLE PREFERRED SHARES**

**SPECIAL RIGHTS AND RESTRICTIONS ATTACHING TO THE CONVERTIBLE PREFERRED SHARES**

**31.1** **Convertible Preferred Shares**.

The Convertible Preferred shares in the capital of the Company (the "**Convertible Preferred Shares**") which shall confer on the holders thereof and shall be subject to the special rights and restrictions set forth in this Part 31.

**31.2** **Definitions.** In this Part 31 of these Articles **:** 

"**Accrued Dividend**" shall have the meaning set forth in <u>Section 31.4(a)</u>.

"**Accrued Value**" means, as of any date, with respect to each Convertible Preferred Share as of the determination date, the sum, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Convertible Preferred Shares, of (i) the Deemed Original Issue Price per share of Convertible Preferred Shares, plus (ii) the aggregate amount of any accrued PIK Dividends on such share of Convertible Preferred Shares as of such date, plus (iii) on each Semi-Annual Dividend Date and on a cumulative basis, an additional an amount equal to the dollar value of all Cash Dividends that have accrued on such share pursuant to <u>Section 31.4(a)</u>, but only to the extent such Cash Dividends have not been paid, whether or not declared, but that have not, as of such date, been added to the Accrued Value.

"**Affiliate**" means, with respect to any Person, any other Person who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms "controlled" and "controlling" have meanings correlative thereto.

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"**Alternate Consideration**" shall have the meaning set forth in <u>Section 31.8(f)</u>.

"**Annual Rate**" means with respect to a PIK Dividend, 12% of the Accrued Value, subject to adjustments herein, and with respect to a Cash Dividend, 10% of the Accrued Value, subject to adjustments herein.

"**Attribution Parties**" shall have the meaning set forth in <u>Section 31.7(e)</u>.

"**Available Proceeds**" shall have the meaning set forth in <u>Section 31.6(c)(i)</u>.

"**Beneficial Ownership Limitation**" shall have the meaning set forth in <u>Section 31.7(e)</u>.

"**British Columbia Courts**" shall have the meaning set forth in <u>Section 31.10(d)</u>.

"**Business Combination"** means the transactions contemplated by the Business Combination Agreement.

"**Business Combination Agreement**" means that certain Business Combination Agreement, dated as of January 21, 2026, by and among the Company (or its predecessor), 1573562 B.C. Ltd. and General Fusion Inc.

"**Business Day**" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; *<u>provided</u>*, *<u>however</u>*, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

"**Buy-In**" shall have the meaning set forth in <u>Section 31.7(c)(iv)</u>.

"**Cash Dividend**" shall have the meaning set forth in <u>Section 31.4(a)</u>.

"**Closing**" means the closing of the purchase and sale of the Securities pursuant to <u>Section 2.1</u> of the Purchase Agreement.

"**Closing Date**" means the Trading Day the Business Combination is consummated.

"**Commission**" means the United States Securities and Exchange Commission.

"**Common Shares**" means the Common shares of the Company and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"**Common Shares Equivalents**" means any securities of the Company that would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, Convertible Preferred Shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

"**Conversion Date**" shall have the meaning set forth in <u>Section 31.7(a)</u>.

"**Conversion Price**" shall have the meaning set forth in <u>Section 31.7(b)</u>.

"**Conversion Shares**" means, collectively, the Common Shares issuable upon conversion of the Convertible Preferred Shares in accordance with the terms hereof.

"**Convertible Preferred Holder**" means a registered holder of an issued and outstanding Convertible Preferred Share and "**Convertible Preferred Holders**" means all registered holders of the issued and outstanding Convertible Preferred Shares.

"**Convertible Preferred Shares**" shall have the meaning set forth in <u>Section 31.3</u>.

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"**Convertible Preferred Shares Liquidation Amount**" shall have the meaning set forth in <u>Section 31.6(b)</u>.

"**Convertible Preferred Shares Register**" shall have the meaning set forth in <u>Section 31.3</u>.

"**Convertible Securities**" means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any Common Shares;

"**Company Notice**" shall have the meaning set forth in <u>Section 31.9(a)</u>.

"**Deemed Liquidation Event**" means: (i) an amalgamation, merger, reorganization, consolidation or other similar transaction in which (A) the Company is a constituent party, or (B) a subsidiary of the Company is a constituent party and the Company issues shares under such amalgamation, merger, reorganization, consolidation or other similar transaction, except any such amalgamation, merger, reorganization, consolidation or other similar transaction involving the Company or a subsidiary in which the shares of the Company outstanding immediately before such amalgamation, merger, plan of arrangement, reorganization, consolidation or other similar transaction continue to represent, or are converted into or exchanged for shares that represent, immediately following such amalgamation, merger, reorganization, consolidation or other similar transaction, at least a majority, by voting power, of the shares of (1) the surviving or resulting Company, as applicable; or (2) if the surviving or resulting Company is a wholly owned subsidiary of another Company immediately following such amalgamation, merger, plan of arrangement, reorganization, consolidation or other similar transaction, the parent Company of such surviving or resulting Company; (ii) the sale, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by amalgamation, merger, plan of arrangement, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale is to a wholly owned subsidiary of the Company.

"**Dilutive Issuance**" shall have the meaning set forth in <u>Section 31.8(b)</u>.

"**Distribution**" shall have the meaning set forth in <u>Section 31.8(e)</u>.

"**Effective Date**" means the date that the Registration Statement filed by the Company pursuant to the Registration Rights Agreement is first declared effective by the Commission.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**Exempt Issuance**" means the issuance of (a) any securities of the Company to employees, officers or directors, consultants, contractors, vendors or other agents of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued pursuant to the Purchase Agreement or the Business Combination Agreement and/or other securities exercisable or exchangeable for or convertible into Common Shares issued and outstanding on the Subscription Date, *<u>provided that</u>* such securities have not been amended since the Subscription Dates to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, (c) the Underlying Shares, (d) securities issued pursuant to any merger, acquisition or strategic transaction or partnership approved by a majority of the directors of the Company, *<u>provided that</u>* (i) such securities are issued as "restricted securities" (as defined in Rule 144) or are issued pursuant to an effective registration statement pursuant to the Securities Act and (ii) any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, and (e) any securities issued by the Company pursuant to any legal settlement or similar arrangement agreed or entered into by the Company, *<u>but</u>* any such Exempt Issuance shall not include a transaction in which the Company is issuing securities (i) primarily for the purpose of raising capital, including an at-the-market offering unless as approved by the Required Holders, and (ii) to an entity whose primary business is investing in securities,

"**Floor Price**" means the lesser of (i) $5.00 (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction occurring after the date of the Purchase Agreement) and (ii) the Conversion Price then in effect.

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"**Fundamental Transaction**" shall have the meaning set forth in <u>Section 31.8(f)</u>.

"**Junior Securities**" shall have the meaning set forth in <u>Section 31.6(a)</u>.

"**New Issuance Price**" shall have the meaning set forth in <u>Section 31.8(b)</u>.

"**Notice of Conversion**" shall have the meaning set forth in <u>Section 31.7(a)</u>.

"**Options**" means any rights, warrants or options to subscribe for or purchase Common Shares or Convertible Securities.

"**Option Value**" means the value of an Option based on the Black and Scholes Option Pricing model obtained from the "OV" function on Bloomberg determined as of (A) the Trading Day prior to the public announcement of the issuance of the applicable Option, if the issuance of such Option is publicly announced or (B) the Trading Day immediately following the issuance of the applicable Option if the issuance of such Option is not publicly announced, for pricing purpose and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of the applicable Option as of the applicable date of determination, (ii) an expected volatility equal to the **<u>greater</u>** of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of (A) the Trading Day immediately following the public announcement of the applicable Option if the issuance of such Option is publicly announced or (B) the Trading Day immediately following the issuance of the applicable Option if the issuance of such Option is not publicly announced, (iii) the underlying price per share used in such calculation shall be the highest weighted average price of the Common Shares during the period beginning on the Trading Day prior to the execution of definitive documentation relating to the issuance of the applicable Option and ending on (A) the Trading Day immediately following the public announcement of such issuance, if the issuance of such Option is publicly announced or (B) the Trading Day immediately following the issuance of the applicable Option if the issuance of such Option is not publicly announced, (iv) a zero cost of borrow and (v) a 360 day annualization factor, *<u>provided</u>*, *<u>however</u>*, in case any Option is issued in connection with the issue or sale of other securities of the Company, together comprising one integrated transaction, in no event shall the Option Value exceed a fraction of the aggregate consideration received (excluding the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Company upon the exercise of such Options, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities) equal to (1) the number of Common Shares underlying such Option divided by (2) the total number of Common Shares issued or issuable in the integrated transaction (including the number of shares underlying such Option).

"**Original Issue Date**" means the date of the first issuance of any shares of the Convertible Preferred Shares regardless of the number of transfers of any particular Convertible Preferred Shares and regardless of the number of certificates which may be issued to evidence such Convertible Preferred Shares.

"**Person**" means an individual, partnership, corporation, limited liability company, joint stock company, unincorporated organization or association, trust, joint venture or other entity, whether or not a legal entity.

"**PIK Dividend**" shall have the meaning set forth in <u>Section 31.4(a)</u>.

"**Purchase Agreement**" means the Securities Purchase Agreements, among the Company and the original Convertible Preferred Holders, as amended, modified or supplemented from time to time in accordance with its terms.

"**Purchase Rights**" shall have the meaning set forth in <u>Section 31.8(d)</u>.

"**Redemption Date**" shall have the meaning set forth in <u>Section 31.9(b)(i)</u>.

"**Redemption Notice**" shall have the meaning set forth in <u>Section 31.9(b)(ii)</u>.

"**Redemption Price**" shall have the meaning set forth in <u>Section 31.9(b)(i)</u>.

"**Redemption Request**" shall have the meaning set forth in <u>Section 31.9(b)(i)</u>.

"**Registration Rights Agreement**" means the Registration Rights Agreement, dated as of the Closing Date, among the Company and the original Convertible Preferred Holders, in the form of <u>Exhibit B</u> attached to the Purchase Agreement.

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"**Registration Statement**" means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the resale of the Underlying Shares by each Convertible Preferred Holder as provided for in the Registration Rights Agreement, including the Initial Registration Statement (as defined in the Registration Rights Agreement) and any additional Registration Statements which may be required thereunder.

"**Required Holder**s" shall have the meaning set forth in <u>Section 31.5(c)</u>.

"**Rule 144**" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

"**Rule 424**" 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.

"**Securities**" means the Convertible Preferred Shares, the Warrants and the Underlying Shares.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"**Semi-Annual Dividend Date**" shall mean June 1 and December 1 of each year.

"**Share Delivery Date**" shall have the meaning set forth in <u>Section 31.7(c)</u>.

"**Standard Settlement Period**" shall have the meaning set forth in <u>Section 31.7(c)(i)</u>.

"**Subscription Date**" shall mean the date of the applicable Purchase Agreement.

"**Subsidiary**" means any subsidiary of the Company as of the Closing Date.

"**Successor Entity**" shall have the meaning set forth in <u>Section 31.8(f)</u>.

"**Trading Day**" means a day on which the principal Trading Market is open for business.

"**Trading Market**" means any of the following markets or exchanges on which the Common Shares is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

"**Transaction Documents**" means these Articles, the Purchase Agreement, the Warrants, the Registration Rights Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated pursuant to the Purchase Agreement.

"**Transfer Agent**" means the transfer agent of the Company as appointed from time to time.

"**Underlying Shares**" means the Conversion Shares and the Warrant Shares.

"**VWAP**" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for the 20 Trading Days preceding such date (or the nearest preceding date) on the Trading Market on which the Common Shares is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for the 20 Trading Days preceding such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the average of the highest closing bid price and the lowest closing ask price of the Common Shares for the 20 Trading Days preceding such date, or (d) in all other cases, the fair market value of a share of Common Shares as determined by an independent appraiser selected in good faith by the Company and reasonably acceptable to the Convertible Preferred Holders of a majority in interest of the Convertible Preferred Shares then outstanding, the fees and expenses of which shall be paid by the Company.

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"**Warrant Shares**" means, collectively, the Common Shares issuable upon exercise of the Warrants in accordance with the terms of the Warrants.

"**Warrants**" means, collectively, the warrants to purchase Common Shares issued pursuant to the Purchase Agreement.

**31.3** **Designation and Amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The authorized number of Convertible Preferred
 Shares shall be 12,000,000 (which shall not be subject to increase without the written consent
 of the Convertible Preferred Holders representing 50% of the then outstanding Convertible
 Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall register, or cause its
 Transfer Agent to register, the Convertible Preferred Shares upon records to be maintained
 by the Company or its Transfer Agent for that purpose (the "**Convertible Preferred Shares Register** "), in the name of the Convertible Preferred Holders thereof from
 time to time. The Company may deem and treat the registered Convertible Preferred Holders
 as the absolute owner thereof for the purpose of any conversion thereof and for all other
 purposes. The Company shall register, or cause its Transfer Agent to register, the transfer
 of any Convertible Preferred Shares in the Convertible Preferred Shares Register, upon surrender
 of the certificates evidencing such shares to be transferred, duly endorsed by the Convertible
 Preferred Holder thereof, to the Company at its address specified herein. Upon any such registration
 or transfer, a new certificate evidencing the Convertible Preferred Shares so transferred
 shall be issued to the transferee and a new certificate evidencing the remaining portion
 of the shares not so transferred, if any, shall be issued to the transferring Convertible
 Preferred Holder, in each case, within three Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 "**Deemed Original Issue Price**" for the Class A Convertible Preferred
 Shares means $12.00 per share, in each case, subject to appropriate adjustment in the event
 of any share dividend, subdivision, consolidation or other similar recapitalization with
 respect to such class or series of Convertible Preferred Shares, as applicable.

**31.4** **Dividends.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Closing, subject to
 the terms of this <u>Section 31.5</u>, the right to receive cumulative dividends
 on the Accrued Value of each Convertible Preferred Share at the Annual Rate. The right to
 receive dividends on each Convertible Preferred Share shall be cumulative and shall accrue
 daily from and the Closing and shall compound on each Semi-Annual Dividend Date (each, an
 "**Accrued Dividend**") whether or not earned or declared, and whether or
 not there are earnings or profits, surplus, or other funds or assets of the Company legally
 available for the payment of dividends. Each Accrued Dividend shall be satisfied, at the
 election of the Company, (i) by payment in cash (a "**Cash Dividend** "),
 or (ii) by increasing the Accrued Value of such share (a "**PIK Dividend** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall not declare, pay or
 set aside any dividends on shares of any other class or series of shares of the Company ranking
 junior to the Convertible Preferred Shares (other than dividends on Common Shares payable
 in Common Shares) unless (in addition to the obtaining of any consents required herein) the
 Convertible Preferred Holders of the Convertible Preferred Shares then outstanding shall
 first receive, or simultaneously receive, a dividend on each outstanding share of Convertible
 Preferred Shares in an amount at least equal to the sum of (i) the amount of the aggregate
 Accrued Dividends then accrued on such share of Convertible Preferred Shares and not previously
 paid and (ii) (A) in the case of a dividend on Common Shares or any class or series
 that is convertible into Common Shares, that dividend per share of Convertible Preferred
 Shares as would equal the product of (1) the dividend payable on each share of such
 class or series determined, if applicable, as if all shares of such class or series had been
 converted into Common Shares and (2) the number of Common Shares issuable upon conversion
 of a share of Convertible Preferred Shares, in each case calculated on the record date for
 determination of holders entitled to receive such dividend or (B) in the case of a dividend
 on any class or series of shares ranking junior to the Convertible Preferred Shares that
 is not convertible into Common Shares, at a rate per share of Convertible Preferred Shares
 determined by (1) dividing the amount of the dividend payable on each share of such
 class or series of shares by the original issuance price of such class or series of shares
 (subject to appropriate adjustment in the event of any stock dividend, stock split, combination
 or other similar recapitalization with respect to such class or series) and (2) multiplying
 such fraction by an amount equal to the Accrued Value; provided that if the Company declares,
 pays or sets aside, on the same date, a dividend on shares of more than one class or series
 of shares of the Company that is junior to the Convertible Preferred Shares, the dividend
 payable to the Convertible Preferred Holders pursuant to this <u>Section 31.4</u> shall
 be calculated based upon the dividend on the class or series of shares that would result
 in the highest Convertible Preferred Shares dividend.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to <u>Section 31.6</u> and <u>Section 31.7</u>,
 the Convertible Preferred Holders shall be entitled to receive, and the Company shall pay,
 dividends on Convertible Preferred Shares (other than Accrued Dividends), on an as-converted
 basis, equal to and in the same form as dividends actually paid on shares of the Common Shares
 when, as and if such dividends are paid on shares of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary
 herein, to the extent that the Convertible Preferred Holder's right to participate
 in any dividend would result in the Convertible Preferred Holder exceeding the Beneficial
 Ownership Limitation, then the Convertible Preferred Holder shall not be entitled to participate
 in such dividend to such extent (or in the beneficial ownership of any Common Shares as a
 result of such Distribution to such extent) and the portion of such dividend shall be held
 in abeyance for the benefit of the Convertible Preferred Holder until such time, if ever,
 such grant, issuance or sale, as its right thereto would not result in the Convertible Preferred
 Holder exceeding the Beneficial Ownership Limitation.

**31.5** **Voting Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Convertible Preferred Holders shall
 be entitled to notice of any meeting of shareholders of the Company and, except as otherwise
 required by law, shall vote together with the holders of Common Shares as a single class
 upon any matter submitted to the shareholders for a vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On any matter presented to the shareholders
 of the Company for their action or consideration at any meeting of the shareholders of the
 Company (or by written consent in lieu of a meeting), a Convertible Preferred Holder, together
 with its Attribution Parties, shall be entitled to the number of votes equal to the number
 of whole Common Shares into which the Convertible Preferred Shares held by such Convertible
 Preferred Holder, together with its Attribution Parties, as are convertible on the record
 date for determining shareholders entitled to vote on such matter (as adjusted from time
 to time pursuant to <u>Section 31.7</u> hereof and subject to the Beneficial
 Ownership Limitation), but, to the extent applicable, without regard as to whether sufficient
 Common Shares are available out of the Company's authorized by unissued stock, for
 the purpose of effecting the conversion of the Convertible Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As long as the Convertible Preferred Holders
 hold 20% or more of the Convertible Preferred Shares issued as of the closing of the Business
 Combination, the Company shall not, without the affirmative vote or action by written consent
 of the Convertible Preferred Holders of a majority of the issued and outstanding shares of
 the Convertible Preferred Shares (the "**Required Holders** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) liquidate, dissolve or wind-up the affairs
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend, alter or repeal these Articles or
 Notice of Articles or any similar document of the Company in a manner that materially and
 adversely affects the powers, preferences or rights given to the Convertible Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) create any equity security, authorize
 the creation of any equity security, classify any equity security, reclassify any equity
 security, or issue any other security convertible into or exercisable for any equity security,
 unless such security ranks junior to the Convertible Preferred Shares with respect to its
 rights, preferences and privileges or increase the number of authorized Convertible Preferred
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as set forth in <u>Section 31.4</u>,
 purchase or redeem or pay any cash dividend on any share of the Company ranking junior to
 the Convertible Preferred Shares prior to payment of such cash dividend on the Convertible
 Preferred Shares or purchase or redeem any share of the Company ranking junior to the Convertible
 Preferred Shares, other than shares repurchased at cost from former employees and consultants
 in connection with the cessation of their service or pursuant to the terms of any equity
 incentive plan of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) enter into any transaction with an affiliate
 that is not on arms'-length terms, other than the issuance of equity or awards to eligible
 participants under the Company's incentive plan, equity plan or equity-based compensation
 plan, or with respect to employment, consulting or award agreements with respect to executive
 officers of the Company, in each case regardless of whether such person (or such person's
 affiliates) would be considered an affiliate of the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) incur or guarantee any indebtedness other
 than equipment leases or trade payables incurred in the ordinary course of business; *<u>provided</u>* , *<u>however</u>* ,
 that the Convertible Preferred Shares shall not be considered indebtedness for purposes of
 this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary
 herein, Section 31.7(d) may not be amended, modified or waived in any manner that
 materially and adversely affects a Convertible Preferred Holder without such Convertible
 Preferred Holder's consent.

**31.6** **Ranking; Liquidation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Convertible Preferred Shares shall
 rank senior to all of the Common Shares and any class or series of shares of the Company
 currently existing or hereafter authorized, classified or reclassified by the Company (collectively,
 "**Junior Securities** "), in each case, as to dividends or to participate
 in distributions of assets or payments upon liquidation, dissolution or winding up of the
 Company, whether voluntarily or involuntarily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Preferential Payments to Holders of Convertible Preferred Shares; Distribution of Remaining Assets.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of any voluntary or involuntary
 liquidation, dissolution or winding up of the Company or other distribution of assets of
 the Company among its shareholders for the purpose of winding up its affairs (a "**Liquidation Event** "), the Convertible Preferred Holders are entitled to be paid out of the assets
 of the Company available for distribution to its shareholders, and in the event of a Deemed
 Liquidation Event (as defined below), the holders of Class A Convertible Preferred Shares
 then outstanding are entitled to be paid out of the consideration payable to shareholders
 or the remaining Available Proceeds (as defined below) in such Deemed Liquidation Event,
 as applicable, before any payment is made to the holders of Common Shares or other Junior
 Securities by reason of their ownership thereof, an amount per share equal to the greater
 of (i) 100% of the Accrued Value or (ii) such amount per share as would have been
 payable had all Convertible Preferred Shares been converted into Common Shares pursuant to <u>Section 31.7</u> immediately prior to such liquidation, dissolution, winding up or
 Deemed Liquidation Event based on the then effective rate of conversion and without giving
 effect to the Beneficial Ownership Limitation or any other limitations on conversion set
 forth herein. If upon any such liquidation, dissolution or winding up of the Company or Deemed
 Liquidation Event, the assets of the Company available for distribution to its shareholders
 shall be insufficient to pay the Convertible Preferred Holders the full amount to which they
 shall be entitled under this Section 31.6(b), the Convertible Preferred Holders shall
 share rateably in any distribution of the assets available for distribution in proportion
 to the respective amounts that would otherwise be payable in respect of the shares held by
 them upon such distribution if all amounts payable on or with respect to such shares were
 paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of any voluntary or involuntary
 liquidation, dissolution or winding up of the Company, after the payment in full of all amounts
 required to be paid to the holders of Preferred Shares pursuant to <u>Section 31.6(b)(i)</u>,
 the remaining assets of the Company available for distribution to its shareholders or, in
 the case of a Deemed Liquidation Event, the consideration not payable to the holders of Preferred
 Shares pursuant to <u>Section 31.6(b)(i)</u> or the remaining Available Proceeds,
 as the case may be, shall be distributed among the holders of the Preferred Shares and Common
 Shares, pro rata based on the number of shares held by each such holder, treating for this
 purpose all such securities as if they had been converted to Common Shares pursuant to the
 terms of Articles immediately prior to such Liquidation Event or Deemed Liquidation Event.
 The aggregate amount which a holder of a share of Preferred Shares is entitled to receive
 under <u>Sections 31.6(b)(i)</u> and <u>31.6(b)(ii)</u> is hereinafter referred
 to as the "Preferred Shares Liquidation Amount."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Deemed Liquidation Events.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall not have the power to
 effect a Deemed Liquidation Event referred to in Subsection (i)(A) of the definition
 of Deemed Liquidation Event unless the agreement or plan of amalgamation or consolidation
 for such transaction (the "**Amalgamation Agreement**") provides that the consideration
 payable to the shareholders of the Company in such Deemed Liquidation Event shall be allocated
 to the holders of shares of the Corporation in accordance with <u>Section 31.6</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a Deemed Liquidation Event
 referred to in Subsection (i)(B) or (ii) of the definition of Deemed Liquidation
 Event, if the Company does not effect a dissolution of the Company within ninety (90) days
 after such Deemed Liquidation Event, then (i) the Company shall send a written notice
 to each Convertible Preferred Holder no later than the ninetieth (90<sup>th</sup>) day after
 the Deemed Liquidation Event advising such Convertible Preferred Holders of their right (and
 the requirements to be met to secure such right) pursuant to the terms of the following clause
 to require the redemption of such Convertible Preferred Shares, and (ii) if the Required
 Holders so request in a written instrument delivered to the Company not later than one hundred
 twenty (120) days after such Deemed Liquidation Event, the Company shall use the consideration
 received by the Company for such Deemed Liquidation Event (net of any retained liabilities
 associated with the assets sold or technology licensed, or any other expenses associated
 with the Deemed Liquidation Event or the dissolution of the Company, in each case as determined
 in good faith by the Board of Directors of the Company), together with any other assets of
 the Company available for distribution to its shareholders, all to the extent permitted by
 British Columbia law governing distributions to shareholders (the "**Available Proceeds** "),
 on the one hundred fiftieth (150<sup>th</sup>) day after such Deemed Liquidation Event, to
 redeem all outstanding Convertible Preferred Shares at a price per share equal to the Convertible
 Preferred Shares Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption
 pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem
 all outstanding Convertible Preferred Shares, the Company shall redeem a pro rata portion
 of each Convertible Preferred Holder's Convertible Preferred Shares to the fullest
 extent of such Available Proceeds, based on the respective amounts that would otherwise be
 payable in respect of the shares to be redeemed if the Available Proceeds were sufficient
 to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully
 do so under British Columbia law governing distributions to shareholders. The provisions
 of <u>Section 31.9</u> shall apply, with such necessary changes in the details
 thereof as are necessitated by the context, to the redemption of the Convertible Preferred
 Shares pursuant to this <u>Section 31.6(c)(i) or (ii)</u>. Prior to the distribution
 or redemption provided for in this <u>Section 31.6(c)(i) or (ii)</u>, the
 Company shall not expend or dissipate the consideration received for such Deemed Liquidation
 Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In any Deemed Liquidation Event, if Available
 Proceeds are in a form of property other than in cash, the value of such distribution shall
 be deemed to be the fair market value of such property. The determination of fair market
 value of such property shall be made in good faith by the Board of Directors of the Company,
 provided that to the extent such property consists of securities, the fair market value of
 such securities shall be determined as follows:

For securities not subject to investment letters or other similar restrictions on free marketability covered by Section 31.6(c)(iii) below, the value shall be the VWAP of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The method of valuation of securities subject
 to investment letters or other similar restrictions on free marketability (other than restrictions
 arising solely by virtue of a shareholder's status as an affiliate or former affiliate)
 shall take into account an appropriate discount (as determined in good faith by the Board
 of Directors of the Company) from the market value as determined pursuant to <u>Section 31.6(c)(ii)</u> above
 so as to reflect the approximate fair market value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Allocation of Escrow and Contingent Consideration</u>. If any portion of the consideration payable to the shareholders of the
 Company is payable only upon satisfaction of contingencies (the "**Additional Consideration** "),
 (a) the portion of such consideration that is not Additional Consideration (such portion,
 the "**Initial Consideration**") shall be allocated in accordance with the
 foregoing Sections <u>30.6(b)</u> or <u>30.6(c)</u> as if the Initial Consideration
 were the only consideration payable in connection with such Deemed Liquidation Event; and
 (b) any Additional Consideration which becomes payable to the shareholders of the Company
 upon satisfaction of such contingencies shall be allocated among the holders of shares of
 the Company in accordance with Sections 31.6(b) and 31.6(c) after taking into account
 the previous payment of the Initial Consideration as part of the same transaction. For the
 purposes of this <u>Section 31.6(d)</u>, consideration placed into escrow or retained
 as a holdback to be available for satisfaction of indemnification or similar obligations
 in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

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**31.7** **Conversion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conversions at Option of Holder</u>.
 Each share of Convertible Preferred Shares shall be convertible, at any time and from time
 to time from and after the Original Issue Date at the option of the Convertible Preferred
 Holder thereof, into that number of whole Common Shares (subject to the limitations set forth
 in <u>Section 31.7(d)</u>) determined by dividing the Accrued Value of such Convertible
 Preferred Shares by the Conversion Price. Convertible Preferred Holders shall effect conversions
 by providing the Company with the form of conversion notice attached hereto as <u>Annex A</u> (a "**Notice of Conversion** "), unless the Company does not serve
 as its transfer agent, in which event the Notice of Conversion shall be delivered to the
 Transfer Agent. Each Notice of Conversion shall specify the number of Convertible Preferred
 Shares to be converted, the number of Convertible Preferred Shares owned prior to the conversion
 at issue, the number of Convertible Preferred Shares owned subsequent to the conversion at
 issue and the date on which such conversion is to be effected, which date may not be prior
 to the date the applicable Convertible Preferred Holder delivers by e-mail attachment or
 by a nationally recognized overnight courier service such Notice of Conversion to the Company
 (such date, the "**Conversion Date** "). If no Conversion Date is specified
 in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion
 to the Company is deemed delivered hereunder. No ink-original Notice of Conversion shall
 be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
 of any Notice of Conversion form be required. The calculations and entries set forth in the
 Notice of Conversion shall control in the absence of manifest or mathematical error. To effect
 conversions of Convertible Preferred Shares, a Convertible Preferred Holder shall not be
 required to surrender the certificate(s) representing the Convertible Preferred Shares
 to the Company unless all of the Convertible Preferred Shares represented thereby are so
 converted, in which case such Convertible Preferred Holder shall deliver the certificate
 representing such Convertible Preferred Shares promptly following the Conversion Date at
 issue. Convertible Preferred Shares converted into Common Shares or redeemed in accordance
 with the terms hereof shall be canceled and shall not be reissued, and all rights (other
 than the right to receive the Conversion Shares) with respect to such shares will terminate.
 The Company's stock ledger and transfer book shall serve as the exclusive record of
 outstanding Convertible Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conversion Price</u>. The initial conversion
 price is $12.00 (the "**Conversion Price** "). Such initial Conversion Price,
 and the rate at which the Convertible Preferred Shares may be converted into Common Shares
 are subject to adjustments as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Mechanics of Conversion</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Delivery of Conversion Shares Upon Conversion</u>.
 Not later than the number of Trading Days comprising the Standard Settlement Period after
 each Conversion Date (the "**Share Delivery Date** "), the Company shall deliver,
 or cause to be delivered, to the converting Convertible Preferred Holder (A) the number
 of Conversion Shares being acquired upon the conversion of the Convertible Preferred Shares,
 which on or after the earlier of (i) the one year anniversary of the Original Issue
 Date or (ii) the Effective Date, shall be free of restrictive legends and trading restrictions
 (other than those which may then be required by the Purchase Agreement, any other applicable
 lock-up agreement or similar agreement or applicable law) and (B) cash in an amount
 equal to any accrued and unpaid dividends, if any. On or after the earlier of (i) the
 one year anniversary of the Original Issue Date or (ii) the Effective Date, the Company
 shall deliver the Conversion Shares required to be delivered by the Company under this <u>Section 3.7</u> electronically
 through the Depository Trust Company or another established clearing corporation performing
 similar functions. As used herein, "**Standard Settlement Period**" means
 the standard settlement period, expressed in a number of Trading Days, on the Company's
 primary Trading Market with respect to the Common Shares as in effect on the date of delivery
 of the Notice of Conversion. Notwithstanding the foregoing, with respect to any Notice(s) of
 Conversion delivered at or prior to 12:00 p.m. (New York City time) on the Original
 Issue Date, the Company agrees to deliver the Conversion Shares subject to such notice(s) by
 4:00 p.m. (New York City time) on the Original Issue Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Failure to Deliver Conversion Shares</u>.
 If, in the case of any Notice of Conversion, such Conversion Shares are not delivered to
 or as reasonably directed by the applicable Convertible Preferred Holder by the Share Delivery
 Date, the Convertible Preferred Holder shall be entitled to elect by written notice to the
 Company at any time on or before its receipt of such Conversion Shares, to rescind such conversion,
 in which event the Company shall promptly return to the Convertible Preferred Holder any
 original Convertible Preferred Shares certificate delivered to the Company and the Convertible
 Preferred Holder shall promptly return to the Company the Conversion Shares issued to such
 Convertible Preferred Holder pursuant to the rescinded Notice of Conversion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Obligation Absolute; Partial Liquidated Damages</u>. The Company's obligation to issue and deliver the Conversion Shares upon
 conversion of Convertible Preferred Shares in accordance with the terms hereof are absolute
 and unconditional, irrespective of any action or inaction by a Convertible Preferred Holder
 to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
 of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim,
 recoupment, limitation or termination, or any breach or alleged breach by such Convertible
 Preferred Holder or any other Person of any obligation to the Company or any violation or
 alleged violation of law by such Convertible Preferred Holder or any other person, and irrespective
 of any other circumstance which might otherwise limit such obligation of the Company to such
 Convertible Preferred Holder in connection with the issuance of such Conversion Shares; provided,
 however, that such delivery shall not operate as a waiver by the Company of any such action
 that the Company may have against such Convertible Preferred Holder. In the event a Convertible
 Preferred Holder shall elect to convert any or all of the Accrued Value of its Convertible
 Preferred Shares, the Company may not refuse conversion based on any claim that such Convertible
 Preferred Holder or anyone associated or affiliated with such Convertible Preferred Holder
 has been engaged in any violation of law, agreement or for any other reason, unless an injunction
 from a court, on notice to Convertible Preferred Holder, restraining and/or enjoining conversion
 of all or part of the Convertible Preferred Shares of such Convertible Preferred Holder shall
 have been sought and obtained, and the Company posts a surety bond for the benefit of such
 Convertible Preferred Holder in the amount of 150% of the Accrued Value of Convertible Preferred
 Shares which is subject to the injunction, which bond shall remain in effect until the completion
 of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable
 to such Convertible Preferred Holder to the extent it obtains judgment. In the absence of
 such injunction, the Company shall issue Conversion Shares and, if applicable, cash, upon
 a properly noticed conversion. If the Company fails to deliver to a Convertible Preferred
 Holder such Conversion Shares pursuant to Section 31.7(c)(i) by 10th Trading Day
 after the Share Delivery Date applicable to such conversion, the Company shall pay to such
 Convertible Preferred Holder, in cash, as liquidated damages and not as a penalty, for each
 $5,000 of Accrued Value of Convertible Preferred Shares being converted, $25 per Trading
 Day (increasing to $50 per Trading Day on the third Trading Day and increasing to $100 per
 Trading Day on the sixth Trading Day after such damages begin to accrue) for each Trading
 Day after the 10th Trading Day after the Share Delivery Date until such Conversion Shares
 are delivered or Convertible Preferred Holder rescinds such conversion. Nothing herein shall
 limit a Convertible Preferred Holder's right to pursue actual damages for the Company's
 failure to deliver Conversion Shares within the period specified herein and such Convertible
 Preferred Holder shall have the right to pursue all remedies available to it hereunder, at
 law or in equity, including, without limitation, a decree of specific performance and/or
 injunctive relief. The exercise of any such rights shall not prohibit a Convertible Preferred
 Holder from seeking to enforce damages pursuant to any other Section hereof or under
 applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Compensation for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion</u>. In addition to any other rights available
 to the Convertible Preferred Holder, if the Company fails for any reason unrelated to the
 actions of the Convertible Preferred Holder or its Affiliates to deliver to a Convertible
 Preferred Holder the applicable Conversion Shares by the Share Delivery Date pursuant to
 Section 31.7(c)(i), and if after such Share Delivery Date such Convertible Preferred
 Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise),
 or the Convertible Preferred Holder's brokerage firm otherwise purchases, Common Shares
 to deliver in satisfaction of a sale by such Convertible Preferred Holder of the Conversion
 Shares which such Convertible Preferred Holder was entitled to receive upon the conversion
 relating to such Share Delivery Date (a "**Buy-In** "), then the Company shall
 (A) pay in cash to such Convertible Preferred Holder (in addition to any other remedies
 available to or elected by such Convertible Preferred Holder) the amount, if any, by which
 (x) such Convertible Preferred Holder's total purchase price (including any brokerage
 commissions) for the Common Shares so purchased exceeds (y) the product of (1) the
 aggregate number of Common Shares that such Convertible Preferred Holder was entitled to
 receive from the conversion at issue multiplied by (2) the actual sale price at which
 the sell order giving rise to such purchase obligation was executed (excluding any brokerage
 commissions) and (B) at the option of such Convertible Preferred Holder, either reissue
 (if surrendered) the Convertible Preferred Shares equal to the number of Convertible Preferred
 Shares submitted for conversion (in which case, such conversion shall be deemed rescinded)
 or deliver to such Convertible Preferred Holder the number of Common Shares that would have
 been issued if the Company had timely complied with its delivery requirements under Section 31.7(c)(i).
 For example, if a Convertible Preferred Holder purchases Common Shares having a total purchase
 price of $11,000 to cover a Buy-In with respect to an attempted conversion of Convertible
 Preferred Shares with respect to which the actual sale price of the Conversion Shares (including
 any applicable brokerage commissions) giving rise to such purchase obligation was a total
 of $10,000, under clause (A) of the immediately preceding sentence, the Company shall
 be required to pay such Convertible Preferred Holder $1,000. The Convertible Preferred Holder
 shall provide the Company written notice indicating the amounts payable to such Convertible
 Preferred Holder in respect of the Buy-In and, upon the request of the Company, evidence
 of the amount of such loss. If a Convertible Preferred Holder purchases Common Shares having
 a total purchase price of $9,000 to cover a Buy-In with respect to an attempted conversion
 of Convertible Preferred Shares with respect to which the actual sale price of the Conversion
 Shares (including any applicable brokerage commissions) giving rise to such purchase obligation
 was a total of $10,000, under clause (A) of the preceding sentence, the Company shall
 not be required to pay Convertible Preferred Holder any amount. For the avoidance of doubt,
 in the event of a Buy-In, the Convertible Preferred Holder shall use commercially reasonable
 efforts to purchase shares at the lowest available price, paying the lowest reasonably available
 brokerage commission. The Convertible Preferred Holder shall provide the Company written
 notice indicating the amounts payable to such Convertible Preferred Holder in respect of
 the Buy-In and evidence of the amount of such loss. Nothing herein shall limit a Convertible
 Preferred Holder's right to pursue any other remedies available to it hereunder, at
 law or in equity including, without limitation, a decree of specific performance and/or injunctive
 relief with respect to the Company's failure to timely deliver Conversion Shares upon
 conversion of the Convertible Preferred Shares as required pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Reservation of Shares Issuable Upon Conversion</u>. The Company covenants that it will at all times reserve
 and keep available out of its authorized and unissued Common Shares for the sole purpose
 of issuance upon conversion of the Convertible Preferred Shares as herein provided, free
 from preemptive rights or any other actual contingent purchase rights of Persons other than
 the Convertible Preferred Holder (and the other Convertible Preferred Holders of the Convertible
 Preferred Shares), not less than such aggregate number of shares of the Common Shares as
 shall (subject to the terms and conditions set forth in the Purchase Agreement) be issuable
 (taking into account the adjustments and restrictions of <u>Section 31.8</u>) upon
 the conversion of the then outstanding Convertible Preferred Shares (assuming for such purpose
 a Conversion Price equal to the Floor Price and any such conversions are made without regard
 to any limitations on conversion set forth herein). The Company covenants that all Common
 Shares that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully
 paid and nonassessable and, if a Registration Statement is then effective under the Securities
 Act, shall be registered for public resale in accordance with such Registration Statement
 (subject to such Convertible Preferred Holder's compliance with its obligations under
 the Registration Rights Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Fractional Shares</u>. No fractional
 shares or scrip representing fractional shares shall be issued upon the conversion of the
 Convertible Preferred Shares. As to any fraction of a share which the Convertible Preferred
 Holder would otherwise be entitled to purchase upon such conversion, the Company shall at
 its election, either pay a cash adjustment in respect of such final fraction in an amount
 equal to such fraction multiplied by the Conversion Price or round up to the next whole share.
 Notwithstanding anything to the contrary contained herein, but consistent with the provisions
 of this subsection with respect to fractional Conversion Shares, nothing shall prevent any
 Convertible Preferred Holder from converting fractional Convertible Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Transfer Taxes and Expenses. The issuance
 of Conversion Shares on conversion of the Convertible Preferred Shares shall be made without
 charge to any Convertible Preferred Holder for any documentary stamp or similar taxes that
 may be payable in respect of the issue or delivery of such Conversion Shares, provided that
 the Company shall not be required to pay any tax that may be payable in respect of any transfer
 involved in the issuance and delivery of any such Conversion Shares upon conversion in a
 name other than that of the Convertible Preferred Holder of such Convertible Preferred Shares
 and the Company shall not be required to issue or deliver such Conversion Shares unless or
 until the Person or Persons requesting the issuance thereof shall have paid to the Company
 the amount of such tax or shall have established to the satisfaction of the Company that
 such tax has been paid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Beneficial Ownership Limitation</u>. A Convertible Preferred Holder may notify the Company in writing
 in the event it elects to be subject to the provisions contained in this <u>Section 31.7(d)</u>;
 however, no Convertible Preferred Holder shall be subject to this <u>Section 31.7(d)</u> unless
 he, she or it makes such election. If the election is made, (i) the Company shall not
 effect any conversion of the Convertible Preferred Shares, and such Convertible Preferred
 Holder shall not have the right to convert all or any portion of the Convertible Preferred
 Shares, to the extent that, after giving effect to the conversion set forth on the applicable
 Notice of Conversion, such Convertible Preferred Holder (together with such Convertible Preferred
 Holder's Affiliates, and any Persons acting as a group together with such Convertible
 Preferred Holder or any of such Convertible Preferred Holder's Affiliates (such Persons,
 "**Attribution Parties** ")) would beneficially own in excess of 4.9%, 9.9%,
 19.9% of the Company's Common Shares (or such other amount as a Convertible Preferred
 Holder may specify) (the "**Beneficial Ownership Limitation**") and (ii) the
 Company shall not permit the Convertible Preferred Holder to vote, and such Convertible Preferred
 Holder shall not have the right vote pursuant to <u>Section 31.5(b)</u> of
 these Articles, all or any portion of the Convertible Preferred Shares that such Convertible
 Preferred Holder is not permitted to convert pursuant to the preceding clause (i) (provided,
 however, that such Convertible Preferred Holder shall retain the right to vote pursuant to <u>Section 31.5(c)</u> of
 these Articles to the extent that retaining such right does not cause such Convertible Preferred
 Holder to be deemed to beneficially own Conversion Shares within the meaning of Rule 13d-3
 promulgated under the Exchange Act. For purposes of the foregoing sentence, the number of
 Common Shares beneficially owned by such Convertible Preferred Holder and its Affiliates
 and Attribution Parties shall include the number of Common Shares issuable upon conversion
 of the Convertible Preferred Shares with respect to which such determination is being made,
 but shall exclude the number of Common Shares which are issuable upon (i) conversion
 of the remaining, unconverted Accrued Value of Convertible Preferred Shares beneficially
 owned by such Convertible Preferred Holder or any of its Affiliates or Attribution Parties
 and (ii) exercise or conversion of the unexercised or unconverted portion of any other
 securities of the Company subject to a limitation on conversion or exercise analogous to
 the limitation contained herein (including, without limitation, the Convertible Preferred
 Shares or the Warrants) beneficially owned by such Convertible Preferred Holder or any of
 its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for
 purposes of this <u>Section 31.7(d)</u>, beneficial ownership shall be calculated
 in accordance with Section 13(d) of the Exchange Act and the rules and regulations
 promulgated thereunder. To the extent that the limitation contained in this <u>Section 31.7(d)</u> applies,
 the determination of whether the Convertible Preferred Shares is convertible (in relation
 to other securities owned by such Convertible Preferred Holder together with any Affiliates
 and Attribution Parties) and of how many Convertible Preferred Shares are convertible shall
 be in the sole discretion of such Convertible Preferred Holder, and the submission of a Notice
 of Conversion shall be deemed to be such Convertible Preferred Holder's determination
 of whether the Convertible Preferred Shares may be converted (in relation to other securities
 owned by such Convertible Preferred Holder together with any Affiliates and Attribution Parties)
 and how many shares of the Convertible Preferred Shares are convertible, in each case subject
 to the Beneficial Ownership Limitation. To ensure compliance with this restriction, each
 Convertible Preferred Holder will be deemed to represent to the Company each time it delivers
 a Notice of Conversion that such Notice of Conversion has not violated the restrictions set
 forth in this paragraph and the Company shall have no obligation to verify or confirm the
 accuracy of such determination. In addition, a determination as to any group status as contemplated
 above shall be determined in accordance with Section 13(d) of the Exchange Act
 and the rules and regulations promulgated thereunder. The Convertible Preferred Holder
 shall provide the Company with any information reasonably requested by the Company in connection
 with this Beneficial Ownership Limitation and the provisions related thereto, in each case
 with respect to the Company's reporting obligations pursuant to the Securities Act, the Exchange
 Act, or other federal or state securities regulations. For purposes of this <u>Section 31.7(d)</u>,
 in determining the number of outstanding Common Shares, a Convertible Preferred Holder may
 rely on the number of outstanding Common Shares as stated in the most recent of the following:
 (i) the Company's most recent periodic or annual report filed with the Commission,
 as the case may be, (ii) a more recent public announcement by the Company or (iii) a
 more recent written notice by the Company or the Transfer Agent setting forth the number
 of Common Shares outstanding. Upon the written or oral request (which may be via email) of
 a Convertible Preferred Holder, the Company shall within two Trading Days confirm orally
 and in writing to such Convertible Preferred Holder the number of Common Shares then outstanding.
 In any case, the number of outstanding Common Shares shall be determined after giving effect
 to the conversion or exercise of securities of the Company, including the Convertible Preferred
 Shares, by such Convertible Preferred Holder or its Affiliates or Attribution Parties since
 the date as of which such number of outstanding Common Shares was reported. By written notice
 to the Company, a Convertible Preferred Holder may from time to time increase or decrease
 the Beneficial Ownership Limitation applicable to such Convertible Preferred Holder, provided,
 however, that any such increase in the Beneficial Ownership Limitation will not be effective
 until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company.
 The provisions of this paragraph shall be construed and implemented in a manner otherwise
 than in strict conformity with the terms of this <u>Section 31.7(d)</u> to
 correct this paragraph (or any portion hereof) which may be defective or inconsistent with
 the intended Beneficial Ownership Limitation contained herein or to make changes or supplements
 necessary or desirable to properly give effect to such limitation. The limitations contained
 in this paragraph shall apply to a successor Convertible Preferred Holder.

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**31.8** **Certain Adjustments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stock Dividends and Stock Splits</u>.
 If the Company, at any time while the Convertible Preferred Shares are outstanding: (i) pays
 a stock dividend or otherwise makes a distribution or distributions payable in Common Shares
 on Common Shares or any other Common Shares Equivalents (which, for avoidance of doubt, shall
 not include any Common Shares issued by the Company upon conversion of, or payment of a dividend
 on, the Convertible Preferred Shares or any cash distributions), (ii) subdivides outstanding
 Common Shares into a larger number of shares, (iii) combines (including by way of a
 reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues,
 in the event of a reclassification of shares of the Common Shares, any share of the Company,
 then each of the Conversion Price and the Floor Price shall be multiplied by a fraction of
 which the numerator shall be the number of Common Shares (excluding any treasury shares of
 the Company) outstanding immediately before such event, and of which the denominator shall
 be the number of Common Shares outstanding immediately after such event. Any adjustment made
 pursuant to this <u>Section 31.8(a)</u> shall become effective immediately after
 the record date for the determination of shareholders entitled to receive such dividend or
 distribution and shall become effective immediately after the effective date in the case
 of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>VWAP Reset</u>. If on the twenty-first
 Trading Day immediately following the date that is six months after the Closing Date, the
 VWAP for the twenty-day trading period commencing on the day that is six months after the
 Closing Date (the "**Measurement Price**") is less than the Conversion Price
 then in effect, then the Conversion Price then in effect shall be reduced to an amount equal
 to the greater of (i) the Measurement Price and (ii) $5.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustment of Conversion Price upon Issuance of Common Shares</u>. From the date hereof until the first date on which no Convertible
 Preferred Shares are outstanding the Company issues or sells, or in accordance with this <u>Section 31.8(c)</u> is deemed to have issued or sold, any Common Shares (including
 the issuance or sale of Common Shares owned or held by or for the account of the Company,
 but excluding Common Shares deemed to have been issued or sold by the Company in connection
 with any Exempt Issuance) for a consideration per share (the "**New Issuance Price** ")
 less than the Conversion Price then in effect (each such issue, sale or deemed issuance or
 sale, a "**Dilutive Issuance** "), where the aggregate amount of consideration
 received by the Company, together with all prior issuances and sales conducted for the purpose
 of raising capital by the Company on or after the Closing Date that were excluded from this <u>Section 31.8(c)</u> by this clause, exceeds $500,000, then, immediately after
 such Dilutive Issuance, the Conversion Price then in effect shall be reduced to an amount
 equal to the New Issue Price.

