Document:

Exhibit
10.7

 

PLACEMENT
UNIT SUBSCRIPTION AGREEMENT

 

This
PLACEMENT UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the [   ] day of [   ], 2021, by and between
Global SPAC Partners Co., a Cayman Islands company (the “Company”), having its principal place of business
at 2093 Philadelphia Pike #1968, Claymont, DE 19703, and I-Bankers Securities, Inc. (the “Subscriber”).

 

WHEREAS, the Company desires
to sell on a private placement basis (the “Offering”) an aggregate of 200,000 units (“Initial Units”)
of the Company and up to an additional 30,000 units (the “Additional Units” and, together with the Initial Units, the
“Units”) in the event that the underwriters’ 45-day over-allotment option (“Over-Allotment Option”)
is exercised in full or part, each Unit comprised of (i) one subunit (the “Subunits”), consisting of one Class A ordinary
share of the Company, par value $0.0001 per share (“Ordinary Shares”) and one-quarter of one warrant to purchase one
Class A ordinary share (“Warrant”) and (ii) one-half of one Warrant, for a purchase price of $10.00 per Unit. The Ordinary
Shares underlying the Warrants are hereinafter referred to as the “Warrant Shares.” The Ordinary Shares underlying
the Subunits (excluding the Warrant Shares) are hereinafter referred to as the “Placement Shares.” The Warrants underlying
the Units and Subunits are hereinafter collectively referred to as the “Placement Warrants.” The Units, Subunits, Placement
Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the “Securities.” Placement
Warrants may be exercised only to the extent that, when aggregated with other Placement Warrants being exercised, the exercise is for
a whole share or whole shares; no fractional shares shall be issuable. The exercise price for any Warrant Share shall be $11.50. Subject
to the foregoing, the Placement Warrants are exercisable during the period commencing 30 days following the consummation of the Company’s
initial business combination (the “Business Combination”), as such term is defined in the registration statement filed
in connection with the IPO, as amended at the time it becomes effective (the “Registration Statement”), and expiring
on the fifth anniversary of the consummation of the Business Combination (provided that so long as the Placement Warrants are held by
the Subscriber or its designees, the Subscriber or its designees will not be permitted to exercise such Placement Warrants after the five
year anniversary of the effective date of the Registration Statement); and

 

WHEREAS,
the Subscriber wishes to purchase the Initial Units and up to 30,000 Additional Units from the Company and the Company wishes
to accept such subscription from the Subscriber.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Subscriber hereby agree as follows:

 

	 	1.	Agreement
    to Subscribe

 

1.1
Purchase and Issuance of the Initial Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber
hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Initial Closing Date
(as defined below), 200,000 Initial Units for a purchase price of $2,000,000 (the “Purchase Price”).

 

1.2
Delivery of the Purchase Price. Upon execution of this Agreement, the Company is bound to fulfill its obligations
hereunder and the Subscriber hereby irrevocably commits to deliver directly into a trust account (the “Trust
Account” ) held at JP Morgan Chase Bank, N.A. or any other financial institution chosen by the Company, with
Continental Stock Transfer & Trust Company acting as trustee, the Purchase Price in immediately available funds by
wire transfer or such other form of payment as shall be acceptable to the Trustee, in its sole and absolute discretion, on or
prior to the Initial Closing Date.

 

1.3
Initial Closing. The closing of the purchase and sale of 200,000 Initial Units, shall take place simultaneously with the closing
of the IPO (the “Initial Closing Date”). The closing of such Initial Units shall take place at the offices
of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, 11th Floor, New York, New York, 10105, or such other place
as may be agreed upon by the parties hereto.

 

     

     

    

 

1.4
Conditions to Closing. The obligation of the Subscriber to purchase and pay for the Units as provided herein shall be subject
to the satisfaction of the conditions set forth in Section 5 of the Underwriting Agreement, dated as of the date hereof, by and
between the Company and the Subscriber, as representative of the underwriters named therein (the “Underwriting Agreement”).

 

1.5
Purchase and Issuance of Additional Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber
hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Over-allotment Closing
Date (as defined below) up to an aggregate of 30,000 Additional Units in consideration of the payment of $10.00 per Additional
Unit for a purchase price of up to $300,000 and in the same proportion as the amount of the Over-Allotment Option is exercised.
On the Over-Allotment Closing Date (as defined below), the Company shall, at its option, deliver to the Subscriber the certificates
representing the Securities purchased or effect such delivery in book-entry form.

 

1.6.
Purchase Price for Additional Units. As payment in full for the Additional Units being purchased under this Agreement, the
Subscriber shall pay $10.00 per Additional Unit being purchased by wire transfer of immediately available funds or by such other
method as may be reasonably acceptable to the Company, to the Trust Account on the date of the consummation of the closing of
the over-allotment option, and concurrently with the consummation thereof, or on such earlier time and date as may be mutually
agreed by the Company and the Subscriber (each such date, an “Over-Allotment Closing Date”).

 

1.7.
Over-Allotment Closing. The closing of the purchase and sale of Additional Units shall take place at the offices of Ellenoff
Grossman & Schole LLP, 1345 Avenue of the Americas, 11th Floor, New York, New York, 10105, or such other place as may be agreed
upon by the parties hereto.

 

1.8
Termination. This Agreement and each of the obligations of the undersigned shall be null and void and without effect
if the Initial Closing does not occur prior to June 30, 2021.

 

	 	2.	Representations
    and Warranties of Subscriber

 

The
Subscriber represents and warrants to the Company that:

 

2.1
No Government Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the Company or the Offering of the Securities.

 

2.2
Accredited Investor. Subscriber represents that it is an “accredited investor” as such term is defined in Rule
501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges
that the sale contemplated hereby is being made in reliance, among other things, on a private placement exemption to “accredited
investors” under the Securities Act and similar exemptions under state law.

 

2.3
Intent. Subscriber is purchasing the Securities solely for investment purposes, for such Subscriber’s own
account (and/or for the account or benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the
“Letter Agreement”) to be entered into with respect to the Securities between, among others, Subscriber and
the Company, as described in the Registration Statement), and not with a view to the distribution thereof and Subscriber has no
present arrangement to sell the Securities to or through any person or entity except as may be permitted under the Letter Agreement.
Subscriber shall not engage in hedging transactions with regard to the Securities unless in compliance with the Securities Act.

 

    2

     

    

 

2.4
Restrictions on Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not
involving a public offering in the United States within the meaning of the Securities Act. The Securities have not
been registered under the Securities Act and, if in the future Subscriber decides to offer, resell, pledge or otherwise
transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to
an effective registration statement filed under the Securities Act, (B) pursuant to an exemption from registration under
Rule 144 promulgated under the Securities Act, if available, or (C) pursuant to any other available exemption from the
registration requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any
state or any other jurisdiction. Notwithstanding the foregoing, Subscriber acknowledges and understands the Securities are
subject to transfer restrictions as described in Section 8 hereof. Subscriber agrees that, if any transfer of its
Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer Subscriber may be
required to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such transfer. Absent
registration or another available exemption from registration, Subscriber agrees it will not transfer the Securities (unless
otherwise permitted pursuant to the Letter Agreement, as described in the Registration Statement). Subscriber
further acknowledges that because the Company is a shell company, Rule 144 may not be available to Subscriber for the resale
of the Securities until the one year anniversary following consummation of the Business Combination, despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.5
Sophisticated Investor.

 

(i)
Subscriber’s managers and members are individually accredited investors and are sophisticated in financial matters and able
to evaluate the risks and benefits of the investment in the Securities.

 

(ii)
Subscriber is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among
other things, (a) the Securities are subject to transfer restrictions and have not been registered under the Securities Act and
therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available
and (b) Subscriber has waived its redemption rights with respect to the Securities as set forth in Section 5 hereof, and the Securities
held by Subscriber are not entitled to, and have no right, interest or claim to any monies held in the Trust Account, and accordingly
Subscriber may suffer a loss of a portion or all of its investment in the Securities. Subscriber is able to bear the economic
risk of its investment in the Securities for an indefinite period of time.