For all purposes of the foregoing (including, without limitation, determining the adjusted Conversion Price and the New Issuance Price under this <u>Section 31.8(c)</u>), the following shall be applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Options and Convertible Securities</u>.
 The consideration per share received by the Company for Common Shares deemed to have been
 issued pursuant to <u>Section 31.8(d)(ii)</u>, relating to Options and Convertible Securities,
 shall be determined by dividing:

&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 total amount, if any, received or
 receivable by the Company as consideration for the issue of such Options or Convertible Securities,
 plus the minimum aggregate amount of additional consideration (as set forth in the instruments
 relating thereto, without regard to any provision contained therein for a subsequent adjustment
 of such consideration) payable to the Company upon the exercise of such Options or the conversion
 or exchange of such Convertible Securities, or in the case of Options for Convertible Securities,
 the exercise of such Options for Convertible Securities and the conversion or exchange of
 such Convertible Securities, by

&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 maximum number of Common Shares (as
 set forth in the instruments relating thereto, without regard to any provision contained
 therein for a subsequent adjustment of such number) deemed to be issued pursuant to <u>Section 31.8(c)(ii)</u> upon
 the issuance of such Options or Convertible Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Deemed Issuance of Options and Convertible Securities</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 Company at any time or from time
 to time shall issue any Options or Convertible Securities or shall fix a record date for
 the determination of holders of any class of securities entitled to receive any such Options
 or Convertible Securities, then the maximum number of Common Shares (as set forth in the
 instrument relating thereto, assuming the satisfaction of any conditions to exercisability,
 convertibility or exchangeability but without regard to any provision contained therein for
 a subsequent adjustment of such number) issuable upon the exercise of such Options or, in
 the case of Convertible Securities and Options therefor, the conversion or exchange of such
 Convertible Securities, shall be deemed to be outstanding and to have been issued as of the
 time of such issue or, in case such a record date shall have been fixed, as of the close
 of business on such record 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) If the purchase or exercise price provided
 for in any Options, the additional consideration, if any, payable upon the issue, conversion,
 exercise or exchange of any Convertible Securities, or the rate at which any Convertible
 Securities are convertible into or exercisable or exchangeable for Common Shares increases
 or decreases at any time (other than (i) proportional changes in conversion or exercise
 prices, as applicable, in connection with an event referred to in <u>Section 31.8(a)</u> above
 and (ii) automatic adjustments to such terms pursuant to anti-dilution or similar provisions
 of such Option or Convertible Security which are not more favorable to the holder thereof
 than the anti-dilution and similar provisions set forth herein), the Conversion Price in
 effect at the time of such increase or decrease shall be adjusted to the Conversion Price
 which would have been in effect at such time had such Options or Convertible Securities provided
 for such increased or decreased purchase price, additional consideration or increased or
 decreased conversion rate (as the case may be) at the time initially granted, issued or sold.
 For purposes of this Section 31.8(c), if the terms of any Option or Convertible Security
 that was outstanding as of the date of first issuance of a share of Convertible Preferred
 Shares are increased or decreased in the manner described in the immediately preceding sentence,
 then such Option or Convertible Security and the Common Shares deemed issuable upon exercise,
 conversion or exchange thereof shall be deemed to have been issued as of the date of such
 increase or decrease. No adjustment pursuant to this <u>Section 31.8(c)(ii)</u> shall
 be made if such adjustment would result in an increase of the Conversion Price then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Calculation of Consideration Received</u>.
 In case any Option is issued in connection with the issue or sale of other securities of
 the Company, together comprising one integrated transaction, (x) the Options will be
 deemed to have been issued for the Option Value of such Options and (y) the other securities
 issued or sold in such integrated transaction shall be deemed to have been issued or sold
 for the difference of (I) the aggregate consideration received by the Company less any
 consideration paid or payable by the Company pursuant to the terms of such other securities
 of the Company, less (II) the Option Value. If any Common Shares, Options or Convertible
 Securities are issued or sold or deemed to have been issued or sold for cash, the consideration
 other than cash received therefor will be deemed to be the net amount received by the Company
 therefor. If any Common Shares, Options or Convertible Securities are issued or sold for
 a consideration other than cash, the amount of such consideration received by the Company
 will be the fair value of such consideration, except where such consideration consists of
 publicly traded securities, in which case the amount of consideration received by the Company
 will be the VWAP of such publicly traded securities on the date of receipt. If any Common
 Shares, Options or Convertible Securities are issued to the owners of the non-surviving entity
 in connection with any merger in which the Company is the surviving entity, the amount of
 consideration therefor will be deemed to be the fair value of such portion of the net assets
 and business of the non-surviving entity as is attributable to such Common Shares, Options
 or Convertible Securities, as the case may be. The fair value of any consideration other
 than cash or publicly traded securities will be determined jointly by the Company and the
 Required Holders. If such parties are unable to reach agreement within ten (10) days
 after the occurrence of an event requiring valuation (the "**Valuation Event** "),
 the fair value of such consideration will be determined within five (5) Business Days
 after the tenth (10th) day following the Valuation Event by an independent, reputable appraiser
 jointly selected by the Company and the Required Holders. The determination of such appraiser
 shall be final and binding upon all parties absent manifest error and the fees and expenses
 of such appraiser shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Record Date.</u> If the Company takes
 a record of the holders of Common Shares for the purpose of entitling them (A) to receive
 a dividend or other distribution payable in Common Shares, Options or in Convertible Securities
 or (B) to subscribe for or purchase Common Shares, Options or Convertible Securities,
 then such record date will be deemed to be the date of the issuance or sale of the Common
 Shares deemed to have been issued or sold upon the declaration of such dividend or the making
 of such other distribution or the date of the granting of such right of subscription or purchase
 (as the case may be).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Expiration or Termination of Options or Convertible Securities</u>. Upon the expiration or termination of any unexercised Option
 or unconverted or unexchanged Convertible Securities (or portion thereof) which resulted
 (either upon its original issuance or upon a revision of its terms) in an adjustment to the
 Conversion Price pursuant to the terms of <u>Section 31.8(c)</u>, the Conversion Price
 shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible
 Securities (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Subsequent Rights Offerings</u>. In
 addition to any adjustments pursuant to <u>Section 31.8(a)</u> or <u>Section 31.8(b)</u> above,
 if at any time the Company grants, issues or sells any Common Shares Equivalents or rights
 to purchase stock, warrants, securities or other property pro rata to the record holders
 of any class of Common Shares (the "**Purchase Rights** "), then the Convertible
 Preferred Holders will be entitled to acquire, upon the terms applicable to such Purchase
 Rights, the aggregate Purchase Rights which the Convertible Preferred Holder could have acquired
 if the Convertible Preferred Holder had held the number of Common Shares acquirable upon
 complete conversion of such Convertible Preferred Holder's Convertible Preferred Shares
 (without regard to any limitations on conversion hereof, including without limitation, the
 Beneficial Ownership Limitation) immediately before the date on which a record is taken for
 the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
 date as of which the record holders of Common Shares are to be determined for the grant,
 issue or sale of such Purchase Rights (provided, however, that, to the extent that the Convertible
 Preferred Holder's right to participate in any such Purchase Right would result in
 the Convertible Preferred Holder exceeding the Beneficial Ownership Limitation, then the
 Convertible Preferred Holder shall not be entitled to participate in such Purchase Right
 to such extent (or beneficial ownership of such Common Shares as a result of such Purchase
 Right to such extent) and such Purchase Right to such extent shall be held in abeyance for
 the Convertible Preferred Holder until such time, if ever, as its right thereto would not
 result in the Convertible Preferred Holder exceeding the Beneficial Ownership Limitation).
 To the extent that the issue price of such Purchase Rights would result in an adjustment
 of the Conversion Price pursuant to Section 31.8(c), such adjustment shall not occur
 to the extent the Convertible Preferred Holders were granted the right to acquire such Purchase
 Rights on the applicable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Pro Rata Distributions</u>. During
 such time as the Convertible Preferred Shares are outstanding, if the Company declares or
 makes any dividend or other distribution of its assets (or rights to acquire its assets)
 to holders of Common Shares, by way of return of capital or otherwise (including, without
 limitation, any distribution of cash, stock or other securities, property or options by way
 of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
 or other similar transaction) (a "**Distribution** "), in each such case, the
 Convertible Preferred Holders shall be entitled to participate in such Distribution to the
 same extent that the Convertible Preferred Holders would have participated therein if the
 Convertible Preferred Holder had held the number of Common Shares acquirable upon complete
 conversion of the Convertible Preferred Shares (without regard to any limitations on conversion
 hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
 the date of which a record is taken for such Distribution, or, if no such record is taken,
 the date as of which the record holders of Common Shares are to be determined for the participation
 in such Distribution (provided, however, to the extent that the Convertible Preferred Holder's
 right to participate in any such Distribution would result in the Convertible Preferred Holder
 exceeding the Beneficial Ownership Limitation, then the Convertible Preferred Holder shall
 not be entitled to participate in such Distribution to such extent (or in the beneficial
 ownership of any Common Shares as a result of such Distribution to such extent) and the portion
 of such Distribution shall be held in abeyance for the benefit of the Convertible Preferred
 Holder until such time, if ever such grant, issuance or sale, as its right thereto would
 not result in the Convertible Preferred Holder exceeding the Beneficial Ownership Limitation).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Fundamental Transaction</u>. If, at
 any time while the Convertible Preferred Shares are outstanding, (i) the Company, directly
 or indirectly, in one or more related transactions effects any merger or consolidation of
 the Company with or into another Person, (ii) the Company (and all of its Subsidiaries,
 taken as a whole), directly or indirectly, effects any sale, lease, license, assignment,
 transfer, conveyance or other disposition of all or substantially all of its assets in one
 or a series of related transactions, (iii) any, direct or indirect, purchase offer,
 tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
 to which holders of Common Shares are permitted to sell, tender or exchange their shares
 for other securities, cash or property and has been accepted by the holders of 50% or more
 of the outstanding Common Shares or 50% or more of the voting power of the common equity
 of the Company, (iv) the Company, directly or indirectly, in one or more related transactions
 effects any reclassification, reorganization or recapitalization of the Common Shares or
 any compulsory share exchange pursuant to which the Common Shares is effectively converted
 into or exchanged for other securities, cash or property (other than as a result of a stock
 split, combination or reclassification of Common Shares covered by <u>Section 31.8(a)</u>),
 or (v) the Company, directly or indirectly, in one or more related transactions consummates
 a stock or share purchase agreement or other business combination (including, without limitation,
 a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person
 whereby such other Person acquires 50% or more of the outstanding Common Shares or 50% or
 more of the voting power of the common equity of the Company (each a "**Fundamental Transaction** "), then, upon any subsequent conversion of the Convertible Preferred
 Shares, the Convertible Preferred Holder shall have the right to receive, for each Conversion
 Share that would have been issuable upon such conversion immediately prior to the occurrence
 of such Fundamental Transaction (without regard to any limitation in Section 31.7(d) on
 the conversion of the Convertible Preferred Shares), the number of shares of the successor
 or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
 consideration (the "**Alternate Consideration**") receivable as a result of
 such Fundamental Transaction by a holder of the number of Common Shares for which the Convertible
 Preferred Shares is convertible immediately prior to such Fundamental Transaction (without
 regard to any limitation in <u>Section 31.7(d)</u> on the conversion of the Convertible
 Preferred Shares). For purposes of any such conversion, the determination of the Conversion
 Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
 amount of Alternate Consideration issuable in respect of one share of Common Shares in such
 Fundamental Transaction, and the Company shall apportion the Conversion Price among the Alternate
 Consideration in a reasonable manner reflecting the relative value of any different components
 of the Alternate Consideration. If holders of Common Shares are given any choice as to the
 securities, cash or property to be received in a Fundamental Transaction, then the Convertible
 Preferred Holder shall be given the same choice as to the Alternate Consideration it receives
 upon any conversion of the Convertible Preferred Shares following such Fundamental Transaction.
 To the extent necessary to effectuate the foregoing provisions, any successor to the Company
 or surviving entity in such Fundamental Transaction shall file an Alternation Notice to its
 Notice of Articles with the same terms and conditions and issue to the Convertible Preferred
 Holders new Convertible Preferred Shares consistent with the foregoing provisions and evidencing
 the Convertible Preferred Holders' right to convert such Convertible Preferred Shares
 into Alternate Consideration. The Company shall cause any successor entity in a Fundamental
 Transaction in which the Company is not the survivor (the "**Successor Entity** ")
 to assume in writing all of the obligations of the Company under these Articles and the other
 Transaction Documents in accordance with the provisions of this <u>Section 31.8(f)</u> pursuant
 to written agreements in form and substance reasonably satisfactory to the Required Holders
 and approved by the Required Holders (without unreasonable delay) prior to such Fundamental
 Transaction and shall, at the option of the Convertible Preferred Holder of the Convertible
 Preferred Shares, deliver to the Convertible Preferred Holder in exchange for the Convertible
 Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially
 similar in form and substance to the Convertible Preferred Shares which is convertible for
 a corresponding number of shares of such Successor Entity (or its parent entity) equivalent
 to the Common Shares acquirable and receivable upon conversion of the Convertible Preferred
 Shares (without regard to any limitations on the conversion of the Convertible Preferred
 Shares) prior to such Fundamental Transaction, and with a conversion price which applies
 the Conversion Price hereunder to such shares (but taking into account the relative value
 of the Common Shares pursuant to such Fundamental Transaction and the value of such shares,
 such number of shares and such conversion price being for the purpose of protecting the economic
 value of the Convertible Preferred Shares immediately prior to the consummation of such Fundamental
 Transaction), and which is reasonably satisfactory in form and substance to the Required
 Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Calculations</u>. All calculations
 under this <u>Section 31.8</u> shall be made to the nearest cent or the nearest 1/100th
 of a share, as the case may be. For purposes of this <u>Section 31.8</u>, the number
 of Common Shares deemed to be issued and outstanding as of a given date shall be the sum
 of the number of Common Shares (excluding any treasury shares of the Company) issued and
 outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notice to the Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Adjustment to Conversion Price</u>. Whenever
 the Conversion Price is adjusted pursuant to any provision of this <u>Section 31.8</u>,
 the Company shall promptly deliver to each Convertible Preferred Holder by facsimile or email
 or other electronic communication a notice setting forth the Conversion Price after such
 adjustment and setting forth a brief statement of the facts requiring such adjustment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Notice to Allow Conversion by Holder</u>.
 If (A) the Company shall declare a dividend (or any other distribution in whatever form)
 on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend
 on or a redemption of the Common Shares, (C) the Company shall authorize the granting
 to all holders of the Common Shares of rights or warrants to subscribe for or purchase any
 share of any class or of any rights, (D) the approval of any shareholders of the Company
 shall be required in connection with any reclassification of the Common Shares, any consolidation
 or merger to which the Company is a party, any sale or transfer of all or substantially all
 of the assets of the Company (and all of its Subsidiaries, taken as a whole), or any compulsory
 share exchange whereby the Common Shares is converted into other securities, cash or property
 or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
 or winding up of the affairs of the Company, then, in each case, the Company shall cause
 to be filed at each office or agency maintained for the purpose of conversion of the Convertible
 Preferred Shares, and shall cause to be delivered by email to each Convertible Preferred
 Holder at its email address as it shall appear upon the stock books of the Company, at least
 twenty (20) calendar days prior to the applicable record or effective date hereinafter specified,
 a notice stating (x) the date on which a record is to be taken for the purpose of such
 dividend, distribution, redemption, rights or warrants, or if a record is not to be taken,
 the date as of which the holders of the Common Shares of record to be entitled to such dividend,
 distributions, redemption, rights or warrants are to be determined or (y) the date on
 which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
 to become effective or close, and the date as of which it is expected that holders of the
 Common Shares of record shall be entitled to exchange their shares of the Common Shares for
 securities, cash or other property deliverable upon such reclassification, consolidation,
 merger, sale, transfer or share exchange, *<u>provided that</u>* the failure to deliver
 such notice or any defect therein or in the delivery thereof shall not affect the validity
 of the corporate action required to be specified in such notice. To the extent that any notice
 provided hereunder constitutes, or contains, material, non-public information regarding the
 Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
 the Commission pursuant to a Current Report on Form 8-K, unless determined by the Company
 that such filing would be harmful to the Company at such time, in which case the Company
 shall file such 8-K as soon as is reasonably practicable in its discretion. For the avoidance
 of doubt, and without limiting the conversion rights of any Convertible Preferred Holder,
 each Convertible Preferred Holder shall remain entitled to convert the Accrued Value of the
 Convertible Preferred Shares (or any part hereof) during the twenty (20)-day period commencing
 on the date of such notice through the effective date of the event triggering such notice
 except as may otherwise be expressly set forth herein.

**31.9** **Redemption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Redemption by the Company</u>. Subject to the provisions of this <u>Section 31.9</u> and
 unless prohibited by applicable law governing distributions to shareholders, the Company
 may, in its sole discretion, redeem all or a portion of the outstanding Convertible Preferred
 Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on or after the Closing but prior to the
 first anniversary of the Closing, at a redemption price per share equal to 150% of the Accrued
 Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on or after the first anniversary of the
 Closing but prior to the second anniversary of the Closing, at a redemption price per share
 equal to 140% of the Accrued Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on or after the second anniversary of
 the Closing but prior to the third anniversary of the Closing, at a redemption price per
 share equal to 130% of the Accrued Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on or after the third anniversary of the
 Closing but prior to the fourth anniversary of the Closing, at a redemption price per share
 equal to 120% of the Accrued Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on or after the fourth anniversary of the
 Closing but prior to the fifth anniversary of the Closing, at a redemption price per share
 equal to 110% of the Accrued Value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) on or after the fifth anniversary of the
 Closing, at a redemption price per share equal to 100% of the Accrued Value.

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If, on the date of such redemption, applicable law governing distributions to shareholders prevents the Company from redeeming all Convertible Preferred Shares scheduled to be redeemed, the Company shall be entitled to rateably redeem the maximum number of shares that it may redeem consistent with such law and any Convertible Preferred Shares not so redeemed shall remain outstanding. The Company shall provide written notice (the "**Company Notice**") by e-mail and first class mail postage prepaid, to each Convertible Preferred Holder of record (determined at the close of business on the Business Day next preceding the day on which the Company Notice is given) of the Convertible Preferred Shares to be redeemed, at the address last shown on the records of the Company for such Convertible Preferred Holder, notifying such Convertible Preferred Holder of the redemption to be effected, specifying the number of shares to be redeemed from such Convertible Preferred Holder, specifying the date of such redemption, the redemption price, the place at which payment may be obtained and calling upon such Convertible Preferred Holder to surrender to the Company, in the manner and at the place designated, his, her or its certificate or certificates representing the shares to be redeemed; provided that the date of redemption shall be not less than 15 days from the date of the Company Notice. Except as otherwise provided herein, on or after the applicable date of redemption, each Convertible Preferred Holder to be redeemed shall surrender to the Company the certificate or certificates representing such shares, in the manner and at the place designated in the Company Notice, and thereupon the price of redemption of such shares shall be payable to the order of the person whose name appears on such certificate or certificates as the owner thereof and each surrendered certificate shall be cancelled. In the event less than all the shares represented by any such certificate are redeemed, a new certificate shall be issued representing the unredeemed shares. Notwithstanding anything herein to the contrary, each Convertible Preferred Holder shall remain entitled to convert the Accrued Value of its Convertible Preferred Shares (or any part thereof) during the 15-day period commencing on the date of the Company Notice through the applicable date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Redemption by the Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless prohibited by applicable law governing
 distribution to shareholders, Convertible Preferred Shares shall be redeemed by the Company
 at a purchase price equal to the Accrued Value (the "**Redemption Price** "),
 if at any time and from time to time after the fifth (5th) anniversary of the Closing, the
 Required Holders deliver to the Company a written notice demanding redemption of all Convertible
 Preferred Shares (the "**Redemption Request** "). The 20th day after the date
 of the Company Notice shall be referred to as the "**Redemption Date**." Upon
 receipt of the Redemption Request, the Company shall apply all of its assets to any such
 redemption, and to no other corporate purpose, until the Redemption Price has been paid in
 full, except to the extent prohibited by British Columbia Business Corporations Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Following
 receipt of a Redemption Request, the Company shall send written notice of the mandatory redemption
 (the "**Redemption Notice**") to each Convertible Preferred Holder of record
 of Convertible Preferred Shares not less than 15 days prior to the Redemption Date. The Redemption
 Notice shall state:

&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 number of Convertible Preferred Shares
 held by the Convertible Preferred Holder that the Company shall redeem on the Redemption
 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) the Redemption Date and the Redemption
 Price;

&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 date upon which the Convertible Preferred
 Holder's right to convert such shares terminates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) for Convertible Preferred Holders of shares
 in certificated form, that the Convertible Preferred Holder is to surrender to the Company,
 in the manner and at the place designated, his, her or its certificate or certificates representing
 the Convertible Preferred Shares to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On
 the Redemption Date, the Company shall redeem the Convertible Preferred Shares owned by each
 Convertible Preferred Holder. If on the Redemption Date British Columbia law governing
 distributions to shareholders prevents the Company from redeeming all Convertible Preferred
 Shares to be redeemed, the Company shall ratably redeem the maximum number of shares that
 it may redeem consistent with such law, and shall redeem the remaining shares as soon as
 it may lawfully do so under such law. In the event that any portion of the Redemption Price
 has not been paid within five (5) Business Days following the Redemption Date, interest
 on such unpaid portion of the Redemption Price shall accrue thereon until such amount is
 paid in full at a rate equal to the lesser of (i) 24.0% per annum and (ii) the
 maximum rate permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Rights Subsequent to Redemption</u>. Upon the redemption of Convertible Preferred Shares pursuant
 to <u>Section 31.9(a)</u> or <u>Section 31.9(b)</u>, all rights
 with respect to such Convertible Preferred Shares shall immediately terminate, except with
 respect to the right of the Convertible Preferred Holders to receive the applicable redemption
 price with respect to such Convertible Preferred Shares in accordance with <u>Section 31.9(a)</u> or <u>Section 31.9(b)</u>,
 as applicable.

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| - 50 - | **FASKEN MARTINEAU DUMOULIN LLP** |

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**31.10** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>.
 Any and all notices or other communications or deliveries to be provided by the Convertible
 Preferred Holders hereunder including, without limitation, any Notice of Conversion, shall
 be in writing and delivered personally, by e-mail, or sent by nationally recognized overnight
 courier service, addressed to the Company, at the address set forth above the address or
 email address most recently provided to Convertible Preferred Holders by the Company for
 purposes of notice hereunder. Any and all notices or other communications or deliveries to
 be provided by the Company hereunder shall be in writing and delivered personally, by e-mail,
 or sent by a nationally recognized overnight courier service addressed to each Convertible
 Preferred Holder at the e-mail address or address of such Convertible Preferred Holder appearing
 on the books of the Company, or if no such e-mail address or address appears on the books
 of the Company, at the principal place of business of such Convertible Preferred Holder,
 as set forth in the Purchase Agreement. Any notice or other communication or deliveries hereunder
 shall be deemed given and effective on the earliest of (i) the time of transmission,
 if such notice or communication is delivered via e-mail at the e-mail address set forth in
 this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the
 next Trading Day after the time of transmission, if such notice or communication is delivered
 via e-mail at the e-mail address set forth in this Section on a day that is not a Trading
 Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the
 second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
 courier service, or (iv) upon actual receipt by the party to whom such notice is required
 to be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Absolute Obligation</u>. Except as expressly provided herein, no provision of these Articles shall
 alter or impair the obligation of the Company, which is absolute and unconditional, to pay
 liquidated damages and accrued dividends, as applicable, on the Convertible Preferred Shares
 at the time, place, and rate, and in the coin or currency, herein prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Convertible Preferred Waiver</u>. Any waiver by the Company or a Convertible Preferred Holder of a breach
 of any provision of these Articles shall not operate as or be construed to be a waiver of
 any other breach of such provision or of any breach of any other provision of these Articles
 or a waiver by any other Convertible Preferred Holders. The failure of the Company or a Convertible
 Preferred Holder to insist upon strict adherence to any term of these Articles on one or
 more occasions shall not be considered a waiver or deprive that party (or any other Convertible
 Preferred Holder) of the right thereafter to insist upon strict adherence to that term or
 any other term of these Articles on any other occasion. Any waiver by the Company or a Convertible
 Preferred Holder must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability</u>.
 If any provision of these Articles is invalid, illegal or unenforceable, the balance of these
 Articles shall remain in effect, and if any provision is inapplicable to any Person or circumstance,
 it shall nevertheless remain applicable to all other Persons and circumstances. If it shall
 be found that any interest or other amount deemed interest due hereunder violates the applicable
 law governing usury, the applicable rate of interest due hereunder shall automatically be
 lowered to equal the maximum rate of interest permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Next Business Day</u>. Whenever any
 payment or other obligation hereunder shall be due on a day other than a Business Day, such
 payment shall be made on the next succeeding Business Day.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Tax Withholding</u>. The Company and
 its paying agent shall each be entitled to deduct and withhold from payments and distributions
 made to the relevant Convertible Preferred Holder in the form of cash or otherwise all amounts
 that the Company or its paying agent determines it is required to deduct and withhold therefrom
 under applicable law. In the event that the Company or its paying agent does not have sufficient
 cash with respect to any Convertible Preferred Holder from deductions or withholding on cash
 payments otherwise payable to such Holder, the Company and its paying agent shall be entitled
 to deduct and withhold amounts on deemed payments, including distributions of additional
 Convertible Preferred Shares in lieu of cash and constructive distributions on the Convertible
 Preferred Shares, and the Company and its paying agent shall be entitled to satisfy any required
 deduction or withholding on non-cash payments (including deemed payments) through a sale
 of a portion of the Convertible Preferred Shares received as a dividend or from cash dividends
 or sales proceeds subsequently paid or credited on the Convertible Preferred Shares. All
 such deducted or withheld amounts shall be treated for purposes of these Articles as having
 been paid to the Convertible Preferred Holder in respect of which such deduction or withholding
 was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Tax Treatment</u>. Absent a change
 in law, Internal Revenue Service practice, a material change in circumstances or a contrary
 determination (as defined in Section 1313(a) of the Internal Revenue Code, as amended
 (the "**Code** ")), none of the Convertible Preferred Holders or the Company
 shall (i) treat the Convertible Preferred Shares (based on their terms as set forth
 in the Articles) as "preferred stock" within the meaning of Section 305
 of the Code and Treasury Regulation Section 1.305-5 for United States federal income
 tax purposes, or (ii) take any position on a tax return inconsistent with such treatment.

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| - 51 - | **FASKEN MARTINEAU DUMOULIN LLP** |

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**ANNEX A**

NOTICE OF CONVERSION<br> (TO BE EXECUTED BY THE REGISTERED HOLDER IN ORDER TO CONVERT<br> CONVERTIBLE PREFERRED SHARES)

The undersigned hereby elects to convert the number of Convertible Preferred Shares (the "**Preferred Shares**"), indicated below into Common Shares (the "**Common Shares**"), of General Fusion Inc., a British Columbia corporation (the "**Company**"), according to the conditions hereof, as of the date written below. If Common Shares are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Company in accordance with the Purchase Agreement. No fee will be charged to the Convertible Preferred Holders for any conversion, except for any such transfer taxes.

Conversion calculations:

---

| |
|:---|
| Date to Effect Conversion: |
| Number of Preferred Shares owned prior to Conversion: |
| Number of Preferred Shares to be Converted: |
| Accrued Value of Preferred Shares to be Converted: |
| Number of Common Shares to be Issued: |
| Applicable Conversion Price: |
| Number of Preferred Shares subsequent to Conversion: |
| Address for Delivery: |
| <u>or</u> |

---

DWAC Instructions:

Broker no:<u> </u>

Account no:<u> </u>

---

| | |
|:---|:---|
| [HOLDER] | [HOLDER] |
| By: |  |
|  | Name: |
|  | Title: |

---

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| - 52 - | **FASKEN MARTINEAU DUMOULIN LLP** |

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**Exhibit C**

**Form of Plan of Arrangement**

[Attached]

**Exhibit C<br> Plan of Arrangement<br> UNDER SECTION 288 OF THE<br> *BUSINESS CORPORATIONS ACT* (British Columbia)**

**Article 1<br> INTERPRETATION**

1.1 Unless the context otherwise requires, the following words and phrases
 used in this Plan of Arrangement will have the meanings hereinafter set out:

"**Affected Securities**" means, collectively, the Company Affected Securities and the SPAC Affected Securities;

"**Affected Securityholders**" means, collectively, the Company Affected Securityholders and the SPAC Affected Securityholders;

"**Amalgamated Company**" has the meaning ascribed thereto in <u>Section 3.1(j)</u>;

"**Amalgamated Company Shares**" means the common shares of the Amalgamated Company;

"**Amalgamation**" has the meaning ascribed thereto in <u>Section 3.1(j)</u>;

"**Arrangement**" means the arrangement under Section 288 of the BCBCA on the terms and subject to the conditions set out in this Plan of Arrangement, subject to any amendments or variations thereto made in accordance with the terms of the Business Combination Agreement or Article 7 of this Plan of Arrangement or made at the direction of the Court in the Final Order with the prior written consent of the Company, NewCo and SPAC, each acting reasonably;

"**Arrangement Effective Time**" means 12:01 A.M. (Vancouver time) on the Closing Date or such other time as the Company, NewCo and SPAC may agree upon in writing;

"**BCBCA**" means the *Business Corporations Act* (British Columbia) and the regulations made thereunder, as now in effect and as they may be promulgated or amended from time to time;

"**Business Combination Agreement**" means the business combination agreement made as of January 21, 2026 by and among the Company, NewCo and SPAC, including all exhibits and schedules annexed thereto, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof;

"**Business Day**" means any day on which the principal offices of the SEC in Washington, D.C. are open to accept filings and on which banks are not required or authorized to close in the City of New York in the United States of America or the City of Vancouver in British Columbia, Canada (other than a Saturday, Sunday or public holiday in those cities);

"**Closing Date**" means the date on which this Plan of Arrangement becomes effective, which shall be the same date as the "Closing Date" under the Business Combination Agreement;

"**Code**" means the United States Internal Revenue Code of 1986, as amended;

"**Company**" means General Fusion Inc., a corporation organized under the BCBCA;

"**Company A1 Preferred Share**" means a Series 1 Class A Preferred Share in the capital of the Company;

"**Company A2 Preferred Share**" means a Series 2 Class A Preferred Share in the capital of the Company;

"**Company A3 Preferred Share**" means a Series 3 Class A Preferred Share in the capital of the Company;

"**Company A4 Preferred Share**" means a Series 4 Class A Preferred Share in the capital of the Company;

"**Company A5 Preferred Share**" means a Series 5 Class A Preferred Share in the capital of the Company;

"**Company A6 Preferred Share**" means a Series 6 Class A Preferred Share in the capital of the Company;

"**Company A7 Preferred Share**" means a Series 7 Class A Preferred Share in the capital of the Company;

"**Company A&R Articles**" means the notice of articles and articles substantially in the form attached hereto as Schedule A;

"**Company Affected Securityholders**" means, collectively, the Company Shareholders, the Company Warrant Holders and the Company Optionholders;

"**Company Arrangement Resolution**" means the special resolution of the Company Securityholders approving the Plan of Arrangement which is to be considered at the Company Affected Securityholders Meeting or otherwise approved in writing by the requisite threshold;

"**Company B1 Preferred Share**" means a Series 1 Class B Preferred Share in the capital of the Company;

"**Company B2 Preferred Share**" means a Series 2 Class B Preferred Share in the capital of the Company;

"**Company B3 Preferred Share**" means a Series 3 Class B Preferred Share in the capital of the Company;

"**Company Common Shareholders**" means, at any time, the holders of Company Common Shares issued and outstanding at such time and "**Company Common Shareholder**" means any one of them;

"**Company Common Shares**" means, collectively, the Company Voting Common Shares and the Company Non-Voting Common Shares;

"**Company Convertible PIPE Preferred Shares**" means the Convertible Preferred Shares in the capital of the Company;

"**Company Fully Diluted Shares**" means the sum of (without duplication) (a) the aggregate number of Company Shares issued and outstanding immediately prior to the Arrangement Effective Time (except for Company Non-Voting Common Shares issued in connection with the PIPE Financing), including the aggregate Company Common Shares issuable upon conversion of any issued and outstanding Company Preferred Shares based on the then applicable conversion, except for Company Convertible PIPE Preferred Shares; (b) the aggregate number of Company Common Shares issued under the Company SAFE Conversion; (c) the aggregate number of Company Common Shares issuable upon exercise or settlement of all issued and outstanding Company Options (whether vested or unvested, including Company Options exercised or settled prior to or in connection with the closing of the Arrangement); and (d) the aggregate number of Company Shares issuable upon the exercise of the Company Warrants (whether in or out of the money, including Company Warrants issued prior to or in connection with the closing of the Arrangement, except for Company PIPE Warrants);

"**Company Non-Voting Common Shareholders**" means, at any time, the holders of Company Non-Voting Common Shares outstanding at such time and "**Company Non-Voting Common Shareholder**" means any one of them;

"**Company Non-Voting Common Shares**" means the Class B Non-Voting Common Shares in the capital of the Company;

"**Company Optionholders**" means, at any time, the holders of Company Options and "**Company Optionholder**" means any one of them;

"**Company Options**" means the outstanding options (whether vested or unvested) to purchase Company Voting Common Shares granted pursuant to the Company Plan;

"**Company PIPE Warrants**" means the Class A voting common share purchase warrants of the Company to be issued in connection with the PIPE Financing;

"**Company Plan**" means the Amended and Restated Stock Option Plan dated as of November 19, 2024, as amended from time to time;

"**Company Preferred Shareholders**" means, at any time, the holders of Company Preferred Shares issued and outstanding at such time and "**Company Preferred Shareholder**" means any one of them;

"**Company Preferred Shares**" means the Company A1 Preferred Shares, Company A2 Preferred Shares, Company A3 Preferred Shares, Company A4 Preferred Shares, Company A5 Preferred Shares, Company A6 Preferred Shares, Company A7 Preferred Shares, Company B1 Preferred Shares, Company B2 Preferred Shares, and Company B3 Preferred Shares;

"**Company SAFE Holders**" means, at any time, the holders of the Company SAFEs issued and outstanding at such time, and "**Company SAFE Holder**" means any one of them;

"**Company SAFEs**" means the outstanding SAFEs (Simple Agreement for Future Equity) issued by the Company;

"**Company Securityholders Meeting**" means the special meeting of the Company Affected Securityholders, including any adjournment or postponement thereof in accordance with the terms of the Business Combination Agreement, which may be called and held in accordance with the Interim Order for the purpose of, among other things, considering and, if thought fit, approving the Company Arrangement Resolution;

"**Company Shareholder Allocation**" means the SPAC Common Shares to be issued to Company Shareholders pursuant to the Arrangement and in accordance with and subject to the terms of this Plan of Arrangement;

"**Company Shareholders**" means, at any time, the holders of Company Common Shares, Company Preferred Shares or both, in each case issued and outstanding at such time and "**Company Shareholder**" means any one of them;

"**Company Shareholders Agreement**" means Eighth Amended and Restated Shareholders' Agreement dates for reference as of August 6, 2025, as amended, restated or replaced from time to time;

"**Company Shares**" means, collectively, the Company Common Shares and the Company Preferred Shares (including, after the closing of the PIPE Financing under <u>Section 3.1(g)</u>, the Company Convertible PIPE Preferred Shares), with any one such share bring a "**Company Share**";

"**Company Transmittal Letter**" means the letter of transmittal to be provided by the Company to the Company Shareholders to provide a means for the delivery of any certificates representing Company Shares to the Exchange Agent and for instructions to be given by such Company Shareholder to the Exchange Agent for the delivery of the Company Shareholder Allocation;

"**Company Voting Common Shareholders**" means, at any time, the holders of Company Voting Common Shares outstanding at such time and "**Company Voting Common Shareholder**" means any one of them;

"**Company Voting Common Shares**" means the Class A Voting Common Shares in the capital of the Company;

"**Company Warrant Holders**" means, at any time, the holders of Company Warrants outstanding at such time and "**Company Warrant Holder**" means any one of them;

"**Company Warrants**" means all warrants to purchase Company Shares;

"**Consideration Shares**" has the meaning ascribed thereto in <u>Section 3.1(j)(xiv)</u> of this Plan of Arrangement;

"**Court**" means the Supreme Court of British Columbia;

"**Dissent Rights**" means the dissent rights in respect of the Arrangement described in <u>Section 6.1</u>;

"**Dissenting Shareholder**" means a registered holder of Company Common Shares or Company Preferred Shares who has validly exercised his, her or its Dissent Rights and has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights, but only in respect of the Company Common Shares and/or Company Preferred Shares in respect of which Dissent Rights are validly exercised by such registered holder of Company Common Shares or Company Preferred Shares;

"**Encumbrance**" means any mortgage, pledge, assignment, charge, lien, security interest, adverse interest in property, other third-party interest or encumbrance of any kind whether contingent or absolute, and any agreement, option, right or privilege (whether by law, contract or otherwise) capable of becoming any of the foregoing;

"**Exchange Agent**" means the Person appointed by SPAC in accordance with the terms of the Business Combination Agreement;

"**Exchange Ratio for SPAC Common Shares**" means the quotient obtained by dividing (a) $600,000,000 by (b) $10, and then dividing that result by (c) the aggregate number of Company Fully Diluted Shares;

"**Exchange Ratio for SPAC Earnout Shares**' means (a) in respect of the SPAC Class A Earnout Shares, the quotient obtained by dividing one-third of 12,500,000 by the aggregate number of Company Fully Diluted Shares, (b) in a respect of the SPAC Class B Earnout Shares, the quotient obtained by dividing one-third of 12,500,000 by the aggregate number of Company Fully Diluted Shares, and (c) in respect of the SPAC Class C Earnout Shares, the quotient obtained by dividing one-third of 12,500,000 by the aggregate number of Company Fully Diluted Shares;

"**Final Order**" means the final order of the Court pursuant to Section 291 of the BCBCA, approving the Arrangement, in a form acceptable to SPAC and the Company, as such order may be amended by the Court with the consent of SPAC, NewCo and the Company, such consent not to be unreasonably withheld, conditioned or delayed, at any time prior to the Closing or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or amended, on appeal, provided that any such amendment is reasonably acceptable to each of SPAC and the Company;

"**Governmental Entity**" means any United States, Canadian or other (a) federal, state, provincial, territorial, local, municipal or other government, (b) governmental or quasi-governmental entity of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal) or (c) body exercising or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature, including any arbitral tribunal (public or private), self-regulatory organization or stock exchange;

"**holder**", when used with reference to any securities of the Company, means the holder of such securities shown from time to time in the central securities register maintained by or on behalf of Company in respect of such securities;

"**Interim Order**" means the interim order of the Court contemplated by section 2.02 of the Business Combination Agreement and made pursuant to Section 291 of the BCBCA, providing for, among other things, the calling and holding of the Company Securityholders Meeting and the SPAC Shareholders Meeting, as the same may be amended by the Court with the consent of SPAC, NewCo and the Company, such consent not to be unreasonably withheld, conditioned or delayed, provided that any such amendment is reasonably acceptable to each of SPAC, NewCo and the Company;

"**Lock-Up Agreement**" means the lock-up agreement dated [●] among SPAC, the Sponsor and certain holders of SPAC Common Shares;

"**NewCo**" means 1573562 B.C. Ltd., a corporation incorporated under the laws of the Province of British Columbia;

"**Person**" includes any individual, firm, partnership, joint venture, venture capital fund, association, trust, trustee, executor, administrator, legal personal representative, estate group, body corporate, corporation, unincorporated association or organization, Governmental Entity, syndicate or other entity, whether or not having legal status;

"**PIPE Financing**" means the issuance and/or sale of the Company Convertible PIPE Preferred Shares and the Company PIPE Warrants pursuant to PIPE Subscription Agreements;

"**PIPE Investors**" means the certain investors who are party to the PIPE Subscription Agreements under which each such investor has each agreed to purchase Company Convertible PIPE Preferred Shares and Company PIPE Warrants;

"**PIPE Subscription Agreements**" means the subscription agreements entered into among the Company, SPAC, and the PIPE Investors, pursuant to which such investors have agreed to purchase units of the Company at a purchase price of US$10.20 per unit, each such unit comprising one (1) Company Convertible PIPE Preferred Share, and one (1) Company PIPE Warrant exercisable for one (1) SPAC Common Share at the price of US$12.00 per share;

"**Plan of Arrangement**" means this plan of arrangement and any amendments, supplements, modifications or variations hereto made in accordance with this Plan of Arrangement, the applicable provisions of the Business Combination Agreement, or upon the direction of the Court in the Final Order with the consent of the Company, NewCo and SPAC, such consent not to be unreasonably withheld, conditioned or delayed;

"**Redemption Price**" with respect to each SPAC Class A Earnout Share, SPAC Class B Earnout Share, and SPAC Class C Earnout Share, shall be equal to US$0.00000000001 per share;

"**SPAC**" means Spring Valley Acquisition Corp. III, a corporation continued under the BCBCA;

"**SPAC Affected Securities**" means, collectively, the SPAC Class A Common Shares, the SPAC Class B Common Shares and SPAC Warrants;

"**SPAC Affected Securityholders**" means, collectively, the SPAC Class B Common Shareholders, the SPAC Warrant Holders and the SPAC Class A Common Shareholders;

"**SPAC Class A Common Shareholders**" means, at any time, the holders of SPAC Class A Shares, in each case issued and outstanding at such time and "**SPAC Class A Shareholder**" means any one of them;

"**SPAC Class A Common Shares**" means Class A Voting Common Shares in the capital of SPAC;

"**SPAC Class A Earnout Shares**" means the Class A Earnout Shares in the capital of SPAC pursuant to the SPAC Closing Articles;

"**SPAC Class B Common Shareholders**" means, at any time, the holders of SPAC Class B Shares, in each case issued and outstanding at such time and "**SPAC Class B Shareholder**" means any one of them;

"**SPAC Class B Common Shares**" means Class B Voting Common Shares in the capital of SPAC;

"**SPAC Class B Earnout Shares**" means the Class B Earnout Shares in the capital of SPAC pursuant to the SPAC Closing Articles;

"**SPAC Class C Earnout Shares**" means the Class C Earnout Shares in the capital of SPAC pursuant to the SPAC Closing Articles;

"**SPAC Closing Articles**" has the meaning ascribed thereto in the Recitals of the Business Combination Agreement.

"**SPAC Common Shares**" means, upon closing of the Arrangement, common shares in the capital of SPAC;

"**SPAC Consideration**" means the SPAC Common Shares to be issued to SPAC Affected Securityholders pursuant to the Arrangement and in accordance with and subject to the terms of this Plan of Arrangement;

"**SPAC Convertible PIPE Preferred Shares**" means the Convertible Preferred Shares in the capital of SPAC;

"**SPAC Earnout Shares**" means collectively the SPAC Class A Earnout Shares, SPAC Class B Earnout Shares, and SPAC Class C Earnout Shares;

"**SPAC Equity Incentive Plan**" means the 2026 Long-Term Incentive Plan to be adopted by SPAC in a form to be mutually agreed between the Company and SPAC;

"**SPAC Exchange Options**" has the meaning ascribed thereto in <u>Section 3.1(j)(xxiii)</u>;

"**SPAC Exchange Warrants**" has the meaning ascribed thereto in <u>Section 3.1(j)(xxii)</u>;

"**SPAC PIPE Warrants**" has the meaning ascribed thereto in <u>Section 3.1(j)(xxiii)</u>;

"**SPAC Replacement Warrant**" has the meaning ascribed thereto in <u>Section 3.1(i)</u>;

"**SPAC Shareholders**" means, at any time, the holders of SPAC Shares issued and outstanding at such time and "**SPAC Shareholder**" means any one of them;

"**SPAC Shareholders Meeting**" means the special meeting of the SPAC Shareholders, including any adjournment or postponement thereof in accordance with the terms of the Business Combination Agreement, to be called and held in accordance with the Interim Order for the purpose of considering and, if thought fit, approving the Plan of Arrangement;

"**SPAC Shares**" means, collectively, the SPAC Class A Common Shares (or, upon closing of the Arrangement, the SPAC Common Shares) and the SPAC Class B Common Shares;

"**SPAC Transmittal Letter**" means the letter of transmittal to be provided by SPAC to the SPAC Affected Securityholders to provide a means for the delivery of any certificates representing SPAC Consideration to the Exchange Agent and for instructions to be given by such SPAC Affected Securityholders to the Exchange Agent for the delivery of the SPAC Consideration;

"**SPAC Warrant Agreement**" means that certain warrant agreement dated September 3, 2025 by and between SPAC and Continental Stock Transfer & Trust Company;

**"SPAC Warrant Conversion**" has the meaning ascribed thereto in <u>Section 3.1(i)</u>;

"**SPAC Warrant Holders**" means, at any time, the holders of SPAC Warrants outstanding at such time and "**SPAC Warrant Holder**" means any one of them;

"**SPAC Warrants**" means the outstanding warrants to purchase SPAC Class A Ordinary Shares (as defined in the Business Combination Agreement) as contemplated under the SPAC Warrant Agreement, with each whole warrant exercisable for one SPAC Class A Ordinary Share at an exercise price of $11.50;

"**Sponsor**" means Spring Valley Acquisition III Sponsor, LLC, a Cayman Islands limited liability company.

"**Sponsor Letter**" means the letter agreement made as of January 21, 2026 between SPAC and the Sponsor pursuant to which, among other things, (i) SPAC has agreed to issue to Sponsor 333,334 SPAC Class A Earnout Shares, 333,333 SPAC Class B Earnout Shares and 333,333 SPAC Class C Earnout Shares on the Closing Date in consideration for the surrender for cancellation by Sponsor of 1,000,000 Class B Common Shares of SPAC held by Sponsor, and (ii) the Sponsor has agreed to (a) vote all of the SPAC Class B Ordinary Shares held by it in favor of each the transaction proposals, and (b) transfer, directly or constructively (including, if applicable, pursuant to a forfeiture and reissuance), an aggregate of 1,250,000 SPAC Class B Common Shares to the investors (and in the amounts) set forth in the Sponsor Letter.

"**Tax**" means any and all taxes, duties, levies, assessments, fees or other charges in the nature of a tax imposed by any Governmental Entity, including income, estimated, business, occupation, corporate, capital, gross receipts, transfer, stamp, registration, employment, payroll, health, unemployment, social security, workers' compensation, employment insurance premiums, Canada Pension Plan, Quebec Pension Plan or other similar contributions, withholding, occupancy, license, severance, goods and services, excise, alternative or add-on minimum, occupation, anti-dumping, countervailing, environment, production, ad valorem, excise, windfall profits, customs duties, real property, personal property, sales, use, turnover, value added and franchise taxes, whether disputed or not, together with all interest, penalties, and additions to tax imposed with respect thereto; and

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations made thereunder, as now in effect and as they may be promulgated or amended from time to time.

1.2 In this Plan of Arrangement, unless otherwise expressly stated or the
 context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the division of this Plan of Arrangement
 into Articles and Sections and the further division thereof into subsections and the insertion
 of headings are for convenience of reference only and will not affect the construction or
 interpretation of this Plan of Arrangement. Unless otherwise indicated, any reference in
 this Plan of Arrangement to an Article, Section or subsection refers to the specified
 Article, Section or subsection to this Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) time periods within or following which
 any payment is to be made or act is to be done will be calculated by excluding the day on
 which the period commences and including the day on which the period ends. Where the last
 day of any such time period is not a Business Day, such time period will be extended to the
 next Business Day following the day on which it would otherwise end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms "hereof", "herein",
 "hereunder" and similar expressions refer to this Plan of Arrangement and not
 to any particular section or other portion hereof and include any agreement or instrument
 supplementary or ancillary hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words importing the singular number only
 will include the plural and vice versa and words importing the use of any gender will include
 all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the word "including" means
 "including, without limiting the generality of the foregoing";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reference to a statute is to that statute
 as now enacted or as the statute may from time to time be amended, re-enacted or replaced
 and includes any regulation, rule or policy made thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all references to cash or currency in
 this Plan of Arrangement are to United States dollars unless otherwise indicated.

**Article 2<br> BUSINESS COMBINATION AGREEMENT**

2.1 This Plan of Arrangement is made pursuant to and subject to the provisions
 of the Business Combination Agreement and constitutes an arrangement as referred to in Section 288
 of the BCBCA. If there is any inconsistency or conflict between the provisions of this Plan of Arrangement
 and the provisions of the Business Combination Agreement, the provisions of this Plan of Arrangement
 will govern.

2.2 This Plan of Arrangement and the Arrangement will become effective as
 of the Arrangement Effective Time and will be binding without any further authorization, act or formality
 on the part of the Court or any Person, on the Affected Securityholders, SPAC, NewCo, the Company, the
 Exchange Agent, and any other Person from and after the Arrangement Effective Time.