 

2.6
Organization and Authority. Subscriber is duly organized, validly existing and in good standing under the laws
of its state of incorporation or formation and it possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.7
Authority. This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution
may be limited by federal and state securities laws or principles of public policy.

 

2.8
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) Subscriber’s charter documents,
(ii) any agreement or instrument to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber
is subject, or any agreement, order, judgment or decree to which Subscriber is subject.

 

2.9
No Legal Advice from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s
own legal counsel and investment and tax advisors. Except for any statements or representations of the Company made
in this Agreement and the other agreements entered into between the parties hereto, Subscriber is relying solely on such review,
counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal,
tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws
of any jurisdiction.

 

2.10
Reliance on Representations and Warranties. Subscriber understands the Units are being offered and sold to Subscriber
in reliance on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and
regulations of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties,
agreements, acknowledgments and understandings of Subscriber set forth in this Agreement in order to determine the applicability
of such provisions.

 

    3

     

    

 

2.11
No General Solicitation. Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation
or general advertising, including but not limited to any advertisement, article, notice or other communication published in any
newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration
statement with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.12
Legend. Subscriber acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive
legend (the “Legend”), in form and substance substantially as set forth in Section 4 hereof.

 

	 	3.	Representations,
    Warranties and Covenants of the Company

 

The
Company represents and warrants to, and agrees with, Subscriber that:

 

3.1
Valid Issuance of Capital Stock. The total number of shares of all classes of ordinary and preferred shares which the Company
has authority to issue is 220,000,000 ordinary shares and 1,000,000 preference shares (“Preferred Shares”).
As of the date hereof, the Company has issued and outstanding 5,750,000 Class B ordinary shares (of which up to 750,000 shares
are subject to forfeiture) and no Preferred Shares. All of the issued ordinary shares of the Company have been duly authorized,
validly issued, and are fully paid and non-assessable.

 

3.2
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement (as defined in Section 8.1), as the case may be, each of the Units, Subunits, Placement Shares, Placement Warrants
and the Warrant Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the
Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof
and the Warrant Agreement, as the case may be, the Subscriber will have or receive good title to the Units, Subunits, Placement
Shares and Placement Warrants, free and clear of all liens, claims and encumbrances of any kind resulting from actions of, or
any failure to act by, the Company, other than (i) transfer restrictions hereunder and pursuant to the Letter Agreement and (ii)
transfer restrictions under federal and state securities laws.

 

3.3
Organization and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under
the laws of Cayman Islands and has the requisite corporate power to own its properties and assets and to carry on its business
as now being conducted.

 

3.4
Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform
its obligations under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution,
delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have
been duly authorized by all necessary corporate action, and no further consent or authorization of the Company or its Board of
Directors or shareholders is required, and (iii) this Agreement constitutes a valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights
to indemnity and contribution may be limited by federal and state securities laws or principles of public policy.

 

3.5
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not (i) result in a violation of the Company’s memorandum and articles of association, (ii) conflict
with, or constitute a default under any agreement or instrument to which the Company is a party or by which it is bound or (iii)
violate any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which
the Company is subject. Other than any SEC or state securities filings which may be required to be made by the Company subsequent
to the Initial Closing Date and each Over-Allotment Closing Date, if any, and any registration statement which may be filed pursuant
thereto, the Company is not required under federal, state, local or foreign law, rule or regulation to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for
it to perform any of its obligations under this Agreement or issue the Units, Subunits, Placement Shares, Placement Warrants or
the Warrant Shares in accordance with the terms hereof.

 

    4

     

    

 

3.6
Additional Representations and Warranties. The representations and warranties of the Company set forth in the Underwriting
Agreement are hereby incorporated herein. 

 

	 	4.	Legends
    

 

4.1
Legend. The Company will issue the Units, Subunits, Placement Shares and Placement Warrants, and, when issued, the Warrant
Shares, purchased by Subscriber in the name of Subscriber. The Securities will bear the following Legend and appropriate “stop
transfer” instructions:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO A LETTER AGREEMENT AMONG GLOBAL
SPAC PARTNERS CO. AND THE OTHER PARTIES THERETO AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING
THE TERM THEREOF PURSUANT TO THE TERMS SET FORTH IN THE LETTER AGREEMENT.”