**Article 3<br> ARRANGEMENT**

3.1 Commencing at the Arrangement Effective Time, the following transactions
 will occur and will be deemed to occur at the times and in the order set out below without any further
 authorization, act or formality required on the part of any Person, except as otherwise expressly provided
 herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Arrangement Effective Time, notwithstanding
 the terms of the Company Shareholders Agreement, the Company Shareholders Agreement will
 be terminated and the parties to the Company Shareholders Agreements will cease to have any
 rights or obligations under the Company Shareholders Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the Arrangement Effective Time, notwithstanding
 the terms of any side letter, management rights, covenant agreement or similar agreement
 entered into between the Company and any of the Company Preferred Shareholders on or about
 the time each such Company Preferred Shareholder purchased Company Preferred Shares or warrants,
 options, convertible securities or other rights exercisable for, or convertible into, Company
 Preferred Shares (collectively, the "**Investor Letter Agreements** ", but
 excluding, for greater certainty, the Shareholders Agreements), the Investor Letter Agreements
 will be terminated and the parties to the Investor Letter Agreements will cease to have any
 rights or obligations under the Investor Letter Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the Arrangement Effective Time, the
 Company shall amend and restate the Company articles by adopting the Company A&R Articles
 to, among other things, create and authorize the issuance of the Company Convertible PIPE
 Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) one minute after the step in <u>Section 3.1(b)</u>,
 subject to <u>Section 6.1</u>, each of the Company Shares held by Dissenting Shareholders
 shall be, and shall be deemed to be, transferred to the Company (free and clear of any Encumbrances)
 and cancelled in consideration for a debt claim against the Company for the amount determined
 in accordance with <u>Section 6.1</u> (subject to any amounts required to be deducted
 and withheld in accordance with <u>Section 5.2</u>), and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Dissenting Shareholders shall cease
 to be the holders of such Company Shares and to have any rights as holders of such Company
 Shares (including for the purposes of any matter concerning the Company Shares or the Company
 Shareholders in the remainder of this <u>Section 3.1</u>), other than the right to be
 paid fair value for such Company Shares as set out in <u>Section 6.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Dissenting Shareholders' names
 shall be removed as the holders of such Company Shares from the registers of such Company
 Shares maintained by or on behalf of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company shall be deemed to be the
 transferee of such Company Shares and shall be entered in the registers of such Company Shares
 maintained by or on behalf of the Company in respect of the Company Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) one minute after the step in <u>Section 3.1(d)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Company Preferred Share held by a Company
 Preferred Shareholder (other than a Dissenting Shareholder) immediately prior to the Arrangement
 Effective Time will be converted into and exchanged for one Company Voting Common Share (the
 "**Company Preferred Conversion** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Company Preferred Shareholder will
 cease to have any rights as the registered holder of Company Preferred Shares (other than
 the right to receive the consideration contemplated by <u>Section 3.1(j)</u>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the name of such Company Preferred Shareholder
 will be removed as the registered holder of such Company Preferred Shares from the applicable
 securities register of the Company maintained by or on behalf of the Company and added as
 a registered holder of Company Voting Common Shares on the applicable securities register
 of the Company maintained by or on behalf of the Company, and such Company Preferred Shares
 will be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) one minute after the step in <u>Section 3.1(e)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Company SAFE held by a Company SAFE
 Holder immediately prior to the Arrangement Effective Time will be converted into and exchanged
 into that number of Company Voting Common Shares equal to the "Purchase Amount"
 of such SAFE divided by:

&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 quotient obtained by dividing (a) $600,000,000
 by (b) the aggregate number of Company Fully Diluted Shares; multiplied by

&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) 75%

(the "**Company SAFE Conversion**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Company SAFE Holder will cease to
 have any rights as the registered holder of Company SAFEs (other than the right to receive
 the consideration contemplated by <u>Section 3.1(j)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the name of such Company SAFE Holder will
 be removed as the registered holder of such Company SAFE from the applicable SAFE register
 of the Company maintained by or on behalf of the Company and added as a registered holder
 of Company Voting Common Shares on the applicable securities register of the Company maintained
 by or on behalf of the Company, and such Company SAFEs will be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) one minute after the steps in <u>Section 3.1(f)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the PIPE Financing will close in accordance
 with the terms of the PIPE Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection therewith the Company shall
 issue to each PIPE Investor that number of Company Convertible PIPE Preferred Shares and
 Company PIPE Warrants specified in such PIPE Investor's PIPE Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection therewith and in accordance
 with the Sponsor Letter, Sponsor will surrender for cancellation 1,000,000 SPAC Class B
 Common Shares held by Sponsor in consideration for the right to receive the consideration
 contemplated by Section 3.1(k), and Sponsor will cease to have any rights as the registered
 holder of such SPAC Class B Common Shares (other than the right to receive the consideration
 contemplated by Section 3.1(k)), the name of Sponsor will be removed as the registered
 holder of such SPAC Class B Common Shares from the applicable securities register of
 SPAC maintained by or on behalf of SPAC, and such SPAC Class B Common Shares will be
 cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection therewith and in accordance
 with the Sponsor Letter, Sponsor will transfer an aggregate of 1,250,000 SPAC Class B
 Common Shares to the investors (in the amounts) set forth in the Sponsor Letter, and Sponsor
 will cease to have any rights as the registered holder of such SPAC Class B Common Shares,
 the name of Sponsor will be removed as the registered holder of such SPAC Class B Common
 Shares from the applicable securities register of SPAC maintained by or on behalf of SPAC,
 and the names of such investors will be added as the registered holders of such SPAC Class B
 Common Shares on the applicable securities register of SPAC maintained by or on behalf of
 SPAC Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) one minute after the steps in <u>Section 3.1(g)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each SPAC Class B Common Share held
 by a SPAC Class B Common Shareholder immediately prior to this step will be converted
 into and exchanged for one SPAC Class A Common Share (the "**SPAC Class B Conversion** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such SPAC Class B Common Shareholder
 will cease to have any rights as the registered holder of SPAC Class B Common Shares
 (other than the right to receive the consideration contemplated by <u>Section 3.1(j)</u>;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the name of such SPAC Class B Common
 Shareholder will be removed as the registered holder of such SPAC Class B Common Shares
 from the applicable securities register of SPAC maintained by or on behalf of SPAC and added
 as a registered holder of SPAC Class A Common Shares on the applicable securities register
 of SPAC maintained by or on behalf of SPAC Company, and such SPAC Class B Common Shares
 will be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one minute after the steps in <u>Section 3.1(h)</u>,
 each SPAC Warrant held by a SPAC Warrant Holder outstanding immediately prior to the Arrangement
 Effective Time shall be exchanged for a warrant (a "**SPAC Replacement Warrant** ")
 to acquire a number of: (i) prior to the Amalgamation Effective Time, SPAC Class A
 Common Shares (rounded down to the nearest whole share), or (ii) after the Amalgamation
 Effective Time, SPAC Common Shares (rounded down to the nearest whole share) in both cases
 equal to the number of SPAC Class A Ordinary Shares subject to the applicable SPAC Warrant,
 each SPAC Replacement Warrant at a per share exercise price (rounded up to the nearest cent)
 equal to the per share exercise price for the SPAC Class A Ordinary Shares subject to
 the applicable SPAC Warrant (the "**SPAC Warrant Conversion** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) one minute after the steps in <u>Section 3.1(i)</u>,
 the Company and NewCo shall amalgamate to continue as one corporate entity (as so amalgamated,
 the "**Amalgamated Company**") with the same effect as if they were amalgamated
 under section 269 of the BCBCA (the "**Amalgamation** "), except that the legal
 existence of Newco will not cease and Newco will survive as more fully described in this <u>Section 3.1(j)</u>, but provided that, without limiting the foregoing, the separate
 legal existence of the Company will cease without the Company being liquidated or wound up,
 and the Company and NewCo will continue as one corporation, the Amalgamated Company (which
 will continue the legal existence of Newco), and the property of the Company will become
 the property of the Amalgamated Company, and on the amalgamation of the Company and NewCo
 pursuant to this <u>Section 3.1(j)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Amalgamated Company shall become capable
 immediately of exercising the functions of an incorporated company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of the Amalgamated Company shall
 be "*General Fusion Technologies Inc.* ", as shall be set out in the notice
 of articles of the Amalgamated Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the shareholder(s) of the Amalgamated
 Company shall have the powers and the liability provided in the BCBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all of the property, rights and interests
 of each of the Company and NewCo immediately before the Amalgamation shall become property,
 rights and interests of the Amalgamated Company by virtue of the Amalgamation, and the Amalgamation
 shall not constitute an assignment by operation of law, a transfer or any other disposition
 of the property, rights and interests of either of the Company or NewCo to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all of the liabilities of each of the Company
 and NewCo immediately before the Amalgamation shall become liabilities of the Amalgamated
 Company by virtue of the Amalgamation and the Amalgamated Company shall continue to be liable
 for the obligations of each of the Company and NewCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any legal proceedings being prosecuted
 or pending by or against the Company or NewCo are unaffected by the Amalgamation and every
 such legal proceeding may be prosecuted, or their prosecution may be continued, as the case
 may be, by or against the Amalgamated Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any existing cause of action, claim or
 liability to prosecution against either the Company or NewCo shall be unaffected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a conviction against, or a ruling, order
 or judgment in favour of or against, either the Company or NewCo may be enforced by or against
 the Amalgamated Company;

(ix) the initial directors of the Amalgamated Company shall be [●] with a prescribed address of 2900 – 550 Burrard St., Vancouver, BC V6C 0A3, Canada set out in the notice of articles of the Amalgamated Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the notice of articles and articles of the
 Amalgamated Company shall be the notice of articles and articles of the Company immediately
 prior to the Amalgamation other than to reflect 3.1(j)(i) and 3.1(j)(ix), and the registered
 and records office of the Amalgamated Company shall be the registered and records office
 of the Company immediately prior to the Amalgamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the articles of SPAC shall be replaced
 with the SPAC Closing Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) each SPAC Class A Common Share outstanding
 immediately prior to the Arrangement Effective Time (including SPAC Class A Common Shares
 issued pursuant to <u>Section 3.1(h)(i)</u>) shall be exchanged for one fully paid and
 non-assessable SPAC Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) each NewCo Share outstanding shall be
 cancelled and the name of the holder of such NewCo Shares, being SPAC, shall be removed from
 the register of holders of NewCo Shares, and in exchange therefor, each such holder shall
 receive, and the Amalgamated Company shall issue, for each NewCo Share, one fully paid and
 non-assessable Amalgamated Company Share and each such holder shall be deemed to have executed
 and delivered all consents, releases, assignments and waivers, statutory or otherwise, required
 to exchange such NewCo Share in accordance herewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) each Company Share outstanding (other
 than such Company Shares as are held by Dissenting Shareholders and transferred to the Company
 in accordance with <u>Section 3.1(d)</u>) shall be cancelled and the name of the holder(s) of
 such Company Shares shall be removed from the register of holders of Company Shares, and
 in exchange therefor, each such holder shall receive, and SPAC shall issue:

&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) for each Company Share that is not a Company
 Non-Voting Common Share or a Company Convertible PIPE Preferred Share, that number of fully
 paid and non-assessable SPAC Common Shares equal to one times the Exchange Ratio for SPAC
 Common Shares ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for each Company Share that is not a Company
 Non-Voting Common Share or a Company Convertible PIPE Preferred Share, that number of fully
 paid and non-assessable SPAC Class A Earnout Shares, SPAC Class B Earnout Shares,
 and SPAC Class C Earnout Shares equal to one times the applicable Exchange Ratio for
 SPAC Earnout 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;(C) for each Company Non-Voting Common Share,
 one fully paid and non-assessable SPAC Common Share and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) for each Company Convertible PIPE Preferred
 Shares, one fully paid and non-assessable SPAC Convertible PIPE Preferred Share

(such SPAC Common Shares, SPAC Earnout Share and the SPAC Convertible PIPE Preferred Shares, collectively the "**Consideration Shares**") (and, for greater certainty, the holder thereof shall receive no consideration on the Amalgamation other than such Consideration Shares), subject to Article 5 hereof, and the registered holder thereof shall be deemed to have executed and delivered all consents, releases, assignments and waivers, statutory or otherwise, required to exchange such Company Share in accordance herewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) in consideration of the issuance by SPAC
 of the SPAC Common Shares comprising the Consideration Shares pursuant to <u>Section 3.1(j)(xiv)</u>,
 the Amalgamated Company shall issue to SPAC one fully paid and non-assessable Amalgamated
 Company Share for each SPAC Common Share comprising part of the Consideration Shares issued
 pursuant to <u>Section 3.1(j)(xiv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the amount added to the capital of SPAC
 for the SPAC Common Shares shall be the paid-up capital (as that term is used for purposes
 of the Tax Act) of the Company Common Shares (other than the Company Common Shares held by
 Dissenting Shareholders) immediately prior to the Amalgamation, less the aggregate Redemption
 Price of the SPAC Earnout Shares comprising the Consideration Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) in consideration of the issuance by SPAC
 of the SPAC Earnout Shares comprising the Consideration Shares pursuant to <u>Section 3.1(j)(xiv)</u>,
 the Amalgamated Company shall issue to SPAC one fully paid and non-assessable Amalgamated
 Company Share for each SPAC Earnout Share comprising part of the Consideration Shares issued
 pursuant to <u>Section 3.1(j)(xiv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount added to the capital of SPAC
 for each class of the SPAC Earnout Shares shall be the aggregate Redemption Price of the
 SPAC Earnout Shares of such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in consideration of the issuance by SPAC
 of the SPAC Convertible PIPE Preferred Shares comprising the Consideration Shares pursuant
 to <u>Section 3.1(j)(xiv)</u>, the Amalgamated Company shall issue to SPAC one fully
 paid and non-assessable Amalgamated Company Share for each SPAC Convertible PIPE Preferred
 Share comprising part of the Consideration Shares issued pursuant to <u>Section 3.1(j)(xiv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the amount added to the capital of SPAC
 for the SPAC Convertible PIPE Preferred Shares shall be the paid-up capital (as that term
 is used for purposes of the Tax Act) of the Company Convertible PIPE Preferred Shares immediately
 prior to the Amalgamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) the amount added to the capital of the
 Amalgamated Company for the Amalgamated Company Shares shall be the paid-up capital (as that
 term is used for purposes of the Tax Act) of the Company Shares (other than the Company Shares
 held by Dissenting Shareholders) immediately prior to the Amalgamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) each Company Warrant (other than a Company
 PIPE Warrant) outstanding immediately prior to the Arrangement Effective Time shall be exchanged
 for, collectively:

&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) a warrant to acquire a number of SPAC
 Common Shares (rounded up to the nearest whole share) equal to (1) the number of Company
 Common Shares subject to the applicable Company Warrant multiplied by (2) the Exchange
 Ratio for SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a warrant to acquire a number of SPAC
 Class A Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Common Shares subject to the applicable Company Warrant multiplied by (2) the
 applicable Exchange Ratio for SPAC Earnout 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;(C) a warrant to acquire a number of SPAC
 Class B Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Common Shares subject to the applicable Company Warrant multiplied by (2) the
 applicable Exchange Ratio for SPAC Earnout Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a warrant to acquire a number of SPAC
 Class C Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Common Shares subject to the applicable Company Warrant multiplied by (2) the
 applicable Exchange Ratio for SPAC Earnout Shares

(collectively, the "**SPAC Exchange Warrants**"), each at a per share exercise price (rounded up to the nearest cent) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) in the case of a SPAC Exchange Warrant
 to acquire SPAC Common Shares, the quotient of (x) the per share exercise price for
 the Company Common Shares subject to the applicable Company Warrant, divided by (y) the
 Exchange Ratio for SPAC Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) in the case of a SPAC Exchange Warrant
 to acquire a class of SPAC Earnout Shares, $0.01,

in each case, converting the resulting amount to its U.S. dollar equivalent based on the C$:US$ Bank of Canada daily exchange rate as of the Business Day immediately prior to the Arrangement Effective Time, and rounding the resulting exercise price to the nearest whole cent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) each Company PIPE Warrant outstanding
 immediately prior to the Arrangement Effective Time shall be exchanged for a warrant to acquire
 one (1) SPAC Common Share at a per share exercise price (rounded up to the nearest cent)
 equal to US$12.00 (each, as "**SPAC PIPE Warrant** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) each Company Option outstanding immediately
 prior to the Arrangement Effective Time (whether vested or unvested and notwithstanding the
 terms of any Company Plan) will be exchanged for, collectively:

&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) an option to acquire a number of SPAC
 Common Shares (rounded up to the nearest whole share) equal to (1) the number of Company
 Voting Common Shares subject to the applicable Company Option multiplied by (2) the
 Exchange Ratio for SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an option to acquire a number of SPAC
 Class A Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Voting Common Shares subject to the applicable Company Option multiplied
 by (2) the applicable Exchange Ratio for SPAC Earnout 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;(C) an option to acquire a number of SPAC
 Class B Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Voting Common Shares subject to the applicable Company Option multiplied
 by (2) the applicable Exchange Ratio for SPAC Earnout Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) an option to acquire a number of SPAC
 Class C Earnout Shares (rounded down to the nearest whole share) equal to (1) the
 number of Company Voting Common Shares subject to the applicable Company Option multiplied
 by (2) the applicable Exchange Ratio for SPAC Earnout Shares

(collectively, the "**SPAC Exchange Options**"), each at a per share exercise price (rounded up to the nearest cent) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) in the case of a SPAC Exchange Option
 to acquire SPAC Common Shares, the quotient of (x) the per share exercise price for
 the Company Voting Common Shares subject to the applicable Company Option, divided by (y) the
 Exchange Ratio for SPAC Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) in the case of a SPAC Exchange Option
 to acquire a class of SPAC Earnout Shares, $0.01,

in each case, converting the resulting amount to its U.S. dollar equivalent based on the C$:US$ Bank of Canada daily exchange rate as of the Business Day immediately prior to the Arrangement Effective Time, and rounding the resulting exercise price to the nearest whole cent. It is intended that the provisions of subsection 7(1.4) of the Tax Act (and any corresponding provision of provincial or territorial tax legislation) apply to the exchange of Company Options for SPAC Exchange Options described in this <u>Section 3.1(j)(xxiv)</u>. Notwithstanding this <u>Section 3.1(j)(xxiv)</u>, if it is determined in good faith that the excess of the aggregate fair market value of the SPAC Common Shares and SPAC Earnout Shares subject to a SPAC Exchange Option immediately after the exchange herein over the aggregate option exercise price for such shares pursuant to the SPAC Exchange Option (such excess referred to herein as the "In the Money Amount" of the SPAC Exchange Option) would otherwise exceed the excess of the aggregate fair market value of the Company Shares subject to the Company Option in exchange for which the SPAC Exchange Options were issued immediately before the exchange herein over the aggregate option exercise price for such shares pursuant to the Company Option (such excess referred to as the "In the Money Amount" of the Company Option), the exercise prices under the SPAC Exchange Option will be increased (and will be deemed always to have been increased), only to the extent necessary, so that the In the Money Amount of the SPAC Exchange Options do not exceed the In the Money Amount of the Company Option in accordance with subsection 7(1.4) of the Tax Act; and (except as specifically provided above), following such time, each SPAC Exchange Option will, mutatis mutandis, be governed by the terms of the SPAC Equity Incentive Plan, any restriction on the exercise of any Company Option so exchanged will continue in full force and effect and the term, exercisability, vesting schedule and other provisions that applied to the exchanged Company Option will otherwise remain unchanged as a result of the exchange of such Company Option; provided however that (x) SPAC's board of directors or a committee thereof will succeed to the authority and responsibility of the Company's board of directors or any committee thereof with respect to each SPAC Exchange Option; and (y) each SPAC Exchange Option will be subject to administrative procedures consistent with those in effect under the SPAC Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) one minute after the steps in <u>Section 3.1(j)</u>,
 in consideration for the surrender of 1,000,000 SPAC Class B Common Shares held by Sponsor
 as contemplated by <u>Section 3.1(g)</u>, SPAC shall issue to the Sponsor 333,334 SPAC
 Class A Earnout Shares, 333,333 SPAC Class B Earnout Shares and 333,333 SPAC Class C
 Earnout Shares in accordance with the terms of the Sponsor Letter, and the name of Sponsor
 will be added as the registered holder of such SPAC Class A Earnout Shares, SPAC Class B
 Earnout Shares, and SPAC Class C Earnout Shares on the applicable securities register
 of SPAC maintained by or on behalf of SPAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) one minute after the steps in <u>Section 3.1(k)</u>,
 SPAC, the Sponsor and each holder of SPAC Common Shares, SPAC Exchange Warrants and SPAC
 Exchange Options issued pursuant to the Amalgamation, shall be deemed to be parties to the
 Lock-Up Agreement as if they had executed such agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) one minute after the step in <u>Section 3.1(l)</u>,
 each SPAC Class A Common Share issued and outstanding immediately prior to the Amalgamation
 Effective Time with respect to which a holder of SPAC Class A Common Shares has validly
 exercised its redemption rights pursuant to the SPAC articles effective immediately prior
 to the Amalgamation Effective Time shall be redeemed and the holder thereof shall be entitled
 to receive from SPAC, in cash, an amount per share calculated in accordance with such holder's
 redemption rights.

The transactions provided for in this <u>Section 3.1</u> will be deemed to occur on the Closing Date notwithstanding that certain of the procedures related hereto are not completed until after the Closing Date (and provided that none of the foregoing will occur or will be deemed to occur unless all of the foregoing occur and, if they occur, all of the foregoing will be deemed to occur without further act or formality). All Company Voting Common Shares, Company Convertible PIPE Preferred Shares, SPAC Convertible PIPE Preferred Shares, SPAC Class A Common Shares, SPAC Common Shares (including those issuable upon conversion of SPAC Convertible PIPE Preferred Shares and exercise of SPAC Exchange Warrants and SPAC PIPE Warrants) and SPAC Earnout Shares shall be issued as fully paid and non- assessable.

**Article 4<br> CERTIFICATES AND PAYMENT**

4.1 On or prior to the Business Day preceding the Arrangement Effective
 Time, the Company will deposit or cause to be deposited with the Exchange Agent, for the benefit of
 and to be held on behalf of the Company Preferred Shareholders and the SAFE Holders, certificates representing
 or evidence in book-entry form of, the Company Common Shares issuable to Company Preferred Shareholders
 and SAFE Holders, pursuant to <u>Sections 3.1(e)</u> and <u>3.1(f)</u>, respectively.

4.2 On or prior to the Business Day preceding the Arrangement Effective
 Time, SPAC will deposit or cause to be deposited with the Exchange Agent for the benefit of and to be
 held on behalf of the Company Shareholders pursuant to <u>Section 3.1(j)(xiv)</u>, the SPAC Affected
 Securityholders entitled to receive SPAC Class A Common Shares and SPAC Replacement Warrants pursuant
 to <u>Sections 3.1(h)</u> and <u>3.1(i)</u>, and the SPAC Affected Securityholders entitled to
 receive SPAC Common Shares pursuant to <u>Section 3.1(j)(xii)</u>, certificates representing, or
 evidence in book-entry form of, the Company Shareholder Allocation and the SPAC Consideration.

4.3 Following the deposit with the Exchange Agent of the certificates or
 other evidence specified in <u>Sections 4.1</u>, the Company will be fully and completely discharged
 from its obligation to issue Company Common Shares to Company Preferred Shareholders and to SAFE Holders
 pursuant to <u>Section 3.1(e)</u> and <u>3.1(f)</u>, respectively, and the rights of such
 holders will be limited to receiving, from the Exchange Agent, the Company Shareholder Allocation to
 which they are entitled in accordance with this Plan of Arrangement.

4.4 Following the deposit with the Exchange Agent of the certificates or
 other evidence specified in <u>Section 4.2</u>, SPAC will be fully and completely discharged from
 its obligation to pay: (a) the Company Shareholder Allocation to the Company Shareholders, and
 (b) the SPAC Consideration to the SPAC Affected Securityholders and the rights of such holders
 will be limited to receiving, from the Exchange Agent, the SPAC Common Shares to which they are entitled
 in accordance with this Plan of Arrangement.

4.5 Until such time as a Company Shareholder deposits with the Exchange
 Agent a duly completed Company Transmittal Letter, documents, certificates and instruments contemplated
 by the Company Transmittal Letter and such other documents and instruments as the Exchange Agent, the
 Amalgamated Company or SPAC reasonably require, the payment or delivery to which such Company Shareholder
 is entitled will, in each case, be delivered or paid to the Exchange Agent to be held as agent on behalf
 of and for the benefit of such Company Shareholder for delivery to such Company Shareholder, without
 interest and net of all applicable withholdings and other taxes, if any, upon delivery of the Company
 Transmittal Letter, documents, certificates and instruments contemplated by the Company Transmittal
 Letter and such other documents, certificates and instruments as the Exchange Agent, the Amalgamated
 Company or SPAC reasonably require.

4.6 Until such time as a SPAC Affected Securityholder deposits with the
 Exchange Agent a duly completed SPAC Transmittal Letter, documents, certificates and instruments contemplated
 by the SPAC Transmittal Letter and such other documents and instruments as the Exchange Agent or SPAC
 reasonably require, the payment or delivery to which such SPAC Affected Securityholder is entitled will,
 in each case, be delivered or paid to the Exchange Agent to be held as agent on behalf of and for the
 benefit of such SPAC Affected Securityholder, as applicable, for delivery to such SPAC Affected Securityholder,
 without interest and net of all applicable withholdings and other taxes, if any, upon delivery of the
 SPAC Transmittal Letter, documents, certificates and instruments contemplated by the SPAC Transmittal
 Letter and such other documents, certificates and instruments as the Exchange Agent or SPAC reasonably
 require.

4.7 Upon surrender to the Exchange Agent for cancellation of a certificate
 that immediately prior to the Arrangement Effective Time represented one or more Company Shares, a duly
 completed and executed Company Transmittal Letter and such additional documents, certificates and instruments
 as the Exchange Agent, the Amalgamated Company or SPAC may reasonably require, the holder of such surrendered
 certificate, or the deliverer of such Company Transmittal Letter will be entitled to receive, and the
 Exchange Agent will, as promptly as practicable after the Arrangement Effective Time, deliver to such
 holder, the certificate(s) representing, or other evidence of, the SPAC Common Shares that such
 Company Shareholder is entitled to receive under the Arrangement, and any certificate so surrendered
 will forthwith be cancelled.

4.8 Upon surrender to the Exchange Agent for cancellation of a certificate
 that immediately prior to the Arrangement Effective Time represented one or more SPAC Affected Securities,
 a duly completed and executed SPAC Transmittal Letter and such additional documents, certificates and
 instruments as the Exchange Agent, SPAC may reasonably require, the holder of such surrendered certificate,
 or the deliverer of such SPAC Transmittal Letter will be entitled to receive, and the Exchange Agent
 will, as promptly as practicable after the Arrangement Effective Time, deliver to such holder, the certificate(s) representing,
 or other evidence of, the SPAC Common Shares that such SPAC Affected Securityholder is entitled to receive
 under the Arrangement, and any certificate so surrendered will forthwith be cancelled.

4.9 If any former Company Shareholder or SPAC Affected Securityholder fails
 to deliver to the Exchange Agent the certificates, documents or instruments required to be delivered
 to the Exchange Agent under this Article 4 in order for such former Company Shareholder or SPAC
 Affected Securityholder, as applicable, to receive the consideration which such former holder is entitled
 to receive pursuant to <u>Section 3.1</u> on or before the day immediately prior to the sixth anniversary
 of the Arrangement Effective Time, (i) any right or claim to payment hereunder that remains outstanding,
 on the day before the sixth anniversary of the Arrangement Effective Time, will cease to represent a
 right or claim of any kind or nature and the right of the holder to receive the applicable consideration
 pursuant to this Plan of Arrangement will terminate and any applicable consideration held by the Exchange
 Agent in trust for such former holder will be deemed to be surrendered and forfeited to SPAC or its
 successors for no consideration, and (ii) any certificate representing such Company Shares, SPAC
 Shares or SPAC Warrants formerly held by such former holder will cease to represent a claim of any nature
 whatsoever and will be deemed to have been surrendered to SPAC and will be cancelled. None of the Company,
 SPAC or NewCo, or any of their respective successors, will be liable to any Person in respect of any
 consideration (including any consideration previously held by the Exchange Agent in trust for any such
 former holder) which is forfeited to the Company, SPAC or NewCo or delivered to any public official
 pursuant to any applicable abandoned property, escheat or similar law.

4.10 After the Arrangement Effective Time and until surrendered as contemplated
 by this Article 4, each certificate or direct registration statement that immediately prior to
 the Arrangement Effective Time represented one or more Company Shares or one or more SPAC Affected
 Securities will be deemed at all times to represent only the right to receive certificate(s) representing
 or other evidence of, the SPAC Common Shares that such Company Shareholder or SPAC Affected Securityholder,
 as applicable, is entitled to receive in accordance with this Article 4, subject to any amounts
 withheld pursuant to <u>Section 5.2</u>.

4.11 If any certificate or other evidence of securities that immediately
 prior to the Arrangement Effective Time represented one or more outstanding Company Shares or SPAC
 Affected Securities that were exchanged pursuant to Article 3 has been lost, stolen or destroyed,
 upon the making of an affidavit of that fact by the Person claiming such certificate to be lost, stolen
 or destroyed, the Exchange Agent will issue in exchange for such lost, stolen or destroyed certificate,
 the Company Common Shares or SPAC Common Shares, as applicable, that such Person is entitled to receive
 pursuant to Article 3, deliverable in accordance with such holder's Company Transmittal
 Letter or SPAC Transmittal Letter, subject to <u>Section 4.12</u>.

4.12 When authorizing the delivery of such consideration in exchange for
 any lost, stolen or destroyed certificate, the Person to whom the consideration is being delivered
 must, as a condition precedent to the delivery of such consideration, give a bond satisfactory to SPAC
 and the Exchange Agent in such sum as SPAC and the Exchange Agent may direct or otherwise indemnify
 the Amalgamated Company, SPAC and the Exchange Agent in a manner satisfactory to the Amalgamated Company,
 SPAC, and the Exchange Agent against any claim that may be made against the Amalgamated Company, SPAC,
 or the Exchange Agent with respect to the certificate alleged to have been lost, stolen or destroyed.

4.13 In no event will any Person be entitled to a fractional SPAC Common
 Share or Company Common Shares. Where the aggregate number of SPAC Common Shares or Company Common
 Shares to be issued to a Person pursuant to the Plan of Arrangement would result in a fraction of a
 SPAC Common Share or Company Common Share being issuable, the number of SPAC Common Shares or Company
 Common Shares to be received by such Person will be rounded down to the nearest whole SPAC Common Share
 or Company Common Share, and no cash or other consideration shall be paid for any fractional share
 eliminated by such rounding.

**Article 5<br> EFFECT OF THE ARRANGEMENT; WITHHOLDINGS**

5.1 From and after the Arrangement Effective Time: (a) this Plan of
 Arrangement will take precedence and priority over any and all Affected Securities issued prior to the
 Arrangement Effective Time, (b) the rights and obligations of the Affected Securityholders, the
 Company, SPAC, NewCo, the Exchange Agent and any transfer agent or other exchange agent therefor in
 relation thereto, will be solely as provided for in this Plan of Arrangement, and (c) all actions,
 causes of action, claims or proceedings (actual or contingent and whether or not previously asserted)
 based on or in any way relating to any Affected Securities will be deemed to have been settled, compromised,
 released and determined without liability except as set forth in this Plan of Arrangement.

5.2 Notwithstanding anything in this Plan of Arrangement to the contrary,
 the Amalgamated Company, SPAC and the Exchange Agent will each be entitled to take such actions as are
 reasonably necessary to deduct and withhold (or cause to be deducted and withheld) from any amounts
 or consideration payable or otherwise deliverable to any Person pursuant to the Arrangement or the Business
 Combination Agreement such Taxes and other amounts as are required to be deducted and withheld therefrom
 under applicable Tax Law. To the extent that amounts are so deducted and withheld and timely remitted
 to the applicable Governmental Entity, such amounts will be treated for all purposes of the Arrangement
 as having been paid or delivered to the Person in respect of which such deduction and withholding was
 made.

**Article 6<br> DISSENT RIGHTS**

6.1 Registered Company Shareholders may exercise Dissent Rights with respect
 to the Company Shares held by such holders in connection with the Arrangement pursuant to the procedure
 set forth in Division 2 of Part 8 of the BCBCA, as modified by the Interim Order, provided that
 registered Company Shareholders who exercise such Dissent Rights and who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are ultimately entitled to be paid fair
 value for their Company Shares shall be deemed not to have participated in the transactions
 in <u>Section 3.1</u> (other than <u>Section 3.1(d)</u>) or otherwise in the Arrangement
 and shall be paid an amount equal to such fair value by the Company (subject to any amounts
 withheld pursuant to <u>Section 5.2</u>) and will not be entitled to any other payment
 or consideration, including any payment that would be payable under the Arrangement had such
 Company Shareholders not exercised their Dissent Rights in respect of such Company Shares,
 and they shall be deemed to have transferred their Company Shares to the Company for cancellation
 at the time indicated in <u>Section 3.1(d)</u>, notwithstanding the provisions of Division
 2 of Part 8 of the BCBCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are ultimately not entitled, for any reason,
 to be paid fair value for their Company Shares, shall be deemed to have participated in the
 Arrangement, as of the Arrangement Effective Time on the same basis as a non-dissenting holder
 of Company Shares and shall be entitled to receive only the consideration contemplated in <u>Sections 3.1(e)</u> and <u>3.1(j)</u> and shall be recognized as Company Shareholders
 prior to the completion of the transactions in <u>Sections 3.1(e)</u> and <u>3.1(j)</u>,
 as applicable, (subject to any amounts withheld pursuant to <u>Section 5.2</u>) and
 otherwise under the Arrangement that such Company Shareholder would have received pursuant
 to the Arrangement if such Company Shareholder had not exercised Dissent Rights; *provided*, *however*, that in no case shall the Amalgamated Company, NewCo, the Company, SPAC,
 the Exchange Agent or any other Person be required to recognize Company Shareholders who
 exercise Dissent Rights as Company Shareholders after the time indicated in <u>Section 3.1(d)</u> and
 as of the Effective Time, the names of each Company Shareholders that have exercised their
 Dissent Rights shall be removed from the register of holders of Company Shares maintained
 by or on behalf of Company in respect of the Company Shares. The Company may assign to SPAC,
 and SPAC may assume, any or all of the Company's obligations in respect of the Dissent
 Rights as part of or in connection with the Arrangement. For clarity: (i) no beneficial
 holder of Company Shares shall be entitled to Dissent Rights in respect of such Company Shares
 in respect of the Arrangement; (ii) no holder of any Company Options shall be entitled
 to Dissent Rights in respect of any such Company Options; (iii) no holder of any Company
 Warrants shall be entitled to Dissent Rights in respect of any such Company Warrants; (iv) no
 holder of Company SAFEs shall be entitled to Dissent Rights in respect of any such Company
 SAFEs and (v) in addition to any other restrictions in Division 2 of Part 8 of
 the BCBCA, no person who has voted Company Shares, or instructed any proxyholder to vote
 such person's Company Shares, in favour of the Company Arrangement Resolution shall
 be entitled to exercise Dissent Rights with respect to the Arrangement.

**Article 7<br> AMENDMENTS**

7.1 The Company, NewCo and SPAC may amend, modify and/or supplement this
 Plan of Arrangement at any time and from time to time prior to the Arrangement Effective Time, provided
 that each such amendment, modification and/or supplement must (i) be set out in writing, (ii) be
 approved by the Company, NewCo and SPAC, each acting reasonably, (iii) be filed with the Court
 and, if made following the approval of the Company Arrangement Resolution, approved by the Court, and
 (iv) be communicated to the Affected Securityholders if and as required by the Court.

7.2 Subject to the provisions of the Interim Order, any amendment, modification
 or supplement to this Plan of Arrangement may be proposed by the Company, NewCo or SPAC at any time
 prior to the approval of the Company Arrangement Resolution (provided that each of the other parties
 to the Business Combination Agreement will have consented thereto) with or without any other prior notice
 or communication, and if so proposed and accepted by the Persons voting at the SPAC Shareholders Meeting
 or Company Securityholders Meeting (other than as may be required under the Interim Order), will become
 part of this Plan of Arrangement for all purposes.

7.3 Any amendment, modification or supplement to this Plan of Arrangement
 that is approved or directed by the Court following the approval of the Company Arrangement Resolution
 will be effective only if (i) it is consented to in writing by each of the Company, NewCo and SPAC
 (in each case, acting reasonably) and (ii) if required by the Court, it is consented to by some
 or all of the Affected Securityholders voting in the manner directed by the Court.

7.4 Any amendment, modification or supplement to this Plan of Arrangement
 may be made following the Closing Date by SPAC, provided that it concerns a matter which, in the reasonable
 opinion of SPAC, is of an administrative nature required to better give effect to the implementation
 of this Plan of Arrangement.

**Article 8<br> FURTHER ASSURANCES**

8.1 Notwithstanding that the transactions and events set out herein will
 occur and be deemed to occur in the order set out in this Plan of Arrangement without any further act
 or formality, each of the parties to the Business Combination Agreement will make, do and execute, or
 cause to be made, done and executed, all such further acts, deeds, agreements, transfers, assurances,
 instruments or documents as may reasonably be required by any of them in order further to document or
 evidence any of the transactions or events set out therein.

**Article 9<br> U.S. TAX LAW MATTERS**

9.1 For U.S. federal and applicable state and local income tax purposes,
 it is intended that (i) the SPAC Class B Conversion and the SPAC Warrant Conversion qualify
 as a "reorganization" within the meaning of Section 368(a)(1)(E) of the Code (and
 any applicable state and local Tax provisions), (ii) the Company Preferred Share Conversion, the
 Company SAFE Conversion and the Amalgamation qualify as a "reorganization" withing the meaning
 of Section 368(a) of the Code (and any applicable state and local Tax provisions), (iii) this
 Plan of Arrangement, together with the Business Combination Agreement of which it forms a part, be,
 and hereby is, adopted as a "plan of reorganization" within the meaning of Treasury Regulations
 Sections 1.368-2(g) and 1.368-3(a) (and any applicable state and local Tax provisions), and
 (iv) the Amalgamation not result in gain being recognized under Section 367(a)(1) of
 the Code (other than for any shareholder that would be a "five-percent transferee shareholder"
 (within the meaning of Treasury Regulations Section 1.367(a)-3(c)(5)(ii)) of SPAC following the
 Amalgamation that does not enter into a five-year gain recognition agreement in the form provided in
 Treasury Regulations Section 1.367(a)-8(c)).

**SCHEDULE A** 

**Company A&R Articles**

[Attached]

**Exhibit D**

**FORM OF REGISTRATION RIGHTS AGREEMENT**

[See Exhibit 10.3]

## Exhibit 10.1

**Exhibit 10.1**

**<u>SPONSOR LETTER AGREEMENT</u>**

This Sponsor Letter Agreement (this "<u>Agreement</u>") is dated as of January 21, 2026, by and among Spring Valley Acquisition III Sponsor, LLC, a Cayman Islands limited liability company (the "<u>Sponsor</u>"), Spring Valley Acquisition Corp. III, a Cayman Islands exempted company ("<u>SPAC</u>"), and General Fusion Inc., a British Columbia limited company (the "<u>Company</u>"). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Business Combination Agreement (as defined below).

**<u>RECITALS</u>**

WHEREAS, concurrently with the execution and delivery of this Agreement, SPAC, 1573562 B.C. Ltd., a British Columbia limited company ("<u>NewCo</u>"), and the Company entered into that certain Business Combination Agreement, dated as of the date hereof (as it may be amended, restated or otherwise modified from time to time in accordance with its terms, the "<u>Business Combination Agreement</u>");

WHEREAS, as of the date hereof, the Sponsor is the record and "beneficial owner" (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) (together with the rules and regulations promulgated thereunder, the "<u>Exchange Act</u>") of and is entitled to dispose of and vote the number of (a) SPAC Class B Ordinary Shares as set forth on <u>Schedule I</u> (the "<u>Owned Shares</u>", and the Owned Shares together with any additional SPAC Class A Ordinary Shares (or any securities convertible into or exercisable or exchangeable for SPAC Class A Ordinary Shares) and any additional SPAC Class B Ordinary Shares (or any securities convertible into or exercisable or exchangeable for SPAC Class B Ordinary Shares) in which the Sponsor acquires record and beneficial ownership after the date hereof, including by purchase, as a result of a stock dividend, stock split, recapitalization, combination, reclassification, exchange or change of such shares, or upon exercise or conversion of any securities, the "<u>Covered Shares</u>"); and (b) the SPAC private placement warrants as set forth on <u>Schedule I</u> (the "<u>Owned Warrants</u>"); and

WHEREAS, as an inducement to the Company to enter into the Business Combination Agreement and to consummate the Transactions, the parties hereto desire to agree to certain matters as set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

**Article I.** **<br> COVENANTS**

Section 1.1 <u>Voting Agreements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any meeting of the shareholders of SPAC, however called, or at any adjournment thereof, or in any other circumstance in which the vote, consent or other approval of the shareholders of SPAC is sought, the Sponsor shall (i) appear at each such meeting or otherwise cause all of its Covered Shares entitled to vote that the Sponsor holds of record or beneficially, as of the date hereof, or acquires record or beneficial ownership of after the date hereof (collectively, the "<u>Subject SPAC Shares</u>") to be counted as present thereat for purposes of calculating a quorum, (ii) not redeem any Subject SPAC Shares at such meeting and (iii) vote (or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed and delivered) covering, all of the Subject SPAC Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in favor of each Transaction Proposal;

&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) in favor of any proposal to adjourn a meeting at which there is a proposal for shareholders of SPAC to approve and adopt the Transaction Proposals to a later date if there are not sufficient votes to approve and adopt the Transaction Proposals, or if there are not sufficient shares present in person or represented by proxy at such meeting to constitute a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any proposal (A) in opposition to approval of the Business Combination Agreement, (B) inconsistent with the Business Combination Agreement or the Transactions, (C) relating to any Transaction Proposal or (D) relating to any other action or business before such meeting that (1) would reasonably be expected to materially impede, interfere with, delay, postpone or adversely affect the Business Combination or any of the other Transactions or result in a breach of any covenant, representation or warranty or other obligation or agreement of SPAC under the Business Combination Agreement, or (2) would result in the failure of any condition set forth in Article 7 of the Business Combination Agreement to be satisfied or result in a breach of any covenant, representation or warranty or other obligation or agreement of the Sponsor contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Sponsor specified in this <u>Section 1.1</u> shall apply whether or not the Business Combination or any action described above is recommended by the SPAC Board.

Section 1.2 <u>No Inconsistent Agreement</u>. The Sponsor hereby represents and covenants that it has not entered into, and shall not enter into, any agreement, arrangement or understanding, including any voting trust, proxy or power of attorney, that would restrict, limit or interfere with the performance of its obligations hereunder, including with respect to any of the Covered Shares.

Section 1.3 <u>Sponsor Economics.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the Closing and in connection with the PIPE Financing, Sponsor shall forfeit 1,000,000 Owned Shares (the "<u>Sponsor Forfeiture</u>"), and in connection therewith, SPAC shall issue to Sponsor (i) 333,334 SPAC Class A Earnout Shares, (ii) 333,333 SPAC Class B Earnout Shares and (iii) 333,333 SPAC Class C Earnout Shares (collectively, the "<u>Sponsor Earnout Shares</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the Closing, if, at any time during the Earnout Period, the VWAP (as defined in the SPAC Closing Articles) of SPAC Common Shares equals or exceeds the applicable Earnout Targets for any twenty (20) Trading Days within a period of thirty (30) consecutive Trading Days, then all of the issued and outstanding Sponsor Earnout Shares shall automatically convert into SPAC Common Shares, all in accordance with the SPAC Closing Articles and <u>Section 2.10</u> of the BCA 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;(i) if the VWAP equals or exceeds $15.00, Sponsor's SPAC Class A Earnout Shares shall automatically convert into SPAC Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the VWAP equals or exceeds $20.00, Sponsor's SPAC Class B Earnout Shares shall automatically convert into SPAC Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the VWAP equals or exceeds $25.00, Sponsor's SPAC Class C Earnout Shares shall automatically convert into SPAC Common Shares.

If at any time during the Earnout Period there occurs any transaction resulting in a Deemed Liquidation Event (as defined in the SPAC Closing Articles), then the applicable Sponsor Earnout Shares then outstanding shall automatically convert into SPAC Common Shares immediately prior to such Deemed Liquidation Event; provided that such conversion shall be effected only if the valuation of the SPAC Common Shares in such Deemed Liquidation Event is greater than or equal to the applicable Earnout Target and thereafter no additional Sponsor Earnout Shares shall be converted under this <u>Section 1.3(b)</u>.

If an Earnout Target is not satisfied during the Earnout Period, the right of the applicable Sponsor Earnout Shares to convert pursuant to this <u>Section 1.3(b)</u> will terminate and no longer apply, and such Sponsor Earnout Shares shall be redeemed by SPAC for the Redemption Price (as defined in the SPAC Closing Articles) and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the Closing, Sponsor shall transfer, directly or constructively (including, if applicable, pursuant to a forfeiture and reissuance), an aggregate of 1,250,000 SPAC Class B Common Shares to the investors (and in the amounts) set forth on <u>Schedule II</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After giving effect to the Sponsor Forfeiture and the Lead Safe Investor Transfer, immediately after the Closing, the Sponsor and/or its direct or indirect investors and other insiders will retain (i) 5,416,667 SPAC Common Shares, (ii) 1,000,000 Sponsor Earnout Shares and (iii) all of the Owned Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that SPAC obtains working capital loans from the Sponsor or an Affiliate to finance transaction costs related to the Transactions, up to $1,500,000 of such loans may be converted into warrants to purchase SPAC Class A Common Shares for an exercise price of $0.90 per share, at the Sponsor's option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This <u>Section 1.3</u> shall be void and of no force and effect if the Business Combination Agreement shall be terminated in accordance with its terms or the Closing shall not occur for any reason.

**Article II.** **<br> SPONSOR REPRESENTATIONS AND WARRANTIES**

Section 2.1 <u>Representations and Warranties</u>. The Sponsor hereby represents and warrants as of the date hereof as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor is a legal entity duly organized, validly existing and, to the extent such concept is applicable, in good standing under the laws of the jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to perform all of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution and delivery of this Agreement has been, and the consummation of the transactions contemplated hereby have been, duly authorized by all requisite action by the Sponsor, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement has been duly and validly executed and delivered by the Sponsor and, assuming this Agreement has been duly authorized, executed and delivered by the other parties hereto, this Agreement constitutes, and upon its execution will constitute, a legal, valid and binding obligation of the Sponsor enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sponsor understands and acknowledges that each of SPAC and the Company is entering into the Business Combination Agreement in reliance upon the Sponsor's execution and delivery of this Agreement.

**Article III.** **<br> MISCELLANEOUS**

Section 3.1 <u>No Redemption and Waiver of Anti-Dilution</u>. The Sponsor irrevocably and unconditionally agrees and acknowledges that, in connection with the transactions contemplated by the Business Combination Agreement, the Sponsor shall not seek redemption of, shall not elect redemption of or cause to be redeemed any of its SPAC Class A Ordinary Shares. The Sponsor, solely in connection with and only for the purpose of the Transactions, hereby irrevocably and unconditionally waives, to the fullest extent permitted by Law, and agrees not to assert or perfect, any rights to adjustment or other anti-dilution protections with respect to any of its SPAC Class B Ordinary Shares. This <u>Section 3.1</u> shall be void and of no force and effect if the Business Combination Agreement shall be terminated or the Closing shall not occur for any reason.

Section 3.2 <u>No Transfers</u>. The Sponsor hereby agrees not to, directly or indirectly, prior to the termination of this Agreement in accordance with <u>Section 3.4</u> hereof, except pursuant to the consummation of the Redomicile, (a) sell, transfer, pledge, encumber, assign, hedge, swap, convert or otherwise dispose of (including by merger (including by conversion into securities or other consideration), by tendering into any tender or exchange offer, by testamentary disposition, by operation of Law or otherwise), either voluntarily or involuntarily (collectively, "<u>Transfer</u>"), or enter into any contract or option with respect to the Transfer of any of the Sponsor's Covered Shares, or (b) take any action that would make any representation or warranty of the Sponsor contained herein untrue or incorrect or have the effect of preventing or materially delaying the Sponsor from or in performing its obligations under this Agreement; <u>provided</u>, <u>however</u>, that nothing herein shall prohibit a Transfer to an Affiliate of the Sponsor (a "<u>Permitted Transfer</u>"); <u>provided</u>, <u>further</u>, that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the transferee also agrees in a writing, reasonably satisfactory in form and substance to SPAC and the Company, to assume all of the obligations of the Sponsor under, and be bound by all of the terms of, this Agreement in respect of the Sponsor's Covered Shares so Transferred and any Covered Shares subsequently acquired; provided, further, that any Transfer permitted under this <u>Section 3.2</u> shall not relieve the Sponsor of its obligations under this Agreement. Any Transfer in violation of this <u>Section 3.2</u> with respect to the Sponsor's Covered Shares shall be null and void. This <u>Section 3.2</u> shall be void and of no force and effect if the Business Combination Agreement shall be terminated or the Closing shall not occur for any reason.

Section 3.3 <u>Authorization; No Breach</u>. Each of SPAC and the Company (each making these representations and warranties separately) (a) is a legal entity duly organized, validly existing and, to the extent such concept is applicable, in good standing under the Law of the jurisdiction of its organization and (b) has all requisite corporate or limited liability company power, as applicable, without violating any agreement to which it is bound, to enter into this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement by each of SPAC and the Company (each making these representations and warranties separately) has been duly and validly authorized by all requisite corporate or limited liability company action, as applicable, and no other actions or proceedings on its part are necessary to authorize the execution, delivery or performance of this Agreement.

Section 3.4 <u>Termination</u>. This Agreement and all of its provisions shall terminate and be of no further force or effect upon the earlier of (a) the consummation of the Closing, (b) the termination of the Business Combination Agreement in accordance with Article 8 thereof and (c) the liquidation of SPAC. Upon such termination of this Agreement, all obligations of the parties under this Agreement will terminate, without any liability or other obligation on the part of any party hereto to any Person in respect hereof or the transactions contemplated hereby, and no party hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract, tort or otherwise, with respect to the subject matter hereof; <u>provided</u>, <u>however</u>, that the termination of this Agreement shall not relieve any party hereto from liability arising in respect of any breach of this Agreement prior to such termination. This <u>ARTICLE III</u> shall survive the termination of this Agreement.

Section 3.5 <u>Governing Law; Venue</u>. This Agreement shall be governed, including as to validity, interpretation and effect, by the Laws of the State of New York without regard to its conflict of laws principles that would apply the laws of any other jurisdiction. Each of the Parties hereby irrevocably attorns to the exclusive jurisdiction of the state or federal courts of the State of New York in respect of all matters arising under and in relation to this Agreement.

Section 3.6 <u>WAIVER OF JURY TRIAL</u>. Each of the Parties hereby waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the Parties (a) certifies that no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other Parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this <u>Section 3.6</u>.

Section 3.7 <u>Assignment</u>. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. No Party shall assign, grant or otherwise transfer the benefit of the whole or any part of this Agreement or any of the rights hereunder (whether pursuant to a merger, by operation of law or otherwise) to any Person (other than another Party by operation of law pursuant to the Amalgamation) without the prior express written consent of the other Parties.

Section 3.8 <u>Specific Performance</u>. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof, and, accordingly, that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof (including the Parties' obligation to consummate the Transactions) without proof of actual damages or otherwise, in addition to any other remedy to which they are entitled at Law or in equity as expressly permitted in this Agreement. Each of the Parties hereby further waives (i) any defense in any action for specific performance that a remedy at Law would be adequate and (ii) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief.

Section 3.9 <u>Amendment</u>. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except upon the execution and delivery of a written agreement executed by SPAC, the Sponsor and the Company.

Section 3.10 <u>Severability</u>. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, in whole or in part, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the Transactions be consummated as originally contemplated to the fullest extent possible.

Section 3.11 <u>Notices</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this <u>Section 3.11</u>):

If to SPAC or the Sponsor:

Spring Valley Acquisition Corp. III

Spring Valley Acquisition III Sponsor, LLC

1675 - 2100 McKinney Avenue

Dallas, TX 75201

Attention: Christopher Sorrells

E-mail: Chris.Sorrells@sv-ac.com

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

Greenberg Traurig, LLP

One Vanderbilt Avenue

New York, New York 10017

Attention: Alan Annex, Jason Simon and Adam Namoury

Email: <u>alan.annex@gtlaw.com</u>; <u>jason.simon@gtlaw.com;</u><br> <u>adam.namoury@gtlaw.com</u>

If to the Company:

General Fusion Inc.

6020 Russ Baker Way

Richmond, British Columbia

Attention: Greg Twinney, Chief Executive Officer

Email: <u>greg.twinney@generalfusion.com</u>

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

Faegre Drinker Biddle & Reath LLP<br> 2200 Wells Fargo Center, 90 South Seventh Street<br> Minneapolis, Minnesota 55402<br> Attention: Ben A. Stacke<br> Email: <u>ben.stacke@faegredrinker.com</u>

and

Fasken Marineau DuMoulin LLP<br> 2900 – 550 Burrard Street<br> Vancouver, British Columbia V6C 0A3<br> Attention: Shahrooz Nabavi, Iain Mant<br> Email: <u>snabavi@fasken.com</u>, <u>imant@fasken.com</u>

Section 3.12 <u>Counterparts</u>. This Agreement may be executed and delivered (including executed manually or electronically via DocuSign or other similar services and delivered by facsimile or portable document format (pdf) transmission) in one or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

Section 3.13 <u>Entire Agreement</u>. This Agreement and the agreements referenced herein and referenced in the Business Combination Agreement (to the extent applicable) constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations by or among the parties hereto to the extent they relate in any way to the subject matter hereof.

IN WITNESS WHEREOF, the Sponsor, SPAC and the Company have each caused this Sponsor Letter Agreement to be duly executed as of the date first written above.

---

| | |
|:---|:---|
| **<u>SPONSOR</u>** **:** | **<u>SPONSOR</u>** **:** |
| **SPRING VALLEY ACQUISITION III SPONSOR, LLC** | **SPRING VALLEY ACQUISITION III SPONSOR, LLC** |
| By: | /s/ Christopher Sorrells |
|  | Name: Christopher Sorrells |
|  | Title: Chief Executive Officer |

---

*[Signature Page to Support Agreement]*

---

| | |
|:---|:---|
| **<u>SPAC</u>** **:** | **<u>SPAC</u>** **:** |
| **SPRING VALLEY ACQUISITION CORP. III** | **SPRING VALLEY ACQUISITION CORP. III** |
| By: | /s/ Christopher Sorrells |
|  | Name: Christopher Sorrells |
|  | Title: Chief Executive Officer |

---

*[Signature Page to Support Agreement]*

---

| | |
|:---|:---|
| **<u>COMPANY</u>** **:** | **<u>COMPANY</u>** **:** |
| **General Fusion Inc.** | **General Fusion Inc.** |
| By: | /s/ Greg Twinney |
|  | Name: Greg Twinney |
|  | Title: Chief Executive Officer |

---

## Exhibit 10.2

**Exhibit 10.2**

**VOTING AND SUPPORT AGREEMENT**

**THIS VOTING AND SUPPORT AGREEMENT** is made as of January 21, 2026,

**AMONG**:

**GENERAL FUSION INC.**, a company organized under the laws of the Province of British Columbia and having a registered and records address 2900 – 550 Burrard Street, Vancouver, British Columbia V6C 0A3

(the "**Company**")

**AND:**

**Spring Valley Acquisition Corp. III**, a company organized under the laws of the Cayman Islands

("**SPAC**")

**AND:**

each of the Persons executing a counterpart signature page hereto

(each being the "**Securityholder**" and collectively with the Company and SPAC, the "**Parties**" and each a "**Party**").