 

4.2
Subscriber’s Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations
and agreements to comply with all applicable securities laws upon resale of the Securities.

 

4.3
Company’s Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the
Securities if, in the sole judgment of the Company, such purported transfer would not be made (i) pursuant to an
effective registration statement filed under the Securities Act, or (ii) pursuant to an available exemption from the
registration requirements of the Securities Act and applicable state securities laws and (iii) in compliance
herewith.

 

4.4
Registration Rights. The Subscriber will be entitled to certain registration rights which will be governed by a
registration rights agreement to be entered into between, among others, Subscriber and the Company, on or prior to the
effective date of the Registration Statement.

 

	 	5.	Waiver
    of Liquidation Distributions.

 

In connection with the Securities
purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or
to any distributions with respect to the Securities in connection with (i) the exercise of redemption rights in connection with
the Company’s consummation of the Business Combination, or (ii) upon the Company’s redemption of Public Subunits (as
defined below) upon the Company’s failure to consummate the Business Combination within 12 months from the completion of
the IPO or the liquidation of the Company prior to the expiration of such 12 month period. In the event any Subscriber purchases
Subunits in the IPO or in the aftermarket (“Public Subunits”), Subscriber hereby waives any and all right, title,
interest or claim of any kind in or to any distributions with respect to any Public Subunits in connection with the exercise of
redemption rights in connection with the Company’s consummation of the Business Combination. For the avoidance of doubt,
Subscriber shall be eligible to redeem any Public Subunits upon the same terms offered to all other purchasers of Public Subunits
in the IPO in the event the Company fails to consummate the Business Combination, or liquidates, within 12 months from the completion
of the IPO.

 

    5

     

    

 

	 	6.	Termination
    of Placement Warrants.

 

6.1 Failure to Consummate Business
Combination. The Placement Warrants shall be terminated upon the dissolution of the Company or in the event that the Company
does not consummate the Business Combination within 12 months from the completion of the IPO.

 

6.2
Termination of Rights as Holder. If the Placement Warrants are terminated in accordance with Section 6.1, then
after such time, Subscriber (or its successor in interest) shall no longer have any rights as a holder of such Placement Warrants
and the Company shall take such action as is appropriate to cancel such Placement Warrants. The Subscriber hereby irrevocably
grants the Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures
reasonably requested by the Company necessary to effect the foregoing.

 

	 	7.	Rescission
    Right Waiver and Indemnification.

 

7.1
The Subscriber understands and acknowledges an exemption from the registration requirements of the Securities Act requires
there be no general solicitation of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation
with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not, the Subscriber may
have a right to rescind its purchases of the Units. In order to facilitate the completion of the Offering and in order to protect
the Company, its shareholders and the amounts in the Trust Account from claims that may adversely affect the Company or the interests
of its shareholders, Subscriber hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to
sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Units. The Subscriber acknowledges
and agrees this waiver is being made in order to induce the Company to sell the Units to Subscriber. The Subscriber agrees the
foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims or
proceedings (collectively, “Claims”) and related losses, costs, penalties, fees, liabilities and damages, whether
compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert
witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any
Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase
of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

 

7.2
The Subscriber agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase
of the Units or any Claim that may arise now or in the future.

 

7.3
The Subscriber acknowledges and agrees that the shareholders of the Company are and shall be third-party beneficiaries of
this Section 7.

 

7.4
The Subscriber agrees that, to the extent any waiver of rights under this Section 7 is ineffective as a matter of law,
Subscriber has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification
or bar that applies to a legal right. The Subscriber acknowledges the receipt and sufficiency of consideration received from the
Company hereunder in this regard.

 

	 	8.	Terms
    of the Units and Placement Warrant

 

The
Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and
their component parts will be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation
of the Business Combination, (ii) the Placement Warrants will be non-redeemable so long as they are held by Subscriber (or any
of its permitted transferees), and will be exercisable on a “cashless” basis if held by a Subscriber or its permitted
transferees and (iii) the Units and their component parts are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after they are registered or an exemption from registration is available,
and the restrictions described above in clause (i) have expired.

 

    6

     

    

 

	 	9.	Governing
    Law; Jurisdiction; Waiver of Jury Trial

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be
wholly performed within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation
pursuant to this Agreement and the transactions contemplated hereby.

 

	 	10.	Assignment;
    Entire Agreement; Amendment

 

10.1
Assignment. Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by
a Subscriber to a person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.

 

10.2
Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter
hereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3
Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived,
discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment,
waiver, discharge or termination is sought.

 

10.4
Binding upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their
respective heirs, legal representatives, successors and permitted assigns.

 

	 	11.	Notices

 

11.1
Notices. Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given
if in writing and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner
herein provided or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized
overnight courier) or mailed to said party by certified mail, return receipt requested, at its address provided for herein or
such other address as either may designate for itself in such notice to the other. Communications shall be deemed to
have been received when delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service,
or if sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the
mail. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by electronic mail, when directed
to an electronic mail address at which the shareholder has consented to receive notice; (b) if by a posting on an electronic
network together with separate notice to the stockholder of such specific posting, upon the later of (1) such posting and
(2) the giving of such separate notice; and (c) if by any other form of electronic transmission, when directed to the
shareholder.

 

	 	12.	Counterparts

 

This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or 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 facsimile or “.pdf”
signature page were an original thereof.

 

	 	13.	Survival;
    Severability

 

13.1
Survival. The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing.

 

13.2
Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided
that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

	 	14.	Headings.

 

The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

 

[remainder
of page intentionally left blank]

 

    8

     

    

 

Accepted
and agreed on the date set forth above.

 

	 	GLOBAL
    SPAC PARTNERS CO. 
	 	 	 
	 	By:	 
	 	 	Name:
    	
	 	 	Title:
    	

 

Accepted
and agreed on the date set forth above.

 

	 	SUBSCRIBER:
	 	 
	 	I-BANKERS
    SECURITIES, INC.
	 	 	 
	 	By:	 
	 	 	Name:
    	 
	 	 	Title: 	 

 

 

[Global
SPAC Partners Co. Placement Unit Subscription Agreement]

 

    9Exhibit 4.19

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES 

 

REGISTERED
PURSUANT TO SECTION 12 OF THE SECURITIES

 

EXCHANGE
ACT OF 1934

 

The following is a summary of the material
terms of our securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
as of March 22, 2021. The following description of the terms of our common shares is not meant to be complete and is qualified
by reference to our articles of association (“articles of association”), which is incorporated by reference as an exhibit
to our Annual Report on Form 20-F, of which this exhibit is a part. We encourage you to read our articles of association and the
applicable provisions of Swiss law for additional information.

 

The Company

 

We are a Swiss stock corporation (société
anonyme) organized under the laws of Switzerland. We were formed as a Swiss limited liability company (société
à responsabilité limitée) on February 13, 2003 with our registered office and domicile in Basel, Switzerland.
We converted to a Swiss stock corporation (société anonyme) under the laws of Switzerland on August 4, 2003.
Our domicile and registered office is in Ecublens, near Lausanne, Canton of Vaud, Switzerland. Our head office is currently located
at EPFL Innovation Park, Building B, 1015 Lausanne, Switzerland.

 

Share Capital

 

As of March 22, 2021, our issued share
capital is CHF 1,537,748.98, consisting of 76,887,449 common shares with a nominal value of CHF 0.02 each. We have no dividend
rights certificates (bons de jouissance).

 

Articles of Association

 

On February 23, 2021, we adopted the articles
of association and when we refer to our articles of association, we refer to the articles of association as filed as Exhibit 3.1
to our Annual Report on Form 20-F.

 

Purpose

 

Under our articles of association, our
purpose is the research, study, development, manufacture, promotion, sale and marketing of products and substances within the pharmaceutical
and nutrition industry as well as the purchase, sale and exploitation of patents and licenses in this field. We may engage in any
activities which are apt to favor our purpose directly or indirectly. We may also acquire and sell real estate. We may open branch
offices in Switzerland and abroad and may also acquire participations in other companies. We may provide securities to our subsidiaries
and supply guarantees.