**RECITALS**:

&nbsp;&nbsp;&nbsp;&nbsp;A. SPAC is a blank check company incorporated under the laws of the Cayman Islands for the purpose of effecting
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

&nbsp;&nbsp;&nbsp;&nbsp;B. 1573562 B.C. Ltd. ()"**NewCo** "), a British Columbia limited company, is a wholly owned
direct subsidiary (as defined below) of SPAC, newly formed solely for the purposes of engaging in the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;C. The Company proposes to enter into a Business Combination Agreement with SPAC and Newco on or about January 7,
2026 (the "**BCA** "), in substantially the form provided by the Company to the Securityholder on or about the date hereof,
whereby among other things, SPAC proposes to acquire all of the issued and outstanding shares of the Company by way of a court-approved
plan of arrangement (the "**Arrangement**") under Division 5 - *Arrangements* of the *British Columbia Business Corporations Act* ()"**BCBCA** ").

&nbsp;&nbsp;&nbsp;&nbsp;D. Prior to the Arrangement, and subject to the terms and conditions of the BCA, SPAC shall continue from
the Cayman Islands to British Columbia in accordance with the *Cayman Islands Companies Act* (2022 Revision) and the BCBCA (the "**SPAC Continuation** ").

&nbsp;&nbsp;&nbsp;&nbsp;E. Subject to the terms and conditions set forth in the BCA and pursuant to the Arrangement, among other
things, (i) all of the then issued and outstanding Company Preferred Shares shall automatically convert into Company Common Shares
pursuant to the Articles of the Company (the "**Company Preferred Conversion** "); (ii) all of the then issued and
outstanding simple agreements for future equity (each, a "**SAFE**" and collectively, the "**SAFEs**") of
the Company shall convert into that number of Company Common Shares pursuant to the terms of the SAFEs (the "**Company SAFE Conversion** "),
(iii) the PIPE Financing shall be consummated pursuant to the SPA, (iv) NewCo shall amalgamate with and into the Company (the
 "**Amalgamation**") to form one corporate entity (the "**Amalgamated Company** "), except that the legal
existence of NewCo will not cease and NewCo will survive such amalgamation as the amalgamated company and will be a wholly owned subsidiary
of SPAC, (v) each then issued and outstanding Company Common Share shall be exchanged for a number of SPAC Class A Common shares
equal to the Exchange Ratio, (vi) each then issued and outstanding Company Warrant shall be exchanged for a warrant (a "**SPAC Exchange Warrant**") to acquire SPAC Class A Common shares; and (vii) each then issued and outstanding Company Option
shall be exchanged for an option (a "**SPAC Exchange Option**") to acquire SPAC Class A Common shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Concurrently with the Amalgamation, the officers and directors of SPAC, including without limitation its
executive team, immediately prior to the Amalgamation will resign and be replaced by the individuals nominated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;G. Following the Amalgamation and in accordance with the terms and conditions of the BCA, SPAC shall amend
and restate its articles and adopt the amended and restated articles in substantially the form attached as an Exhibit D to the BCA
(the "**SPAC Closing Articles** ").

&nbsp;&nbsp;&nbsp;&nbsp;H. Concurrently with the execution and delivery of the BCA, SPAC and the Company and certain investors with
enter into a Securities Purchase Agreement (the "**SPA** "), pursuant to which, among other things, such investors have
agreed to purchase SPAC Class A Common shares for an aggregate amount of not less than US$80,000,000, in a private placement to be
consummated concurrently with the consummation of the Arrangement (the "**PIPE Financing** ").

&nbsp;&nbsp;&nbsp;&nbsp;I. As of the date hereof, the Securityholder beneficially owns, or otherwise exercises control, discretion
or direction over, directly or indirectly, the Subject Securities (as defined below) set forth in <u>Schedule "A"</u> and
wishes to confirm its support for the Arrangement and the Transactions and has agreed to cause all of its Subject Securities to be voted
in favor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;J. As a condition to the Company's and SPAC's willingness to enter into the BCA and to proceed
with the Transactions, including the Arrangement, the Securityholder is willing to execute and deliver this Agreement and make the representations,
warranties, covenants and agreements set forth herein.

**NOW THEREFORE**, in consideration of the mutual covenants and agreements set forth in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the Parties hereto agree as follows:

**Article 1<br> INTERPRETATION**

**1.1** **Definitions** 

In this Agreement, any capitalized term used herein and not defined in this Section 1.1 or elsewhere herein shall have the meaning ascribed thereto in the BCA. Unless the context otherwise requires, the following words and phrases used in this Agreement, including the recitals, shall have the following meanings:

"**affiliate**" of a specified Person means a Person who, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person;

"**Exchange Act**" means the Securities Act of 1934, as amended from time to time;

"**Person**" means an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person (including, without limitation, a "person" as defined in Section 13(d)(3) of the Exchange Act), trust, association, or other entity, or any government, political subdivision, agency or instrumentality of a government or other governmental authority;

"**Subject Securities**" means with respect to a Securityholder, the Company securities held by the Securityholder as set out in <u>Schedule A</u>, owned beneficially or of record by the Securityholder or over which the Securityholder exercises control, discretion or direction, whether directly or indirectly, and any Company securities acquired directly or indirectly by the Securityholder subsequent to the date hereof or over which the Securityholder acquires control, discretion or direction, directly or indirectly, subsequent to the date hereof, and, in each case, includes any and all securities which such Subject Securities may be converted into, exchanged for or otherwise changed into; and

"**Transactions**" means the transactions contemplated by the BCA, including SPAC Continuation, the Company Preferred Conversion, the Company SAFE Conversion, the Amalgamation, the PIPE Financing, the Plan of Arrangement as provided for in Exhibit F to the BCA.

"**Transfer**" means, the (i) sale or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or other disposal of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security, (ii) entry into any swap or other arrangement that transfers to another Person, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii).

**Article 2<br> REPRESENTATIONS AND WARRANTIES**

**2.1** **Representations and Warranties of the Securityholder** 

The Securityholder represents and warrants to the Company and SPAC that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of a Securityholder that is not an individual, the Securityholder is duly incorporated or
formed, as applicable, and validly existing and in good standing under the laws of its jurisdiction of incorporation or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securityholder, if an individual, has the legal capacity and full right and authority, or if a corporation,
partnership or other legal entity, the requisite organizational power, capacity and authority, to enter this Agreement and to carry out
its obligations hereunder and to consummate the transactions contemplated hereby. If the Securityholder is a corporation, partnership
or other legal entity, the execution and delivery of this Agreement by the Securityholder, the performance by the Securityholder of its
obligations hereunder and the consummation of the transactions contemplated hereby, have been duly authorized by all necessary corporate,
partnership or other organizational action on the part of the Securityholder and no other organizational action or proceeding on its part
is necessary to authorize the execution and delivery by the Securityholder of this Agreement or for the Securityholder to perform its
obligations and consummate the transactions contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly executed and delivered by the Securityholder and (constitutes a legal, valid
and binding obligation of the Securityholder enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and
other laws affecting the enforcement of creditors' rights generally and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than this Agreement, the Articles of the Company and if applicable, the Company's Eighth Amended
and Restated Shareholders' Agreement dated August 5, 2025 (as amended, the "**Shareholders' Agreement** "),
none of the Subject Securities is subject to any shareholders' agreement, voting agreement or similar agreement or any right or
privilege (whether by law, pre-emptive or contractual) capable of becoming a shareholders' agreement, voting agreement or other
agreement with respect to the Subject Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is no proxy, voting trust or similar agreement in existence with respect to the voting of any of
the Subject Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No consent, waiver, approval, order or authorization of, or declaration or filing with, any Person is
required to be made or obtained by the Securityholder in connection with the execution and delivery of this Agreement by the Securityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) None of the execution and delivery by the Securityholder of this Agreement, the completion of the transactions
contemplated hereby or the performance of or compliance by the Securityholder with its obligations hereunder will violate, contravene,
result in any breach of, or be in conflict with, or constitute a default under, or create a state of facts which with or without notice
or lapse of time or both would constitute a default under or violate, contravene, conflict with or breach, any term or provision of or
require the consent of any third party pursuant to any constating or governing document of the Securityholder, if applicable or any contract
to which the Securityholder is a Party or by which its property or assets is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No broker, finder, investment banker or other Person is entitled to any brokerage fee, finders'
fee or other commission in connection with the Transactions based upon arrangements made by the Securityholder, for which the Company
or any of its affiliates (as defined in the BCA) may become liable.

The representations and warranties of the Securityholder set forth in this Section 2.1 shall survive until the termination of this Agreement in accordance with Section 4.1.

**Article 3<br> COVENANTS**

**3.1** **Covenants of the Securityholder** 

The Securityholder hereby covenants with the Company and SPAC and agrees that from the date of this Agreement until the termination of this Agreement pursuant to Article 4, except with the prior written consent of the Company and SPAC, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than as set forth herein, shall not grant or agree to grant any proxy, power of attorney or other
rights with respect to the Subject Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall, in connection with any meeting of securityholders of the Company, including any special meeting
of the Securityholders in accordance with the terms of the BCA: (i) vote (or cause to be voted) all of the Subject Securities in
favour of or, as applicable, take (or cause to be taken) action by written consent with respect to all applicable Subject Securities to
provide for, the approval, consent, authorization, ratification or adoption of (A) the Arrangement, (B) the BCA, including the
Ancillary Documents and the other Transactions, and (C) any other matter necessary for the performance, implementation or consummation
of the Transactions, including the Arrangement; and (ii) not take, nor permit any Person on its behalf to take, any action to withdraw,
amend or invalidate any proxy or voting instruction form deposited pursuant to this Agreement notwithstanding any statutory or other rights
or otherwise which the Securityholder might have unless this Agreement has, at such time, been previously terminated in accordance with
Section 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not Transfer any of the Subject Securities, or any right or interest therein (legal or equitable),
other than pursuant to the Arrangement, provided that foregoing restrictions shall not prevent the Securityholder from exercising any
Subject Securities in accordance with their terms, and the Securityholder may Transfer any or all of the Subject Securities (to the extent
permitted by the terms of the applicable Subject Securities) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to an affiliate of the Securityholder or any investment fund or other entity directly or indirectly controlled
or managed by the Securityholder or the Securityholder's affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Securityholder is a corporation, partnership, limited liability company or other business entity,
(A) to its direct or indirect shareholders, partners, members or other equity holders or the officers or directors of the Securityholder
or any of its affiliates or (B) by virtue of the laws of the jurisdiction of the entity's organization and the entity's
organizational documents upon dissolution of the entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of an individual by gift to a member of the individual's immediate family or to a trust,
the beneficiary of which is a member of the individual's immediate family, by virtue of laws of descent and distribution upon death
of the individual or pursuant to a qualified domestic relations order,

(each being a "**Permitted Transferee**"), provided that, prior to and as a condition to the effectiveness of any such Transfer, such Permitted Transferee enters into an agreement with SPAC and the Company on the same terms as this Agreement, or otherwise agrees in writing with SPAC and the Company in a form acceptable thereto to be bound by the provisions hereof and any such Transfer shall not relieve the Securityholder of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not exercise or assert (or permit to be exercised or asserted on its behalf):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any rights of appraisal or rights of dissent which may be provided or available to the Securityholder
under any Law or otherwise in connection with the Arrangement or the Transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other securityholder rights or remedies available to the Securityholder, whether arising under statute,
at common law or otherwise, to (or in a manner that would, or would reasonably be expected to), impede, frustrate, nullify, prevent, hinder,
delay, upset, challenge or adversely affect the Arrangement or any of the other matters and Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) shall not take any other action of any kind, directly or indirectly, whether alone or acting jointly or
in concert with any other Person, which would or might reasonably be regarded as likely to prevent, frustrate, impair, impede or delay
or interfere with the completion of, the Arrangement or the other Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) shall deliver a duly executed copy of the Lock-Up Agreement substantially in the form attached as an Exhibit B
to the BCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shall cause the termination, subject to the occurrence of and effective immediately prior to the Amalgamation,
of (i) the Shareholders' Agreement and (ii) if applicable to the Securityholder, in its capacity as securityholder of
the Company, any rights under any agreement between the Company and the Securityholders providing for redemption rights, put rights, purchase
rights or other similar rights not generally available to Securityholders.

**Article 4<br> GENERAL**

**4.1** **Termination.** This Agreement will terminate and be of no further force or effect upon the earlier
to occur of: (a) the consummation of the Arrangement; and (b) the termination of the BCA in accordance with its terms.

**4.2** **Effect of Termination.** If this Agreement is terminated in accordance with the provisions of Section 4.1,
no Party will have any further obligations under this Agreement or liability arising hereunder except as expressly contemplated by this
Agreement, and provided that (i) this Section 4.2 and the provisions of Sections 1.1, 2.18 and 4.3 to 4.10, inclusive, shall
survive termination of this Agreement, and (ii) neither the termination of this Agreement nor anything contained in Section 4.1
will relieve any Party from any liability for any breach by it of this Agreement that occurred prior to such termination.

**4.3** **Governing Law.** This Agreement shall be governed, including as to validity, interpretation and effect,
by the laws of the Province of British Columbia and the laws of Canada applicable therein reference to principals of conflicts of laws.
The Parties attorn to the exclusive courts in the Province of British Columbia in respect of resolution of disputes.

**4.4** **Waiver; Amendment.** No waiver of any of the provisions of this Agreement will constitute a waiver
of any other provision (whether or not similar). No waiver will be binding unless executed in writing by the Party to be bound by the
waiver. A Party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. This
Agreement may not be amended, modified or supplemented except by an instrument in writing signed by each of the Parties.

**4.5** **Entire Agreement.** This Agreement constitutes the entire agreement among the Parties with respect
to the subject matter hereof and supersedes all prior and contemporaneous agreements and undertakings, among the Parties, or any of them,
with respect to the subject matter hereof.

**4.6** **Notices.** Any notice, consent, direction or other communication given under or regarding the matters
contemplated by this Agreement (each a "**Notice**") must be in writing, sent by personal delivery, courier or electronic
mail and addressed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company:

General Fusion Inc.<br> 6020 Russ Baker Way<br> Richmond, British Columbia<br> Attention: Greg Twinney, Chief Executive Officer<br> Email: greg.twinney@generalfusion.com

with a copy to:

Faegre Drinker Biddle & Reath LLP<br> 2200 Wells Fargo Center, 90 South Seventh Street<br> Minneapolis, Minnesota 55402<br> Attention: Ben A. Stacke<br> Email: ben.stacke@faegredrinker.com

and

Fasken Marineau DuMoulin LLP<br> 2900 – 550 Burrard Street<br> Vancouver, British Columbia V6C 0A3<br> Attention: Shahrooz Nabavi<br> Email: snabavi@fasken.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to SPAC:

Spring Valley Acquisition Corp. III<br> 1675 - 2100 McKinney Avenue<br> Dallas, Texas 75201<br> Attention: Christopher Sorrells, Chairman and Chief Executive Officer<br> Email: chris.sorrells@sv-ac.com

with a copy to:

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

and

Cassels Brock & Blackwell LLP<br> Suite 3200, Bay Adelaide Centre – North Tower, 40 Temperance Street<br> Toronto, Ontario M5H 0B4<br> Attention: Jonathan Sherman, Micky Lungu<br> Email: jsherman@cassels.com, mlungu@cassels.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if to the Securityholder:

As indicated on the Securityholder's signature page hereto.

A Notice is deemed to be given and received if sent by personal delivery, courier or electronic mail, on the date of delivery. A Party may change its address for service from time to time by providing a Notice in accordance with the foregoing.

**4.7** **Severability.** If any provision of this Agreement is determined to be illegal, invalid or unenforceable
by any court of competent jurisdiction, that provision will be severed from this Agreement and the remaining provisions shall remain in
full force and effect.

**4.8** **Parties in Interest**. This Agreement shall be binding upon and inure solely to the benefit of each
Party and its successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon
any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**4.9** **Independent Legal Advice.** Each of the Parties hereby acknowledges that it has been afforded the
opportunity to obtain independent tax and legal advice and confirms by the execution and delivery of this Agreement that they have either
done so or waived their right to do so in connection with the entering into of this Agreement.

**4.10** **Further Assurances.** The Parties hereto will do all things and provide all such reasonable assurances
as may be required to consummate or give effect to the transactions contemplated by this Agreement, and each Party will execute and provide
such further documents or instruments required by the other Party as may be reasonably necessary or desirable to effect the purpose of
this Agreement and carry out its provisions, whether before or after the Effective Time.

**4.11** **Execution and Delivery.** This Agreement may be executed and delivered (including executed manually
or electronically via DocuSign or other similar services and delivered by facsimile or portable document format (pdf) transmission) in
one or more counterparts, and all of which taken together shall constitute one and the same agreement.

**IN WITNESS WHEREOF,** the parties have executed this Voting and Support Agreement effective as of the date set forth above.

---

| | |
|:---|:---|
| **GENERAL FUSION INC.** | **GENERAL FUSION INC.** |
| By: | /s/ Greg Twinney |
|  | Name: Greg Twinney |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SPRING VALLEY ACQUISITION CORP. III** | **SPRING VALLEY ACQUISITION CORP. III** |
| By: | /s/ Christopher Sorrells |
|  | Name: Christopher Sorrells |
|  | Title: Chief Executive Officer |

---

[*Signature Page to Voting and Support Agreement*]

**SHAREHOLDER:**

---

| |
|:---|
| Print Name of Securityholder: |
| <u>[**NAME]**</u> |
| Sign Below: |
| If a non-individual Securityholder: |
| Name of Signatory: |
| Title of Signatory: |

---

**<u>Securityholder notice details:</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name of Registered <br> Securityholder: | &nbsp;&nbsp;[Name] |
| &nbsp;&nbsp;Address: |  |
| &nbsp;&nbsp;Attention: |  |
| &nbsp;&nbsp;Telephone: |  |
| &nbsp;&nbsp;<u>Email:</u> |  |

---

[*Signature page to Voting and Support Agreement*]

**SCHEDULE "A"**

**Name of Securityholder:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Indicate whether (i)<br> registered holder, (ii)<br> beneficial holder, or (iii)<br> voting or dipositive power** |
|  | &nbsp;&nbsp;Class A Voting Common shares |  |
|  | &nbsp;&nbsp;Class B Non-Voting Common shares |  |
|  | &nbsp;&nbsp;Series 1 Class A Preferred shares |  |
|  | &nbsp;&nbsp;Series 2 Class A Preferred shares |  |
|  | &nbsp;&nbsp;Series 3 Class A Preferred shares |  |
|  | &nbsp;&nbsp;Series 4 Class A Preferred shares |  |
|  | &nbsp;&nbsp;Series 5 Class A Preferred shares |  |
|  | &nbsp;&nbsp;Series 6 Class A Preferred shares |  |
|  | &nbsp;&nbsp;Series 7 Class A Preferred shares |  |
|  | &nbsp;&nbsp;Series 1 Class B Preferred shares |  |
|  | &nbsp;&nbsp;Series 2 Class B Preferred shares |  |
|  | &nbsp;&nbsp;Series 3 Class B Preferred shares |  |
|  | &nbsp;&nbsp;Warrants to Purchase Class A Voting Common shares |  |
|  | &nbsp;&nbsp;Warrants to Purchase Class B Non-Voting Common shares |  |
|  | &nbsp;&nbsp;SAFEs |  |

---

[*Signature page to Voting and Support Agreement*]

## Exhibit 10.3

**Exhibit 10.3**

**FORM OF AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT**

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this "***Agreement***"), dated as of [●], 2026, is made and entered into by and among General Fusion Inc., a British Columbia limited company, (formerly known as Spring Valley Acquisition Corp. III, a Cayman Islands exempted corporation) (the "***Company***"), Spring Valley Acquisition III Sponsor, LLC, a Delaware limited liability company (the "***Sponsor***"), and the undersigned parties listed under Holder on the signature pages hereto (each such party, together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 6.2 of this Agreement, a "***Holder***," and collectively, the "***Holders***").

**RECITALS**

**WHEREAS**, the Company, 1573562 B.C. LTD., a British Columbia limited company and a wholly-owned subsidiary of the Company, and General Fusion Inc., a British Columbia limited company ("***General Fusion***"), have entered into that certain Business Combination Agreement, dated as of January 21, 2026 (as amended or supplemented from time to time, the "***Merger Agreement***," and the transactions contemplated thereby, the "***Business Combination***");

**WHEREAS**, pursuant to the transactions contemplated by the Merger Agreement, the Company continued from the Cayman Islands to British Columbia, and, as a result, the Sponsor holds (i) common shares, no par value per share, of the Company (the "***Common Shares***") and (ii) warrants to purchase Common Shares at an exercise price of $11.50 per share, subject to adjustment (the "***Warrants***");

**WHEREAS**, pursuant to those certain Securities Purchase Agreements, dated as of January 21, 2026, entered into by the Company, General Fusion and the purchasers identified on the signature pages thereto (collectively, the "**SPA**"), on the date hereof, in connection with and immediately prior to the consummation of the Business Combination, General Fusion is issuing (i) Convertible Preferred Shares without par value (the "***GF Convertible Preferred Shares***"), and (ii) warrants to purchase Common Shares (the "***GF Investor Warrants***"), which securities will be upon consummation of the Business Combination be automatically exchanged into securities of the Company wherein each GF Convertible Preferred Share will be exchanged for one (1) convertible preferred share of the Company having the same rights and terms as the GF Convertible Preferred Shares (the "***Convertible Preferred Shares***") and each GF Investor Warrant will be automatically exchanged for one (1) common share warrant of the Company having the same rights and terms as the GF Investor Warrants (the "***Investor Warrants***").

**WHEREAS**, the Company, the Sponsor, Cohen & Company Capital Markets, a division of Cohen and Company Securities, LLC, Clear Street LLC, and the other undersigned parties listed under holders on the signature page thereto, entered into that certain Registration Rights Agreement, dated as of September 3, 2025 (the "***Original RRA***");

**WHEREAS**, pursuant to Section 5.5 of the Original RRA, the provisions, covenants and conditions set forth therein may be amended or modified upon the written consent of the Company and the holders of at least a majority in interest of the "Registrable Securities" (as such term is defined in the Original RRA) at the time in question (which majority interest must include the Representatives (as such term is defined in the Original RRA) if such waiver, amendment or modification affects in any way the rights of the Representatives under the Original RRA); and

**WHEREAS**, the Company, the Sponsor and the Representatives desire to amend and restate the Original RRA in its entirety and enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to the Registrable Securities (as defined below), on the terms and conditions set forth in this Agreement, and terminate the Original RRA.

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

**Article 1**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Definitions**. The terms defined in this Article 1 shall, for all purposes of this Agreement, have the respective meanings set forth below:

"***Adverse Disclosure***" shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or Chief Financial Officer of the Company, after consultation with outside counsel to the Company, (a) would be required to be made in any Registration Statement or prospectus in order for the applicable Registration Statement or prospectus not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (b) would not be required to be made at such time if the Registration Statement were not being filed, and (c) the Company has a bona fide business purpose for not making such information public.

"***Agreement***" shall have the meaning given in the Preamble.

"***Block Trade***" means any non-marketed underwritten offering taking the form of a block trade to a financial institution, QIB or Institutional Accredited Investor, bought deal, over-night deal or similar transaction that does not include "road show" presentations to potential investors requiring substantial marketing effort from management over multiple days, the issuance of a "comfort letter" by the Company's auditors, and the issuance of legal opinions by the Company's legal counsel.

"***Board***" shall mean the Board of Directors of the Company.

"***Business Combination***" shall have the meaning given in the Recitals hereto.

"***Business Day***" means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.

"***Closing Date***" shall have the meaning given in the Merger Agreement.

"***Commission***" shall mean the U.S. Securities and Exchange Commission.

"***Common Shares***" shall have the meaning given in the Recitals hereto.

"***Company***" shall have the meaning given in the Preamble.

"***Convertible Preferred Shares***" shall have the meaning given in the Recitals hereto.

"***Demand Registration***" shall have the meaning given in subsection 2.2.1.

"***Demanding Holder***" shall have the meaning given in subsection 2.2.1.

"***General Fusion***" shall have the meaning given in the Recitals hereto.

"***General Fusion Holders***" shall mean the Holders who are securityholders of General Fusion immediately prior to the closing of the Business Combination and their respective Permitted Transferees.

"***GF Convertible Preferred Shares***" shall have the meaning given in the Recitals hereto.

"***GF Investor Warrants***" shall have the meaning given in the Recitals hereto.

"***Effectiveness Period***" is defined in Section 3.1.2.

"***Exchange Act***" shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

"***Floor Price***" shall mean $7.50.

"***Form F-1***" means a Registration Statement on Form F-1.

"***Form F-3***" means a Registration Statement on Form F-3 or any similar short-form registration that may be available at such time.

"***Holder***" and "***Holders***" shall have the meaning given in the Preamble.

"***Institutional Accredited Investor***" means an institutional "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act.

"***Investor Warrants***" shall have the meaning given in the Recitals hereto.

"***Joinder***" shall have the meaning given in Section 6.2.

"***Maximum Number of Securities***" shall have the meaning given in Section 2.3.

"***Merger Agreement***" shall have the meaning given in the Recitals hereto.

"***Misstatement***" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or prospectus, or necessary to make the statements in a Registration Statement or (in the case of a prospectus, prospectus in the light of the circumstances under which they were made) not misleading.

"***Original Holders***" shall mean the Sponsor, each other Holder who was also a "Holder" under the Original RRA, and their respective Permitted Transferees.

"***Original RRA***" shall have the meaning given in the Recitals hereto.

"***Other Coordinated Offering***" shall have the meaning given in Section 2.5.

"***Permitted Transferees***" shall mean (a) the members of a Holder's immediate family (for purposes of this Agreement, "immediate family" shall mean with respect to any natural person, any of the following: such person's spouse, the siblings of such person and his or her spouse, and the direct descendants and ascendants (including adopted and step children and parents) of such person and his or her spouses and siblings), (b) any trust for the direct or indirect benefit of a Holder or the immediate family of a Holder, (c) if a Holder is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (d) any officer, director, general partner, limited partner, shareholder, member, or owner of similar equity interests in a Holder or (e) any affiliate of a Holder or the immediate family of such affiliate.

"***Piggyback Registration***" shall have the meaning given in subsection 2.4.1.

"***Preferred Holders***" shall mean the initial holder of the Convertible Preferred Shares and its Permitted Transferees.

"***Pro Rata***" shall have the meaning given in Section 2.3.

"***QIB***" shall mean a "qualified institutional buyer" as defined in Rule 144A under the Securities Act.

"***Registrable Securities***" shall mean (a) all Common Shares held by the Original Holders as of immediately following the closing of the Business Combination, (b) all Warrants held by the Original Holders as of immediately following the closing of the Business Combination, (c) all Common Shares issuable upon the exercise of any Warrants referred to in clause (b), (d) the Earnout Shares (as such term is defined in the Merger Agreement), (e) any Common Shares issued or issuable upon conversion of any shares of Convertible Preferred Shares or upon exercise of Investor Warrants, as set out in the Recitals hereto, and (f) any equity securities of the Company or subsidiary of the Company that may be issued or distributed or be issuable with respect to the securities referred to in any of clauses (a) through (e) by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction, in each case held by any Holder; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (ii) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding; (iv) the third anniversary of this Agreement occurs, (v) such securities may be sold without registration pursuant to Rule 144 under the Securities Act (but without the requirement to comply with any limitations); or (vi) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

"***Registration***" shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

"***Registration Expenses***" shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Common Shares or other Registrable Securities are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) printing, messenger, telephone and delivery expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reasonable fees and disbursements of counsel for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration in the applicable Registration or the Requesting Holder initiating an Underwritten Takedown, which fees and expenses for each Demand Registration or Underwritten Takedown shall not exceed $75,000 without the Company's prior written consent.

"***Registration Statement***" shall mean any registration statement filed by the Company that covers the Registrable Securities pursuant to the provisions of this Agreement, including the prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

"***Requesting Holder***" shall have the meaning given in subsection 2.2.1.

"***Resale Shelf Registration Statement***" shall have the meaning given in subsection 2.1.1.

"***Securities Act***" shall mean the Securities Act of 1933, as amended from time to time.

"***Shelf***" shall mean a Resale Shelf Registration Statement or any Subsequent Shelf Registration, as the case may be.

"***Sponsor***" shall have the meaning given in the Preamble.

"***Subsequent Shelf Registration***" shall have the meaning given in subsection 2.1.1.

"***Transfer***" shall mean, with respect to any security, any interest therein, or any other securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. "***Transferred***" shall have a correlative meaning.

"***Transfer Agent***" shall have the meaning given in Section 2.7.

"***Underwriter***" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer's market-making activities.

"***Underwritten Demand Registration***" shall mean an underwritten public offering of Registrable Securities pursuant to a Demand Registration, as amended or supplemented, that is a fully marketed underwritten offering that requires Company management to participate in "road show" presentations to potential investors requiring substantial marketing effort from management over multiple days, the issuance of a "comfort letter" by the Company's auditors, and the issuance of legal opinions by the Company's legal counsel.

"***Underwritten Registration***" or "***Underwritten Offering***" shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

"***Underwritten Takedown***" shall mean an underwritten public offering of Registrable Securities pursuant to a Shelf, as amended or supplemented, that requires the issuance of a "comfort letter" by the Company's auditors and the issuance of legal opinions by the Company's legal counsel.

"***Warrants***" shall have the meaning given in the Preamble.

**Article 2**

**REGISTRATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Resale Shelf Registration Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Registration Statement Covering Resale of Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to compliance by the Holders with subsection 3.3, the Company shall prepare and file or cause to be prepared and filed with the Commission, as soon as practicable (and in any event within thirty (30) calendar days) following the Closing Date (the "***Filing Deadline***"), a Registration Statement on Form F-3 or similar short form registration statement that may be available at such time or its successor form, or, if the Company is ineligible to use Form F-3, a Registration Statement on Form F-1, for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time pursuant to any method or combination of methods legally available to, and requested by, the Holders of all of the Registrable Securities (determined as of two (2) Business Days prior to such submission or filing and assuming that (i) all shares of Series A Preferred Shares are converted into Common Shares at a conversion price equal to the Floor Price and (ii) all Investor Warrants are exercised in full at an exercise price equal to the Floor Price) that are not then covered by an effective resale registration statement (the "***Resale Shelf Registration Statement***"). The Company shall use commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective as soon as practicable after filing, but in any event no later than the earlier of (i) ninety (90) calendar days (or one hundred twenty (120) calendar days if the Commission notifies the Company that it will "review" the Registration Statement) after the Closing Date and (ii) the tenth (10th) Business Day after the date 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 (such deadline the "***Effectiveness Deadline***"), provided, that if the Filing Deadline or Effectiveness Deadline falls on a Saturday, Sunday or other day that the Commission is closed for business, the Filing Deadline or Effectiveness Deadline, as the case may be, shall be extended to the next Business Day on which the Commission is open for business, and, once effective, to keep the Resale Shelf Registration Statement continuously effective under the Securities Act at all times until the expiration of the Effectiveness Period. In the event that the Company files a Form F-1 pursuant to this Section 2.1, the Company shall use commercially reasonable efforts to convert the Form F-1 to a Form F-3 as soon as practicable after the Company is eligible to use Form F-3 and have the Resale Shelf Registration Statement on Form F-3 declared effective as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) If any Resale Shelf Registration Statement ceases to be effective under the Securities Act for any reason at any time while Registrable Securities are still outstanding, the Company shall, subject to subsection 3.3, use its commercially reasonable efforts to, as promptly as is reasonably practicable, cause such Resale Shelf Registration Statement to again become effective under the Securities Act (including using its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Resale Shelf Registration Statement), and shall use its commercially reasonable efforts to, as promptly as is reasonably practicable, amend such Resale Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf or file an additional registration statement as a resale registration statement (a "***Subsequent Shelf Registration***") registering the resale of all Registrable Securities under such Resale Shelf Registration Statement (determined as of two (2) Business Days prior to such filing and assuming that (i) all shares of Series A Preferred Shares are converted into Common Shares at a conversion price equal to the Floor Price and (ii) all Investor Warrants are exercised in full at an exercise price equal to the Floor Price), and pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration continuously effective, available for use to permit the Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act during the Effectiveness Period. Any such Subsequent Shelf Registration shall be on Form F-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.1.2 Notification and Distribution of Materials. The Company shall notify the Holders in writing of the effectiveness of the Resale Shelf Registration Statement and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement (including any amendments, supplements and exhibits), the prospectus contained therein (including each preliminary prospectus and all related amendments and supplements) and any documents incorporated by reference in the Resale Shelf Registration Statement or such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 Amendments and Supplements. Subject to the provisions of subsection 2.1.1, the Company shall promptly prepare and file with the Commission from time to time such amendments and supplements to any Shelf and prospectus used in connection therewith as may be necessary to keep the Shelf effective and to comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities during the Effectiveness Period. If any Shelf is filed on Form F-3 and thereafter the Company becomes ineligible to use Form F-3 for secondary sales, the Company shall promptly notify the Holders of such ineligibility and use its reasonable best efforts to file a shelf registration on an appropriate form as promptly as practicable to replace the shelf registration statement on Form F-3 and have such replacement Shelf declared effective as promptly as practicable and to cause such replacement Shelf to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Shelf is available or, if not available, that another Shelf is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities; provided, however, that at any time the Company once again becomes eligible to use Form F-3, the Company shall cause such replacement Shelf to be amended, or shall file a new replacement Shelf, such that the Shelf is once again on Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 Notice of Certain Events. The Company shall promptly notify the Holders in writing of any request by the Commission for any amendment or supplement to, or additional information in connection with, any Shelf required to be prepared and filed hereunder (or prospectus relating thereto). The Company shall promptly notify each Holder in writing of the filing of any Shelf or any prospectus, amendment or supplement related thereto or any post-effective amendment to the Shelf and the effectiveness of any post-effective amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 Underwritten Takedown. If an effective Shelf is on file with the Commission and the Company shall receive a request from the Holders of Registrable Securities included in such Shelf with an estimated market value of at least $10,000,000 that the Company effect an Underwritten Takedown of all or any portion of the requesting Holders' Registrable Securities, then the Company shall promptly give notice of such requested Underwritten Takedown at least three (3) Business Days prior to the anticipated filing date of the prospectus or supplement relating to such Underwritten Takedown to the other Holders of Registrable Securities included in such Shelf and thereupon shall use commercially reasonable efforts to effect, as expeditiously as practicable, the offering in such Underwritten Takedown of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the restrictions set forth in Section 2.3, all Registrable Securities included in such Shelf for which the requesting Holder(s) has requested such offering under this subsection 2.1.5, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the restrictions set forth in Section 2.3, all other Registrable Securities included in such Shelf that any Holders have requested the Company to offer by request received by the Company within one (1) Business Day after such Holders receive the Company's notice of the Underwritten Takedown Notice, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after the expiration of the one (1) Business Day-period referred to in subsection 2.1.5(b), the Company will notify all selling Holders of Registrable Securities included in such Shelf of the identities of the other selling Holders in the Underwritten Takedown and the number of shares of Registrable Securities requested to be included therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall only be required to effectuate one Underwritten Takedown pursuant to this Agreement within any six-month period and not more than five (5) times in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 Withdrawal. Holders of majority-in-interest of the Registrable Securities included in an Underwritten Takedown may elect to withdraw from such Underwritten Takedown by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the public announcement of such Underwritten Takedown, in which case, such withdrawn Underwritten Takedown will count as an Underwritten Takedown for the purposes of subsection 2.1.5(d) unless the withdrawing Holders reimburse the Company for all Registration Expenses with respect to such Underwritten Takedown; provided, however, that if at the time of such withdrawal, the withdrawing Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the withdrawing Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to subsection 2.1.5(d). Following the receipt of a notice of withdrawal, the Company shall promptly forward such notice to any other Holders that had elected to participate in such Underwritten Takedown. The Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten Takedown prior to its withdrawal under this subsection 2.1.6, other than if a Holder elects to pay such Registration Expenses pursuant to this subsection 2.1.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 Selection of Underwriters. In connection with an Underwritten Takedown, the Company shall have the right to select the Underwriters for such offering (which shall consist of one or more reputable nationally recognized investment banks), subject to the prior reasonable approval by the initially requesting Holder(s) (which approval shall not be unreasonably withheld, conditioned or delayed). The Company shall enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of the Registrable Securities in such Underwritten Takedown, including, if necessary, the engagement of a "qualified independent underwriter" in connection with the qualification of the underwriting arrangements with the Financial Industry Regulatory Authority, Inc. No Holder participating in an Underwritten Takedown shall be required to make any representations or warranties to or agreements with the Company or the Underwriters other than representations, warranties or agreements regarding such Holder's authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other representation required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Demand Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Request for Registration. Subject to compliance with Section 3.4 hereof, if there is not an effective Shelf available for the resale for the Registrable Securities pursuant to Section 2.1, at any time and from time to time on or after the date that is 180 days from the consummation of the Business Combination, the Holders who hold at least a majority in interest of the then-outstanding number of Registrable Securities held by any of (i) the General Fusion Holders, collectively, (ii) the Preferred Holders, collectively, or (iii) the Original Holders, collectively (as applicable, the "***Demanding Holders***") may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a "***Demand Registration***")*.* The Company shall, within five (5) Business Days of the Company's receipt of the Demand Registration, notify, in writing, all other Holders of such demand, and each Holder who thereafter wishes to include all or a portion of such Holder's Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder's Registrable Securities in such Registration, a "***Requesting Holder***") shall so notify the Company, in writing, within five (5) Business Days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall use its commercially reasonable efforts to effect, as soon thereafter as practicable, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the Company be obligated pursuant to this Agreement to take any action to effect: (1) any such Demand Registration by Holders of Registrable Securities with an estimated market value of less than $10,000,000, (2) more than one (1) Demand Registration during any six-month period, (3) more than two (2) Demand Registrations in total pursuant to this Section 2.2.1 for any of the General Fusion Holders, the Preferred Holders or the Original Holders, or (4) any Demand Registration at any time there is an effective Shelf on file with the Commission pursuant to Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Effective Registration. Notwithstanding the provisions of subsection 2.2.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (a) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (b) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated and (ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) Business Days, of such election; provided, further, that the Company shall not be obligated or required to file another Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Underwritten Demand Registration. If a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Demand Registration, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder's participation in such Underwritten Offering and the inclusion of such Holder's Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such underwriting by the Company (which shall consist of one or more reputable nationally recognized investment banks), subject to the prior reasonable approval by the Demanding Holder(s) (which approval shall not be unreasonably withheld, conditioned or delayed). The parties agree that, in order to be effected, any Underwritten Demand Registration must result in aggregate gross proceeds to the selling Holders of at least $10,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Withdrawal. A majority-in-interest of the Demanding Holders may elect to withdraw from such Demand Registration by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration, in which case, such withdrawn Demand Registration will count as a Demand Registration for the purposes of subsection 2.2.1 unless the withdrawing Holders reimburse the Company for all Registration Expenses with respect to such Demand Registration; provided, however, that if at the time of such withdrawal, the withdrawing Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the withdrawing Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to subsection 2.2.1. Following the receipt of a notice of withdrawal, the Company shall promptly forward such notice to any other Holders that had elected to participate in such Demand Registration. The Company shall be responsible for the Registration Expenses incurred in connection with a Demand Registration prior to its withdrawal under this subsection 2.2.4, other than if a Holder elects to pay such Registration Expenses pursuant to this subsection 2.2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration conducted pursuant to this Agreement advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that, in such Underwriters' opinion, the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other securities of the Company that the Company desires to sell and the Common Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggyback registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the "***Maximum Number of Securities***"*)*, then the Company shall include in such Underwritten Offering, as follows: (a) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration, regardless of the number of shares held by each such person (such proportion is referred to herein as "***Pro Rata***")) that can be sold without exceeding the Maximum Number of Securities; (b) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (a), the securities of the Company that the Company desires to sell for its own account; and (c) any securities of the Company for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons as to which "piggyback" registration has been requested by the holders thereof that can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Piggyback Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 Piggyback Rights. If, at any time, subject to compliance by the Holders with Section 3.3, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for equityholders of the Company for their account (or by the Company and by the shareholders of the Company including, without limitation, pursuant to Section 2.2 hereof (subject to Section 2.3)), other than a Registration Statement (a) filed in connection with any employee stock option or other benefit plan, (b) for an exchange offer or offering of securities solely to the Company's existing shareholders, (c) for an offering of debt that is convertible into equity securities of the Company, (d) for a dividend reinvestment plan, or (e) for a corporate reorganization or transaction under Rule 145 of the Securities Act, then the Company shall give written notice of such proposed filing to all of the Holders as soon as practicable but not less than seven (7) days before the anticipated filing date of such Registration Statement, which notice shall (i) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (ii) offer to all of the Holders the opportunity to register the sale of such number of Registrable Securities as such holders may request in writing within three (3) Business Days after receipt of such written notice (a "***Piggyback Registration***")*.* The Company shall cause such Registrable Securities to be included in such Registration and shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders proposing to distribute their securities through a Piggyback Registration shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Piggyback Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that, in such Underwriters' opinion, the dollar amount or number of securities of the Company that the Company desires to sell for its own account, taken together with securities of the Company, if any, as to which Registration has been demanded pursuant to written contractual arrangements with persons other than the Holders hereunder, and the Registrable Securities as to which Registration has been requested pursuant to this Section 2.4, exceeds the Maximum Number of Securities, then the Company shall include in any such Registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Registration is undertaken for the Company's account: (i) first, the securities of the Company that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities as to which Registration has been requested pursuant to the terms of this Agreement which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the securities of the Company for the account of other persons that the Company is obligated to register pursuant to written contractual piggyback registration rights with such persons, other than pursuant to this Agreement, which can be sold without exceeding the Maximum Number of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Registration is undertaken as a demand pursuant to contractual rights with the Company other than this Agreement: (i) first, the securities of the Company for the account of the persons entitled to such contractual rights making such demand that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to the terms of this Agreement that can be sold without exceeding the Maximum Number of Securities, Pro Rata; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the securities of the Company that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the securities of the Company for the account of any other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3 Piggyback Registration Withdrawal. Any Holder shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration, if such offering is pursuant to a Demand Registration, or prior to the public announcement of the offering, if such offering is pursuant to an Underwritten Takedown or similar transaction. The Company (whether on its own determination or as the result of a withdrawal by persons pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4 <u>Unlimited Piggyback Registration Rights</u>. For purposes of clarity, any Registration effected pursuant to Section 2.4 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.2 hereof; provided, however that the Representatives are only entitled to piggyback registration rights for a period of seven (7) years following the commencement of sales of units in the Company's initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Block Trades; Other Coordinated Offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 Notwithstanding any other provision of this Article 2, at any time and from time to time when an effective Shelf is on file with the Commission, if one or more Holders wish to engage in (a) a Block Trade or (b) an "at the market" or similar registered offering through a broker, sales agent or distribution agent, whether as agent or principal (an "***Other Coordinated Offering***"), in each case, with an anticipated aggregate offering price of at least $10,000,000, then such Holder(s) only needs to notify the Company of the Block Trade or Other Coordinated Offering at least five (5) Business Days prior to the day such offering is to commence and the Company shall as expeditiously as possible use its commercially reasonable efforts to facilitate such Block Trade or Other Coordinated Offering; provided that the Holder(s) representing a majority of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the Company and any underwriters, brokers, sales agents or placement agents prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 Prior to the filing of the applicable "red herring" prospectus or prospectus supplement used in connection with a Block Trade or Other Coordinated Offering, a majority-in-interest of the Holder(s) initiating such Block Trade or Other Coordinated Offering shall have the right to submit a written notice to the Company, the Underwriter or Underwriters (if any) and any brokers, sale agents or placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.3 The Holder(s) in a Block Trade or Other Coordinated Offering shall have the right to select the underwriter(s) and any brokers, sale agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more reputable nationally recognized investment banks).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.4 Each of (a) the General Fusion Holders, (b) the Preferred Holders and (c) the Original Holders may collectively demand not more than two (2) Block Trades or Other Coordinated Offerings in the aggregate pursuant to this Section 2.5 in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effecting pursuant to this Section 2.5 shall not be counted as a Demand Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Lock-Up. The Company agrees and shall cause each director and officer (that makes filings pursuant to Section 16 of the Exchange Act) of the Company, along with any affiliated trust holding securities controlled by or for the benefit of such directors and officers or any other entity holding equity interests of the Company over which any such director or officer exercises dispositive control with respect to such equity securities of the Company, to agree, that, in connection with each sale of Registrable Securities pursuant to Section 2.1 or Section 2.2 conducted as an Underwritten Offering, if requested, to become bound by and to execute and deliver a customary lock-up agreement with the Underwriter(s) of such offering(s) restricting such applicable person's or trust's right to (a) Transfer, directly or indirectly, any equity securities of the Company held by such person or entity or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final prospectus relating to such offering and ending on the date specified by the Underwriter(s) (such period not to exceed ninety (90) days). The terms of such lock-up agreements shall be negotiated among the applicable Holders, the Company and the Underwriter(s) and shall include customary exclusions from the restrictions on Transfer set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Legends. In connection with any sale or other disposition of the Registrable Securities by a Holder pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) and upon compliance by the Holder with the requirements of this Section 2.7, if requested by the Holder, the Company shall cause the transfer agent for the Registrable Securities (the "***Transfer Agent***") to remove any restrictive legends related to the book entry account holding such Registrable Securities and make a new, unlegended entry for such book entry shares sold or disposed of without restrictive legends within one (1) trading day of any such request therefor from the Holder; provided that the Company and the Transfer Agent have timely received from the Holder customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith. Subject to receipt from the Holder by the Company and the Transfer Agent of customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith, the Holder may request that the Company remove any legend from the book entry position evidencing its Registrable Securities and the Company will, if required by the Transfer Agent, use its commercially reasonable efforts to cause an opinion of the Company's counsel be provided, in a form reasonably acceptable to the Transfer Agent, to the effect that the removal of such restrictive legends in such circumstances may be effected under the Securities Act, following the earliest of such time as such Registrable Securities (i) are subject to or have been or are about to be sold pursuant to an effective registration statement or (ii) have been or are about to be sold pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission). If restrictive legends are no longer required for such Registrable Securities pursuant to the foregoing, the Company shall, in accordance with the provisions of this section and within one (1) trading day of any request therefor from the Holder accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry for such book entry shares. The Company shall be responsible for the fees of its Transfer Agent, its legal counsel and all DTC fees associated with such issuance.

**Article 3**

**COMPANY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 General Procedures. If at any time on or after the date hereof the Company is required to effect the Registration of Registrable Securities, the Company shall use commercially reasonable efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as practicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 use commercially reasonable efforts to prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and use commercially reasonable efforts to keep it effective during the Effectiveness Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the prospectus, as may be reasonably requested by any Holder that holds at least 5% of the Registrable Securities included in such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until such time as there are no longer any Registrable Securities (the "***Effectiveness Period***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge, to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders' legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holders; provided, however, that if any such Registration Statement is determined by the Company to contain material non-public information, the Company may satisfy this Section 3.1.3 by providing the information under the caption "Selling Securityholders" (or similar section) applicable to such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 prior to any public offering of Registrable Securities, use commercially reasonable efforts to (a) register or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may reasonably request (or provide evidence reasonably satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification) and (b) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 advise each Holder of Registrable Securities included in such Registration Statement, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 advise each Holder of such Registrable Securities, promptly after it shall receive written notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 at least five (5) days prior to the filing of any Registration Statement or prospectus or any amendment or supplement to such Registration Statement or prospectus (other than by way of a document incorporated by reference) furnish a copy thereof to each Holder of such Registrable Securities or its counsel; provided, however, that if such Registration Statement is determined by the Company to contain material non-public information, the Company may satisfy this Section 3.1.9 by providing the information under the caption "Selling Securityholders" (or similar section) applicable to such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 comply with all applicable rules and regulations of the Commission and the Securities Act, and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 permit a representative of the Holders (such representative to be selected by a majority-in-interest of the participating Holders), the Underwriters or other financial institutions facilitating any Underwritten Offering, Block Trade, Other Coordinated Offering or other sale pursuant to such Registration, if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person's own expense, in the preparation of the Registration Statement, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 obtain a "cold comfort" letter from the Company's independent registered public accountants in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent pursuant to a Registration Statement, in customary form and covering such matters of the type customarily covered by "cold comfort" letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 in the event of any Underwritten Offering, a Block Trade, an Other Coordinated offering, or sale by a broker, placement agent or sales agent pursuant to a Registration Statement, enter into and perform its obligations under an underwriting agreement, purchase agreement, sales agreement or placement agreement, in usual and customary form, with the managing Underwriter or broker, sales agent or placement agent of such offering or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 with respect to an Underwritten Offering, if the Registration involves the Registration of Registrable Securities with an aggregate offering price (before deduction of underwriting discounts) in excess of $25,000,000, use commercially reasonable efforts to make available senior executives of the Company to participate in customary "road show" presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

Notwithstanding the foregoing, the Company shall not be required to provide any documents or information to an Underwriter or other sales agent or placement agent if such Underwriter or other sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering, Block Trade, or Other Coordinated Offering that is registered pursuant to a Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters' commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of "Registration Expenses," all reasonable fees and expenses of any legal counsel representing the Holders, in each case pro rata based on the number of Registrable Securities that such Holders have sold in such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Requirements for Participation in Underwritten Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder does not timely provide the Company with any requested information in connection with an Underwritten Offering, the Company may exclude such Holder's Registrable Securities from the applicable Registration Statement if the Company determines, based on the advice of counsel, that such information is necessary to effect the registration and such Holder continues thereafter to withhold such information. No person may participate in any Underwritten Offering, Block Trade or Other Coordinated Offering of equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person's securities on the basis provided in any arrangements approved by the Company and (ii) timely completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting or other agreements and other customary documents as may be reasonably required under the terms of such arrangements. The exclusion of a Holder's Registrable Securities as a result of this Section 3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Information. The Holders shall promptly provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act and in connection with the Company's obligation to comply with Federal and applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing by the Company that the use of the prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company's control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than forty-five (45) calendar days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.5. The Company shall not delay the filing or effectiveness of, or suspend use of, a Registration Statement or prospectus for a period of more than sixty (60) calendar days in any 12-month period.

**Article 4**

**INDEMNIFICATION AND CONTRIBUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder and each of their respective affiliates and each of their respective officers, employees, directors, partners, members, attorneys and agents, and each person, if any, who controls a Holder (within the meaning of the Securities Act or the Exchange Act) against all losses, claims, damages, liabilities and reasonable expenses (including reasonable outside attorneys' fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein or is based on any selling holder's violation of the federal securities laws (including Regulation M) or failure to sell the Registrable Securities in accordance with the plan of distribution contained in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 In connection with any Registration Statement in which a Holder is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act or the Exchange Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys' fees) resulting from any untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein or is based on any selling Holder's violation of the federal securities laws (including Regulation M) or failure to sell the Registrable Securities in accordance with the plan of distribution contained in the prospectus; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders, and the liability of each such Holder shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Any person or entity entitled to indemnification herein shall (a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (b) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive the transfer of securities. The Company and each Holder participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Holder's indemnification is unavailable for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 If the indemnification provided under this Section 4.1 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the 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 to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

**Article 5**

**REPORTING OBLIGATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the Holders may reasonably request, all to the extent required from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

**Article 6**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Notices. Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or by courier service providing evidence of delivery, or (c) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third (3rd) Business Day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed to the parties as follows:

If to the Company:

General Fusion Inc.

6020 Russ Baker Way

Richmond, British Columbia

Attention: Greg Twinney

E-mail: Greg.twinney@generalfusion.com

With copies (which shall not constitute notice) to:

Faegre Drinker Biddle & Reath LLP

2200 Wells Fargo Center 90 South 7<sup>th</sup> Street

Minneapolis, Minnesota 55402

Attention: Ben A. Stacke

E-mail: ben.stacke@faegredrinker.com

If to the Sponsor:

Spring Valley Acquisition III Sponsor, LLC

2100 McKinney Ave, Suite 1675

Dallas, TX 75201

Attention: Christopher Sorrells

Email: chris.sorrells@sv-ac.com

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

Greenberg Traurig, LLP

One Vanderbilt Ave

New York, NY 10017

Attention: Adam Namoury

Email: <u>Adam.Namoury@gtlaw.com</u>

If to any Holder, at such Holder's address or facsimile number as set forth in the Company's books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) calendar days after delivery of such notice as provided in this Section 6.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.2 Assignment; No Third-Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part. This Agreement and any of the rights, duties and obligations of the Holders hereunder may be freely assigned or delegated, in whole or in part, by such Holder in conjunction with and to the extent of any Transfer of any Registrable Security by any such Holder to a Permitted Transferee(s). This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and assigns and the Holders and their respective successors and permitted assigns. This Agreement is not intended to confer any rights or benefits on any persons that are not party hereto other than as expressly set forth in Section 4 and this Section 6.2. The rights of a Holder under this Agreement may be Transferred, in whole or in part, by such Holder to a Permitted Transferee who acquires or holds any Registrable Security; provided, however, that such Permitted Transferee has executed and delivered to the Company a properly completed agreement to be bound by the terms of this Agreement substantially in form attached hereto as Exhibit A (a "***Joinder***"), and the Permitted Transferee shall have delivered to the Company no later than five (5) Business Days following the date of the Transfer, written notification of such Transfer setting forth the name of the transferor, the name and address of the Permitted Transferee, and the number of Registrable Securities so Transferred. The execution of a Joinder shall constitute a permitted amendment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Amendments and Modifications. Upon the written consent of the Company and the holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects a Holder, solely in his, her or its capacity as a holder of the securities of the Company, in a manner that is materially different from other Holders (in such capacity) shall require the consent of such Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Other Registration Rights and Arrangements. The Company represents and warrants that no person, other than a holder of the Registrable Securities has any right to require the Company to register any of the Company's share capital or capital stock for sale or to include the Company's share capital or capital stock in any registration filed by the Company for the sale of shares for its own account or for the account of any other person. The Company and the Sponsor hereby terminate the Original RRA, which shall be of no further force and effect and is hereby superseded and replaced in its entirety by this Agreement. The Company shall not hereafter enter into any agreement with respect to its securities that would provide to such holder registration rights on a basis more favorable than the registration rights granted to the Holders in this Agreement or violate the rights granted to the Holders in this Agreement, and in the event of any conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Term. This Agreement shall terminate upon the earlier of (a) the fifth (5th) anniversary of the date of this Agreement or (b) the date as of which there shall be no Registrable Securities outstanding; provided further that with respect to any Holder, such Holder will have no rights under this Agreement and all obligations of the Company to such Holder under this Agreement shall terminate upon the date that such Holder no longer holds Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Severability. 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 that is valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. Signatures to this Agreement transmitted via facsimile or e-mail shall be valid and effective to bind the party so signing (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law (e.g., www.docusign.com)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written, including, without limitation, the Original RRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT, THE RIGHTS OF THE PARTIES UNDER OR IN CONNECTION HEREWITH OR IN CONNECTION WITH ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND ALL ACTIONS ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION HEREWITH OR THEREWITH (WHETHER AT LAW OR IN EQUITY, WHETHER SOUNDING IN CONTRACT, TORT, STATUTE OR OTHERWISE) SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CHOICE OR CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 Consent to Jurisdiction; Venue; Service. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction and venue of the courts sitting in the Province of British Columbia for the purpose of any suit, action or other proceeding described in Section 6.9; (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such suit, action or proceeding, 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 any such suit, action or proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof may not be enforced in or by such court; and (c) hereby agrees not to commence or maintain any such action other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Each party to this Agreement hereby also (i) consents to service of process in any action described in this Section 6.10 in any manner permitted by British Columbia law, (ii) agrees that service of process made in accordance with clause (i) or made by overnight delivery by a nationally recognized courier service addressed to a party's address specified pursuant to Section 6.1 shall constitute good and valid service of process in any such action and (iii) waives and agrees not to assert (by way of motion, as a defense or otherwise) in any such action any claim that service of process made in accordance with clause (i) or (ii) does not constitute good and valid service of process. Notwithstanding the foregoing in this Section 6.10, a party may commence any action in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 **WAIVER OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE SPONSOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 Titles and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, the Holders may proceed to protect and enforce their rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

[*SIGNATURE PAGES FOLLOW*]

**IN WITNESS WHEREOF**, the undersigned have caused this Agreement to be executed as of the date first written above.

---

| |
|:---|
| **COMPANY:** |
| **GENERAL FUSION INC.** |
| By: |
| Name: |
| Title: |

---

[*Signature Page to Amended and Restated Registration Rights Agreement*]

---

| |
|:---|
| **HOLDERS:** |
| **SPRING VALLEY ACQUISITION III** |
| **SPONSOR, LLC** |
| By: |
| Name: |
| Title: |
| **COHEN & COMPANY CAPITAL MARKETS,** |
| **a division of Cohen and Company Securities, LC** |
| By: |
| Name: |
| **CLEAR STREET LLC** |
| By: |
| Name: |
| **[●]** |
| By: |
| Name: |
| Title: |

---

[*Signature Page to Amended and Restated Registration Rights Agreement*]

**EXHIBIT A**

**Joinder**

This Joinder ("***Joinder***") is executed on ________, 20__, by the undersigned (the "***New Holder***") pursuant to the terms of that certain Amended and Restated Registration Rights Agreement, dated as of [●], 2026 (the "***Agreement***"), by and among General Fusion Inc., a British Columbia limited company (formerly known as Spring Valley Acquisition Corp. III, a Cayman Islands exempted corporation) (the "***Company***"), Spring Valley Acquisition III Sponsor, LLC, a Delaware limited liability company, and the undersigned parties listed under Holder on the signature pages thereto, as such Agreement may be amended, supplemented or otherwise modified from time to time. Capitalized terms used but not defined in this Joinder shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Joinder, the New Holder hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. Acknowledgment. New Holder acknowledges that New Holder is acquiring certain equity securities of the Company (the "***Shares***") as a transferee of such Shares from a party in such party's capacity as a holder of Registrable Securities under the Agreement, and after such transfer, New Holder shall be considered a holder of Registrable Securities (a "***Holder***") for all purposes under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Agreement. New Holder hereby (a) agrees that the Shares shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if the New Holder were originally a party thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Notice. Any notice required or permitted by the Agreement shall be given to New Holder at the address or facsimile number listed below New Holder's signature below.

---

| | |
|:---|:---|
| **NEW HOLDER:** | ACCEPTED AND AGREED: |
| Print Name: | **GENERAL FUSION INC.** |
| By: | By: |
|  | Name: |
| Address: | Title: |

---

## Exhibit 10.4

**Exhibit 10.4**

**LOCK-UP AGREEMENT**

[On or before Closing Date]

**SPRING VALLEY ACQUISITION CORP. III**<br> 1675 - 2100 McKinney Avenue

Dallas, Texas 75201

Re: Lock-Up Agreement

Ladies and Gentlemen:

This letter (this "**Letter Agreement**") is being delivered to you in accordance with that certain Business Combination Agreement (the "**BCA**"), dated as of January 21, 2026, entered into by and among Spring Valley Acquisition Corp. III, a Cayman Islands exempted corporation (including following its continuation from the Cayman Islands to British Columbia, the "**Acquiror**"), 1573562 B.C. Ltd., a British Columbia limited company and a wholly-owned subsidiary of the Acquiror ("**NewCo**"), and General Fusion Inc., a British Columbia limited company (the "**Company**"), pursuant to which, among other things, NewCo shall amalgamate with and into the Company (the "**Amalgamation**") to form one corporate entity (the "**Amalgamated Company**") except that the legal existence of the Company will not cease and Newco will survive the Amalgamation as the Amalgamated Company (the transactions contemplated by the BCA collectively being the "**Business Combination**"). Capitalized terms used but not otherwise defined herein have the meaning ascribed to such terms in the BCA.

In order to induce Acquiror to proceed with the Business Combination and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned (the "**Securityholder**") hereby agrees with Acquiror as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the exceptions set forth herein, the Securityholder agrees not to, without the prior written consent of the board of directors of Acquiror, (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, any Acquiror Class A common shares (the "**Common Shares**") held by it immediately after the effective time of the Amalgamation, any Common Shares issuable upon the exercise of options to purchase Common Shares held by the Securityholder immediately after the effective time of the Amalgamation, or any securities convertible into or exercisable or exchangeable for Common Shares held by the Securityholder immediately after the effective time of the Amalgamation (the "**Lock-Up Securities**"), (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Lock-Up Securities, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise or (c) publicly announce any intention to effect any transaction specified in clause (a) or (b) (the actions specified in clauses (a)-(c), collectively, "**Transfer**") until 180 days after the closing date of the Amalgamation (the "**Lock-Up Period**"), subject to the early release provisions set forth in Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The restrictions set forth in Section 1 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. in the case of an entity, (A) to another entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned or who shares a common investment advisor with the undersigned or (B) as part of a distribution to members, partners or shareholders of the undersigned;

&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. in the case of an individual, Transfers by gift to members of the individual's immediate family (as defined below) or to a trust, the beneficiary of which is a member of one of the individual's immediate family, an affiliate of such person or to a charitable organization;

&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. in the case of an individual, Transfers by virtue of laws of descent and distribution upon death of the individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. in the case of an individual, Transfers by operation of law or pursuant to a court order, such as a qualified domestic relations order, divorce decree or separation 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;v. in the case of an individual, Transfers to a partnership, limited liability company or other entity of which the undersigned and/or the immediate family (as defined below) of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. in the case of an entity that is a trust, Transfers to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. in the case of an entity, Transfers by virtue of the laws of the jurisdiction of the entity's organization and the entity's organizational documents upon dissolution of the 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;viii. transactions relating to Common Shares or other securities convertible into or exercisable or exchangeable for Common Shares acquired in open market transactions after the effective time of the Amalgamation, provided, that no such transaction is required to be, or is, publicly announced (whether on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G or 13G/A) during the Lock-Up 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;ix. the exercise of stock options or warrants to purchase Common Shares or the settlement of stock or unit appreciation rights that are based on, and settled with, Common Shares or the vesting of stock awards of Common Shares and any related transfer of Common Shares to Acquiror in connection therewith (A) deemed to occur upon the "cashless" or "net" exercise of such options or warrants or (B) for the purpose of paying the exercise price of such options or warrants or for paying taxes due as a result of the exercise of such options or warrants, the vesting of such options, warrants or stock awards, or as a result of the vesting of such Common Shares, it being understood that all Common Shares received upon such exercise, vesting, settlement or transfer will remain subject to the restrictions of this Letter Agreement during the Lock-Up 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;x. Transfers to Acquiror pursuant to any contractual arrangement in effect at the effective time of the Amalgamation that provides for the repurchase by Acquiror or forfeiture of Common Shares or other securities convertible into or exercisable or exchangeable for Common Shares in connection with the termination of the Securityholder's service to Acquiror;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. the entry, by the Securityholder, at any time after the effective time of the Amalgamation, of any trading plan providing for the sale of Common Shares by the Securityholder, which trading plan meets the requirements of Rule 10b5-1(c) under the Exchange Act; provided, however, that such plan does not provide for, or permit, the sale of any shares of Common Stock during the Lock-Up Period and no public announcement or filing is voluntarily made or required regarding such plan during the Lock-Up 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;xii. transactions in the event of completion of a liquidation, merger, stock exchange or other similar transaction which results in all of Acquiror's securityholders having the right to exchange their Common Shares for cash, securities or other property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. transactions to satisfy any U.S. federal, state, or local income tax obligations of the Securityholder (or its direct or indirect owners) arising from a change in the U.S. Internal Revenue Code of 1986, as amended (the "**Code**"), or the U.S. Treasury Regulations promulgated thereunder (the "**Regulations**") after the date on which the BCA was executed by the parties, and such change prevents the Amalgamation from qualifying as a "reorganization" pursuant to Section 368 of the Code (and the Amalgamation does not qualify for similar tax-free treatment pursuant to any successor or other provision of the Code or Regulations taking into account such changes), in each case solely and to the extent necessary to cover any tax liability as a direct result of the transaction,

provided*,* however, that (A) in the case of clauses (i) through (vii), these permitted transferees must enter into a written agreement, in substantially the form of this Letter Agreement (it being understood that any references to "immediate family" in the agreement executed by such transferee shall expressly refer only to the immediate family of the Securityholder and not to the immediate family of the transferee), agreeing to be bound by these Transfer restrictions. For purposes of this paragraph, "immediate family" shall mean a spouse, domestic partner, child (including by adoption), father, mother, brother or sister, in each case, of the undersigned, and lineal descendant (including by adoption) of the undersigned or of any of the foregoing persons; and "affiliate" shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended.

Notwithstanding anything in this Agreement to the contrary, it is understood and agreed that Acquiror, with the approval of the board of directors of the Acquiror, shall be entitled to release any Securityholder from any or all of its obligations hereunder, provided, however, that if one Securityholder is released, the other Securityholders shall also be similarly released on the same terms and on a pro rata basis to the number of Lock-Up Securities with respect to the released Securityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the avoidance of any doubt, (i) the Securityholder shall retain all of its rights as a shareholder of the Acquiror during the Lock-Up Period, including the right to vote, and to receive any dividends, distributions, or other entitlements in respect of, any Lock-Up Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any Transfer is made or attempted contrary to the provisions of this Letter Agreement, such purported Transfer shall be null and void *ab initio*, and Acquiror and any duly appointed transfer agent shall refuse to make any such Transfer or recognize any such purported transferee of the Lock-Up Securities as an equity holder of Acquiror for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the Lock-Up Period, stop transfer orders shall be placed against the Lock-Up Securities and each certificate or book entry position statement evidencing any Lock-Up Securities shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends:

"THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP LETTER AGREEMENT, DATED AS OF JANUARY [·], 2026, DELIVERED BY THE ISSUER'S SECURITY HOLDER NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by the undersigned (i) Securityholder and (ii) Acquiror.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No party hereto may assign either this Letter Agreement or any of its rights, interests or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Securityholder and each of its respective successors, heirs and assigns and permitted transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (a) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in any state or federal court located in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (b) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Letter Agreement shall terminate on the expiration of the Lock-up Period.

[*Signature Pages Follow*]

---

| |
|:---|
| **SECURITYHOLDER:** |
| Print Name of Securityholder: |
| [**NAME]** |
| Sign Below: |
| If a non-individual Securityholder: |
| Name of Signatory: [SIGNATORY] |
| Title of Signatory: |

---

**<u>Securityholder notice details:</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name of Registered Securityholder: | &nbsp;&nbsp;[Name] |
| &nbsp;&nbsp;Address: | &nbsp;&nbsp;<u>[Address]</u> |
| &nbsp;&nbsp;Attention: | &nbsp;&nbsp;[Name] |
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;<u>[Telephone]</u> |
| &nbsp;&nbsp;<u>Email:</u> | &nbsp;&nbsp;<u>[Email]</u> |

---

[*Signature Page to Lock-Up Agreement*]

## Exhibit 10.5

**Exhibit 10.5**

**SECURITIES PURCHASE AGREEMENT**

This Securities Purchase Agreement (this "**Agreement**") is dated as of January 21, 2026, by and among Spring Valley Acquisition Corp. III, a Cayman Islands exempted company (the "**Company**"), General Fusion Inc., a British Columbia limited company (the "**Target**"), and the purchaser identified on the signature pages hereto (including its successors and assigns, the "**Purchaser**").

**WHEREAS**, the Company, the Target and **1573562 B.C. Ltd.**, a British Columbia limited company and a direct wholly owned subsidiary of the Company ("**NewCo**"), entered into a Business Combination Agreement, dated as of even date herewith (as it may be amended, modified, supplemented or otherwise modified from time to time in accordance with its terms, the "**Business Combination Agreement**," and the transactions contemplated by the Business Combination Agreement, the "**Business Combination**"), pursuant to which, among other things, (i) the Company shall continue from the Cayman Islands to British Columbia and (ii) NewCo shall amalgamate with and into the Target (the "**Amalgamation**") to form one corporate entity, except that the legal existence of NewCo will not cease and NewCo will survive the Amalgamation and, as a result of which, the Target will become a direct, wholly owned subsidiary of the Company, pursuant to the terms of the plan of arrangement (the "**Plan of Arrangement**") set forth as Exhibit F to the Business Combination Agreement;

**WHEREAS**, in connection with the Business Combination, subject to the terms and conditions set forth in this Agreement, the Target desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Target, securities of the Target as more fully described in this Agreement;

**WHEREAS**, upon completion of the Business Combination, subject to the terms and conditions set forth in this Agreement, the securities of the Target acquired pursuant to the terms of this Agreement will automatically be exchanged into securities of the Company as more fully described in this Agreement; and

**WHEREAS**, this Agreement is one of several securities purchase agreements on the same terms and conditions entered into by the Company and Target pursuant to the PIPE Financing (as defined below).

**NOW, THEREFORE, IN CONSIDERATION** of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company, the Target and the Purchaser agree as follows:

**ARTICLE 1**

**DEFINITIONS**

1.1 **<u>Definitions</u>**. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Company Closing Articles (as defined herein), and (b) the following terms have the meanings set forth in this <u>Section 1.1</u>:

"**Acquiring Person**" shall have the meaning ascribed to such term in <u>Section 4.7</u>.

"**Action**" means any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the applicable party, threatened against or affecting the applicable party or any of its properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, provincial, territorial, county, local or foreign).

"**Affiliate**" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"**Amalgamation**" shall have the meaning ascribed to such term in the recitals.

"**BCSC**" means the British Columbia Securities Commission.

"**Board of Directors**" means the board of directors of the Company.

"**Business Combination**" shall have the meaning ascribed to such term in the recitals.

"**Business Combination Agreement**" shall have the meaning ascribed to such term in the recitals.

"**Business Day**" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York and the City of Vancouver in British Columbia, Canada are authorized or required by law to remain closed; *<u>provided</u>*, *<u>however</u>*, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home," "shelter-in-place," "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any Governmental Authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York and the City of Vancouver are generally are open for use by customers on such day.

"**Class A Ordinary Shares**" means the Class A ordinary shares of the Company, par value $0.0001 per share.

"**Closing**" means the closing of the purchase and sale of the Securities pursuant to <u>Section 2.1</u>.

"**Closing Date**" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchaser's obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Securities, in each case, have been satisfied or waived.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended, and any successor statute thereto, as amended.

"**Commission**" means the United States Securities and Exchange Commission.

"**Common Shares**" means, following the Amalgamation, the common shares of the Company, and any other class of securities into which such securities may hereafter be reclassified or changed.

"**Company Closing Articles**" means, in connection with the Amalgamation, the amended and restated articles to be adopted by the Company in accordance with the terms of the Business Combination Agreement and the Arrangement, substantially in the form of **<u>Exhibit A</u>** attached hereto or as otherwise agreed to by the Purchaser, the Company and the Target, each acting reasonably.

"**Company Material Adverse Effect**" means any change, event, or occurrence, that, individually or when aggregated with other changes, events, or occurrences has had a materially adverse effect on the business, assets, financial condition or results of operations of the Company; provided, however, that no change or effect related to any of the following, alone or in combination, shall be taken into account in determining whether a Company Material Adverse Effect has occurred: (i) the announcement of this Agreement and consummation of the transactions contemplated hereby; (ii) the taking of any action required by this Agreement or any Transaction Document; (iii) any natural disaster (including hurricanes, storms, tornados, flooding, earthquakes, volcanic eruptions or similar occurrences), pandemic or change in climate, (iv) any acts of terrorism or war, the outbreak or escalation of hostilities, geopolitical conditions, local, national or international political conditions; (v) the Redemption; (vi) any breach of any covenants, agreements or obligations of any Purchaser or any investor in the PIPE Financing, under this Agreement or other similar agreement related to financing the Company or the Target (including any breach of such Person's obligations to fund any amounts thereunder when required); (vii) changes or proposed changes in applicable Law, regulations or interpretations thereof or decisions by courts or any Governmental Authority after the date of this Agreement; (viii) changes or proposed changes in GAAP (or any interpretation thereof) after the date of this Agreement; or (ix) any downturn in general economic conditions, including changes in the credit, debt, securities, financial, capital or reinsurance markets (including changes in interest or exchange rates, prices of any security or market index or commodity or any disruption of such markets), in each case, in the United States or anywhere else in the world.

"**Company Party**" means the Company and its directors, officers, shareholders, members, partners, employees and agents (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), 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, shareholders, agents, members, partners or 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 such controlling persons.

"**Company Preferred Shares**" means the Convertible Preferred Shares in the capital of the Company having the rights, preferences and privileges set forth in in Part 31 of the Company Closing Articles, in the form of **<u>Exhibit A</u>** hereto.

"**Company Securities**" means the Company Preferred Shares, the Company Warrants and the Underlying Shares.

"**Company Warrants**" means, collectively, the Common Share purchase warrants of the Company delivered to the Purchaser immediately after Closing in accordance with <u>Section 2.2(b)</u> hereof, which Company Warrants shall be exercisable immediately and have a term of exercise equal to 5 years, in the form of **<u>Exhibit C</u>** attached hereto.

"**Consent**" means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority or any other Person.

"**Contingent Obligation**" means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto.

"**Continuation**" means the Company's continuation from the Cayman Islands to British Columbia in accordance with the *Cayman Islands Companies Act* (2022 Revision) and the *Business Corporations Act* (British Columbia) in connection with the closing of the Business Combination.

"**Contracts**" means all legally binding contracts, contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order, licenses (and all other contracts, agreements or binding arrangements concerning Intellectual Property), franchises, leases and other instruments or obligations of any kind, written or oral (including any amendments and other modifications thereto).

"**Conversion Shares**" means the Company Common Shares issued and issuable upon conversion of the Company Preferred Shares in accordance with the terms of the Company Closing Articles.

"**Deemed Original Issue Price**" means $12.00 per Target Preferred Share.

"**Disqualification Event**" shall have the meaning ascribed to such term in <u>Section 3.1(i)</u>.

"**Effective Date**" means the first date on which (a) the initial Registration Statement has been declared effective by the Commission registering the resale of all of the Underlying Shares or (b) all of the Underlying Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 (but with no volume or other restrictions or limitations including as to manner or timing of sale or current public information requirements).

"**ERISA Affiliate**" means each "person" (as defined in Section 3(9) of ERISA) which together with a Target Company would be deemed to be a "single employer" within the meaning of Section 414(b), (c), (m) or (o) of the Code.

"**Environmental Liabilities**" means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Legal Proceedings, losses, damages, costs, and expenses (including all reasonable fees, disbursements, and expenses of counsel, experts, and consultants and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by any other Person or in response to any violation of Environmental Law, whether known or unknown, accrued or contingent, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, to the extent based upon, related to, or arising under or pursuant to any Environmental Law, environmental Permit, Order, or Contract with any Governmental Authority or other Person, that relates to any environmental, health or safety condition, violation of Environmental Law, or a Release or threatened Release of Hazardous Materials.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**GAAP**" shall mean generally accepted accounting principles in the United States of America.

"**Generative AI**" means any type of AI/ML that can be used to create, produce or generate outputs (including text, images, video, audio, code or synthetic data), including from or based on prompts or inputs.

"**Governmental Authority**" means any federal, state, provincial, local, foreign government or other governmental, quasi-governmental, regulatory or administrative authority, body, instrumentality, department, board, bureau or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body (private or public).

"**Government Bid**" means any quotation, bid or proposal by a Target Company that is outstanding and in effect as of the date hereof, which if accepted or awarded, would lead to a prime contract with a Governmental Authority, or to a subcontract with a prime contractor or higher-tier subcontractor under a prime contract with a Governmental Authority.

"**Government Contract**" means any Contract, grant, basic ordering agreement, letter contract, or order between a Target Company, on the one hand, and (i) any Governmental Authority, (ii) another Person under such other Person's prime contract with a Governmental Authority, or (iii) any higher tier subcontractor of a Governmental Authority in its capacity as a subcontractor, on the other hand, for which the period of performance has not expired or terminated, or final payment has not been received, or which remain open to audit as of the date of this Agreement.. Unless otherwise indicated, a task, purchase or delivery order under a Government Contract will not constitute a separate Government Contract, for purposes of this definition, but will be part of the Government Contract under which it was issued.

"**Hazardous Material**" means any waste, gas, liquid or other substance or material that is defined, listed or designated as a "hazardous substance", "pollutant", "contaminant", "hazardous waste", "regulated substance", "hazardous chemical", or "toxic chemical" (or by any similar term) under any Environmental Law, or any other material regulated, or that could result in the imposition of Liability or responsibility, under any Environmental Law, including petroleum and its by-products, asbestos, polychlorinated biphenyls, radon, mold, and urea formaldehyde insulation.

"**Income Taxes**" means income, capital gains, franchise, and similar Taxes.

"**Indebtedness**" of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation, "capital leases" in accordance with GAAP) (other than trade payables entered into in the ordinary course of business consistent with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through (G) above.

"**Intellectual Property**" means any and all intellectual or proprietary property and all rights, title, and interest therein or thereto arising anywhere in the world, including: (i) all United States and foreign patents and patent applications, patent disclosures and inventions, (whether patentable or unpatentable and whether or not reduced to practice), including any continuations, divisions, continuations in part, renewals, divisionals, extensions, reissues or foreign counterparts of any of the foregoing; (ii) all United States, international and foreign trade names, trade dress, trademarks, service marks, logos or internet domain name registrations, social media usernames, handles, and similar identifiers, including all goodwill associated therewith, together with all registrations and applications relating thereto ("**Trademarks**"); (iii) all United States, international, and foreign copyrights (whether registered or unregistered), original works of authorship (including Software and all rights therein), copyrightable works, together with all registrations and applications relating thereto ("**Copyright**"); (iv) all proprietary databases and data; (v) all industrial designs and any registrations and applications therefor throughout the world; (vi) Trade Secrets, (vii) Software and data, databases, compilations, and any other electronic data files, including any and all collections of data, whether machine readable or otherwise; (viii) rights to sue or recover and retain damages and costs and attorneys' fees for the past, present or future infringement, dilution, misappropriation, or other violation of any of the foregoing anywhere in the world; (ix) any and all other intellectual or industrial property rights protectable by applicable law in any jurisdiction; and (x) all issuances, renewals, registrations and applications of or for any of the foregoing.

"**Investor Presentation**" means the PowerPoint presentation dated [•], [2025] detailing the transactions contemplated by the Business Combination Agreement.

"**IT Assets**" technology, devices, computers, hardware, Software (including firmware and middleware), systems, sites, servers, networks, workstations, routers, hubs, circuits, switches, interfaces, websites, platforms, data communications lines, and all other information or operational technology, telecommunications, or data processing assets, facilities, systems services, or equipment, and all data stored therein or processed thereby, and all associated documentation.

"**Knowledge**" means, with respect to the Target, the actual knowledge of Greg Twinney and Robert Crystal.

"**Law**" means any federal, state, provincial, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code, edict, decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order or Consent that is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the authority of any Governmental Authority.

"**Legal Proceeding**" means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint, stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or investigation, by or before any Governmental Authority.

"**Liabilities**" means any and all liabilities, Indebtedness, Legal Proceedings or obligations of any nature (whether absolute, accrued, contingent or otherwise, whether known or unknown, whether direct or indirect, whether matured or unmatured, whether due or to become due and whether or not required to be recorded or reflected on a balance sheet under GAAP or other applicable accounting standards).

"**Lien**" means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), restriction (whether on voting, sale, transfer, disposition or otherwise), any subordination arrangement in favor of another Person, or any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar Law.

"**Liens**" means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"**Losses**" means losses, liabilities, obligations, claims, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation.

"**NewCo**" shall have the meaning ascribed to such term in the recitals.

"**Off-the-Shelf Software**" means "shrink wrap," "click wrap," and "off the shelf" software agreements and other agreements for Software commercially available to the public on standard terms and conditions, generally with license, maintenance, support and other fees of less than $100,000 per year.

"**Order**" means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other action that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental Authority.

"**Organizational Documents**" means, with respect to any Person that is an entity, its certificate of incorporation or formation, bylaws, operating agreement, memorandum, articles of association, articles incorporation, and notice of articles or similar organizational documents, in each case, as amended.

"**Original Issue Price**" means $10.20 per Target Preferred Shares, which shares shall have a deemed price per share equal to the Deemed Original Issue Price.

"**Owned Intellectual Property**" means any and all Intellectual Property which any of the Target Companies owns (or purports to own), in whole or in part, and includes the Target Software, all Target Registered IP and all other Intellectual Property required to be set forth in <u>Section 3.3(n)(i)</u> of the Target Disclosure Letter.

"**Patents**" means any patents, patent applications and the inventions, designs and improvements described and claimed therein, patentable inventions, and other patent rights (including any divisionals, provisionals, continuations, continuations-in-part, substitutions, or reissues thereof, whether or not patents are issued on any such applications and whether or not any such applications are amended, modified, withdrawn, or refiled).

"**Permits**" means all federal, state, provincial, local or foreign or other third-party permits, grants, easements, consents, approvals, authorizations, exemptions, licenses, franchises, concessions, ratifications, permissions, clearances, confirmations, endorsements, waivers, certifications, designations, ratings, registrations, qualifications or orders of any Governmental Authority or any other Person.

"**Permitted Liens**" means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i) not yet due and payable or (ii) being contested in good faith and by appropriate proceedings, and adequate reserves have been established with respect thereto in accordance with GAAP, (b) other Liens imposed by operation of Law arising in the ordinary course of business for amounts which are not due and payable and as would not in the aggregate materially adversely affect the value of, or materially adversely interfere with the use of, the property subject thereto, (c) Liens incurred or deposits made in the ordinary course of business in connection with social security, (d) Liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in the ordinary course of business, (e) Liens arising under any Transaction Document or (f) non-exclusive licenses of Owned Intellectual Property granted in the ordinary course of business.

"**Person**" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"**PIPE Financing**" means the an equity financing of the Target to raise not less than US$80,000,000 from the sale and issuance of Company Preferred Shares and Company Warrants to certain investors on a private placement basis, to be consummated on the Closing Date, prior to the Amalgamation.

"**Placement Agent**" means Cohen and Company Capital Markets, a division of Cohen & Company Securities, LLC.

"**Plan of Arrangement**" shall have the meaning ascribed to such term in the recitals.

"**Proceeding**" means an action, claim, suit, investigation or proceeding, whether commenced or threatened.

"**Purchaser Party**" means the Purchaser and the Purchaser's directors, officers, shareholders, members, partners, employees and agents (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), each Person who controls the Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or 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 such controlling persons.

"**Redemption**" shall have the meaning ascribed to such term in the Business Combination Agreement.

"**Registration Rights Agreement**" means the Amended and Restated Registration Rights Agreement among the Company, the Sponsor, the Purchaser and the other parties thereto, in the form of **<u>Exhibit B</u>** attached hereto.

"**Registration Statement**" means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the resale of the Underlying Shares by the Purchaser as provided for in the Registration Rights Agreement.

"**Related Person**" means any officer, director, manager, employee, trustee or beneficiary of a Target Company or any of its Affiliates and any immediate family member of any of the foregoing.

"**Release**" means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the indoor or outdoor environment, or into or out of any property.

"**Remedial Legal Proceedings**" means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii) prevent the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care, or (iv) correct a condition of noncompliance with Environmental Laws.

"**Required Minimum**" means, as of any date, the maximum aggregate number of Common Shares then issued or potentially issuable in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon exercise in full of all Company Warrants (assuming for this purpose, an exercise price equal to the Floor Price) and conversion in full of all Company Preferred Shares (assuming for this purpose, a conversion price equal to the Floor Price and taking into account PIK Dividends for a period of at least three years following the Closing Date), ignoring any conversion or exercise limits set forth therein.

"**Rule 144**" means Rule 144 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.

"**Rule 424**" 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.

"**Sanctioned Jurisdiction**" means any country or territory that is the subject of comprehensive economic sanctions maintained by OFAC (as of the date of this Agreement, Cuba, Iran, North Korea, Syria, and the Crimea, so-called Donetsk People's Republic, and so-called Luhansk People's Republic regions of Ukraine).

"**SEC**" means the United States Securities and Exchange Commission.

"**SEC Reports**" shall have the meaning ascribed to such term in <u>Section 3.1(m)</u>.

"**Securities**" means the Company Securities and/or the Target Securities, as applicable.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"**Short Sales**" shall include, without limitation, all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

"**Software**" means any and all (i) computer software, firmware and computer programs and applications, including all source code, object code, middleware, utilities, computer programs, application programming interfaces, algorithms, plugins, libraries, subroutines, tools, drivers, microcode, scripts, batch files, instruction sets and macros, models, and methodologies, in each case of the foregoing whether in source code, executable or object code form, documentation related thereto including user manuals, related to any of the foregoing and all software modules, tools and databases; and (ii) deep learning, machine learning, and other artificial intelligence technologies (collectively, "**AI/ML**").

"**Sponsor**" means Spring Valley Acquisition III Sponsor, LLC.

"**Statutory Plans**" means any statutory plans with which the Target Companies are required to comply, including the Canada Pension Plan and plans administered pursuant to applicable provincial health tax, workers' compensation and employment insurance legislation.

"**Stock Exchange**" means either The Nasdaq Stock Market LLC or the New York Stock Exchange (or any successors to any of the foregoing).

"**Subscription Amount**" shall mean the aggregate amount to be paid for the Target Preferred Shares and the Target Warrants purchased hereunder pursuant to the terms of this Agreement as set forth across from the Purchaser's name on Annex A hereto in U.S. dollars and in immediately available funds.

"**Subsidiary**" means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons will be allocated a majority of partnership, association or other business entity gains or losses or will be or control the managing director, managing member, general partner or other managing Person of such partnership, association or other business entity. A Subsidiary of a Person will also include any variable interest entity which is consolidated with such Person under applicable accounting rules.

"**Target Benefit Plans**" means, except for Statutory Plans, any and all deferred compensation, executive compensation, incentive compensation, equity purchase or other equity-based compensation plan, employment or consulting, severance or termination pay, holiday, vacation or other bonus plan or practice, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit sharing, pension, or retirement plan, program, agreement, commitment or arrangement, and each other employee benefit plan, program, agreement or arrangement, including each "employee benefit plan" as such term is defined under Section 3(3) of ERISA, maintained or contributed to or required to be contributed to by the Target or any Subsidiary of the Target for the benefit of any current or former employee or other individual service provider of the Target or any Subsidiary of the Target, or with respect to which the Target or any Subsidiary of the Target has any Liability, whether direct or indirect, whether actual or contingent, whether formal or informal, and whether legally binding or not (other than a multiemployer plan within the meaning of Section 3(37) of ERISA or any plan or program that is sponsored solely by a Governmental Authority and to which the Target or any Subsidiary of the Target is required to contribute pursuant to applicable Law).

"**Target Companies**" means the Target and its subsidiaries.

"**Target Disclosure Letter**" shall have the meaning ascribed to such term in <u>Section 3.3</u>.

"**Target IP**" means any and all Intellectual Property currently owned, licensed, used or held for use by the Target Companies.

"**Target IP Licenses**" means Intellectual Property licenses, sublicenses and other agreements or permissions.

"**Target Material Adverse Effect**" means any event, state of facts, condition, change, development, circumstance, occurrence or effect (collectively, "**Events**"), that (i) has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, assets, results of operations or financial condition of the Target Companies, taken as a whole, or (ii) does or would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the ability of the Target Companies to consummate the Transactions; provided, however, that in no event would any of the following, alone or in combination, be deemed to constitute, or be taken into account in determining whether there has been or will be, a "Target Material Adverse Effect": (a) any change in applicable Laws or GAAP or any interpretation thereof following the date of this Agreement, (b) any change in interest rates or economic, political, business or financial market conditions generally, (c) the taking of any action required by this Agreement, (d) any natural disaster (including hurricanes, storms, tornados, flooding, earthquakes, volcanic eruptions or similar occurrences), pandemic or change in climate, (e) any acts of terrorism or war, the outbreak or escalation of hostilities, geopolitical conditions, local, national or international political conditions, (f) any failure of the Target Companies to meet any projections or forecasts (provided that clause (f) shall not prevent a determination that any Event not otherwise excluded from this definition of Target Material Adverse Effect underlying such failure to meet projections or forecasts has resulted in a Target Material Adverse Effect), (g) any Events generally applicable to the industries or markets in which the Target and its Subsidiaries operate (including increases in the cost of products, supplies, materials or other goods purchased from third party suppliers), (h) the announcement of the Business Combination Agreement, this Agreement or any other Transaction Document and consummation of the transactions contemplated hereby and thereby, including any termination of, reduction in or similar adverse impact (but in each case only to the extent attributable to such announcement or consummation) on relationships, contractual or otherwise, with any landlords, customers, suppliers, distributors, partners or employees of the Target Companies, (i) any matter set forth on the Target Disclosure Letter, or (j) any action taken by, or at the request of, the Company; provided, further, that any Event referred to in clauses (a), (b), (d), (e) or (g) above may be taken into account in determining if a Target Material Adverse Effect has occurred to the extent it has a disproportionate and adverse effect on the business, assets, results of operations or condition (financial or otherwise) of the Target Companies, taken as a whole, relative to similarly situated companies in the industry in which the Target Companies conduct their respective operations, but only to the extent of the incremental disproportionate effect on the Target Companies, taken as a whole, relative to similarly situated companies in the industry in which the Target Companies conduct their respective operations.

"**Target Options**" means each option to purchase equity securities of the Target, in each case, granted pursuant to the Target Stock Option Plan.

"**Target Party**" means each Target Company and each of their respective directors, officers, shareholders, members, partners, employees and agents (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), each Person who controls any Target Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or 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 such controlling persons.

"**Target Preferred Shares**" means the Convertible Preferred Shares in the capital of the Target having the same rights, preferences and privileges as those set forth in in Part 31 of the Company Closing Articles, in the form of **<u>Exhibit A</u>** hereto, provided, however, that references to the Company would be replaced by references to the Target.

"**Target SAFEs**" means all of the then issued and outstanding simple agreements for future equity of the Target.

"**Target Securities**" means the Target Preferred Shares, the Target Warrants, the Class A voting common shares of the Target issuable upon conversion of the Target Preferred Shares and the Class A voting common shares of the Target issuable upon exercise of the Target Warrants.

"**Target Shareholders' Agreement**" means the eighth amended and restated Shareholders' Agreement of the Company dated August 6, 2025.

"**Target Software**" means any and all Software which any of the Target Companies owns or purports to own, in whole or in part.

"**Target Stock Option Plan**" means the Target's the amended and restated stock option plan dated November 19, 2024, as such may have been further amended, supplemented or modified from time to time.

"**Target Warrants**" means, collectively, the Class A voting common Share purchase warrants of the Target, which Warrants shall be exercisable immediately and have a term of exercise equal to 5 years.

"**Taxes**" means all direct or indirect federal, provincial, state, local, foreign and other net income, gross income, gross receipts, sales, use, value-added, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, social security and related contributions due in relation to the payment of compensation to employees, excise, severance, stamp, occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments or charges in the nature of a tax, together with any interest and any penalties, additions to tax or additional amounts with respect thereto imposed by a Governmental Authority.

"**Tax Return**" means any return, form, declaration, election, disclosure, report, claim for refund, information return or other documents (including any related or supporting schedules, statements or information) filed or required to be filed in connection with the determination, assessment or collection of any Taxes or the administration of any Laws or administrative requirements relating to any Taxes.

"**Trade Secrets**" means any trade secrets, confidential business information, concepts, ideas, designs, research or development information, processes, procedures, techniques, technical information, specifications, operating and maintenance manuals, engineering drawings, methods, know-how, data, mask works, discoveries, inventions, modifications, extensions, improvements, and other proprietary rights (whether or not patentable or subject to Copyright, Trademark, or trade secret protection).

"**Trading Day**" means a day on which the principal Trading Market is open for trading.

"**Trading Market**" means any of the following markets or exchanges on which the Common Shares is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

"**Transaction Documents**" means this Agreement, the Company Warrant certificates, the Warrants, the Registration Rights Agreement, and all exhibits and schedules thereto.

"**Transactions**" means each of the transactions contemplated by this Agreement and the other Transaction Documents.

"**Transfer Agent**" means Continental Stock Transfer & Trust Company, the current transfer agent of the Company, and any successor transfer agent of the Company.

"**Underlying Shares**" means the Conversion Shares and the Warrant Shares.

"**Warrant Shares**" means the Common Shares issuable upon exercise of the Company Warrants.

**ARTICLE 2**

**PURCHASE AND SALE**

2.1 **<u>Closing</u>**. On the Closing Date, immediately prior to the Amalgamation and in accordance with the Plan of Arrangement as part of the consummation of the Business Combination, upon the terms and subject to the conditions set forth herein, the Target agrees to sell, and the Purchaser agrees to purchase, a number of shares of Target Preferred Shares with an aggregate Original Issue Price as set forth opposite the Purchaser's name on Annex A hereto and Target Warrants as determined pursuant to <u>Section 2.2(a)</u>. Not later than 10:00 am Eastern Time on the date on which Closing will occur (and the conditions thereto will be satisfied)(the "**Closing Date**"), the Target shall provide written notice on signed Target letterhead (which may be via email) to the Purchaser (the "**Closing Notice**") setting out that (i) all closing conditions pursuant to the Business Combination Agreement (as determined by the parties to the Business Combination Agreement) have been satisfied or waived in writing by the Person(s) with the authority to make such waiver (other than those conditions which, by their nature, are to be satisfied at the closing of the Business Combination pursuant to the Business Combination Agreement including to the extent that any such condition precedent is, or is dependent upon, the consummation of the transactions contemplated hereby), and (ii) all closing conditions pursuant to this Agreement have been satisfied or waived in writing by the Person(s) with the authority to make such waiver (other than those conditions which, by their nature, are to be satisfied at the Closing pursuant to this Agreement including to the extent that such condition precedent is, or is dependent upon, the consummation of the Business Combination), have been met and that such date is the Closing Date, which Closing Notice shall contain the payment direction along with wire instructions of the Target for delivery of the Subscription Amount (the "**Flow of Funds Letter**"). The failure of the Closing to occur on the Closing Date shall not terminate this Agreement or otherwise relieve any party of any of its obligations hereunder.

2.2 **<u>Deliveries</u>**.

(a) On or prior to the Closing Date, the Target shall deliver or cause to be delivered to the Purchaser the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable evidence of issuance of such aggregate number of Target Preferred Shares equal to the Purchaser's Subscription Amount divided by the Original Issue Price, registered in the name of the Purchaser, which, for greater certainty, may be issued in book-entry form or otherwise uncertificated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable evidence of issuance of a Target Warrant certificate registered in the name of the Purchaser representing the Target Warrants entitling the Purchaser to purchase up to a number of Class A voting common shares of the Target equal to 100% of the total number of such shares into which the Purchaser's Target Preferred Shares are convertible on the date of Closing, with an exercise price equal to $12.00, subject to adjustment as set forth therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Closing Notice, including the Flow of Funds Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate evidencing (or reasonable evidence of issuance by book entry, as applicable, of) such aggregate number of Company Preferred Shares equal to the aggregate number of Target Preferred Shares delivered pursuant to *Section 2.2(a)(i)*, registered in the name of the Purchaser, issued in exchange for such Target Preferred Shares pursuant to the Amalgamation as set forth in the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Company Warrant certificate registered in the name of the Purchaser representing the Company Warrants issued in exchange for the Target Warrants delivered pursuant to <u>Section 2.2(a)(ii)</u> pursuant to the Amalgamation as set forth in the Plan of Arrangement, entitling the Purchaser to purchase up to a number of Common Shares equal to 100% of the total number of Common Shares into which the Purchaser's Company Preferred Shares are convertible on the date of Closing, with an exercise price equal to $12.00, subject to adjustment as set forth therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Registration Rights Agreement duly executed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company and the Target, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Rights Agreement duly executed by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Purchaser's counter-signature to the Company Warrant described in <u>Section 2.2(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Purchaser's Subscription Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Purchaser's certificate of accredited investor status required under appliable Canadian and United States securities laws as provided in **Exhibit D**.

2.3 **<u>Closing Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Closing shall be subject to the satisfaction, or valid waiver in writing by each of the parties hereto, of the conditions that, on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all conditions precedent to the closing of the Business Combination set forth in Article 7 of the Business Combination Agreement shall have been satisfied (as determined by the parties to the Business Combination Agreement) or waived in writing by the Person(s) with the authority to make such waiver (other than those conditions which, by their nature, are to be satisfied at the closing of the Business Combination pursuant to the Business Combination Agreement including to the extent that any such condition precedent is, or is dependent upon, the consummation of the transactions contemplated hereby), and the closing of the Business Combination shall be scheduled to occur pursuant to and in accordance with the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Governmental Authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation which is then in effect and has the effect of making the consummation of the transactions contemplated hereby (including, without limitation, the Continuation) illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the issue and sale of the Securities being exempt from the requirement to file a prospectus and the requirement to deliver an offering memorandum under applicable securities laws relating to the sale of the Securities, or the Target and the Company having received such orders, consents or approvals as may be required to permit such sale without the requirement to file a prospectus or deliver an offering memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Company and the Target to consummate the Closing shall be subject to the satisfaction or valid waiver in writing by the Company and the Target of the additional conditions that, on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except as otherwise provided under <u>Section 2.3(b)(ii)</u>, all representations and warranties of the Purchaser contained in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or material adverse effect, which representations and warranties shall be true and correct in all respects) at and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or material adverse effect, which representations and warranties shall be true and correct in all respects) as of such earlier date), and consummation of the Closing shall constitute a reaffirmation by the Purchaser of each of the representations, warranties and agreements of the Purchaser contained in this Agreement as of the Closing Date, but without giving effect to consummation of the Business Combination, or as of such earlier date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representations and warranties of the Purchaser contained in <u>Section 3.2(q)</u> of this Agreement shall be true and correct at all times on or prior to the Closing Date, and consummation of the Closing shall constitute a reaffirmation by the Purchaser of such representations and warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the delivery by the Purchaser of the items set forth in <u>Section 2.2(c)</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligation of the Purchaser to consummate the Closing shall be subject to the satisfaction or valid waiver in writing by the Purchaser of the additional conditions that, on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all representations and warranties of the Company and the Target contained in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, Company Material Adverse Effect, which representations and warranties shall be true and correct in all respects) at and as of the Closing Date (except to the extent that any such representation or warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, Company Material Adverse Effect, which representations and warranties shall be true and correct in all respects) as of such earlier date), and consummation of the Closing shall constitute a reaffirmation by the Company of each of the representations, warranties and agreements of the Company contained in this Agreement as of the Closing Date, but without giving effect to the consummation of the Business Combination, or as of such earlier date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company and the Target, as applicable, shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the delivery by the Target and the Company of the items set forth in <u>Sections 2.1(a) and 2.1(b)</u>, respectively, of this Agreement.