 

Ordinary Capital Increase, Authorized and Conditional
Share Capital

 

Under Swiss law, we may increase our share
capital (capital-actions) with a resolution of the general meeting of shareholders (ordinary capital increase) that must
be carried out by the board of directors within three months of the general meeting of shareholders in order to become effective.
Under our articles of association, in the case of an increase of capital against payment of contributions in cash, a resolution
passed by a simple majority of the votes cast at the general meeting of shareholders regardless of abstentions and empty or invalid
votes is required. In the case of the limitation or withdrawal of subscription rights or in the case of an increase of capital
out of equity, against contribution in kind, or for the purpose of acquisition of assets and the granting of special benefits,
a resolution passed by at least two-thirds of the shares represented at a general meeting of shareholders and the absolute majority
of the nominal amount of the shares represented is required.

 

Furthermore, under the Swiss Code of Obligations,
or the CO, our shareholders, by a resolution passed by at least two-thirds of the shares represented at a general meeting of shareholders
and the absolute majority of the nominal amount of the shares represented, may empower our board of directors to issue shares of
a specific aggregate nominal amount up to a maximum of 50% of the share capital in the form of:

 

    

    

    

		·	conditional capital (capital conditionnel) for the purpose
of issuing shares in connection with, among other things, (i) the exercise of conversion and/or option or warrant rights granted
in connection with bonds or similar instruments, issued or to be issued by the Company or by one of our subsidiaries or (ii) the
exercise of option rights granted to employees of the Company or a subsidiary, members of our board of directors or any consultant
of the Company, or other persons providing services to the Company or a subsidiary; or

		·	authorized capital (capital-actions autorisé) to be
utilized by the board of directors within a period determined by the shareholders but not exceeding two years from the date of
the shareholder approval.

 

Pre-Emptive Rights

 

Pursuant to the CO, shareholders have in
principle pre-emptive subscription rights (droit préférentiel de souscription). With respect to conditional
capital in connection with the issuance of conversion rights, convertible bonds or similar debt instruments, shareholders have
in principle advance subscription rights (droit de souscrire préalablement).

 

A resolution passed at a general meeting
of shareholders by at least two-thirds of the shares represented and the absolute majority of the nominal value of the shares represented
may authorize our board of directors to withdraw or limit pre-emptive subscription rights or advance subscription rights in certain
circumstances.

 

If pre-emptive subscription rights are
granted, but not exercised, the board of directors may allocate the non-exercised pre-emptive subscription rights as it elects
but has to follow the principle of equal treatment of the shareholders.

 

Our Authorized Share Capital

 

Under Article 3a of our articles of association,
board of directors is authorized to increase the share capital, in one or several steps until 27 June 2022, by a maximum amount
of CHF 190,000 by issuing a maximum of 9,500,000 registered shares with a par value of CHF 0.02 each, to be fully paid up. An increase
of the share capital (i) by means of an offering underwritten by a financial institution, a syndicate or another third party or
third parties, followed by an offer to the then-existing shareholders of the Company and (ii) in partial amounts shall also be
permissible.

 

The board of directors is authorized to
determine the time of the issuance, the issue price, the manner in which the new registered shares have to be paid up, the date
from which the registered shares carry the right to dividends, the conditions for the exercise of the preemptive rights and the
allotment of preemptive rights that have not been exercised. The board of directors may allow the pre-emptive rights that have
not been exercised to expire, or it may place with third parties such rights or registered shares, the pre-emptive rights of which
have not been exercised, at market conditions or use them otherwise in the interest of the Company.