**ARTICLE 3**

**REPRESENTATIONS AND WARRANTIES**

3.1 **<u>Representations and Warranties of the Company</u>**. Except as set forth in any SEC Reports filed by the Company or other documents submitted or furnished to the SEC by the Company on or prior to the date hereof, or on or prior to the Closing Date, as applicable, and provided that no representation or warranty by the Company shall apply to any statement or information in the SEC Reports that relates to changes to historical accounting policies of the Company in connection with any order, directive, guideline, comment or recommendation from the Commission or the Company's auditor or accountant that is applicable to the Company (collectively, the "**Company SEC Guidance**"), nor shall any correction, amendment, revision or restatement of the Company's financial statements due wholly or in part to the Company SEC Guidance or any other accounting matters, nor any other effects that relate to or arise out of, or are in connection with or in response to, any of the foregoing or any changes in accounting or disclosure related thereto, be deemed to be a breach of any representation or warranty by the Company, the Company represents and warrants to the Purchaser, as of the date of this Agreement and as of the Closing Date (or, if such representations and warranties are made with respect to a specified date, as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company (i) is validly existing and in good standing under the laws of the jurisdiction of incorporation, (ii) has the requisite power and authority to own, lease and operate its properties, to carry on its business as it is now being conducted and to enter into and perform its obligations under this Agreement and the other Transaction Documents, and (iii) is duly licensed or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction (other than its jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets requires such license or qualification, except, with respect to the foregoing <u>clause (iii)</u>, where the failure to be in good standing would not reasonably be expected to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Closing Date, the Company Securities will be duly authorized and, when issued, paid for and delivered in accordance with the applicable Transaction Documents, will be validly issued, fully paid and non-assessable, free and clear of all liens or other restrictions (other than those arising under the Transaction Documents, the Organizational Documents of the Company or applicable securities laws), and will not have been issued in violation of any preemptive or similar rights created under the Company's Organizational Documents (as adopted on the Closing Date) or the laws of its jurisdiction of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement and the other Transaction Documents has been duly authorized, validly executed and delivered by the Company, and assuming the due authorization, execution and delivery of the same by the Target and the Purchaser of this Agreement and the other Transaction Documents to which they are a party and the due authorization, execution and delivery of the same by all other parties to any Transaction Document, this Agreement and the other Transaction Documents shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement of creditors' rights generally or by any applicable statute of limitation or by any valid defense of set-off or counterclaim, and the fact that equitable remedies or relief (including the remedy of specific performance) are subject to the discretion of the court from which such relief may be sought (collectively, the "**Enforceability Exceptions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Assuming the accuracy of the representations and warranties of the Purchaser set forth in <u>Section 3.2</u> of this Agreement and the accuracy of the representations and warranties of the Target set forth in <u>Section 3.3</u> of this Agreement, the execution and delivery of this Agreement and the other Transaction Documents, the issuance and sale of the Company Securities hereunder, the compliance by the Company with all of the provisions hereof and thereof and the consummation of the transactions contemplated herein and therein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, (ii) the Organizational Documents of the Company, or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that, in the case of <u>clauses (i)</u> and <u>(iii)</u>, would reasonably be expected to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assuming the accuracy of the representations and warranties of the Purchaser set forth in <u>Section 3.2</u> of this Agreement and the accuracy of the representations and warranties of the Target set forth in <u>Section 3.3</u> of this Agreement, other than as provided for in the Business Combination Agreement, the Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, provincial, territorial, local or other Governmental Authority, self-regulatory organization or other person in connection with the execution, delivery and performance of this Agreement or the other Transaction Documents (including, without limitation, the issuance of the Company Securities), other than (i) filings required by applicable state, provincial, territorial or federal securities laws, (ii) the filing of the Registration Statement pursuant to the Registration Rights Agreement or of a prospectus in Canada, (iii) filings required by the Commission, the BCSC or any similar securities commission, (iv) filings required by the Stock Exchange, including with respect to obtaining shareholder approval or any other stock exchange, (v) filings and approvals required to consummate the Business Combination as provided under the Business Combination Agreement, including those required in connection with the Continuation and the Plan of Arrangement, (vi) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable, and (vii) those filings, the failure of which to obtain would not have a Company Material Adverse Effect

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except for such matters as have not had and would not have a Company Material Adverse Effect, there is no (i) Action, Proceeding or arbitration before a Governmental Authority or arbitrator pending, or, to the knowledge of the Company, threatened in writing against the Company or (ii) judgment, decree, injunction, ruling or order of any Governmental Authority or arbitrator outstanding against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Assuming the accuracy of the Purchaser's representations and warranties set forth in <u>Section 3.2</u> of this Agreement, no registration under the Securities Act or any state securities (or Blue Sky) laws is required for the offer and sale of the Company Securities by the Company to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the Company nor any person acting on its behalf has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Company Securities. The Company Securities are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws. Neither the Company nor any person acting on the Company's behalf has, directly or indirectly, at any time within the past six (6) months, made any offer or sale of any security or solicitation of any offer to buy any security under circumstances that would cause the offering of the Securities pursuant to this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act or any applicable shareholder approval provisions. Neither the Company nor any person acting on the Company's behalf has offered or sold any securities, or has taken any other action, which would reasonably be expected to subject the offer, issuance or sale of the Company Securities, as contemplated hereby, to the registration provisions of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No "bad actor" disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a "**Disqualification Event**") is applicable to the Company, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3) is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Except as would not reasonably be expected to be material to the Company, the Company is in all material respects in compliance with applicable provisions of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As of the Closing Date, the Common Shares will be eligible for clearing through The Depository Trust Company ("**DTC**"), through its Deposit/Withdrawal At Custodian (DWAC) system, and the Company is eligible and participating in the Direct Registration System (DRS) of DTC with respect to the Common Shares. The Company's Transfer Agent is a participant in DTC's Fast Automated Securities Transfer Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As of their respective filing dates, or, if amended, as of the date of such amendment, which shall be deemed to supersede such original filing, all reports required to be filed by the Company with the Commission (the "**SEC Reports**") complied in all material respects with the applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, or, if amended, as of the date of such amendment, which shall be deemed to supersede such original filing, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of the date hereof, there are no material outstanding or unresolved comments in comment letters received by the Company from the staff of the Division of Corporation Finance of the Commission with respect to any of the SEC Reports. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing, or, if amended, as of the date of such amendment, which shall be deemed to supersede such original filing, and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. Notwithstanding the foregoing, this representation and warranty shall not apply to any statement or information in the SEC Reports that relates or arises from the topics referenced in the Company SEC Guidance, and any restatement, revision or other modification to the SEC Reports (including any financial statements contained therein) relating to or arising from the Company SEC Guidance shall not be deemed material noncompliance for purposes of this Agreement or the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) As of the date hereof, the authorized share capital of the Company is $22,100 divided into 200,000,000 Class A Ordinary Shares, 20,000,000 Class B ordinary shares, par value $0.0001 per share (the "**Class B Ordinary Shares**" and, together with the Class A Ordinary Shares, the "**Ordinary Shares**") and 1,000,000 preference shares of a par value of $0.0001 (the "**Preference Shares**"). As of the date hereof and immediately prior to the Continuation and prior to giving effect to the Closing and the Business Combination: (i) 23,000,000 Class A Ordinary Shares, 7,666,667 Class B Ordinary Share and no Preference Shares were issued and outstanding; (ii) 7,666,667 public warrants, each exercisable to purchase one Class A Ordinary Share at $11.50 per share, and 7,046,111 private placement warrants, each exercisable to purchase one Class A Ordinary Share at $11.50 per share (together "**Outstanding Warrants**"), were issued and outstanding. No Outstanding Warrants are exercisable on or prior to the closing of the Business Combination. All (A) issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and are not subject to preemptive rights; and (B) Outstanding Warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights;. As of the date hereof, except as set forth above and pursuant to the Business Combination Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any Ordinary Shares or other equity interests in the Company (collectively, "**Equity Interests**") or securities convertible into or exchangeable or exercisable for Equity Interests. Except as set forth in the Business Combination Agreement, as of the date hereof, the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no shareholder agreements, voting trusts or other agreements or understandings to which the Company is a party or by which it is bound relating to the voting of any Equity Interests, other than (A) as set forth in the SEC Reports and (B) as contemplated by the Business Combination Agreement. Except as described in the SEC Reports, there are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance of the Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The issued and outstanding Class A Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and are listed for trading on the Stock Exchange under the symbol "SVAC." Except as set forth in the SEC Reports or as contemplated by the Business Combination Agreement: (i) there is no suit, Action, Proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the Stock Exchange or the Commission with respect to any intention by such entity to deregister the Class A Ordinary Shares or prohibit or terminate the listing of the Class A Ordinary Shares on the Stock Exchange and (ii) the Company has taken no action that is designed to terminate the registration of the Class A Ordinary Shares under the Exchange Act. Following the Continuation and upon consummation of the Business Combination, the Common Shares are expected to be registered under the Exchange Act and listed for trading on the Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To the knowledge of the Company, the Company is not, and immediately after receipt of payment for the Securities and the consummation of the Business Combination, will not be and "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Neither the Company nor, to the knowledge of the Company, any agent or other person acting on behalf of the Company has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company's accounting firm is WithumSmith+Brown, PC. To the knowledge and belief of the Company, such accounting firm is a registered public accounting firm as required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company's ability to perform any of its obligations under any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Company acknowledges and agrees that the Purchaser is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by the Purchaser or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchaser's purchase of the Company Securities. The Company further represents to the Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company has not, and to its knowledge no one acting on its behalf has, taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Company Securities.

3.2 **<u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants as of the date of this Agreement and as of the Closing Date (or, if such representations and warranties are made with respect to a specified date, as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of its jurisdiction of formation or incorporation with the requisite power and authority to enter into and perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Transaction Document to which it is a party has been duly authorized, executed and delivered by the Purchaser, and assuming the due authorization, execution and delivery of the same by the Company, each Transaction Document to which the Purchaser is a party shall constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance of the Transaction Documents, including the purchase of the Securities hereunder, the compliance by the Purchaser with all of the provisions of the Transaction Documents and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Purchaser pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Purchaser is a party or by which the Purchaser is bound or to which any of the property or assets of the Purchaser is subject; (ii) the Organizational Documents of the Purchaser; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Purchaser or any of its properties that in the case of clauses (i) and (iii), would reasonably be expected to have a material adverse effect on the Purchaser's ability to consummate the transactions contemplated by the Transaction Documents, including the purchase of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on which it exercises any Company Warrants or converts any Company Preferred Shares, it will be, an "accredited investor" (within the meaning of Rule 501(a) under the Securities Act), satisfying the applicable requirements set forth on <u>Annex A</u> hereto, (ii) acquiring the Securities only for its own account and not for the account of others, or if the Purchaser is subscribing for the Securities as a fiduciary or agent for one or more investor accounts, each owner of such account is an "accredited investor" (within the meaning of Rule 501(a) under the Securities Act) and the Purchaser has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) not acquiring the Securities with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and has provided the Company with the requested information on <u>Annex A</u> following the signature page hereto).

(d.1) The Purchaser (i) is purchasing the Securities as principal for Purchaser's own account, not for the benefit of any other person, for investment only and not with a view to the resale or distribution of all or any of the Securities, (ii) is a resident in or otherwise subject to the securities laws of the jurisdiction set out as "Address for Notice to Purchaser" on the signature page hereto, (iii) is not an individual and is an "accredited investor" (as such term is defined in National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators ("**NI 45-106**") and the *Securities Act* (Ontario), and partially reproduced in **<u>Exhibit D</u>** hereto), (iv) was not created or used solely to purchase or hold securities as an accredited investor, and (v) has checked the applicable subparagraph in **<u>Exhibit D</u>** attached hereto indicating that Purchaser satisfies one of the categories of "accredited investor" set out in **<u>Exhibit D</u>**.

(d.2) The Purchaser, if not a resident of Canada, is purchasing the Securities in compliance with the securities law of the jurisdiction where the Purchaser is a resident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Purchaser acknowledges and agrees that the Securities are being offered in a transaction not involving any public offering within the meaning of the Securities Act or applicable Canadian securities laws and that the Securities have not been registered under the Securities Act or the securities laws of any state in the United States or other jurisdiction in Canada or otherwise and that the Company is not required to register the Securities except as set forth in the Registration Rights Agreement. The Purchaser acknowledges and agrees that the Securities may not be offered, resold, transferred, pledged or otherwise disposed of by the Purchaser under applicable Canadian securities laws absent an effective registration statement under the Securities Act, except with respect to the Securities Act, (i) to the Company or a subsidiary thereof, (ii) pursuant to an applicable exemption from the registration requirements of the Securities Act (including without limitation a private resale pursuant to so called "Section 4(a)1½"), or (iii) an ordinary course pledge such as a broker lien over account property generally, and, in each of clauses (i)-(iii), in accordance with any applicable securities laws of the states and other jurisdictions of the United States or other jurisdictions, and that any certificates or account entries representing the Securities shall contain a restrictive legend to such effect. The Purchaser acknowledges and agrees that the Securities will be subject to these securities law transfer restrictions, and as a result of these transfer restrictions, the Purchaser may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Securities and may be required to bear the financial risk of an investment in the Securities for an indefinite period of time. The Purchaser acknowledges and agrees that the Securities will not be immediately eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act until at least one year following the filing of certain required information with the Commission after the Closing Date. The Purchaser acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Securities. The Purchaser understands and acknowledges that the Securities are to being sold on a "private placement" basis and, as a consequence (i) the Purchaser is restricted from using most of the civil remedies available under applicable securities law, (ii) the Purchaser may not receive information that would otherwise be required to be provided to the Purchaser under applicable securities law, and (iii) the Target is relieved from certain obligations that would otherwise apply under applicable securities law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Purchaser understands and agrees that it is purchasing the Target Securities directly from the Target. The Purchaser further acknowledges that there have not been, and the Purchaser hereby agrees that it is not relying on, any representations, warranties, covenants or agreements made to the Purchaser by the Company, the Target, the Sponsor, any of their respective Affiliates or any control persons, officers, directors, employees, partners, agents or representatives, any other party to the Business Combination or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of the Company and the Target set forth in this Agreement. The Purchaser agrees that none of (i) any other Purchaser (including the controlling persons, members, officers, directors, partners, agents, or employees of any such other Purchaser), (ii) the Sponsor, its Affiliates (other than the Company), or any of its or its' Affiliates respective control persons, officers, directors or employees or (iii) any other party to the Business Combination Agreement, including any such party's representatives, Affiliates or any of its or their control persons, officers, directors or employees, that is not a party hereto, shall be liable to the Purchaser pursuant to this Agreement for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In making its decision to purchase the Securities, the Purchaser has relied solely upon independent investigation made by the Purchaser and the Company's and the Target's representations in <u>Sections 3.1</u> and <u>3.3</u>, respectively, of this Agreement. The Purchaser acknowledges and agrees that the Purchaser has received such information as the Purchaser deems necessary in order to make an investment decision with respect to the Securities, including with respect to the Company, the Target Companies and the Business Combination, and made its own assessment and is satisfied concerning the relevant financial, tax and other economic considerations relevant to the Purchaser's investment in the Securities. Without limiting the generality of the foregoing, the Purchaser acknowledges that it has reviewed the Company's filings with the Commission. The Purchaser represents and agrees that the Purchaser and the Purchaser's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Purchaser and the Purchaser's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Securities. The Purchaser acknowledges that certain information provided by the Company and the Target was based on projections, and such projections were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The Purchaser further acknowledges that the information provided to the Purchaser was preliminary and subject to change, including in the registration statement and the proxy statement and/or prospectus that the Company intends to file with the Commission in connection with the Business Combination (which will include substantial additional information about the Company, the Target Companies and the Business Combination and will update and supersede the information previously provided to the Purchaser). The Purchaser acknowledges and agrees that none of the Sponsor or any of its Affiliates or any of such Person's or its Affiliate's control persons, officers, directors, employees or other representatives, legal counsel, financial advisors, accountants or agents (collectively, "**Representatives**") has provided the Purchaser with any information, recommendation or advice with respect to the Securities nor is such information, recommendation or advice necessary or desired. None of the Sponsor or any of its respective Affiliates or Representatives has made or makes any representation as to the Company or the Target Companies or the quality or value of the Securities. In addition, the Company, the Target, the Sponsor and their respective Affiliates or Representatives may have acquired non-public information with respect to the Company or the Target Companies which the Purchaser agrees need not be provided to it. In connection with the issuance of the Securities to the Purchaser, none of the Company, the Target, the Sponsor or any of their respective Affiliates or Representatives has acted as a financial advisor or fiduciary to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Purchaser became aware of this offering of the Securities solely by means of direct contact between the Purchaser and the Company or its Affiliates, by means of direct contact between the Purchaser and the Target or its Affiliates, and Securities were offered to the Purchaser solely by direct contact between the Purchaser and the Company or its Affiliates. The Purchaser did not become aware of this offering of the Securities, nor were the Securities offered to the Purchaser, by any other means. The Purchaser acknowledges that the Company represents and warrants that the Securities (i) were not offered by any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any federal, state, provincial or territorial securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Securities, including those set forth in the SEC Reports. The Purchaser has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Securities, and the Purchaser has had an opportunity to seek, and has sought, such accounting, legal, business and tax advice as the Purchaser has considered necessary to make an informed investment decision. The Purchaser (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, and (iii) has exercised independent judgment in evaluating its participation in the purchase of the Securities. The Purchaser understands and acknowledges that the purchase and sale of the Securities hereunder meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under FINRA Rule 2111(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Purchaser has adequately analyzed and fully considered the risks of an investment in the Securities and determined that the Securities are a suitable investment for the Purchaser and that the Purchaser is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Purchaser's investment in the Company. The Purchaser acknowledges specifically that a possibility of total loss exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Purchaser understands and agrees that no federal, provincial, territorial or state agency has passed upon or endorsed the merits of the offering of the Securities or made any findings or determination as to the fairness of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Purchaser is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons ("**SDN List**") administered by the U.S. Treasury Department's Office of Foreign Assets Control ("**OFAC**") or in any Executive Order issued by the President of the United States and administered by OFAC ("**OFAC List**"), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The Purchaser agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the Purchaser is permitted to do so under applicable law. If the Purchaser is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the "**BSA/PATRIOT Act**"), the Purchaser maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, the Purchaser maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required, the Purchaser maintains policies and procedures reasonably designed to ensure that the funds held by the Purchaser and used to purchase the Securities were legally derived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign state have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Company as a result of the purchase and sale of Securities hereunder such that a declaration to the Committee on Foreign Investment in the United States would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R. Part 800.208) over the Company from and after the Closing as a result of the purchase and sale of Securities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Purchaser will have sufficient funds to pay the Subscription Amount pursuant to <u>Section 2.2(c)(iii)</u> of this Agreement and any expenses incurred by the Purchaser in connection with the transactions contemplated by or in connection with the Transaction Documents; (ii) has the resources and capabilities (financial or otherwise) to perform its obligations under the Transaction Documents; and (iii) has not incurred any obligation, commitment, restriction or liability of any kind, absolute or contingent, present or future, which would impair or adversely affect its ability to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Purchaser acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, the Company, the Target, the Sponsor or any of their respective Affiliates or any of their respective or their respective Affiliates' control persons, officers, directors, employees, agents or representatives), other than the representations and warranties of the Company and the Target contained in <u>Sections 3.1</u> and <u>3.3</u>, respectively, of this Agreement, in making its investment or decision to invest in the Company. The Purchaser agrees that none of (i) any other Purchaser or any other Person participating in any other private placement of Common Shares (including the controlling persons, officers, directors, partners, agents or employees of any such other Person), (ii) the Company, its Affiliates or any of its or their respective Affiliates' control persons, officers, directors, partners, agents, employees or representatives, nor (iii) the Sponsor, its Affiliates or any of its or their respective Affiliates' control persons, officers, directors, partners, agents, employees or representatives shall be liable to the Purchaser or any other Purchaser pursuant to the Transaction Documents or any other agreement related to a private placement of Securities for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Securities hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) No broker or finder is entitled to any brokerage or finder's fee or commission to be paid by the Purchaser solely in connection with the sale of the Securities to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) At all times on or prior to the Closing Date, the Purchaser has no binding commitment to dispose of, or otherwise transfer (directly or indirectly), any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any understanding with the Purchaser, shall, directly or indirectly, engage in any hedging activities or execute any Short Sales with respect to the securities of the Company from the date hereof until the Closing or the earlier termination of this Agreement in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by the Purchaser with the Commission with respect to the beneficial ownership of the Company's outstanding securities prior to the date hereof, the Purchaser is not currently (and at all times through Closing will refrain from being or becoming) a member of a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of equity securities of the Company (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Purchaser acknowledges that (i) the Company, the Target Companies, the Sponsor and any of their respective Affiliates, control persons, officers, directors, employees, agents or representatives currently may have, and later may come into possession of, information regarding the Company and the Target Companies that is not known to the Purchaser and that may be material to a decision to purchase the Securities, (ii) the Purchaser has determined to purchase the Securities notwithstanding its lack of knowledge of such information, and (iii) none of the Company, the Target Companies, the Sponsor or any of their respective Affiliates, control persons, officers, directors, employees, agents or representatives shall have liability to the Purchaser, and the Purchaser hereby, to the extent permitted by law, waives and releases any claims it may have against the Company, the Target Companies, the Sponsor and their respective Affiliates, control persons, officers, directors, employees, agents or representatives, with respect to the nondisclosure of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The funds representing the subscription funds to be provided by the Purchaser which will be advanced by the Purchaser to the Company hereunder will not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) (the "**PCMLTFA**") or the PATRIOT Act, and the Purchaser acknowledges that the Company and/or the Target may in the future be required by law to disclose the Purchaser's name and other information relating to this Agreement and the Purchaser's subscription hereunder, on a confidential basis, pursuant to the PCMLTFA or the PATRIOT Act. To the best of its knowledge (a) none of the subscription funds to be provided by the Purchaser (i) have been or will be derived from or related to any activity that is deemed criminal under the laws of Canada, the United States, or any other jurisdiction, or (ii) are being tendered on behalf of a Person or entity who has not been identified to the Purchaser, and (b) the Purchaser shall promptly notify the Company and the Target if the Purchaser discovers that any of such representations ceases to be true, and to provide the Company and Target with appropriate information in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Purchaser acknowledges and agrees that the Purchaser is subscribing and purchasing the Target Securities hereunder but that (i) such Target Preferred Shares will be exchanged, on a one-for-one basis, for Company Preferred Shares pursuant to the Amalgamation at the time contemplated by the Plan of Arrangement; (ii) at the time the Amalgamation and the Plan of Arrangement is approved by the securityholders of the Target, the Purchaser will not be a securityholder of the Target and will not be entitled to vote in respect of the Amalgamation or Plan of Arrangement and (iii) notwithstanding the foregoing, the Purchaser hereby (I) consents to and approves, in respect of all of the Target Securities, the Amalgamation and the Plan of Arrangement and the transactions contemplated thereby, and (II) confirms the Purchaser will not exercise any right of dissent (if any) the Purchaser may have in connection with the Amalgamation and the Plan of Arrangement and waives any right (if any); and (iii) waives the Purchaser's right (if any) to receive notice of a meeting of shareholders or other securityholders of the Target in connection with the Amalgamation and the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Purchaser has not entered into a binding commitment to sell or otherwise transfer the Target Securities and acknowledges that the Target intends to complete Amalgamation pursuant to the Plan of Arrangement subject to the terms and conditions of the Business Combination Agreement.

3.3 **<u>Representations and Warranties of the Target</u>**. Except as set forth in the disclosure letter dated as of the date of this Agreement delivered by the Target to the Purchaser (the "***Target Disclosure Letter***") prior to or in connection with the execution and delivery of this Agreement, the Target hereby represents and warrants to the Purchaser, as of the date hereof and as of the Closing Date (unless qualified by a reference to a specific date), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Standing.</u> The Target is a British Columbia corporation duly incorporated, validly existing and in good standing under the British Columbia Business Corporations Act and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted, except as would not be material to the Target Companies, taken as a whole. Each Subsidiary of the Target is a corporation, limited liability company or other entity duly incorporated or formed (as applicable), validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite corporate, limited liability company or other (as applicable) power and authority to own, lease and operate its properties and to carry on its business as now being conducted, except as would not be material to the Target Companies, taken as a whole. Each Subsidiary of the Target is duly qualified or licensed and in good standing in the jurisdiction in which it is formed or registered and in each other jurisdiction where it does business or operates to the extent that the character of the property owned, or leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so qualified or licensed or in good standing would not, individually or in the aggregate, reasonably be expected to have a Target Material Adverse Effect. The Target has made available to the Purchaser accurate and complete copies of the Target Companies' Organizational Documents, each as amended to date and as currently in effect. No Target Company is in violation of any provision of its Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization; Binding Agreement</u>. Subject to the receipt of the Company Required Approval (as defined in the Business Combination Agreement), the Target has all requisite corporate power and authority to execute and deliver this Agreement and each Transaction Document to which it is or is required to be a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and each Transaction Document to which the Target is or is required to be a party and the consummation of the transactions contemplated hereby and thereby, (a) have been or will be prior to Closing duly and validly authorized by the Target's board of directors in accordance with its Organizational Documents and (b) other than the Company Required Approval and court approvals, no other proceedings on the part of the Target are necessary to authorize the execution and delivery of this Agreement and each Transaction Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Transaction Document to which the Target is or is required to be a party shall be when delivered, duly and validly executed and delivered by the Target and assuming the due authorization, execution and delivery of this Agreement and any such Transaction Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid and binding obligation of the Target, enforceable against the Target in accordance with its terms, subject to the Enforceability Exceptions. The Target's board of directors, by resolutions duly adopted, has approved this Agreement and the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Capitalization.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Set forth on <u>Section 3.3(c)(i)</u> of the Target Disclosure Letter is a true, correct and complete list of each record holder of any equity interests of the Target as of the date hereof, including the Target Options, and the number of such equity interests held by each such holder as of the date hereof. Other than such equity interests, including the Target Options, set forth on <u>Section 3.3(c)(i)</u> of the Target Disclosure Letter, the Target does not have any other issued or outstanding equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All of the equity securities in the Target (other than the Target Options and the Target SAFEs) were issued and granted free and clear of any Liens other than those imposed under the Target's Organizational Documents, the Target Shareholders' Agreement, applicable securities Laws, or Permitted Liens. All of the issued and outstanding equity interests of the Target have been duly authorized and validly issued in accordance with applicable Laws, including applicable securities Laws, and the Target's Organizational Documents, and are not subject to, nor were they issued in violation of, any preemptive rights, rights of first refusal or similar rights, except where such violation or failure would not reasonably be expected to be, individually or in the aggregate, material to the Target Companies, taken as a whole. Except as set forth on <u>Section 3.3(c)(ii)</u> of the Target Disclosure Letter, there are no pre-emptive rights or rights of first refusal or first offer, nor are there any Contracts, commitments, arrangements or restrictions to which the Target or, to the Knowledge of the Target, any of its shareholders is a party or bound relating to any equity securities of the Target, whether or not outstanding. Except with respect to the Target Options, there are no outstanding or authorized equity appreciation, phantom equity or similar rights with respect to the Target. Except as set forth on <u>Section 3.3(c)</u> of the Target Disclosure Letter, there are no voting trusts, proxies, shareholder agreements or any other agreements or understandings with respect to the voting of the Target's equity interests. Except as set forth in the Organizational Documents of the Target Companies and the Target Shareholders' Agreement, there are no outstanding contractual obligations of the Target Companies to repurchase, redeem or otherwise acquire any equity interests or securities of such Target Company, nor has any Target Company granted any registration rights to any Person with respect to such Target Companies' equity securities. Each Target Option was validly granted or issued and properly approved by the Target's board of directors (or appropriate committee thereof) in accordance with the terms of the Target Stock Option Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as provided for in the Transaction Documents, as a result of the consummation of the Transactions, no shares, warrants, options or other securities of the Target Companies are issuable and no rights in connection with any shares, warrants, options or other securities of the Target Companies accelerate or otherwise become triggered (whether as to vesting, exercisability, convertibility or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Subsidiaries</u>. <u>Section 3.3(d)</u> of the Target Disclosure Letter sets forth the names of the Target's direct and indirect Subsidiaries, and with respect to each Subsidiary (a) its jurisdiction of incorporation or organization, (b) all names other than its legal name under which such Subsidiary does business, as applicable, (c) its authorized shares or other equity interests (if applicable) and (d) the number of issued and outstanding shares or other equity interests of such Subsidiary and the record holders and beneficial owners thereof. All of the outstanding equity securities of each Subsidiary of the Target are duly authorized and validly issued, and, where such concepts are applicable, fully paid and non-assessable, and were offered, sold and delivered in compliance with all applicable securities Laws, and owned by one or more of the Target Companies' free and clear of all Liens other than those imposed under such Subsidiaries' Organizational Documents, applicable securities Laws, or Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Conflict; Governmental Consents and Filings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise described in <u>Section 3.3(e)(i)</u> of the Target Disclosure Letter, subject to the receipt of the Company Required Approval, court approvals and the consents, approvals, authorizations and other requirements set forth in <u>Section 3.3(e)(i)</u> of the Target Disclosure Letter, the execution, delivery and performance by the Target of this Agreement and the other Transaction Documents to which the Target is a party and the consummation by the Target of the Transactions does not and will not: (i) violate any provision of, or result in the breach of, any applicable Law to which the Target is subject or by which any property or asset of any Target Company is bound; (ii) conflict with or violate the Organizational Documents of any Target Company; (iii) violate any provision of or result in a breach, default or acceleration of, require a consent under, or create any right to payment under any Target Material Contract, or terminate or result in the termination of any Target Material Contract, or result in the creation of any Lien (other than a Permitted Lien) under any Target Material Contract upon any of the properties or assets of any Target Company, or constitute an event which, after notice or lapse of time or both, would result in any such violation, breach, default, acceleration, termination or creation of a Lien (other than a Permitted Lien); or (iv) result in a violation or revocation of any required Consents, except to the extent that the occurrence of any of the foregoing items set forth in clauses (i), (iii) or (iv) would not, individually or in the aggregate, reasonably be expected to prevent, materially delay or materially impair the ability of the Target to consummate the Transactions or reasonably be expected to have a Target Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assuming the truth and completeness of the representations and warranties of the Purchaser contained in this Agreement, no consent, notice, approval or authorization of, or designation, declaration or filing with, any Governmental Authority is required on the part of the Target Companies with respect to the Target Companies' execution, delivery or performance of this Agreement, any of the other Transaction Documents to which it is a party or the consummation by the Target Companies of the Transactions, except for: (i) any consents, notices, approvals, authorizations, designations, declarations or filings, the absence of which would not, individually or in the aggregate, reasonably be expected to have a Target Material Adverse Effect; (ii) compliance with any applicable requirements of the securities Laws; (iii) court approvals pursuant to the Plan of Arrangement; and (iii) as otherwise disclosed on <u>Section 3.3(e)(ii)</u> of the Target Disclosure Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assuming the truth and completeness of the representations and warranties of the Purchaser contained in this Agreement, no registration under the Securities Act or any state securities (or Blue Sky) laws is required for the offer and sale of the Securities by the Target to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Target has made available to the Purchaser: (i) draft unaudited consolidated financial statements of the Target Companies (including, in each case, any related notes thereto), consisting of the draft unaudited consolidated balance sheet, the related draft unaudited consolidated income statements and statements of cash flows of the Target Companies as of and for the nine (9) month period ending September 30, 2025 (the "**Interim Target Financials**") and (ii) the audited consolidated balance sheet of the Target Companies (including, in each case, any related notes thereto) as of December 31, 2024 and 2024 (together with the Interim Target Financials, the "**Target Financials**"). The Target Financials were derived in all material respects from the books and records of the Target Companies, which books and records are, in all material respects, true, correct and complete and have been maintained in all material respects in accordance with commercially reasonable business practices. The Target Financials, when delivered, will have been prepared in all material respects, in accordance with GAAP consistently applied throughout the periods covered thereby (except for the absence of footnote disclosures and other presentation items required for GAAP and for year-end adjustments that will not be material) and present fairly in all material respects, the consolidated financial position, results of operations, income (loss), changes in equity and cash flows of the Target Companies as of the dates and for the periods indicated in such Target Financials in conformity with GAAP (except for the absence of footnote disclosures and other presentation items required for GAAP and for year-end adjustments that will not be material) and were derived from and accurately reflect in all material respects, the books and records of each of the Target Companies. No Target Company has ever been subject to the reporting requirements of Sections 13(a) and 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Target Companies have established and maintained a system of internal controls. Such internal controls are designed to provide reasonable assurance that (i) transactions are executed in all material respects in accordance with management's authorization and (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for each Target Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Target has not identified in writing and has not received written notice from an independent auditor of (i) any significant deficiency or material weakness in the system of internal controls utilized by the Target, (ii) any material fraud that involves the Target's management or other employees who have a significant role in the preparation of financial statements or the internal controls over financial reporting utilized by the Target or (iii) any claim or allegation regarding any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no outstanding loans or other extensions of credit made by any Target Company to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of the Target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Undisclosed Liabilities</u>. There is no liability, debt or obligation (absolute, accrued, contingent or otherwise) of any Target Company of a type required to be reflected or reserved for on a balance sheet prepared in accordance with GAAP, except for liabilities, debts and obligations: (a) provided for in, or otherwise reflected or reserved for on the Target Financials or disclosed in the notes thereto; (b) that have arisen since the date of the most recent balance sheet included in the Target Financials in the ordinary course of the operation of the business of the Target; (c) arising under this Agreement and/or incurred in connection with the Transactions; or (d) which would not, individually or in the aggregate, reasonably be expected to have a Target Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Absence of Certain Changes</u>. Since September 30, 2025 through the date of this Agreement, unless otherwise contemplated by this Agreement (a) there has not been any Target Material Adverse Effect, and (b) each Target Company has conducted its business in the ordinary course of business consistent with past practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Target Company has, since its inception, complied with, and is not currently in violation of, any applicable Law with respect to the conduct of its business, or the ownership or operation of its business, except for failures to comply or violations which, individually or in the aggregate, have not been and are not reasonably likely to be material to the Target Company, taken as a whole. No written notice of non-compliance with any applicable Law has been received by any Target Company since January 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Target Company is in possession of all franchises, grants, authorizations, licenses, permits, consents, certificates, approvals and orders, or other Consents from Governmental Authorities necessary to own, lease and operate the properties it purports to own, operate or lease and to carry on its business as it is now being conducted, except where the failure to have such approvals would not, individually or in the aggregate, reasonably be expected to be material to the Target Company, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Government Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 3.3(j)(i)</u> of the Target Disclosure Letter is a true and complete list, as of the date hereof, of each Government Contract to which a Target Company is a party and accurately identifies for each such Government Contract current and complete information regarding, where applicable and to the extent the disclosure of such information does not violate any Target Company's obligations under any law or agreement: the contract number, the customer (contracting agency and prime contractor, as applicable), any subcontracts and the applicable subcontract number (if applicable), the total estimated contract value, the total funded amount, and the contract period of performance. <u>Section 3.3(j)(i)</u> of the Target Disclosure Letter also identifies each Government Contract that was awarded on the basis of any qualification as a small business, or other set aside or preferential prime contractor or subcontractor bidding status. Each Government Contract listed in <u>Section 3.3(j)(i)</u> of the Target Disclosure Letter was legally awarded to the applicable Target Company, is in full force and effect and, assuming the due authorization, execution and delivery of each such Government Contract by the other parties thereto, constitutes a legal, valid, and binding agreement, enforceable in accordance with its terms, subject to the Enforceability Exceptions. The Target has delivered or made available to Purchaser copies of the main contract documents including all material modifications, task orders, purchase orders, and delivery orders for those Government Contracts provided on <u>Section 3.3(j)(i)</u> of the Target Disclosure Letter, together with all other material documentation related thereto as requested by Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section 3.3(j)(ii)</u> of the Target Disclosure Letter sets forth a current, accurate, and complete list of each Government Bid (including task order bids under current Government Contracts and teaming agreements entered into in preparation for Government Bids) that any Target Company has entered into or submitted to a Governmental Authority (or a prime contractor or higher-tier subcontractor) within the past year, plans to submit within the next 90 days, or for which no notice of award decision has been received by any Target Company 30 days or more prior to the date of this Agreement. <u>Section 3.3(j)(ii)</u> of the Target Disclosure Letter accurately identifies for each such Government Bid current, complete, and accurate information regarding, where applicable: the proposal type (new business, task order, etc.), the anticipated award type (sole source, full and open, small business, etc.), the project title, the customer (agency, prime contractor, or higher-tier subcontractor as applicable), the estimated award date and the estimated value of the proposed contract based on the Target Company's proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Section 3.3(j)(iii)</u> of the Target Disclosure Letter sets forth a list of each outstanding teaming agreement or existing joint venture agreement of any Target Company. The Target has made available to the Purchaser correct and complete copies of all such teaming agreements and joint venture agreements. The Target Companies have complied with all material terms and conditions of such joint venture agreements and teaming agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) With respect to each Government Contract or Government Bid to which a Target Company is a party, and except as set forth in <u>Section 3.3(j)(iv)</u> of the Target Disclosure Letter: (a) the Target Companies have complied with all material terms and conditions of such Government Contract or Government Bid but not limited to all applicable provisions of FAR 52.204-21 (Basic Safeguarding of Covered Contractor Information Systems), DFARS 252.204-7012 (Safeguarding Covered Defense Information and Cyber Incident Reporting), the cybersecurity standards set forth in the National Institute of Standards and Technology ("*NIST*") Special Publication 800-171, DFARS 252.204-7020, NIST SP 800-171 DoD Assessment Requirements, FAR 52.204-24 (Representation Regarding Certain Telecommunications and Video Surveillance Services or Equipment), FAR 52.204-25 (Prohibition on Contracting for Certain Telecommunications and Video Surveillance Services or Equipment), the Buy American Act (41 U.S.C. §§ 10a-10d) and the Trade Agreements Act ("*TAA*") (19 U.S.C. §§ 2501-2581), and all corresponding FAR and DFARS provisions; (b) the Target Companies have complied with all material requirements of Law pertaining to such Government Contract or Government Bid; (c) all representations and certifications executed with respect to such Government Contract or Government Bid were accurate and truthful in all material respects as of their effective date (including material representations, certifications and disclosures made by the Target Companies under or in connection with a Government Contract covered by the Truthful Cost or Pricing Act (including any certified cost or pricing data provided in accordance with such Act)); (d) all invoices and claims for payment, reimbursement, or adjustment, including requests for progress payments and provisional or progress cost payments, submitted by the Target Companies in connection with a Government Contract or Government Bid were current, accurate, and complete in all material respects as of their respective submission dates, and the Target Companies are not aware of any evidence that such submissions are not still current, accurate, and complete in all material respects; (e) the Target Companies have maintained systems of internal controls that are and have been in material compliance with all requirements of the Government Contracts and of material Laws and regulations and no such systems of internal controls has been determined in writing, by any Governmental Authority to be in noncompliance with any such material requirement and, without limiting the foregoing, the practices and procedures used by the Target Companies in estimating costs and pricing proposals and accumulating, recording, segregating, reporting, and invoicing costs, and otherwise accounting for costs are in compliance, in all material respects, with the applicable provisions of Federal Acquisition Regulation ("***FAR***") Part 31; (f) the Target Companies have not had access to confidential or non-public information, nor provided systems engineering, technical direction, consultation, technical evaluation, source selection services, or services of any type, nor prepared specifications or statements of work, nor, to the Knowledge of the Target, engaged in any other conduct, in each case, that would create an Organizational Conflict of Interest, as set forth in FAR 9.501, with respect to the work performed or anticipated to be performed under any Government Contract or proposed contract in connection with a Government Bid or other business of the Target Companies or, to the Knowledge of the Target, that would restrict the Target Companies' business activities as presently conducted; (g) the Target Companies have not violated, in any material respect, any Law or contractual restriction associated with the employment of (or discussions concerning possible employment with) current or former officials or employees of a Governmental Authority (regardless of the branch of government), including but not limited to the "revolving door" and "financial interest" restrictions set forth at 18 U.S.C. § 207 and § 208; and (h) except as set forth on <u>Section 3.3(j)(iv)(h)</u> of the Target Disclosure Letter, in the past five years, the Target Companies have not received any written adverse past performance evaluation or CPARS report, or been given notice of termination for default, convenience arising out of negative performance reviews or a show cause notice from the relevant customer, cure notice, show cause notice, deficiency or similar notice, stop work order or non-exercise of any option to extend a multi-year contract, and no such notice has been threatened. Except as set forth on <u>Section 3.3(j)(iv)</u> of the Target Disclosure Letter, consummation of the transactions contemplated by the Transaction Documents will not require notice to transfer or constitute, cause or serve as the basis of non-performance or non-compliance with any term of any Government Contract or Government Bid to which a Target Company is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With respect to each Target Company and except as set forth on <u>Section 3.3(j)(v)</u> of the Target Disclosure Letter: (a) none of the Target Companies has been, or is currently, debarred, suspended, or proposed for debarment or suspension by any Governmental Authority; (b) no Target Company has received any written notice that any officer, employee, consultant, or agent of any Target Company is, or during the last five years has been, under administrative, civil, or criminal investigation, indictment, or information by any Governmental Authority (A) relating to the performance of his or her duties for the Target Company and (B) as would reasonably be expected to have a Target Material Adverse Effect; (c) to the Knowledge of the Target, there is not pending any audit or investigation of any Target Company or its officers, employees, consultants or agents nor within the last five years has there been either (A) a non-routine audit of a Target Company, (B) an audit that resulted in a material adjustment to amounts invoiced or (C) any audit or investigation of any Target Company or its respective officers, employees, consultants or agents resulting in a material adverse finding with respect to any alleged irregularity, misstatement, or omission arising under or relating to any Government Contract or Government Bid; (d) during the last five years, no Target Company has made any voluntary or mandatory disclosure to any Governmental Authority with respect to any alleged material irregularities, misstatements, or omissions; unlawful conduct; or significant overpayment arising under or relating to a Government Contract or Government Bid; (e) no Target Company has received any written (or, to the Knowledge of the Target, oral) notice of any determination by a Governmental Authority regarding, nor entered into a consent order or administrative agreement, with the a Governmental Authority regarding, any suspected, alleged, or possible fraud, defective pricing, mischarging, improper payments, unauthorized release of information, irregularity, misstatement, omission or violation of law or regulation, or any administrative or contractual requirement related to a Government Contract or Government Bid; (f) no Target Company has received any written (or, to the Knowledge of the Target, oral) notice of complaint (whether or not sealed or partially unsealed) regarding any suspected, alleged, or possible fraud, defective pricing, mischarging, improper payments, unauthorized release of information, irregularity, misstatement, omission or violation of law or regulation, or any administrative or contractual requirement related to a Government Contract or Government Bid; (g) no Target Company has received written document requests, subpoenas, search warrants, or civil investigative demands addressed to or requesting information involving any Target Company or any of their members, managers, officers, employees, affiliates, consultants, agents, or representatives in connection with or concerning any information related to a Government Contract or Government Bid; (h) to the Knowledge of the Target, neither any Target Company nor any of its respective officers, employees, consultants, agents, or representatives are or have been under administrative, civil, or criminal investigation, or any indictment or criminal information with respect to any aspects of performance or other activity relating to any Government Contract or Government Bid to which any Target Company is a party; (i) neither any Target Company nor any of its respective officers or employees have been the subject of any actual "whistleblower" or "qui tam" lawsuit; (j) no Target Company has received any written (or, to the Knowledge of the Target, oral) notice of any judicial, administrative, or contractual penalties or damages imposed or, to the Knowledge of the Target, threatened to be imposed on any Target Company related to any Government Contract or Government Bid; (k) to the Knowledge of the Target, it has not conducted any internal audit, review, or inquiry in which any outside legal counsel, auditor, accountant, or investigator has been or was engaged with respect to any suspected, alleged, or possible fraud, defective pricing, mischarging, improper payments, unauthorized release of information, material irregularities, misstatements, or omissions or violation of Law, or any administrative or contractual requirement related to a Government Contract or Government Bid; and (l) each Target Company has complied in all material respects with the pricing and discount disclosure requirements in all of its Government Contracts including "Most Favored Customer" and price-reduction clauses ("***MFC-PRC Representation***") and all pricing discounts and rebates have been properly reported to and credited to the customer under each Government Contract, and no Government Contract currently in performance is subject to, or to the Knowledge of the Target, anticipated to be subject to, price discounts at any level (including but not limited to invoice discounts, "spot" discounts at individual rates, courtesy discounts or other discounts of any nature), in each case except where failure to do so would not have a material and adverse effect on the Target Companies. Except as set forth in <u>Section 3.3(j)(v)</u> of the Target Disclosure Letter, no Target Company has, to the Knowledge of the Target, had any material irregularities, misstatements, or omissions arising under or relating to any Government Contract or Government Bid that has led or is expected to lead, either before or after the closing date of the Business Combination, to any of the consequences set forth in the clauses of this paragraph or any other material damage, liability, penalty assessment, recoupment of payment, or disallowance of cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) With respect to each of the Target Companies and except as set forth in <u>Section 3.3(j)(vi)</u> of the Target Disclosure Letter, (a) there are no outstanding claims against any Target Company for which any Target Company has received written notice, either by the U.S. Government or by any prime contractor, subcontractor, vendor, or other third party arising under or relating to any Government Contract or Government Bid referred to in <u>Section 3.3(j)(i)</u> and <u>Section 3.3(j)(iii)</u> of the Target Disclosure Letter, respectively; (b) there are, to the Knowledge of the Target, no disputes between any Target Company and any Governmental Authority under the Contract Disputes Act or any other Law or between any Target Company and any prime contractor, subcontractor, or vendor arising under or relating to any such Government Contract or Government Bid; and (c) no Government Contract is or has been the subject of any bid protest proceeding. Except as set forth in <u>Section 3.3(j)(vi)</u> of the Target Disclosure Letter, there are no facts that would reasonably be expected to result in a claim or dispute under clauses (a) or (b) of the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) There are no outstanding material claims, disputes, or requests for equitable adjustment between any of the Target Companies and any Governmental Authority that are subject to the Contract Disputes Act, 41 U.S.C. § § 7101-7109 or any other Law, nor are there any material claims, disputes, or requests for equitable adjustment between any of the Target Companies and any other entity arising under or related to any Government Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) None of the Target Companies have submitted or received, or are preparing to submit, a claim or request for an equitable adjustment under any of the Government Contracts where such activity is outside the ordinary course of business or would reasonably be expected to result in a liability or obligation outside the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) No costs incurred by any of the Target Companies have been formally disallowed as a result of a written finding or determination by a Governmental Authority, and no Governmental Authority has withheld or setoff or, to the Knowledge of the Target, attempted to withhold or setoff, material amounts otherwise due or payable to any Target Company under any Government Contract. Except as disclosed on <u>Section 3.2(j)(ix)</u> of the Target Disclosure Letter, to the Knowledge of the Target, no prime contractor or higher-tier subcontractor under a Government Contract has withheld or set off, or attempted to withhold (other than the hold-backs pursuant to contracts in the ordinary course of business) or set-off, material amounts of money otherwise acknowledged to be due to any Target Company under any such Government Contract. To the Knowledge of the Target, no prime contractor or higher-tier subcontractor under an outstanding Government Contract has disallowed, or raised any basis for disallowance of, any material costs claimed by any Target Company under any such Government Contract, and there is no fact or occurrence that could reasonably be expected to be a basis for disallowing any such costs.

The Target Companies have not been required to submit any provisional labor and indirect rates through fiscal year 2024, or final indirect rates to the cognizant U.S. government administrative contracting officer through fiscal year 2024. Except as set forth in <u>Section 3.3(j)(x)</u> of the Target Disclosure Letter each Target Company is, and at all times has been, in compliance in all material respects with the applicable requirements of the Cost Accounting Standards (CAS), as set forth in 48 C.F.R. Chapter 99, and any related regulations, including the submission and disclosure of cost accounting practices where required. To the Knowledge of the Target, no Target Company is the subject of any audit, review, or investigation by any Governmental Authority related to compliance with CAS, nor has any Target Company received any written notice of noncompliance, nonconformance, or any asserted or threatened claim or penalty arising under CAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Except as set forth in <u>Section 3.3(j)(xi)</u> of the Target Disclosure Letter, neither any Target Company nor any of their present Principals (as that term is defined in FAR 2.101), nor, to the Knowledge of the Target, employees are, or during the last five years have been, suspended or debarred from doing business with a Governmental Authority, proposed for suspension or debarment, or are (or during such period were) the subject of a finding of non-responsibility or ineligibility for contracting with any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Except as set forth in <u>Section 3.3(j)(xii)</u> of the Target Disclosure Letter, no Target Company has received: (i) any written (nor, to the Knowledge of the Target, oral) notice of non-responsibility or ineligibility for award of a contract or disqualification from award of a contract within the past five years, nor to the Knowledge of the Target, do any circumstances exist that would warrant the institution of debarment, suspension, or exclusion proceedings or any finding of non-responsibility, ineligibility, or disqualification with respect to any Target Company in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Each Target Company has, to the extent appropriate in accordance with the terms of the applicable Government Contracts and all Laws, (i) taken all reasonable steps to protect rights in and to all technical data, computer software, and other intellectual property developed in connection with the Government Contracts and (ii) complied in all material respects with all notice requirements, Laws (including the FAR and the Defense Federal Acquisition Regulation Supplement ("***DFARS***")) and contractual requirements relating to the placement of legends or restrictive markings on all technical data, computer software, computer software documentation, and other intellectual property developed in connection with a Government Contract, used in performance of a Government Contract, or delivered or otherwise provided to a Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Except for the Government Contracts listed on <u>Section 3.3(j)(xiv)</u> of the Target Disclosure Letter, there is no fixed-price Government Contract that a Target Company has entered into or is otherwise obligated to perform and for which (i) performance has not been completed; (ii) final payment has not been received; (iii) warranty, support, or maintenance obligations have been retained; or (iv) the costs to any Target Company of completing performance of the fixed-price component of the contract or subcontract, and/or fulfilling all contractual obligations, have exceeded or are reasonably expected to exceed the fixed-price amount of such contract or subcontract (i.e., each Target Company is in a loss position or reasonably expects to incur a loss with respect to the fixed-price component of the contract or subcontract).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) <u>Section 3.3(j)(xv)</u> of the Target Disclosure Letter identifies, as of the date hereof, all material personal property, equipment, and fixtures loaned, bailed, or otherwise furnished to a Target Company by or on behalf of any Governmental Authority (the "***Government-Furnished Items***"). Each Target Company has complied in all material respects with all its applicable obligations relating to the Government-Furnished Items as imposed by Law (including the FAR and DFARS) and, upon the return thereof to the applicable Governmental Authority in the condition thereof on the date hereof, would reasonably be expected to have no liability to such Governmental Authority with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) <u>Section 3.3(j)(xvi)</u> of the Target Disclosure Letter identifies, as of the date hereof, all instances where the performance of specific employees is called for in any Government Contract. The Target Companies have notified and sought, using commercially reasonable efforts, all applicable permission from a Governmental Authority, the prime contractor, or the higher-tier subcontractor (as the case may be) in circumstances where there have been changes related to those employees in the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) No Target Company has made any assignment of any Government Contract or any interest in any outstanding Government Contract. Except as set forth in <u>Section 3.3(j)(xvii)</u> of the Target Disclosure Letter, no Target Company has entered into any financing arrangements with respect to any outstanding Government Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [Intentionally deleted.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Target Permits</u>. Each Target Company (and its employees who are legally required to be licensed by a Governmental Authority in order to perform his or her duties with respect to his or her employment with any Target Company) holds all material Permits required to own, lease and operate its assets and properties (collectively, the "***Target Permits***"). <u>Section 3.3(k)</u> of the Target Disclosure Letter sets forth a true, correct and complete list of all Target Permits held by the Target Companies. To the Knowledge of the Target, each Target Permit is in full force and effect and will, upon its termination or expiration, be timely renewed or reissued upon terms and conditions substantially similar to its existing terms and conditions and there are no Legal Proceedings pending or, to the Knowledge of the Target, threatened, that seek the revocation, cancellation, limitation, suspension, restriction, adverse modification or termination of any Target Permit. No Target Company is in material default or violation of any Target Permit applicable to such Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Litigation</u>. Except as described on <u>Section 3.3(l)</u> of the Target Disclosure Letter, there are no (a) Legal Proceedings of any nature currently pending or, to the Target's Knowledge, threatened, against any Target Company or any of its properties or assets, or any of the directors or officers of any Target Company with regard to their actions as such; (b) to the Knowledge of the Target, pending or threatened audits, examinations or investigations by any Governmental Authority against any Target Company; (c) pending or written threatened Legal Proceedings by any Target Company against any third party; (d) no settlements or similar agreements that imposes any material ongoing obligations or restrictions on any Target Company; and (e) no Orders imposed or, to the Knowledge of the Target, threatened to be imposed upon any Target Company or any of their respective properties or assets, or any of the directors or officers of any Target Company with regard to their actions as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 3.3(m)(i)</u> of the Target Disclosure Letter sets forth a true, correct and complete list of all Contracts described in clauses <u>(A)</u> through <u>(S)</u> below, other than the Target Benefit Plans (except that the Contracts listed in respect of clauses (J) and (L) shall include any applicable Target Benefit Plans), to which, as of the date of this Agreement, any Target Company is a party or by which any Target Company, or any of its properties or assets, are bound or affected (each Contract required to be set forth on <u>Section 3.3(m)(i)</u> of the Target Disclosure Letter, a "***Target Material Contract***"). True, correct, complete copies of the Target Material Contracts, including amendments thereto, have been delivered or made available to the Purchaser. The Target Material Contracts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each Contract that contains covenants that limit the ability of any Target Company (or purports to bind any Affiliate thereof) (1) to compete in any line of business or with any Person or in any geographic area or to sell, or provide any service or product or solicit any Person in any material respect, including any non-competition covenants, customer non-solicit covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses, or (2) to purchase or acquire an interest in any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each joint venture Contract, profit-sharing agreement, partnership, limited liability company agreement with a third party or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any partnership or joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) All Contracts that involve any exchange traded, over the counter or other swap, cap, floor, collar, futures contract, forward contract, option or other derivative financial instrument or Contract, based on any commodity, security, instrument, asset, rate or index of any kind or nature whatsoever, whether tangible or intangible, including currencies, interest rates, foreign currency and indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) All Contracts that involve the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets with an aggregate value in excess of $500,000 (other than in the ordinary course of business consistent with past practice) or shares or other equity interests of any Target Company or another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Each Contract for the acquisition of any Person or any business division thereof or the disposition of any material assets of any of Target Company (other than in the ordinary course of business), in each case, whether by merger, purchase or sale of stock or assets or otherwise (other than Contracts for the purchase or sale of inventory or supplies entered into in the ordinary course of business), occurring in the last three (3) years and/or relating to the pending or future acquisitions or dispositions, in each case, involving aggregate payments in excess of $500,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Each obligation to make payments in excess of $1,000,000, contingent or otherwise, arising out of the prior acquisition of the business, assets or stock of other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) Each lease, rental agreement, installment and conditional sale agreement, or other Contract that, in each case, (A) provides for the ownership of, leasing of, title to, use of, or any leasehold or other interest in any personal property; and (B) involves aggregate annual payments in excess of $250,000 for agreements related to real property and $100,000 individually for agreements related to personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) Each Contract that by its terms, individually or with all related Contracts, calls for aggregate payments or receipts by the Target Companies under such Contract or Contracts of at least $1,000,000 per year or $5,000,000 in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) All Contracts with any Top Customer or Top Supplier (other than purchase orders, invoices, statements of work and non-disclosure or similar agreements entered into in the ordinary course of business consistent with past practice that do not contain any material terms relating to the Contract underlying the applicable Top Customer or Top Supplier relationship);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) Each collective bargaining (or similar) agreement or Contract between the Target Company on one hand, and any labor union or other body representing employees of the Target Company on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) All Contracts that obligate the Target Companies to provide continuing indemnification or a guarantee of obligations of a third party after the date hereof in excess of $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) Any Contract that is between any Target Company and any directors, officers or employees of a Target Company that provide for change in control, retention or similar payments or benefits contingent upon, accelerated by or triggered by the consummation of the Business Combination or the other transactions contemplated by the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) Any Contract that obligates the Target Companies to make any capital commitment or expenditure in excess of $1,000,000 (including pursuant to any joint venture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) All Contracts that relate to a material settlement entered into within three (3) years prior to the date of this Agreement or under which any Target Company has outstanding obligations (other than customary confidentiality obligations) in excess of $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O) Any Contract which (A) contains any assignment or license of, or any covenant not to assert or enforce, any Owned Intellectual Property material to the business of any Target Company; (B) pursuant to which any Owned Intellectual Property material to the business of any Target Company is or was developed by, with or for any Target Company; or (C) pursuant to which any of the Target Companies either (1) grants to a third Person (I) a license, immunity, or other right in or to any Owned Intellectual Property material to the business of any Target Company or (II) an exclusive license, immunity, or other right in or to any Owned Intellectual Property; or (2) is granted by a third Person a license, immunity, or other right in or to any Intellectual Property or IT Assets material to the business of any Target Company, provided, however, none of the following will be required to be set forth on <u>Section 3.3(m)(i)(O)</u> of the Target Disclosure Letter but will constitute Target Material Contracts if they otherwise qualify: (w) non-exclusive licenses of Owned Intellectual Property granted to suppliers, customers or end users in the ordinary course of business; (x) licenses of open source Software; (y) Off-the-Shelf Software; and (z) invention assignment and confidentiality agreements with employees and contractors on standard forms made available to Purchaser and without any material deviations or exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P) All Contracts involving transactions with an Affiliate of any Target Company (other than employment agreements, employee confidentiality and invention assignment agreements, equity or incentive equity documents and Organizational Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Q) Any Contract that is a settlement, conciliation, or similar agreement with any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(R) All Contracts with any Governmental Authority to which any Target Company is a party, including any Government Contracts and Government Bids; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(S) that will be required to be filed with the Registration Statement under applicable SEC requirements or would otherwise be required to be filed by the Target as an exhibit for a Form S-1 pursuant to Items 601(b)(1), (2), (4), (9) or (10) of Regulation S-K under the Securities Act as if the Target was the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except for any Target Material Contract that is terminated or expires following the date hereof in accordance with its terms, each Target Material Contract is valid, binding and enforceable in all respects against the Target Company party thereto and, to the Knowledge of the Target, each other party thereto, and is in full force and effect (except, in each case, as such enforcement may be limited by the Enforceability Exceptions). Except as would not reasonably be expected to be material to the Target Companies, taken as a whole, except for any Target Material Contract that is terminated or expires following the date hereof in accordance with its terms and except as otherwise disclosed in <u>Section 3.3(m)(ii)</u> of the Target Disclosure Letter, with respect to each Target Material Contract: (1) no Target Company is in breach of or default under, and no event has occurred that with the passage of time or giving of notice or both would constitute a material breach of or default under by any Target Company, or permit termination or acceleration by the other party thereto, such Target Material Contract; (2) no party to any Target Material Contract has given any written notice of any such breach, default or event described in <u>clause (1)</u>; and (3) no Target Company has received written, or the Knowledge of the Target, oral notice of an intention by any party to any such Target Material Contract that provides for a continuing obligation by any party thereto to terminate such Target Material Contract or amend the terms thereof, other than modifications in the ordinary course of business that do not adversely affect any Target Company in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 3.3(n)(i)</u> of the Target Disclosure Letter sets forth a true, accurate, and complete list of: (1) all U.S. and foreign registered or issued Intellectual Property and applications owned or licensed by a Target Company or otherwise used or held for use by a Target Company in which a Target Company is the owner, applicant or assignee ("***Target Registered IP***"), specifying as to each item, as applicable: (A) the nature of the item, including the title, (B) the owner of the item, (C) the jurisdictions in which the item is issued or registered or in which an application for issuance or registration has been filed and (D) the issuance, registration or application numbers and dates; and (2) all material unregistered trademarks and service marks. Each item of Target Registered IP is valid, subsisting and enforceable. Each Target Company owns, free and clear of all Liens (other than Permitted Liens or any Liens set out on <u>Section 3.3(n)(i)</u> of the Target Disclosure Letter), has valid and enforceable rights in, and has the right to use, sell, license, transfer or assign, all Intellectual Property currently used, licensed or held for use by such Target Company, and previously used or licensed by such Target Company. No item of Target Registered IP that consists of a pending Patent application fails to identify all pertinent inventors, and for each Patent and Patent application in the Target Registered IP, the Target Companies have obtained valid assignments of inventions from each inventor. Except as set forth on <u>Section 3.3(n)(i)</u> of the Target Disclosure Letter, all Target Registered IP and other Owned Intellectual Property are owned exclusively by the applicable Target Company without obligation to pay royalties, licensing fees or other fees, or otherwise account to any third party with respect to such Target Registered IP and other Owned Intellectual Property, and such Target Company has recorded assignments of all Target Registered IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Target Company has a valid and enforceable written license or other valid right to use all other Target IP, including Intellectual Property that is the subject of the Target IP Licenses applicable to such Target Company. The Target IP Licenses include all of the licenses, sublicenses and other agreements or permissions necessary to operate the Target Companies as presently conducted. Each Target Company has performed all obligations imposed on it in the Target IP Licenses, has made all payments required to date, and such Target Company is not, nor, to the Knowledge of the Target, is any other party thereto, in breach or default thereunder, nor has any event occurred that with notice or lapse of time or both would constitute a default thereunder. The continued use by the Target Companies of the Intellectual Property that is the subject of the Target IP Licenses in the same manner that it is currently being used is not restricted by any applicable license of any Target Company. All registrations for Intellectual Property that are owned by or exclusively licensed to any Target Company are valid, in force and in good standing with all required fees and maintenance fees having been paid with no Legal Proceedings pending, and all applications to register any Intellectual Property are pending and in good standing, all without challenge of any kind. No Target Company is party to any Contract that requires a Target Company to assign to any Person any or all of its rights in any Intellectual Property developed by a Target Company under such Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Target Company has performed all material obligations imposed on it in each material license, sublicense and other agreement under which a Target Company is the licensor (each, an "Outbound IP License"), and such Target Company is not, nor, to the Target's Knowledge, is any other party thereto, in material breach or default thereunder, nor, to the Knowledge of the Target, has any event occurred that with notice or lapse of time or both would constitute a material default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Legal Proceeding is pending or, to the Target's Knowledge, threatened against a Target Company that challenges the validity, enforceability, ownership, or right to use, sell, license or sublicense, or that otherwise relates to, any Target IP, nor, to the Knowledge of the Target, is there any reasonable basis for any such Legal Proceeding. No Target Company has received any written or, to the Knowledge of the Target, oral notice or claim asserting that any infringement, misappropriation, violation, dilution or unauthorized use of the Intellectual Property of any other Person is or may be occurring or has or may have occurred, as a consequence of the business activities of any Target Company, nor to the Knowledge of the Target is there a reasonable basis therefor. There are no Orders to which any Target Company is a party or its otherwise bound that (i) restrict the rights of a Target Company to use, transfer, license or enforce any Intellectual Property owned by a Target Company, (ii) restrict the conduct of the business of a Target Company in order to accommodate a third Person's Intellectual Property, or (iii) other than the Outbound IP Licenses, grant any third Person any right with respect to any Intellectual Property owned by a Target Company. No Target Company is currently infringing, or has, in the past, six (6) years, infringed, misappropriated or violated any Intellectual Property of any other Person in any material respect in connection with the ownership, use or license of any Owned Intellectual Property or otherwise in connection with the conduct of the respective businesses of the Target Companies. To the Target's Knowledge, no third party is currently, or in the past six (6) years has been, infringing upon, misappropriating or otherwise violating any Target IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No current or former officers, employees or independent contractors of a Target Company has any ownership interest in any Owned Intellectual Property and no Person has claimed or asserted in writing any ownership interest or other rights in or to any Owned Intellectual Property. To the Target's Knowledge, there has been no violation of a Target Company's policies or practices related to protection of Target IP or any confidentiality or nondisclosure Contract relating to the Intellectual Property owned by a Target Company. To the Target's Knowledge, none of the employees of any Target Company is obligated under any Contract, or subject to any Order, that would materially interfere with the use of such employee's reasonable efforts to promote the interests of the Target Companies, or that would materially conflict with the business of any Target Company as presently conducted or contemplated to be conducted. Each Target Company has taken commercially reasonable efforts and security measures designed to maintain the security of all material Owned Intellectual Property, including measures designed to protect the secrecy and confidentiality of the material Target IP. All Persons who have participated in or contributed to the creation or development of any material Owned Intellectual Property have executed written agreements pursuant to which all of such Person's right, title and interest in and to any such Owned Intellectual Property has been irrevocably assigned (by a present tense assignment) to the Target Companies (or all such right, title, and interest vested in the Target Companies by operation of Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each Target Company is in all material respects in compliance with all licenses governing any open source Software that is incorporated (either directly by any Target Company, or indirectly, by the incorporation of third party Software that itself incorporates open source Software) into, used, intermingled, or bundled with any material Owned Intellectual Property. No open source Software is or has been included, incorporated or embedded in, linked to, combined, made available or distributed with, or used in the development, operation, delivery or provision of any Target Software in a manner that requires any Target Company to: (i) disclose, distribute, license or otherwise make available to any Person (including the open source community) any source code to such Target Software; (ii) license any such Target Software or other material Owned Intellectual Property for making modifications or derivative works; (iii) disclose, distribute, license or otherwise make available to any Person any such Target Software or other material Owned Intellectual Property for no or nominal charge; or (iv) grant a license to, or refrain from asserting or enforcing any of, its Patents (each of (i) – (iv), a "***Copyleft Action***"). No Person other than a Target Company possesses, or has an actual or contingent right to access or possess, a copy in any form of any source code for any Target Software and all such source code is in the applicable Target Company's sole possession and has been maintained as strictly confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as set forth on <u>Section 3.3(n)(vii)</u> of the Target Disclosure Letter, no government funding, nor any facilities of a university, college, other educational institution, or similar institution, or research center, was used by any Target Company in the development of any Owned Intellectual Property. No Governmental Authority has any (i) ownership interest or exclusive license in or to any material Owned Intellectual Property, (ii) "unlimited rights" (as defined in 48 C.F.R. § 52.227-14 and in 48 C.F.R. § 252.227-7013(a)) in or to any of the Software, or (iii) "march in rights" (pursuant to 35 U.S.C. § 203) in or to any Patents constituting material Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) No Person has obtained unauthorized access to information and data (including personally identifiable information) in the possession of a Target Company or in their control, or otherwise held or processed on their behalf, nor has there been any loss, damage, disclosure, use, breach of security, or other material compromise of the security, confidentiality or integrity of such information or data. No Target Company has experienced any material information security incident that has compromised the integrity or availability of the information technology, operational technology, or software applications the Target Companies own, operate, or outsource, or the information or data thereon. No material written complaint relating to an improper use or disclosure of, or a breach in the security of, any such information or data or relating to any information security-related incident has been received by a Target Company nor has a Target Company been required by applicable law, regulation, or contract to notify in writing, any person or entity of any personal data or information security-related incident. Each Target Company has complied in all material respects with all applicable Laws, Contract requirements and policies relating to privacy, personal data protection, cybersecurity and the collection, processing and use of personal information. Except in each case as set forth on <u>Section 3.3(n)(viii)</u> of the Target Disclosure Letter, each Target Company has implemented appropriate policies and commercially reasonable security (a) regarding the collection, use, disclosure, retention, processing, transfer, confidentiality, integrity, and availability of data (including personally identifiable information) and business proprietary or sensitive information, in its possession or control, or held or processed on its behalf, and (b) regarding the integrity and availability of the information technology, operational technology, and software applications the Target Company owns, operates, or outsources. The IT Assets do not contain any material malware, viruses, malicious code, "worms," "Trojan horses," "back doors," or other vulnerabilities, or unauthorized tools or scripts that could reasonably be expected to adversely impact the confidentiality, integrity and availability of the information technology and operational technology systems, and software applications. The IT Assets operate and perform as required by the Target Companies for the operation of its business as currently conducted, except in each case as would not, individually or in the aggregate, reasonably be expected to have a material impact on the Target Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Target Companies (i) maintain a technical description of any neural networks used in or with any proprietary AI/ML that is sufficiently detailed to reasonably skilled programmers to modify, debug, and improve such neural networks in the ordinary course of business; (ii) retain information in human-readable form that explains (or could be used to explain) the decisions made or facilitated by any proprietary AI/ML, which can readily be provided to regulators upon request; (iii) have materially complied with all applicable legal requirements and industry standards applicable to any proprietary AI/ML (including the ethical or responsible use thereof); (iv) have not received (and are not subject to or otherwise not aware of) any (A) complaint, claim, proceeding or litigation alleging that training data used in the development, training, improvement or testing of any proprietary AI/ML Software was falsified, biased, untrustworthy or manipulated in an unethical or unscientific way; (B) report, finding or impact assessment of any internal or external auditor, technology review committee, independent technology consultant, whistle-blower, transparency or privacy advocate, labor union, journalist or academic that makes any such allegation in (A); or (C) request from regulators or legislators concerning any proprietary AI/ML; (v) have not (1) used any AI/ML (including Generative AI) to generate, create, or develop any Owned Intellectual Property; (2) included any Owned Intellectual Property in any prompts or inputs into any AI/ML (including Generative AI); or (3) used any AI/ML (nor sold or offered for sale or distribution any AI product) either (x) for any "Prohibited Artificial Intelligence Practices" (as described in Article 5 of the European Union's Artificial Intelligence Act); or (y) that is considered "high-risk" (as described in Article 5 of the European Union's Artificial Intelligence Act). None of the Target Companies has used any "scrapers," "spiders," "bots" or other automated Software programs or processes to extract or collect information, data, or content from any social media network or any other third party online source. <u>Section 3.3(n)(ix)</u> of the Target Disclosure Letter sets forth a true, complete, and accurate list of all third-party data used to train, teach, or improve any AI/ML that is material to the development of any Owned Intellectual Property or the ongoing operation or improvement of any Owned Intellectual Property ("**Third-Party Datasets**"). The Target Companies have complied with all license terms applicable to, and obtained all necessary rights and paid all necessary payment required for, such Third-Party Datasets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The consummation of any of the transactions contemplated by the Transaction Documents will not result in the material breach, material modification, cancellation, termination, suspension of, or acceleration of any payments with respect to, or release of source code because of (i) any Contract providing for the license or other use of material Intellectual Property owned by a Target Company, or (ii) any Target IP License. Following the closing of the Business Combination, the Target shall be permitted to exercise, directly or indirectly through its Subsidiaries, all of the Target Companies' rights under such Contracts or Target IP Licenses to the same extent that the Target Companies would have been able to exercise had the transactions contemplated by this Agreement not occurred, without the payment of any additional amounts or consideration other than ongoing fees, royalties or payments which the Target Companies would otherwise be required to pay in the absence of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Taxes and Returns</u>. Except in each case as set forth on <u>Section 3.3(o)</u> of the Target Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Target Company (A) has or will have timely filed, or caused to be timely filed, all Income Tax and other material Tax Returns required to be filed by it (taking into account all valid extensions of time to file), and all such Tax Returns are true, accurate and complete in all material respects, and (B) has timely paid, collected, withheld or remitted, or caused to be timely paid, collected, withheld or remitted, all Income Taxes and other material Taxes required to be paid, collected, withheld or remitted by it, whether or not such Taxes are shown as due and payable on any Tax Return. The unpaid Taxes or Tax liabilities of the Target Companies (A) did not, as of the most recent fiscal month end, materially exceed the reserve for Tax liability (rather than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the Target Financials in accordance with U.S. GAAP and (B) will not materially exceed that reserve as adjusted for the passage of time through the closing of the Business Combination in accordance with the past custom and practice of the Target Companies in filing their Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There is no Legal Proceeding currently pending or, to the Knowledge of the Target, threatened against a Target Company by a Governmental Authority in a jurisdiction where the Target Company does not file any Tax Returns or a particular type of Tax Return or pays any Tax or a particular type of Tax that it is or may be subject to such Tax or required to file such Tax Return in that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There are no audits, examinations, investigations or other proceedings pending, or to the Knowledge of the Target, threatened against any Target Company in respect of any Tax, and no Target Company has been notified in writing of any proposed claims, deficiencies or assessments against any of them. No Target Company is currently contesting any material Tax liability before any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no Liens with respect to any material Taxes upon any Target Company's assets, other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each Target Company has timely and properly collected or withheld all material amounts of Taxes required to be collected or withheld by it, timely remitted such Taxes to the appropriate Governmental Authorities, and otherwise complied in all material respects with all applicable withholding and related reporting requirements with respect to such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No Target Company has requested or consented to any waivers or extensions of any applicable statute of limitations for the collection or assessment of any Taxes, which waiver or extension (or request thereof) is outstanding or pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) No Target Company will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any taxable period (or portion thereof) beginning after the closing date of the Business Combination, as a result of: (i) an installment sale or open transaction disposition that occurred on or prior to the closing date of the Business Combination; (ii) any change in method of accounting on or prior to the closing date of the Business Combination, including by reason of the application of Section 481 of the Code (or any analogous provision of state, local or foreign Law), or the use of an improper method of accounting on or prior to the closing date of the Business Combination; (iii) any prepaid amounts received or deferred revenue realized or received on or prior to the closing date of the Business Combination; (iv) any intercompany transaction described in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local or foreign Law); or (v) any "closing agreement" pursuant to Section 7121 of the Code (or any corresponding or similar provision of state, local or foreign Law) or any other agreement or arrangement with a Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) No Target Company has participated in or been a party to, or sold, distributed or otherwise promoted, any "reportable transaction," as defined in Treasury Regulations Section 1.6011-4 (or any similar or corresponding provision of state, local or foreign Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) No Target Company has been a member of an affiliated, combined, consolidated, unitary or other group for Tax purposes (other than a group the common parent of which is the Target). No Target Company has any Liability or potential Liability for the Taxes of another Person (other than another Target Company) (i) pursuant to Treasury Regulations Section 1.1502-6 (or any similar or corresponding provision of U.S. state, provincial or local Tax Law) or under any other applicable Tax Law, (ii) as a transferee or successor, or (iii) by Contract, indemnity or otherwise (excluding customary commercial Contracts entered into in the ordinary course of business the primary purpose of which is not the sharing of Taxes). No Target Company is a party to or bound by any Tax indemnity agreement, Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice (excluding agreements solely among the Target Companies and customary commercial Contracts entered into in the ordinary course of business the primary purpose of which is not the sharing of Taxes) with respect to Taxes (including advance pricing agreement, closing agreement or other agreement relating to Taxes with any Governmental Authority) that will be binding on any Target Company with respect to any period (or portion thereof) following the closing date of the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) No Target Company has requested, or is it the subject of or bound by any private letter ruling, technical advice memorandum, closing agreement or similar ruling, memorandum or agreement with any Governmental Authority with respect to any Taxes, nor is any such request pending or outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) No Target Company has ever had a permanent establishment, office, branch, fixed place of business or other taxable presence in any country other than its jurisdiction of formation, and has not otherwise engaged in a trade or business in any country other than its jurisdiction of formation that subjected it to Tax in such country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) No Target Company has ever been a party to any transaction that was purported or intended to be treated as a distribution of stock qualifying, in whole or in part, for tax-free treatment under Section 355 of the Code (or any corresponding or similar provision of U.S. state or local Tax Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The U.S. federal income tax classification of each of the Target's Subsidiaries is as set forth on <u>Section 3.3(o)</u> of the Target Disclosure Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) No Target Company has knowingly taken or failed to take (or agreed to take or not take) any action, nor is aware of any fact or circumstance, where such action, failure to act, fact or circumstance would reasonably be expected to prevent or impede the Continuation, the Sponsor Share Conversion or the Amalgamation from qualifying for their respective Intended Tax Treatments (each as defined in the Business Combination Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Target Companies do not own any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section 3.3(p)(ii)</u> of the Target Disclosure Letter contains a true, correct and complete list as of the date of this Agreement of all premises currently leased or subleased or otherwise used or occupied by a Target Company for the operation of the business of such Target Company, and of all current leases, lease guarantees, agreements and documents related thereto, including all amendments, terminations and modifications thereof or waivers thereto (collectively, the "***Target Real Property Leases***"). To the Knowledge of the Target, the Target Real Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect, subject, in each case, to the Enforceability Exceptions. No Target Company is in breach of or default under any Target Real Property Lease, and, to the Knowledge of the Target, no event has occurred and no circumstance exists which, if not remedied, and whether with or without notice or the passage of time or both, would result in such a breach or default, except for such breaches or defaults as would not individually or in the aggregate, reasonably be expected to be material to the Target Companies, taken as a whole. No Target Company has exercised, nor has any Target Company received written notice of any other parties exercise of, any termination rights with respect to any Target Real Property Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Personal Property</u>. Except as set forth on <u>Section 3.3(q)</u> of the Target Disclosure Letter, the Target Companies own and have good and marketable title to, or a valid leasehold interest in or right to use, their respective material tangible and intangible assets and personal property, free and clear of all Liens other than: (i) Permitted Liens; and (ii) the rights of lessors under any leases. The material tangible and intangible assets and personal property of the Target Companies: (A) constitute all of the assets, rights and properties that are necessary for the operation of the businesses of the Target Companies as they are now conducted, and taken together, are adequate and sufficient for the operation of the businesses of the Target Companies as currently conducted; and (B) have been maintained in accordance with generally accepted industry practice, are in good working order and condition, except for ordinary wear and tear and as would not, individually or in the aggregate, reasonably be expected to be material to the business of the Target Companies, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Employee Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Target Companies are not and have never been a party to any collective bargaining agreement or other Contract covering any group of employees, labor organization or other representative of any of the employees of such Target Company, and the Target has no Knowledge of any activities or proceedings of any labor union or other party to organize or represent such employees. In the past three (3) years, there has not, to the Knowledge of the Target, occurred or been threatened any strike, slow-down, picketing, work-stoppage, or other similar labor activity with respect to any such employees. <u>Section 3.3(r)(i)</u> of the Target Disclosure Letter sets forth all unresolved labor controversies (including unresolved grievances and age or other discrimination claims), if any, that are, to the Knowledge of the Target, pending or threatened between the Target Companies and Persons employed by or providing services as independent contractors to the Target Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as set forth on <u>Section 3.3(r)(ii)</u> of the Target Disclosure Letter, the Target Companies are and have been in compliance in all material respects with all applicable Laws respecting employment and employment practices, terms and conditions of employment, health and safety and wages and hours, and other Laws relating to discrimination, disability, labor relations, hours of work, payment of wages and overtime wages, pay equity, immigration, workers compensation, working conditions, employee scheduling, occupational safety and health, family and medical leave, and employee terminations, and have not received written or, to the Knowledge of the Target, oral notice that there is any pending Legal Proceeding involving unfair labor practices against the Target Company. There are no material Legal Proceedings, to the Knowledge of the Target, pending or threatened against the Target Companies brought by or on behalf of any applicant for employment, any current or former employee, any Person alleging to be a current or former employee, or any Governmental Authority, relating to any such Law or regulation, or alleging breach of any express or implied contract of employment, wrongful termination of employment, or alleging any other discriminatory, wrongful or tortious conduct in connection with the employment relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the past three (3) years, the Target Companies have not engaged in layoffs, furloughs or employment terminations sufficient to trigger application of the Workers' Adjustment and Retraining Notification Act or any similar state, provincial or local law relating to group terminations. The Target Companies have not engaged in layoffs or furloughs or effected any broad-based salary or other compensation or benefits reductions, in each case, whether temporary or permanent, in the three (3) years prior to the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the past three (3) years, (i) no allegations of sexual harassment or sexual misconduct have, to the Knowledge of the Target, been made in writing or threatened to be made against or involving any current or former officer, director or other employee at the level of Vice President or above by any current or former officer, employee or individual service provider of the Target Company, and (ii) the Target Company has not entered into any settlement agreements resolving, in whole or in part, allegations of sexual harassment or sexual misconduct by any current or former officer, director or other key employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Set forth on <u>Section 3.3(s)(i)</u> of the Target Disclosure Letter is a true and complete list of each material Target Benefit Plan. With respect to each Target Benefit Plan, all contributions that are due have been made or, to the extent not yet due, are properly accrued in accordance with GAAP on the Target Financials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Target Benefit Plan is and has been operated, administered, maintained, and funded at all times in compliance with its terms and all applicable Laws in all material respects, including ERISA and the Code. Each Target Benefit Plan which is intended to be "qualified" within the meaning of Section 401(a) of the Code (i) has received a favorable determination letter from the IRS to be so qualified (or is based on a prototype plan which has received a favorable opinion letter upon which the Target Company is entitled to rely) or (ii) the Target Company has requested an initial favorable IRS determination of qualification and/or exemption within the period permitted by applicable Law. To the Target's Knowledge, no event has occurred or circumstance exists which could reasonably be expected to adversely affect the qualified status of such Target Benefit Plans or the exempt status of such trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to each Target Benefit Plan required to be listed on <u>Section 3.3(s)(i)</u> of the Target Disclosure Letter, the Target has made available to Purchaser accurate and complete copies, if applicable, of: (i) all Target Benefit Plans (including any amendments, modifications or supplements thereto); (ii) the most recent summary plan descriptions and material modifications thereto; (iii) the most recent Form 5500, if applicable, and annual report, including all schedules thereto; (iv) the most recent annual and periodic accounting of plan assets; (v) the most recent determination letter (or opinion letter) received from the IRS, if any; (vi) the most recent actuarial valuation; and (vii) all material communications with any Governmental Authority within the last three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) With respect to each Target Benefit Plan: (i) no Legal Proceeding is pending, or to the Target's Knowledge, threatened (other than routine claims for benefits arising in the ordinary course of administration and administrative appeals of denied claims); (ii) no prohibited transaction, as defined in Section 406 of ERISA or Section 4975 of the Code, has occurred, excluding transactions effected pursuant to a statutory or administration exemption; and (iii) all contributions and premiums that are due prior to the date hereof have been made in all material respects as required under ERISA or have been fully accrued in all material respects on the Target Financials in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Neither any Target Company nor any ERISA Affiliate currently maintains, or within the preceding six (6) years has maintained or contributed to, a Target Benefit Plan which is a "defined benefit plan" (as defined in Section 414(j) of the Code), a "multiemployer plan" (as defined in Section 3(37) of ERISA) or a "multiple employer plan" (as described in Section 413(c) of the Code) or is otherwise subject to Title IV of ERISA or Section 412 of the Code, and the Target Companies have not incurred any Liability or otherwise could have any Liability, contingent or otherwise, under Title IV of ERISA and no condition presently exists that is expected to cause such Liability to be incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except as set forth on <u>Section 3.3(s)(vi)</u> of the Target Disclosure Letter, the consummation of the transactions contemplated hereby will not, either alone or in combination with another event, (i) entitle any current or former employee, officer or other service provider of the Target Companies to any severance pay or increase in severance pay or any other compensation payable by the Target Companies, (ii) accelerate the time of payment, funding or vesting, or increase the amount of compensation due to any such employee, officer or other individual service provider by the Target Companies,(iii) directly or indirectly cause the Target Companies to transfer or set aside any assets to fund any material benefits under any Target Benefit Plan, or (iv) otherwise give rise to any material liability under any Target Benefit Plan. The consummation of the transactions contemplated by the Transaction Documents will not, either alone or in combination with another event, result in any "excess parachute payment" under Section 280G of the Code. No Target Benefit Plan provides for a Tax gross-up, make whole or similar payment with respect to the Taxes imposed under Sections 409A or 4999 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except to the extent required by Section 4980B of the Code or similar state Law, the Target Companies do not provide health or welfare benefits to any former or retired employee and are not obligated to provide such benefits to any active employee following such employee's retirement or other termination of employment or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except as would not, individually or in the aggregate, reasonably be expected to be material to the Target Companies, taken as a whole, each Target Benefit Plan that is subject to Section 409A of the Code has been administered in compliance, and is in documentary compliance, in all material respects with the applicable provisions of Section 409A of the Code, the regulations thereunder and other official guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Each Target Benefit Plan can be amended, terminated or otherwise discontinued after the Closing in accordance with its terms, without material Liability to the Target Companies, the Company, or any of their Affiliates, other than ordinary administration expenses typically incurred in a termination event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Environmental Matters</u>. Except as set forth in <u>Section 3.3(t)</u> of the Target Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Target Company is in compliance in all material respects with all applicable Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No material Legal Proceeding is pending or, to the Target's Knowledge, threatened with respect to the Target Companies' compliance with or liability under Environmental Laws, and, to the Knowledge of the Target, there are no facts or circumstances that could reasonably be expected to form the basis of such a material Legal Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Target Company is the subject of any outstanding Order of any Governmental Authority relating to (1) any material non-compliance by such Target Company with Environmental Laws, (2) any Remedial Legal Proceeding, or (3) the Release or threatened Release of a Hazardous Material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the Target's knowledge, there has been no material release of any Hazardous Material by the Target Companies (1) at, in, on or under any property underlying Target Real Property Leases or in connection with the Target's or its Subsidiaries' respective operations of the property underlying Target Real Property Leases or (2) at, in, on or under any property formerly owned or underlying Target Real Property Leases during the time that the Target or any of its Subsidiaries owned or leased such property or at any other location where Hazardous Materials generated by the Target Companies have been transported to, sent, placed or disposed of in a quantity or manner requiring reporting, investigation, remediation, monitoring or other response action by the Target Companies pursuant to applicable Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To the Knowledge of the Target, there is no investigation of the business, operations, or currently or formerly owned, operated, or leased property of a Target Company pending or threatened in writing that could lead to the imposition of any material Liens (other than Permitted Liens) under any Environmental Law or material Environmental Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the Knowledge of the Target, no Target Company has disposed of or released any Hazardous Material at, on or under any facility currently or formerly owned or operated by any of the Target Companies or any third-party site, in each case in a manner that would be reasonably likely to give rise to a material liability of the Target Companies for investigation costs, cleanup costs, response costs, corrective action costs, personal injury, property damage, natural resources damages or attorney fees under any Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Target has made available to the Purchaser all material written environmental reports, audits, assessments, liability analyses, memoranda and studies in the possession of, or conducted by, the Target Companies with respect to compliance or liabilities under Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Transactions with Related Persons</u>. Except as set forth on <u>Section 3.3(u)</u> of the Target Disclosure Letter, and except for in the case of any employee, officer or director, of any employment Contract or Target Benefit Plans made in the ordinary course of business consistent with past practice, no Target Company is a party to any transaction or Contract with any (a) present or former executive officer or director of any of the Target Companies, (b) beneficial owner (within the meaning of Section 13(d) of the Exchange Act) of 5% or more of the capital stock or equity interests of any of the Target Companies or (c) any Affiliate, "associate" or any member of the "immediate family" (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) of any of the foregoing; provided that in each case of the foregoing, excluding any transaction or Contract between or among the Target's Subsidiaries or between or among the Target and any of its Subsidiaries. To the Knowledge of the Target, no Related Person or any Affiliate of a Related Person has, directly or indirectly, a material economic interest in any Contract with any of the Target Companies (other than such Contracts that relate to any such Person's ownership of the equity interests of any Target Company as set forth on <u>Section 3.3(c)(i)</u> of the Target Disclosure Letter or such Person's employment or consulting arrangements with the Target Companies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 3.3(v)(i)</u> of the Target Disclosure Letter contains a list of, as of the date hereof, all material policies or binders of property, fire and casualty, product liability, workers' compensation, and other forms of insurance held by, or for the benefit of, the business of any Target Company (by policy number, insurer, coverage period, coverage amount, annual premium and type of policy). As of the date hereof, all premiums due and payable under all such insurance policies have been paid and the Target Companies are otherwise in material compliance with the terms of such insurance policies. Each such insurance policy is legal, valid and binding, and is enforceable and in full force and effect, subject, in each case, to the Enforceability Exceptions. No Target Company has any self-insurance or co-insurance programs. In the past three (3) years, no Target Company has received any written notice from, or on behalf of, any insurance carrier relating to or involving any adverse material change, notice of cancellation or termination, any change other than in the ordinary course of business in the conditions of insurance, any refusal to issue an insurance policy or non-renewal of a policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section 3.3(v)(ii)</u> of the Target Disclosure Letter identifies each individual insurance claim in excess of $500,000 made by a Target Company in the past three (3) years. Each Target Company has reported to its insurers all claims and pending circumstances that would reasonably be expected to result in a claim, except where such failure to report such a claim would not be reasonably likely to be material to the Target Companies, taken as a whole. To the Knowledge of the Target, no event has occurred, and no condition or circumstance exists, that would reasonably be expected to (with or without notice or lapse of time) give rise to or serve as a basis for the denial of any such insurance claim. No Target Company has made any claim against an insurance policy as to which the insurer has denied coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Top Customers and Suppliers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 3.3(w)(i)</u> of the Target Disclosure Letter lists as of the date of this Agreement, by aggregate dollar value of the Target Companies business' transaction volume with such counterparty, as applicable, for each of (i) the twelve (12) months ended on December 31, 2024 and (ii) the twelve (12) months ended on December 31, 2023, the three (3) largest customers of the Target Companies, taken as a whole (the "***Top Customers***"). To the Knowledge of the Target, as of the date hereof, no such Top Customer has provided written notice to the Target Companies (i) of its intention to cancel or otherwise terminate, or materially reduce, its relationship with the Target Companies, taken as a whole, or (ii) that any Target Company is in material breach of the terms of any Contract to which it is a party with such Top Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section 3.3(w)(ii)</u> of the Target Disclosure Letter lists as of the date of this Agreement, by aggregate dollar value of the Target Companies' business' transaction volume with such counterparty, as applicable, for each of (i) the twelve (12) months ended on December 31, 2024 and (ii) the twelve (12) months ended on December 31, 2023, the ten (10) largest suppliers or manufacturers of goods or services to the Target Companies, taken as a whole (the "***Top Suppliers***"). To the Knowledge of the Target, as of the date hereof, no such Top Supplier has provided written notice to the Target Companies (i) of its intention to cancel or otherwise terminate, or materially reduce, its relationship with the Target Companies, taken as a whole, or (ii) that any Target Company is in material breach of the terms of any Contract to which it is a party with such Top Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as set forth on <u>Section 3.3(w)(i)</u> of the Target Disclosure Letter and <u>Section 3.3(w)(ii)</u> of the Target Disclosure Letter, none of the Top Customers or Top Suppliers has, as of the date of this Agreement, notified any Target Companies in writing that it is in a material dispute with the Target Companies or their respective businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Certain Business Practices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the Target's Knowledge, no Target Company, nor any of their respective Representatives acting on their behalf has offered, given, paid, promised to pay, or authorized the payment of anything of value to (i) an official or employee of a foreign or domestic Governmental Authority; (ii) a foreign or domestic political party or an official of a foreign or domestic political party; or (iii) a candidate for foreign or domestic political office, in any such case under circumstances where such Target Company or Representative thereof knew that all or a portion of such thing of value would be offered, given, or promised to an official or employee or a foreign or domestic Governmental Authority, a foreign or domestic political party, an official of a foreign or domestic political party, or a candidate for a foreign or domestic political office (in each case in violation of any Anti-Bribery Law). To the Target's Knowledge, no Target Company nor any Representative of any Target Company has conducted or initiated any internal investigation or made a voluntary, directed, or involuntary disclosure to any Governmental Authority with respect to any alleged act or omission arising under or relating to any noncompliance with any Anti-Bribery Law or Anti-Money Laundering Law. To the Target's Knowledge, no Target Company nor any Representative of any Target Company has received any written notice, request, or citation from any Governmental Authority for any actual or potential noncompliance with any Anti-Bribery Law or Anti-Money Laundering Law. To the Target's Knowledge, there are no actions, conditions, or circumstances that would reasonably be expected to give rise to any future Actions against the Target related to any actual or alleged violation of any Anti-Bribery Law or Anti-Money Laundering Law. Each of the Target Companies has conducted operations in material compliance with all applicable financial recordkeeping and reporting requirements of the Anti-Bribery Laws and Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The operations of each Target Company are and since January 1, 2023, as applicable, have been conducted at all times in compliance with economic sanctions, export controls, and money laundering statutes in all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority, and no Legal Proceeding involving a Target Company with respect to any of the foregoing is pending or, to the Knowledge of the Target, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Target Company nor, any of their respective directors, officers or, to the Knowledge of the Target, any other Representative acting on behalf of a Target Company, is or has been: (i) identified on any applicable sanctions-related list of designated or blocked persons (including without limitation the SDN List) (ii) otherwise the subject or target of any U.S. sanctions administered by the U.S. government, (iii) located, organized, or resident in a Sanctioned Jurisdiction; or (iv) owned, directly or indirectly, individually or in the aggregate, fifty percent (50%) or more or otherwise controlled by any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Target Companies have since January 1, 2023, as applicable, maintained in place and implemented controls and systems designed to ensure compliance with economic sanctions and export controls administered and maintained by the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No Target Company has since January 1, 2023, as applicable, directly or indirectly, knowingly used any funds, or loaned, contributed or otherwise made available such funds to any Subsidiary, joint venture partner or other Person, in connection with any sales or operations in a Sanctioned Jurisdiction or for the purpose of financing the activities (x) of any Person currently the subject or target of U.S. sanctions administered by the U.S. government, or (y) in any other manner that would constitute a violation of, any U.S. sanctions administered by U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Investment Target Act</u>. No Target Company is an "investment company" or a Person directly or indirectly "controlled" by or acting on behalf of an "investment company", or required to register as an "investment company", in each case within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Finders and Brokers</u>. Except as reflected on <u>Section 3.3(z)</u> of the Target Disclosure Letter, no broker, finder, investment banker or other Person is entitled to, nor will be entitled to, either directly or indirectly, any brokerage fee, finders' fee or other similar commission, for which any Target Company would be liable in connection with the Transactions based upon arrangements made by any Target Company or any of their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>No General Solicitation</u>. Neither the Target nor any person acting on its behalf has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities. The Securities are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws. Neither the Target nor any person acting on the Target's behalf has, directly or indirectly, at any time within the past six (6) months, made any offer or sale of any security or solicitation of any offer to buy any security under circumstances that would cause the offering of the Securities pursuant to this Agreement to be integrated with prior offerings by the Target for purposes of the Securities Act or any applicable shareholder approval provisions. Neither the Target nor any person acting on the Target's behalf has offered or sold any securities, or has taken any other action, which would reasonably be expected to subject the offer, issuance or sale of the Securities, as contemplated hereby, to the registration provisions of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Disqualification Events</u>. Disqualification Event is applicable to the Target, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3) is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>No Additional Representations or Warranties</u>. Except as provided in this <u>Section 3.3</u>, none of the Target Companies nor any of their respective Affiliates, nor any of their respective directors, managers, officers, employees, equityholders, partners, members or representatives has made, or is making, any representation or warranty whatsoever to the Purchaser or its Affiliates or any other Person and no such party shall be liable in respect of the accuracy or completeness of any information provided to the Purchaser or its Affiliates or any other Person.

**ARTICLE 4**

**OTHER AGREEMENTS OF THE PARTIES**

4.1 **<u>Transfer Restrictions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities may only be disposed of in compliance with state, provincial territorial and federal U.S. and Canadian securities laws, as applicable. In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of the Purchaser or in connection with a pledge as contemplated in <u>Section 4.1(c)</u>, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and, if permitted pursuant to the terms thereof, the Registration Rights Agreement and shall have the rights and obligations of the Purchaser under this Agreement and the Registration Rights Agreement, if a party thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to applicable securities laws, including Canadian securities laws, the Purchaser agrees to the imprinting, so long as is required by this <u>Section 4.1</u>, of a legend on any of the Target Securities in the following form:

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [DATE OF DISTRIBUTION], AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchaser agrees to the imprinting, so long as is required by this <u>Section 4.1</u>, of a legend on any of the Securities in the following form:

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company acknowledges and agrees that the Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Company Securities to a financial institution that is an "accredited investor" as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and, if required under the terms of such arrangement, the Purchaser may transfer pledged or secured Company Securities to the pledgees or secured parties; provided, however, that, as a prerequisite to such pledge, the Purchaser shall (x) provide notice to the Company of such pledge or transfer at least five (5) Business Days prior thereto and (y) cause to be delivered to the Company customary legal opinions of legal counsel of the pledgee, secured party and pledgor as shall be reasonably requested by the Company in connection therewith. Thereafter, at the Purchaser's expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Company Securities may reasonably request in connection with a pledge or transfer of the Company Securities, including, if the Company Securities are subject to registration pursuant to the Registration Rights Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling securityholders thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Certificates (or reasonable evidence of issuance by book entry, as applicable) evidencing the Underlying Shares shall not contain any legend (including the legend set forth in <u>Section 4.1(c)</u> hereof): (i) while a registration statement (including the Registration Statement) covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Underlying Shares pursuant to Rule 144 or (iii) as otherwise provided in the Company Closing Articles or applicable Canadian securities laws. The Company shall use commercially reasonable efforts to cause its counsel to issue a legal opinion to the Transfer Agent or the Purchaser promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend under <u>Section 4.1(c)</u> or if requested by the Purchaser, respectively, in each case, if the proposed sale is to be made pursuant to an effective registration statement or subject to an exemption from registration under the federal securities laws. If all or any Company Preferred Shares are converted or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the resale of the Underlying Shares, or if such Underlying Shares may be sold under Rule 144 and the Company is then in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), or if the Underlying Shares may be sold under Rule 144 without the requirement for the Company to be in compliance with the current public information required under required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to such Underlying Shares and without volume or manner-of-sale restrictions or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) or as provided in the Company Closing Articles or Company Warrants, then such Underlying Shares shall be issued free of all legends. The Company agrees that following the Effective Date or at such time as such legend is no longer required under this <u>Section 4.1(d)</u>, it will, no later than the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate (or reasonable evidence of issuance by book entry, as applicable) representing Underlying Shares, as applicable, issued with a restrictive legend, deliver or cause to be delivered to the Purchaser a certificate (or reasonable evidence of issuance by book entry, as applicable) representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this <u>Section 4.1</u>. Certificates for Underlying Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser's prime broker with the Depository Trust Company System as directed by the Purchaser. As used herein, "**Standard Settlement Period**" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary Trading Market with respect to the Common Shares as in effect on the date of delivery of a certificate (or reasonable evidence of issuance by book entry, as applicable) representing Underlying Shares, as applicable, issued with a restrictive legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Purchaser agrees with the Company that the Purchaser will sell any Company Securities pursuant to either the registration requirements of the Securities Act and applicable Canadian securities laws, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Company Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of distribution set forth therein and will not be sold if the Purchaser knows or has reason to know that the Commission has issued a stop order suspending the effectiveness of the Registration Statement, and the Purchaser acknowledges that the removal of the restrictive legend from certificates (or reasonable evidence of issuance by book entry, as applicable) representing Company Securities as set forth in this <u>Section 4.1</u> is predicated upon the Company's reliance upon this understanding.

4.2 **<u>Acknowledgment of Dilution</u>**. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding Common Shares, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including, without limitation, its obligation to issue the Underlying Shares pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against the Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other shareholders of the Company.

4.3 **<u>Furnishing of Information; Public Information</u>**. Until the time that the Purchaser does not own any Company Securities, the Company shall use commercially reasonable efforts to maintain the registration of the Common Shares under Section 12(b) or 12(g) of the Exchange Act and to timely file all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

4.4 **<u>Integration</u>**. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Company Securities in a manner that would require the registration under the Securities Act of the sale of the Company Securities or that would be integrated with the offer or sale of the Company Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

4.5 **<u>Conversion and Exercise Procedures</u>**. Each of the form of Notice of Exercise included in the Warrants and the form of Notice of Conversion included in the Company Closing Articles set forth the totality of the procedures required of the Purchaser in order to exercise the Company Warrants or convert its Company Preferred Shares. Without limiting the preceding sentences, no ink-original Notice of Exercise or Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise or Notice of Conversion form be required in order to exercise the Company Warrants or convert its Company Preferred Shares. No additional legal opinion, other information or instructions shall be required of the Purchaser to exercise its Company Warrants or convert its Company Preferred Shares. The Company shall honor exercises of the Purchaser's Company Warrants and conversions of the Purchaser's Company Preferred Shares and shall deliver Underlying Shares in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

4.6 **<u>Securities Laws Disclosure; Publicity</u>**. Neither the Company nor the Target shall publicly disclose the name of the Purchaser, or include the name of the Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of the Purchaser (not to be unreasonably withheld, delayed or conditioned), *except* (a) as required by federal, provincial or territorial securities law or requested by the staff of the Commission, the BCSC or any similar securities commission in connection with (i) any filings in connection with the Business Combination, (ii) any registration statement contemplated by the Registration Rights Agreement or prospectus and (iii) the filing of final Transaction Documents with the Commission, the BCSC or any similar securities commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchaser with prior notice of such disclosure permitted under this clause (b).

4.7 **<u>Shareholder Rights Plan</u>**. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that exclusively as a result of the transactions contemplated by this Agreement the Purchaser is an "**Acquiring Person**" under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that the Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents.

4.8 **<u>Non-Public Information</u>**. The Company and the Target covenant and agree that neither they, nor any other Person acting on their behalf will provide the Purchaser or its agents or counsel with any information that constitutes, or the Company and the Target reasonably believe constitutes, material non-public information, unless prior thereto the Purchaser shall have consented to the receipt of such information and agreed with the Company and the Target to keep such information confidential. To the extent that the Company, the Target or any of their respective officers, director, agents, employees or Affiliates delivers any material, non-public information to the Purchaser without the Purchaser's consent, the Company and the Target hereby covenant and agree that the Purchaser shall not have any duty of trust or confidentiality to the Company, the Target or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, the Target or any of their respective officers, directors, agents, employees or Affiliates not to trade while aware of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or the Target, the Company shall if reasonably practicable simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company and the Target understand and confirm that the Purchaser shall be relying on the foregoing covenants in effecting transactions in securities of the Company.

4.9 **<u>Use of Proceeds</u>**. The Company shall use the net proceeds from the sale of the Securities hereunder for general corporate and working capital purposes, in the Company's exclusive discretion.

4.10 **<u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this <u>Section 4.10</u>, the Company will indemnify and hold each Purchaser Party harmless from any and all Losses that any such Purchaser Party may suffer or incur as a result of or relating to any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents (unless such Loss is primarily based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state, provincial, territorial or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of this <u>Section 4.10</u>, the Target will indemnify and hold each Purchaser Party, harmless from any and all Losses that any such Purchaser Party may suffer or incur as a result of or relating to any breach of any of the representations and warranties of the Target Companies found exclusively in <u>Section 3.3</u>, covenants or agreements made by the Target in this Agreement or in the other Transaction Documents (unless such Loss is primarily based upon a material breach of such Purchaser Party's representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations by such Purchaser Party of state, provincial, territorial, or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of this <u>Section 4.10</u>, the Purchaser will, severally and not jointly, indemnify and hold (i) each Company Party and (ii) each Target Party, harmless from any and all Losses that any such Company party or Target Party (as applicable) may suffer or incur as a result of or relating to any breach of any of the representations, warranties, covenants or agreements made by such Purchaser in this Agreement or in the other Transaction Documents (unless such Loss is primarily based upon a material breach of such Company Party's or Target Party's (as applicable) representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Company Party or Target Party may have with any such shareholder or any violations by such Company Party or Target Party (as applicable) of state, provincial, territorial or federal securities laws or any conduct by such Company Party or Target Party (as applicable) which is finally judicially determined to constitute fraud, gross negligence or willful misconduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Action or Proceeding shall be brought against any Person in respect of which indemnity may be sought pursuant to this Agreement, such Person (the "**Indemnified Party**") shall promptly notify the Person against whom such indemnity may be sought (the "**Indemnifying Party**") in writing, but the omission to notify such Indemnifying Party will not relieve the Indemnifying Party from any liability that it may have to any Indemnified Party under this <u>Section 4.10</u> unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the Indemnifying Party. The Indemnifying Party shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Indemnified Party. Any Indemnified Party shall have the right to employ separate counsel in any such Action or Proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party except to the extent that (i) the employment thereof has been specifically authorized by the Indemnifying Party in writing, (ii) the Indemnifying Party has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such Action or Proceeding there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Indemnifying Party and the position of such Indemnified Party, in which case the Indemnifying Party shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified 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.

4.11 **<u>Reservation and Listing of Securities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencing on the Closing Date, the Company shall maintain a reserve of the Required Minimum from its duly authorized Common Shares for issuance pursuant to the Transaction Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, on any date following the Closing Date, the number of authorized but unissued (and otherwise unreserved) Common Shares is less than 100% of (i) the Required Minimum on such date, minus (ii) the number of Common Shares previously issued pursuant to the Transaction Documents, then the Board of Directors shall use commercially reasonable efforts to amend the Company's certificate or articles of incorporation to increase the number of authorized but unissued Common Shares to at least the Required Minimum at such time (minus the number of Common Shares previously issued pursuant to the Transaction Documents), as soon as possible and in any event not later than the 75<sup>th</sup> day after such date, *<u>provided that</u>* the Company will not be required at any time to authorize a number of Common Shares greater than the maximum remaining number of Common Shares that could possibly be issued after such time pursuant to the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall, as applicable: (i) promptly after the Closing Date and in connection with the registration with the Commission of the Underlying Shares, in the manner required by the principal Trading Market, prepare and file with such Trading Market an additional shares listing application covering a number of Common Shares at least equal to the Required Minimum on the date of such application, (ii) take all steps reasonably necessary to cause such Common Shares to be approved for listing or quotation on such Trading Market as soon as practicable thereafter and to provide to the Purchaser evidence of such listing or quotation and (iii) use commercially reasonable efforts to maintain the listing or quotation of such Common Shares on any date at least equal to the Required Minimum on such date on such Trading Market or another Trading Market. The Company agrees to maintain the eligibility of the Common Shares for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

4.12 **<u>Certain Transactions and Confidentiality</u>**. The Purchaser covenants that neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales of any of the Company's securities during the period commencing with the execution of this Agreement and ending at the Cleanse Time. The Purchaser covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company (the "**Cleanse Time**"), the Purchaser will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company and the Target expressly acknowledge and agree that, (i) except as set forth herein, the Purchaser does not make any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company or the Target after the Cleanse Time and (ii) the Purchaser shall not be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the Cleanse Time. The Company shall (and the Target shall cooperate with the Company in good faith to the extent reasonably required) (a) issue and disseminate a press release, which publicly discloses the existence of this Agreement and the material terms of the transactions contemplated hereby and that is reasonably sufficient to cleanse all material non-public information (including, without limitation, the existence and terms of this transaction and any other material non-public information) that has been provided to the Purchaser in connection with this Agreement, the other Transaction Documents or the transactions contemplated hereby (the "**Cleansing Disclosure**"), and (b) may, in addition to (and not as a substitute for) such press release, file a Current Report on Form 8-K (or other public filing with the Commission) that includes the Cleansing Disclosure. Notwithstanding the foregoing, if the Purchaser is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of the Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of the Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

4.13 **<u>Blue Sky Filings</u>**. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchaser at the Closing under applicable securities or "Blue Sky" laws of the states of the United States.

4.14 **<u>Privacy.</u>** The Purchaser acknowledges and consents to the fact that the Company and Target are collecting personal information (as that term is defined under applicable privacy legislation, including, without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar, replacement or supplemental provincial or federal legislation or laws in effect from time to time) of the Purchaser for the purpose of completing this Agreement. By accepting the Agreement, the Company and Target agree that it will not collect any information about the Purchaser except that which is provided by the Purchaser in the Agreement and any information required to be disclosed to any regulatory authority or stock exchange or as required by law (the "**Subscriber Information**"). The Company and Target also agree that it will keep all Subscriber Information confidential, and will use and disclose the Subscriber Information only for the purposes permitted or described herein, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and/or Target inform the Purchaser of a proposed use or disclosure of the Subscriber Information and the Purchaser consents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is required by law, or by the by-laws, rules, regulations or policies or any regulatory organization or stock exchange governing the Company and/or Target.

The Purchaser acknowledges and consents to the Company and/or Target retaining the personal information for as long as permitted or required by applicable law or business practices.

The Purchaser acknowledges and consents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company and/or Target delivering to the regulatory authorities, including the British Columbia
 Securities Commission, (the "**Relevant Commission**") any personal information
 provided by the Purchaser respecting itself including such Purchaser's full name, residential
 address, telephone number and email address, the amount of Securities purchased or held,
 the purchase price, the exemption relied on and the date of distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 information being collected indirectly by the Relevant Commission under the authority granted
 to it in applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such
 information being collected for the purposes of the administration and enforcement of applicable
 securities laws in British Columbia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 indirect collection of such information by the Relevant Commission.

The Purchaser acknowledges that he, she or it may contact the following public official in British Columbia with respect to questions about the applicable Relevant Commission's indirect collection of such information at the following address and telephone number:

British Columbia Securities Commission: P.O. Box 10142, Pacific Centre 701 West Georgia Street Vancouver, British Columbia V7Y 1L2 Inquiries: (604) 899-6854 Toll free in Canada: 1-800-373-6393 Facsimile: (604) 899-6581 Email: <u>inquiries@bcsc.bc.ca</u>.

4.15 **<u>MFN Right.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Subsequent Financing</u>. From and after the execution of this Agreement until the earlier of (x) the
 Closing and (y) the termination of this Agreement in accordance with its terms (such
 period, the "**MFN Period** "), if, during the MFN Period, the Target enters
 into, consummates or agrees to consummate any financing transaction for purposes of raising
 capital involving the issuance or sale, of (i) any equity securities of the Target,
 or (ii) any other equity securities or instruments of the Target that are convertible
 into or exercisable or exchangeable for any such equity securities (each, a "**Subsequent Financing**") on terms that, taken as a whole, are more favorable than the terms
 provided to the Purchaser under this Agreement and the other Transaction Documents with respect
 to the Target Securities purchased hereunder (including pursuant to any side letter or similar
 agreement or arrangement entered into in connection with such Subsequent Financing or with
 any purchaser of Target Securities under the PIPE Financing, but excluding the 3,500,000
 Class B Non-Voting Common shares of the Target issued to that certain Share Purchase
 Agreement of the Company dated as of the date hereof to certain investors in the Company).
 on about the date hereof), then the Purchaser shall be entitled to receive the benefit of
 such more favorable terms as provided in this Section 4.15. Notwithstanding the foregoing,
 for purposes of this Section 4.15, a Subsequent Financing shall not include (A) the
 issuance of equity securities pursuant to any employee or director equity, incentive, bonus,
 option, purchase or other compensation plan or arrangement approved by the board of directors
 of the Target (or committee thereof), (B) the issuance of equity securities upon the
 exercise, conversion or exchange of options, warrants, convertible securities or other rights
 outstanding as of the date hereof (including the Target Options and the Target SAFEs), in
 each case in accordance with their terms as in effect on the date hereof, (C) stock
 splits, stock dividends, recapitalizations, reclassifications or similar transactions with
 respect to the equity securities of any of the Target that are effected on a pro rata basis,
 (D) the issuance of equity securities as consideration (or partial consideration) in
 connection with any merger, acquisition, joint venture, strategic transaction, commercial
 agreement, licensing arrangement or similar transaction, in each case, not primarily for
 the purpose of raising equity capital, or (E) issuances in connection with the Business
 Combination or pursuant to the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice</u>.
 The Target shall promptly (and in any event within two (2) Business Days) provide written
 notice to the Purchaser of any Subsequent Financing during the MFN Period, together with
 reasonable detail of, and true and complete copies of, the definitive documentation (including
 any side letters or other agreements or arrangements) evidencing or relating to such Subsequent
 Financing.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>More Favorable Terms</u>. For purposes of this Section 4.15, "**More Favorable Terms** "
 means any terms, rights, preferences, privileges, protections, covenants or other provisions
 (whether economic or non-economic) applicable to the securities or instruments issued or
 sold (or agreed to be issued or sold) in a Subsequent Financing, or otherwise granted to
 an investor in such Subsequent Financing in connection therewith (including pursuant to any
 side letter or similar agreement or arrangement), that are more favorable to such investor
 than the corresponding terms, rights, preferences, privileges, protections, covenants or
 other provisions applicable to the Target Securities purchased hereunder and/or the Purchaser
 under this Agreement and the other Transaction Documents, including, without limitation,
 (i) purchase price or deemed purchase price (including Original Issue Price or any analogous
 concept), valuation, discount, conversion price, exercise price or other pricing terms, (ii) anti-dilution
 or other price protection, reset, adjustment or similar provisions (including the scope,
 triggers, measurement periods, floors, caps and other mechanics thereof), (iii) dividend
 or yield, PIK features, interest, redemption, repurchase, liquidation preference, priority,
 seniority or other preference terms, (iv) warrant coverage or other equity participation,
 (v) registration rights, information rights, participation rights and any other rights
 to purchase additional equity securities or equity-linked securities, (vi) transferability
 or liquidity rights (including any restrictions that are less restrictive than those applicable
 to the Purchaser), (vii) consent rights, veto rights, board rights, observer rights
 or other governance rights, (viii) covenants, undertakings, representations, warranties,
 indemnities, expense reimbursement, fees, penalties, liquidated damages, remedies or other
 enforcement rights that are more favorable, (ix) MFN rights or other rights to receive
 improved terms, and (x) any terms granted pursuant to any side letter or similar agreement
 or arrangement that supplements, modifies or interprets the principal definitive documents
 for such Financing or otherwise provides any additional or different rights or benefits.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Purchaser Election; Amendment and Issuance</u>. The Purchaser may elect, by written notice to the Company
 and the Target delivered at any time prior to the Closing, to receive the benefit of any
 such More Favorable Terms arising from a Subsequent Financing during the MFN Period (in whole
 or in part, as specified by the Purchaser). Promptly (and in any event within five (5) Business
 Days) following receipt of such notice (or, if earlier, at the Closing), the Company and
 the Target shall, and shall cause the other applicable parties thereto to, take all actions
 necessary to provide such benefit to the Purchaser, including by (i) amending this Agreement
 and/or the other Transaction Documents and/or entering into a side letter or other agreement
 with the Purchaser, (ii) issuing to the Purchaser amended, corrected or replacement
 Target Securities (and/or other instruments) reflecting such More Favorable Terms, and (iii) taking
 such further actions as are reasonably necessary to ensure the Purchaser receives the economic
 and non-economic benefit of such More Favorable Terms as if such terms had been included
 in this Agreement and the other Transaction Documents as of the date hereof; provided that
 nothing herein shall require the Purchaser to make any additional investment unless the Purchaser
 elects in writing to do so.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Scope</u>.
 The rights and obligations set forth in this Section 4.15 shall apply solely with respect
 to subsequent Financings during the MFN Period and shall automatically terminate upon the
 Closing or the termination of this Agreement in accordance with its terms, and neither the
 Company nor the Target shall have any obligation to provide notice or any benefit under this
 Section 4.15 with respect to any issuance, sale or agreement occurring after such time.

**ARTICLE 5**

**MISCELLANEOUS**

5.1 **<u>Termination</u>**. This Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect hereof, upon the earlier to occur of (a) the mutual written agreement of the parties hereto to terminate this Agreement, or (b) the termination (for any reason) of the Business Combination Agreement by any party to the same. Additionally, (i) the Company or the Target may terminate this Agreement with respect to the Purchaser if any of the conditions set forth in <u>Section 2.3(b)</u> applicable to the Purchaser shall have become incapable of fulfillment, and shall not have been waived by the Company and the Target; and (ii) the Purchaser may terminate this Agreement if (X) any of the conditions set forth in <u>Section 2.3(c)</u> shall have become incapable of fulfillment, and shall not have been waived by the Purchaser or (Y) the Closing shall not have occurred on or prior to the date on which the Target is permitted to terminate the Business Combination Agreement pursuant to Section 8.01 of the Business Combination Agreement. Notwithstanding the foregoing, nothing herein will relieve any party from liability for any intentional breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such intentional breach; *<u>provided</u>*, *<u>that</u>* in the event that the Business Combination Agreement is ever terminated by the Company and/or the Target for any reason, the Purchaser hereby agrees not to indirectly assert a claim against the Target by funding the Company or any other party to assert any such claim.

5.2 **<u>Fees and Expenses</u>**. Except as expressly set forth in the Transaction Documents, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement and the Transaction Documents. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any conversion notice delivered by a Purchaser), stamp taxes and other Taxes and duties levied in connection with the delivery of any Securities to the Purchaser.

5.3 **<u>Entire Agreement</u>**. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

5.4 **<u>Notices</u>**. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via email at the e-mail address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via email attachment at the e-mail address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2<sup>nd</sup>) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

5.5 **<u>Amendments; Waivers</u>**. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company, the Target and the Purchaser or, in the case of a waiver, by the Company, the Target or the Purchaser, as the case may be, dependent on the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

5.6 **<u>Headings</u>**. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

5.7 **<u>Successors and Assigns</u>**. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. Neither the Company nor the Target may assign this Agreement or any rights or obligations hereunder without the prior written consent of the other and the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to any Person to whom the Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the "Purchaser."

5.8 **<u>No Third-Party Beneficiaries</u>**. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in <u>Section 4.10</u> and this <u>Section 5.8</u>.

5.9 **<u>Governing Law</u>**. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the Province of British Columbia and the laws of Canada applicable therein, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the courts sitting in the Province of British Columbia. Each party hereby irrevocably submits to the exclusive jurisdiction of the courts sitting in the Province of British Columbia for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents, and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the parties under <u>Section 4.10</u>, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

5.10 **<u>Survival</u>**. The representations and warranties contained in <u>Section 3.1</u>, <u>Section 3.2</u> and <u>Section 3.3</u> herein shall survive the Closing and the delivery of the Securities. The representations and warranties contained in Section 3.4 herein shall not survive the Closing and the delivery of the Securities.

5.11 **<u>Execution</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 each other party, it being understood that the 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, 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.

5.12 **<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.

5.13 **<u>Rescission and Withdrawal Right</u>**. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever the Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then the Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; *<u>provided</u>*, *<u>however</u>*, that, in the case of (x) a rescission of a conversion of the Purchaser's Company Preferred Shares, the Purchaser shall be required to return any Common Shares subject to any such rescinded conversion or (y) a recission of an exercise of a Company Warrant, the Purchaser shall be required to return any Common Shares subject to any exercise notice concurrently with the return to the Purchaser of the aggregate exercise price paid to the Company for such shares and the restoration of the Purchaser's right to acquire such shares pursuant to the Purchaser's Company Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

5.14 **<u>Replacement of Securities</u>**. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and any indemnity the Company considers adequate. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

5.15 **<u>Remedies</u>**. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser, the Company and the Target will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate. For the avoidance of doubt, <u>Section 4.10</u> shall be the exclusive remedy for any Losses resulting from a breach of any of the representations and warranties contained in ARTICLE 3 of this Agreement, in each case exclusively to the extent such Losses arise during the survival period of such representations and warranties pursuant to the terms of this Agreement.

5.16 **<u>Payment Set Aside</u>**. To the extent that the Company makes a payment or payments to the Purchaser pursuant to any Transaction Document or the Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state, provincial, territorial or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

5.17 **<u>Usury</u>**. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any Action or Proceeding that may be brought by the Purchaser in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of the Company under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable law (the "**Maximum Rate**"), and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that the Company may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Purchaser with respect to Indebtedness evidenced by the Transaction Documents, such excess shall be applied by the Purchaser to the unpaid principal balance of any such Indebtedness or be refunded to the Company, the manner of handling such excess to be at the Purchaser's election.

5.18 **<u>Liquidated Damages</u>**. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

5.19 **<u>Saturdays, Sundays, Holidays, etc</u>**<u>.</u> If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

5.20 **<u>Construction</u>**. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and Common Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Shares that occur after the date of this Agreement. In this Agreement, unless the context otherwise requires: (i) whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words "without limitation"; and (iii) the words "herein", "hereto" and "hereby" and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular portion of this Agreement.

5.21 **<u>Trust Account Waiver</u>**. The Purchaser hereby acknowledges that, as described in the Company's prospectus relating to its initial public offering (the "**IPO**") dated September 3, 2025 available at www.sec.gov, the Company has established a trust account (the "**Trust Account**") containing the proceeds of the IPO and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of the Company, its public shareholders and certain other parties. For and in consideration of the Company entering into this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Purchaser on behalf of itself and each of its affiliates and subsidiaries, and each of its and their employees, agents, representatives and any other person or entity acting on its and their behalf hereby (a) agrees that it does not now and shall not at any time hereafter have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall not make any claim against the Trust Account, arising out or as a result of, in connection with or relating in any way to this Agreement, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred to hereafter as the "**Released Claims**"), (b) irrevocably waives any Released Claims that it may have against the Trust Account now or in the future as a result of, or arising out of, this Agreement, and (c) agrees that it will not seek recourse against the Trust Account as a result of, in connection with or relating in any way to this Agreement; <u>provided</u>, <u>however</u>, that nothing in this <u>Section 5.21</u> shall be deemed to limit the Purchaser's right to distributions from the Trust Account in accordance with the Company's articles of incorporation in respect of any redemptions by the Purchaser in respect of Common Shares acquired by any means other than pursuant to this Agreement.

5.22 **<u>NO LIABILITY UPON GOOD FAITH TERMINATION.</u> OTHER THAN WITH RESPECT TO ANY LIABILITIES ARISING PURSUANT TO <u>SECTION 4.10</u> AND/OR <u>SECTION 5.2</u> ABOVE, NONE OF THE COMPANY, TARGET, ANY OF THEIR AFFILIATES, OR ANY OTHER PARTY TO THE BUSINESS COMBINATION AGREEMENT, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EQUITYHOLDERS, MANAGERS, MEMBERS, ADVISORS OR LEGAL COUNSEL SHALL HAVE ANY LIABILITY (INCLUDING, BUT NOT LIMITED TO, AS A RESULT OF POTENTIAL LOST PROFITS AND OPPORTUNITIES) TO THE PURCHASER AS A RESULT OF THE TERMINATION OF THIS AGREEMENT AS A RESULT OF THE GOOD FAITH TERMINATION OF THE BUSINESS COMBINATION AGREEMENT BECAUSE OF A FAILURE OF A CLOSING CONDITION TO BE MET (SOLELY TO THE EXTENT SUCH FAILURE IS OUTSIDE OF THE CONTROL OF THE TARGET OR THE COMPANY, BUT REGARDLESS OF WHETHER THE BUSINESS COMBINATION AGREEMENT IS TERMINATED BY THE COMPANY OR TARGET).**

5.23 **<u>WAIVER OF JURY TRIAL</u>. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.**

*(Signature Pages Follow)*

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | | |
|:---|:---|:---|
| **SPRING VALLEY ACQUISITION CORP. III** | **SPRING VALLEY ACQUISITION CORP. III** | <u>Address for Notice:</u> |
|  |  | 2100 McKinney Ave., Suite 1675 |
| By: |  | <br>Dallas, TX 75201 |
| Name: | Christopher Sorrells | Attention: Chris Sorrells |
| Title: | Chief Executive Officer |  |
|  |  | <u>Email</u>: chris.sorrells@sv-ac.com |
| With a copy to (which shall not constitute notice): | With a copy to (which shall not constitute notice): |  |
| Greenberg Traurig, LLP<br> One Vanderbilt Avenue<br> New York, New York 10017 | Greenberg Traurig, LLP<br> One Vanderbilt Avenue<br> New York, New York 10017 |  |
| Attn: Alan Annex; Jason Simon; Adam Namoury | Attn: Alan Annex; Jason Simon; Adam Namoury |  |
| Email: alan.annex@gtlaw.com; jason.simon@gtlaw.com; adam.namoury@gtlaw.com | Email: alan.annex@gtlaw.com; jason.simon@gtlaw.com; adam.namoury@gtlaw.com |  |

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[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR TARGET FOLLOWS]

[COMPANY SIGNATURE PAGES TO SPA]

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | | |
|:---|:---|:---|
| **GENERAL FUSION INC.** | **GENERAL FUSION INC.** | <u>Address for Notice:</u> |
|  |  | 6020 Russ Baker Way |
| By: |  | Richmond, British Columbia |
| Name: | Greg Twinney |  |
| Title: | Chief Executive Officer | <u>Email</u>: greg.twinney@generalfusion.com |
| With a copy to (which shall not constitute notice): | With a copy to (which shall not constitute notice): |  |
| Faegre Drinker Biddle & Reath LLP<br> Attn: Ben A. Stacke<br> E-mail: <u>ben.stacke@faegredrinker.com</u><br>and to:<br>Fasken Martineau DuMoulin LLP<br> Attn: Shahrooz Nabavi<br> E-mail: <u>snabavi@fasken.com</u> | Faegre Drinker Biddle & Reath LLP<br> Attn: Ben A. Stacke<br> E-mail: <u>ben.stacke@faegredrinker.com</u><br>and to:<br>Fasken Martineau DuMoulin LLP<br> Attn: Shahrooz Nabavi<br> E-mail: <u>snabavi@fasken.com</u> |  |

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[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

[TARGET SIGNATURE PAGE TO SPA]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser:

*Signature of Authorized Signatory of Purchaser*: ______________________________

Name of Authorized Signatory: ____________________________________________

Title of Authorized Signatory: _____________________________________________

Email Address of Authorized Signatory: _____________________________________

Address for Notice to Purchaser: ___________________________________________

Address for Delivery of Securities to Purchaser (if not same as address for notice):

Subscription Amount:

Number of Target Preferred Shares:

Number of Target Warrants:

EIN Number:

[PURCHASER SIGNATURE PAGE TO SPA]

**Annex** **A**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Purchaser** | &nbsp;&nbsp;**Subscription Amount** | &nbsp;&nbsp;**Target Preferred Shares** | &nbsp;&nbsp;**Target Warrants** |
| &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] |

---

<u>Exhibit A</u>

<u>Form of Company Closing Articles</u>

<u>Exhibit B</u>

<u>Form of Registration Rights Agreement</u>

<u>Exhibit C</u>

<u>Form of Company Warrant</u>

Exhibit D

Exemption Certificate

Form 1 – To be completed by all Canadian and international investors (regardless of residency)

Form 2 – To be completed by investors resident in the United States

**<u>FORM 1 CERTIFICATE OF "ACCREDITED INVESTOR"</u>**

**TO: General Fusion Inc. (the "Issuer")**

In connection with the proposed purchase by the undersigned purchaser (the "**Purchaser**") of convertible preferred shares and warrants to purchase Common shares of the Issuer (the "**Securities**") of the Issuer on or about the date hereof, the Purchaser represents, warrants, covenants and certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the
 Purchaser is purchasing the Securities as principal for its own account and not for the benefit
 of another, or is deemed to be purchasing the Securities as principal pursuant to applicable
 securities laws, and is an "accredited investor" within the meaning of National
 Instrument 45-106 - *Prospectus Exemptions* ()"**NI 45-106**") by virtue
 of satisfying the indicated criterion as set out in Schedule "A" to this Certificate
 (**YOU MUST ALSO INITIAL THE APPLICABLE ITEM ON SCHEDULE "A" TO THIS CERTIFICATE**);

&nbsp;&nbsp;&nbsp;&nbsp;2. the
 Purchaser is ◻ or
 is not ◻ (**CHECK ONE**) an insider (as defined in the *Securities Act* (British Columbia)) of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;3. the
 Purchaser is ◻ or
 is not ◻ (**CHECK ONE**) a registrant (as defined in the *Securities Act* (British Columbia));

&nbsp;&nbsp;&nbsp;&nbsp;4. if
 the Purchaser (or beneficial purchaser) is **not** an individual, the person was not created
 or used solely to purchase or hold securities as an accredited investor described in paragraph
 (m) on Schedule "A"; and

&nbsp;&nbsp;&nbsp;&nbsp;5. these
 representations, warranties, covenants and certifications (a) will be true and correct
 both as of the execution of this certificate and as of the closing time of the purchase and
 sale of the Securities and will survive the completion of the issue of the Securities to
 the Purchaser; and (b) are made by the Purchaser with the intent that they be relied
 upon in determining the suitability of the Purchaser and any beneficial purchaser as a purchaser
 of the Securities, and the Purchaser undertakes to immediately notify the Issuer of any change
 in any statement or other information relating to the Purchaser (and the beneficial purchaser)
 set forth herein which takes place prior to the closing time of the purchase and sale of
 the Securities.

Dated: [●]

---

| | | |
|:---|:---|:---|
| Print Full Legal Name of Purchaser | Print Full Legal Name of Purchaser | Phone Number |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature | Email Address |
|  | Name and Title of Signatory<br> (*please print name and title of individual whose signature appears above, if different from name of Purchaser printed above*)  | Address |

---

**<u>IMPORTANT:</u>**

**(A)**  **<u>PLEASE INITIAL THE APPLICABLE ITEM ON THE ATTACHED SCHEDULE "A"</u>** 

**(B)**  **<u>INDIVIDUAL INVESTORS WHO HAVE INITIALED BESIDE ITEM (J), (K) OR (L) ON SCHEDULE "A" MUST ALSO COMPLETE AND SIGN THE ATTACHED SCHEDULE "B".</u>** 

**<u>SCHEDULE "A"</u>**

**<u>DEFINITION OF "ACCREDITED INVESTOR"</u>**

**INSTRUCTIONS:**

(1) Prior to completing this Schedule "A", please carefully review the definitions provided at the end of this Schedule, particularly the definitions of "**financial assets**" as distinguished from "**net assets**", as well as "**related liabilities**".

(2) The Purchaser must initial beside the applicable item(s) of the definition of "**accredited investor**" below.

"**accredited investor**", as used in this Schedule, means:

**Initials**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u> </u> | (a) | &nbsp;&nbsp;a Canadian financial institution, or a Schedule III bank; or |
| &nbsp;&nbsp;<u> </u> | (b) | &nbsp;&nbsp;the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); or |
| &nbsp;&nbsp;<u> </u> | (c) | &nbsp;&nbsp;a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary; or |
| &nbsp;&nbsp;<u> </u> | (d) | &nbsp;&nbsp;a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer; or |
| &nbsp;&nbsp;<u> </u> | (e) | &nbsp;&nbsp;an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d); or |
| &nbsp;&nbsp;<u> </u> | (e.1) | &nbsp;&nbsp;an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador); or |
| &nbsp;&nbsp;<u> </u> | (f) | &nbsp;&nbsp;the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada; or |
| &nbsp;&nbsp;<u> </u> | (g) | &nbsp;&nbsp;a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec; or |
| &nbsp;&nbsp;<u> </u> | (h) | &nbsp;&nbsp;any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; or |
| &nbsp;&nbsp;<u> </u> | (i) | &nbsp;&nbsp;a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada; or |
| &nbsp;&nbsp;<u> </u> | (j) | &nbsp;&nbsp;an <u>individual</u> who, either alone or with a spouse, beneficially owns **financial assets** (which term excludes real estate) having an **aggregate realizable value** that, before taxes but **net** of any **related liabilities**, exceeds $1,000,000; or<br> **[MUST ALSO FULLY COMPLETE AND EXECUTE THE ATTACHED FORM 45-106F9]** |
| &nbsp;&nbsp;<u> </u> | (j.1) | &nbsp;&nbsp;an <u>individual</u> who beneficially owns **financial assets** (which term excludes real estate) having an **aggregate realizable value** that, before taxes but **net** of any **related liabilities,** exceeds $5,000,000; or |
| &nbsp;&nbsp;<u> </u> | (k) | &nbsp;&nbsp;an <u>individual</u> whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; or<br> **[MUST ALSO FULLY COMPLETE AND EXECUTE THE ATTACHED FORM 45-106F9]** |
| &nbsp;&nbsp;<u> </u> | (l) | &nbsp;&nbsp;an <u>individual</u> who, either alone or with a spouse, has **net assets** that exceed $5,000,000; or<br> **[MUST ALSO FULLY COMPLETE AND EXECUTE THE ATTACHED FORM 45-106F9]** |
| &nbsp;&nbsp;<u> </u> | (m) | &nbsp;&nbsp;a person, other than an individual or investment fund, that has **net assets** of at least $5,000,000 as shown on its most recently prepared financial statements; or |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u> </u>(n) | &nbsp;&nbsp;an investment fund that distributes or has distributed its securities only to |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a person that is or was an accredited investor at the time of the distribution; |
|  | &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 person that acquires or acquired securities in the circumstances referred to in sections 2.10 ["*Minimum Amount Investment exemption*"] or 2.19 ["*Additional Investment in Investment Funds exemption*"] of NI 45-106; 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;a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 ["*Investment Fund Reinvestment exemption*"] of NI 45-106; or |
| &nbsp;&nbsp;<u> </u> (o) | &nbsp;&nbsp;an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt; or |
| &nbsp;&nbsp;<u> </u> (p) | &nbsp;&nbsp;a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be; or |
| &nbsp;&nbsp;<u> </u> (q) | &nbsp;&nbsp;a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; or |
| &nbsp;&nbsp;<u> </u> (r) | &nbsp;&nbsp;a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; or |
| &nbsp;&nbsp;<u> </u> (s) | &nbsp;&nbsp;an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function; or |
| &nbsp;&nbsp;<u> </u> (t) | &nbsp;&nbsp;a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors (as defined in this Schedule); or |
| &nbsp;&nbsp;<u> </u> (u) | &nbsp;&nbsp;an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser; or |
| &nbsp;&nbsp;<u> </u> (v) | &nbsp;&nbsp;a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or |
| &nbsp;&nbsp;<u> </u> (w) | &nbsp;&nbsp;a trust established by an accredited investor (as defined in this Schedule) for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors (as defined in this Schedule) and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. |

---

All dollar amounts referred to in this Schedule are expressed in Canadian dollars.

For the purposes of this Schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 trust company or trust corporation described in paragraph (p) above, other than a trust
 company or trust corporation registered under the laws of Prince Edward Island that is not
 registered or authorized under the *Trust and Loan Companies Act* (Canada) or under
 comparable legislation in another jurisdiction of Canada, is deemed to be purchasing as principal;
 and

A person described in paragraph (q) above is deemed to be purchasing as principal.

For the purposes of this Schedule, the following definitions apply:

**"Additional Investment in Investment Funds exemption"** refers to the following exemption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 prospectus requirement does not apply to a distribution by an investment fund or the investment
 fund manager of the fund, of a security of the investment fund's own issue to a security
 holder of the investment fund if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 security holder initially acquired securities of the investment fund as principal for an
 acquisition cost of not less than $150,000 paid in cash at the time of the distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 distribution is in respect of a security of the same class or series as the securities initially
 acquired as described in subsection (i), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 security holder, as at the date of the distribution, holds securities of the investment fund
 that have an acquisition cost of not less than $150,000, or a net asset value of not less
 than $150,000;

**"bank"** means a bank named in Schedule I or II of the *Bank Act* (Canada);

**"Canadian financial institution"** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 association governed by the *Cooperative Credit Associations Act* (Canada) or a central
 credit cooperative society for which an order has been made under section 473(1) of
 that Act, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 bank, loan corporation, trust company, trust corporation, insurance company, treasury branch,
 credit union, caisse populaire, financial services cooperative, or league that, in each case,
 is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business
 in Canada or a jurisdiction of Canada;

**"control person"** has the same meaning ascribed to that term under applicable securities legislation and in British Columbia is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 person who holds a sufficient number of the voting rights attached to all outstanding voting
 securities of an issuer to affect materially the control of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 person in a combination of persons, acting in concert by virtue of an agreement, arrangement,
 commitment or understanding, which holds in total a sufficient number of the voting rights
 attached to all outstanding voting securities of an issuer to affect materially the control
 of the issuer,

and, if a person or combination of persons holds more than 20% of the voting rights attached to all outstanding voting securities of an issuer, the person or combination of persons is deemed, in the absence of evidence to the contrary, to hold a sufficient number of the voting rights to affect materially the control of the issuer.

**"director"** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 member of the board of directors of a company or an individual who performs similar functions
 for a company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to a person that is not a company, an individual who performs functions similar to
 those of a director of a company;

**"eligibility adviser"** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 person that is registered as an investment dealer and authorized to give advice with respect
 to the type of security being distributed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing
 with a law society of a jurisdiction of Canada or a public accountant who is a member in
 good standing of an institute or association of chartered accountants, certified general
 accountants or certified management accountants in a jurisdiction of Canada provided that
 the lawyer or public accountant must not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have
 a professional, business or personal relationship with the issuer, or any of its directors,
 executive officers, founders, or control persons, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have
 acted for or been retained personally or otherwise as an employee, executive officer, director,
 associate or partner of a person that has acted for or been retained by the issuer or any
 of its directors, executive officers, founders or control persons within the previous 12
 months;

**"executive officer"** means, for an issuer, an individual who is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 chair, vice-chair or president,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 vice-president in charge of a principal business unit, division or function including sales,
 finance or production, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) performing
 a policy-making function in respect of the issuer;

**"financial assets"** means cash, securities or a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation; and specifically excludes real estate. For the purposes of paragraphs (j) and (j.1) above, financial assets are those financial assets which are beneficially owned. The following factors are indicative of beneficial ownership of financial assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) physical
 or constructive possession of evidence of ownership of the financial asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entitlement
 to receipt of any income generate d by the financial asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) risk
 of loss of the value of the financial asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 ability to dispose of the financial asset or otherwise deal with it as the individual sees
 fit.

Financial assets are generally liquid or relatively easy to liquidate. Realizable value of financial assets generally means the fair market value of the assets that may reasonably be obtained in an orderly liquidation. To satisfy the thresholds in paragraphs (j) and (j.1) above, the value must be net of related liabilities.

**"foreign jurisdiction"** means a country other than Canada or a political subdivision of a country other than Canada;

**"founder"** means, in respect of an issuer, a person who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acting
 alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes
 the initiative in founding, organizing or substantially reorganizing the business of the
 issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 the time of the distribution or trade is actively involved in the business of the issuer;

**"fully managed account"** means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;

**"Insider"** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 director or an officer of an issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 director or an officer of a person that is itself an insider or a subsidiary of an issuer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 person that has

&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) beneficial
 ownership of, or control or direction over, directly or indirectly, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 combination of beneficial ownership of, and control or direction over, directly or indirectly, securities
 of an issuer carrying more than 10% of the voting rights attached to all the issuer's outstanding
 voting securities, excluding, for the purpose of the calculation of the percentage held,
 any securities held by the person as underwriter in the course of a distribution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an
 issuer that has purchased, redeemed or otherwise acquired a security of its own issue, for
 so long as it continues to hold that security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 person designated as an insider in an order made under section 3.2 of the *Securities Act* (British Columbia), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 person that is in a prescribed class of persons;

**"investment fund"** means a mutual fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 employee venture capital corporation that does not have a restricted constitution, and is
 registered under Part 2 of the *Employee Investment Act*, R.S.B.C. 1996 c. 112,
 and whose business objective is making multiple investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 venture capital corporation registered under Part 1 of the *Small Business Venture Capital Act*, R.S.B.C. 1996 c. 429, whose business objective is making multiple investments;

**"Investment Fund Reinvestment exemption"** refers to the following exemption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to subsections (c), (d), (e) and (f) of this definition, the prospectus requirement
 does not apply to the following distribution by an investment fund, and the investment fund
 manager of the fund, to a security holder of the investment fund if the distributions are
 permitted by a plan of the investment fund:

&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
 distribution of a security of the investment fund's own issue if dividends or distributions
 out of earnings, surplus, capital or other sources payable in respect of the investments
 fund's securities is applied to the purchase of the security that is of the same class
 or series as the securities to which the dividends or distributions out of earnings, surplus,
 capital or other sources are attributable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
 to subsection (b), a distribution of a security of the investment fund's own issue
 if the security holder makes optional cash payments to purchase the security of the investment
 fund that is of the same class or series of securities described in paragraph (i) that
 trade on a marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 aggregate number of securities issued under the optional cash payment referred to in subsection
 (a)(ii) must not exceed, in any financial year of the investment fund during which the
 trade takes place, 2% of the issued and outstanding securities of the class to which the
 plan relates as at the beginning of the financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 plan that permits the distributions described in subsection (a) must be available to
 every security holder in Canada to which the dividend or distribution out of earnings, surplus,
 capital or other sources is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 person must not charge a fee for a distribution described in subsection (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An
 investment fund that is a reporting issuer and is a continuous distribution must set out
 in its current prospectus (i) details of any deferred or contingent sales charge or
 redemption fee that is payable at the time of the redemption of the security, (ii) any
 right that the security holder has to make an election to receive cash instead of securities
 on the payment of a dividend or making of a distribution by the investment fund, and (iii) instructions
 on how the right referred to in paragraph (ii) can be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An
 investment fund that is a reporting issuer and is not in continuous distribution must provide
 the information required by subsection (e) in its prospectus, annual information form
 or a material change report.

**"jurisdiction"** or **"jurisdiction of Canada"** means a province or territory of Canada except when used in the term foreign jurisdiction;

**"local jurisdiction"** means, in a national instrument or multilateral instrument adopted or made by a Canadian securities regulatory authority, the jurisdiction in which the Canadian securities regulatory authority is situate;

**"Minimum Amount Investment exemption"** refers to the following exemption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 prospectus requirement does not apply in respect of a distribution in a security to a person
 if all of the following 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 person is not an individual;

&nbsp;&nbsp;&nbsp;&nbsp;&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) that
 person purchases as principal;

&nbsp;&nbsp;&nbsp;&nbsp;&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
 security has an acquisition cost to that person of not less than Cdn$150,000 paid in cash
 at the time of the distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&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
 distribution is in a security of a single issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subsection
 (a) does not apply to a distribution of a security to a person if the person was created
 or is used solely to purchase or hold securities in reliance on this exemption from the prospectus
 requirement set out in subsection (a);

**"mutual fund"** has the meaning ascribed to that term under applicable securities legislation and in British Columbia includes an issuer of a security that entitles the holder to receive on demand, or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of the net assets, including a separate fund or trust account, of the issuer of the security;

**"net assets"** means total assets (including real estate) less total liabilities (including mortgages). For the purposes of paragraph (l) above, the value attributed to assets should reasonably reflect their estimated fair value and tax is considered a liability to be deducted if the obligation to pay the tax is outstanding at the date of closing of the purchase of the Securities.

**"non-redeemable investment fund"** means an issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whose
 primary purpose is to invest money provided by its securityholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 does not invest,

&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) for
 the purpose of exercising or seeking to exercise control of an issuer, other than an issuer
 that is a mutual fund or a non-redeemable investment fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 the purpose of being actively involved in the management of any issuer in which it invests,
 other than an issuer that is a mutual fund or a non-redeemable investment fund, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 is not a mutual fund;

**"person"** includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 partnership, trust, fund and an association, syndicate, organization or other organized group
 of persons, whether incorporated or not, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an
 individual or other person in that person's capacity as a trustee, executor, administrator
 or personal or other legal representative;

**"regulator"** means, for the local jurisdiction, the person referred to in Appendix D of National Instrument 14-101, opposite the name of the local jurisdiction;

**"related liabilities"** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) liabilities
 incurred or assumed for the purpose of financing the acquisition or ownership of financial
 assets, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) liabilities
 that are secured by financial assets;

**"Schedule III bank"** means an authorized foreign bank named in Schedule III of the *Bank Act* (Canada);

**"securities legislation"** means the applicable securities legislation of a jurisdiction of Canada;

**"spouse"** means, an individual who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 married to another individual and is not living separate and apart within the meaning of
 the Divorce Act (Canada), from the other individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 living with another individual in a marriage-like relationship, including a marriage-like
 relationship between individuals of the same gender, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent
 partner within the meaning of the *Adult Interdependent Relationships Act* (Alberta);
 and

**"subsidiary"** means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary.

For the purpose hereof, an issuer is an **affiliate** of another issuer if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one
 of them is the subsidiary of the other, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 of them is controlled by the same person.

For the purpose hereof, a person (first person) is considered to control another person (second person) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 first person beneficially owns or directly or indirectly, beneficially owns or exercises
 control or direction over securities of the second person carrying votes which, if exercised,
 would entitle the first person to elect a majority of the directors of the second person,
 unless that first person holds the voting securities only to secure an obligation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 second person is a partnership, other than a limited partnership, and the first person holds
 more than 50% of the interests of the partnership, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 second person is a limited partnership and the general partner of the limited partnership
 is the first person.

For the purpose hereof, for residents of Manitoba, **"distribution"** means a primary distribution to the public.

For the purpose hereof, for residents of Québec, **"trade"** refers to any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 activities described in the definition of "dealer" in section 5 of the Securities
 Act (Québec), including the following activities;

&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
 sale or disposition of a security by onerous title, whether the terms of payment be on margin,
 instalment or otherwise, but does not include, a transfer or the giving in guarantee of securities
 in connection with a debt or the purchase of a security, except as provide in paragraph (b);

&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) participation
 as a trader in any transaction in a security through the facilities of an exchange or a quotation
 and trade reporting system;

&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
 receipt by a registrant of an order to buy or sell a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 transfer or the giving in guarantee of securities of an issuer from the holdings of a control
 person in connection with a debt.

**<u>SCHEDULE "B"</u>**

Form 45-106F9<br> Form for Individual Accredited Investors

WARNING!<br> This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.<br>

---

| | |
|:---|:---|
| **SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| **1. About your investment** | **1. About your investment** |
| Type of securities:<br> Convertible preferred shares and Common share warrants<br>| Issuer: General Fusion Inc. |
| Purchased from:<br>The Issuer | Purchased from:<br>The Issuer |
| **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| **2. Risk acknowledgement** | **2. Risk acknowledgement** |
| This investment is risky. Initial that you understand that: | **Your initials** |
| **Risk of loss –** You could lose your entire investment of USD$__________________ [*Instruction: Insert the total dollar amount of the investment.*] |  |
| **Liquidity risk –** You may not be able to sell your investment quickly – or at all. |  |
| **Lack of information –** You may receive little or no information about your investment. |  |
| **Lack of advice –** You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to <u>www.aretheyregistered.ca</u>. |  |
| **3. Accredited investor status** | **3. Accredited investor status** |
| You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | **Your initials** |
| ● Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) |  |
| ● Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. |  |
| ● Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. |  |
| ● Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) |  |

---

---

| | |
|:---|:---|
| **4. Your name and signature** | **4. Your name and signature** |
| By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. | By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| First and last name (please print): | First and last name (please print): |
| Signature: | Date: |
| **SECTION 5 TO BE COMPLETED BY THE SALESPERSON** | **SECTION 5 TO BE COMPLETED BY THE SALESPERSON** |
| **5. Salesperson information** | **5. Salesperson information** |
| *[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]* | *[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]* |
| First and last name of salesperson (please print): Greg Twinney | First and last name of salesperson (please print): Greg Twinney |
| Telephone: 604 439 3003 x2017 | Email: greg.twinney@generalfusion.com |
| Name of firm (if registered): | Name of firm (if registered): |
| **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| **6. For more information about this investment** | **6. For more information about this investment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For investment in a non-investment fund<br>**General Fusion Inc.**<br> 6020 Russ Baker Way<br> Richmond , BC<br> V7B 1B4 Canada<br> Attention: Hamish Cumming<br>Email: hamish.cumming@generalfusion.com<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For investment in a non-investment fund<br>**General Fusion Inc.**<br> 6020 Russ Baker Way<br> Richmond , BC<br> V7B 1B4 Canada<br> Attention: Hamish Cumming<br>Email: hamish.cumming@generalfusion.com<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** |

---

***Form instructions:***

*1.* *This form does not mandate the use of a specific font size or style but the font must be legible.* 

*2.* *The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the form.* 

*3.* *The purchaser must sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this form signed by the purchaser. The issuer or selling security holder is required to keep a copy of this form for 8 years after the distribution.* 

**<u>FORM 2 - CERTIFICATE OF U.S. ACCREDITED INVESTOR</u>**

**TO: GENERAL FUSION INC. (the "Issuer")**

Dated as of: [●]

In connection with the purchase by the undersigned purchaser (the "**Purchaser**") of convertible preferred shares and warrants to purchase Common shares of the Issuer (the "**Securities**"), the undersigned Purchaser represents and warrants to the Issuer, and understands that the Issuer is relying upon the truthfulness and accuracy of the following representations and warranties of the Purchaser, that:

1. the
 Securities are being and will be acquired by the Purchaser for investment purposes only,
 for the Purchaser's own account and not with the view to any public resale or distribution
 thereof;

2. the
 Securities have not been and will not be registered under the United States Securities Act
 of 1933 (the "1933 Act") or any state securities laws and the offer and sale
 of Securities to the Purchaser is being made in reliance on an exemption from the registration
 requirements of the 1933 Act for private placements to accredited investors (as such term
 is defined in Rule 501(a) of Regulation D under the 1933 Act), which depends upon,
 among other things, the bona fide nature of the investment intent and the accuracy of the
 Purchaser's representations as expressed herein;

3. the
 Purchaser is not purchasing the Securities as a result of any form of general solicitation
 or general advertising, as such terms are used in Rule 502(c) of Regulation D under
 the 1933 Act, including, without limitation, advertisements, articles, notices or other communications
 published in any newspaper, magazine or similar media or the internet, or broadcast over
 radio, television or the Internet, or any seminar or meeting whose attendees have been invited
 by general solicitation or general advertising;

4. the
 Purchaser has been independently advised as to, or acknowledges that it is aware, and understands
 that the acquisition, holding and disposition of the Securities may have tax consequences
 under the laws of both the United States and Canada, including, without limitation, with
 respect to the potential applicability of United States federal tax rules related to
 "passive foreign investment companies" and "qualified electing fund"
 elections (as such terms are defined in the United States Internal Revenue Code of 1986,
 as amended), confirms that no representation has been made to it by or on behalf of the Issuer
 with respect thereto, and acknowledges and understands that it is its sole responsibility
 to determine and assess such tax consequences as may apply to its particular circumstances;

5. the
 Purchaser has had the opportunity to ask questions and receive answers about the offering
 of the Securities and has had access to such additional information, if any, concerning the
 Issuer as it has considered necessary in connection with its investment decision to invest
 in the Securities;

6. the
 Purchaser is aware that its ability to enforce civil liabilities under the United States
 federal securities laws may be affected adversely by, among other things, the fact that:
 (i) the Issuer is organized under the federal laws of Canada or laws of a Province of
 Canada; (ii) some or all of the directors and officers of the Issuer may be residents
 of countries other than the United States; and (iii) all or a substantial portion of
 the assets of the Issuer and said persons may be located outside the United States;

7. the
 Purchaser understands and acknowledges that the Issuer is not obligated to file, and has
 no present intention of filing, with the United States Securities and Exchange Commission
 or with any state securities administrator any registration statement in respect of resale
 of the Securities;

8. the
 Purchaser has adequate means of providing for the current needs of the Purchaser and possible
 contingencies, and the Purchaser acknowledges that there is no market for the Securities
 issued by the Issuer and that no market for such Securities may ever exist;

9. the
 Purchaser understands that a purchase of the Securities involves certain significant elements
 of risk, and the Purchaser is able to bear such risks;

10. the
 Purchaser is a bona fide resident of the jurisdiction set forth as the address of the Purchaser
 in Form 1 – "Certificate of Accredited Investor" and is an "accredited
 investor" (as such term is defined in Rule 501(a) of Regulation D under the
 1933 Act), being one or more of the following categories (initial each applicable category):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A
 natural person whose individual net worth, or joint net worth with that person's spouse,
 at the time of his or her purchase exceeds US$1,000,000;<sup>1</sup> or

______________ Initial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 natural person who had an individual income in excess of US$200,000 in each of the two most
 recent years, or joint income with that person's spouse in excess of US$300,000 in
 each of those years, and has a reasonable expectation of reaching the same income level in
 the current year; or

______________ Initial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
 corporation, Massachusetts or similar business trust, partnership, or limited liability company
 not formed for the specific purpose of acquiring the securities offered, with total assets
 of more than US$5,000,000; or

______________ Initial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any
 entity in which all of the equity owners are accredited investors; or

______________ Initial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Another
 category, being:

______________ Initial

The Purchaser understands and acknowledges that the Securities will be "restricted securities" as defined in Rule 144 under the 1933 Act, and upon the original issuance of the Securities, and until such time as it is no longer required under applicable requirements of the 1933 Act or applicable state securities laws, all certificates representing the Securities and all certificates issued in exchange therefor or in substitution thereof, shall bear, in addition to the requisite Canadian or other legend, a legend in substantially the following form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE 1933 ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND THE SELLER, PRIOR TO SUCH SALE UNDER (C) OR (D) ABOVE, FURNISHES TO THE ISSUER AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE, IN EACH CASE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER AND ITS REGISTRAR AND TRANSFER AGENT TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

<sup>1</sup> In determining "net worth", exclude the value of the person's principal residence and any related mortgages secured thereby, except that if the amount of such indebtedness on the date of sale of the securities exceeds the amount of such indebtedness outstanding 60 days prior to the date of sale, other than as a result of the acquisition of the primary residence, the amount of such excess should be included as a liability. In addition, if the aggregate mortgage debt related to the principal residence exceeds the value of the residence, that excess further reduces the person's net worth to the extent that the excess liability is with recourse against the person.

provided, that if any of the Securities are being sold under clause (B) above (and in compliance with Canadian local laws and regulations), at a time when the Issuer is a "foreign issuer" as defined in Rule 902 under the 1933 Act, the legend set forth above may be removed by providing a declaration for removal of legend in a form satisfactory to the Issuer, or such other evidence of exemption as the Issuer may from time to time prescribe, including, but not limited to, an opinion of counsel or other evidence of exemption, in either case reasonably satisfactory to the Issuer, to the effect that the sale of the securities is being made in compliance with Regulation S under the 1933 Act.

The foregoing representations and warranties are true and accurate as of the date of this certificate and will be true and accurate as of the issue date of the Securities (the "**Issue Date**"). If any such representation or warranty shall not be true and accurate prior to the Issue Date, the Purchaser shall give prompt written notice of such fact to the Issuer.

Dated as of the date set forth above.

**<u>PURCHASER INFORMATION</u>**

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|:---|
| Full Legal Name of Investor: |
| Investment Amount: USD$<u> </u> |
| Address (including zip code): |
| Phone Number:<u> </u> |
| E-mail Address:<u> </u> |

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|:---|:---|
| By: |  |
|  | Signature |
|  | Name |
|  | Title<br> (please print name and title of individual whose signature appears above, if different from name of Purchaser printed above)  |

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