 

The board of directors is authorized to
withdraw or limit the pre-emptive rights of the shareholders and to allot them to third parties:

 

		·	if the issue price of the new registered shares is determined by reference
to the market price; 

		·	for the acquisition of an enterprise, part of an enterprise or participations,
or for the financing or refinancing of any of such acquisition, or in the event of share placement for the financing or refinancing
of such placement; 

		·	for purposes of broadening the shareholder constituency of the Company
in certain financial or investor markets, for purposes of the participation of strategic partners, or in connection with the listing
or registration of new registered shares on domestic or foreign stock exchanges; 

		·	for purposes of granting an over-allotment option (Greenshoe) of up
to 20% of the total number of registered shares in a placement or sale of registered shares to the respective initial purchaser(s)
or underwriter(s); 

 

    

    

    

		·	for raising of capital (including private placements) in a fast and
flexible which probably could not be reached without the exclusion of the statutory pre-emptive right of the existing shareholders;

		·	for other valid grounds in the sense of Article 652b para. 2 CO; or

		·	following a shareholder or a group of shareholders acting in concert
having accumulated shareholdings in excess of 33 1/3 % of the share capital registered in the commercial register without having
submitted to the other shareholders a takeover offer recommended by the board of directors, or for the defense of an actual, threatened
or potential takeover bid, in relation to which the board of directors, upon consultation with an independent financial adviser
retained by it, has not recommended to the shareholders acceptance on the basis that the board of directors has not found the takeover
bid to be financially fair to the shareholders.

 

Our Conditional Share Capital

 

Conditional Share Capital for Bonds and Similar
Debt Instruments

 

Under Article 3b of our articles of
association, our share capital may be increased by a maximum aggregate amount of CHF 91,560.94 through the issue of a maximum
of 4,578,047 common shares, payable in full, each with a nominal value of CHF 0.02, through the exercise of conversion and/or
option or warrant rights granted in connection with bonds or similar instruments, issued or to be issued by the Company or by
one of our subsidiaries, including convertible debt instruments. Shareholders do not have pre-emptive subscription rights in
such circumstances.

 

Shareholders’ subscription rights
are excluded. Shareholders’ advance subscription rights with regards to new bonds or similar instruments may be restricted
or excluded by decision of the board of directors in order to finance or re-finance the acquisition of companies or holdings, or
new investments planned by the Company, or in order to issue convertible bonds and warrants on the international capital markets
or through private placement. If advance subscription rights are excluded, then (i) the instruments are to be placed at market
conditions; (ii) the exercise period is not to exceed ten years from the date of issue for warrants and twenty years for conversion
rights; and (iii) the conversion or exercise price for the new shares is to be set at least in line with the market conditions
prevailing at the date on which the instruments are issued. The respective holders of conversion and/or option or warrant rights
are entitled to subscribe the new shares.

 

Conditional Share Capital for Employee Benefit
Plans

 

Under Article 3c of our articles of association,
our share capital may, to the exclusion of the pre-emptive subscription rights of shareholders, be increased by a maximum aggregate
amount of CHF 65,954.32 through the issue of a maximum of 3,297,716 common shares, payable in full, each with a nominal value of
CHF 0.02, in connection with the exercise of option rights granted to employees of the Company or one of our subsidiaries, members
of the board of directors or any consultant, or other persons providing services to the Company or one of our subsidiaries. The
board of directors specifies the precise conditions of issue including the issue price of the shares.

 

Uncertificated Securities

 

Our shares are uncertificated securities
(droits-valeurs, within the meaning of Article 973c of the CO) and, when administered by a financial intermediary (dépositaire,
within the meaning of the Federal Act on Intermediated Securities, “FISA”), qualify as intermediated securities (titres
intermédiés, within the meaning of the FISA). In accordance with Article 973c of the CO, we maintain a non-public
register of uncertificated securities (registre des droits-valeurs). We may at any time convert uncertificated securities
into share certificates (including global certificates), one kind of certificate into another, or share certificates (including
global certificates) into uncertificated securities. Following entry in our share register, a shareholder may at any time request
from us a written confirmation in respect of the shares held by such shareholder, as reflected in the share register.

 

    

    

    

General Meeting of Shareholders

 

Ordinary/Extraordinary Meetings, Powers

 

The general meeting of shareholders is
our supreme corporate body. Under Swiss law, ordinary and extraordinary general meetings of shareholders may be held. Under Swiss
law, an ordinary general meeting of shareholders must be held annually within six months after the end of a Company’s financial
year. In our case, this generally means on or before June 30.

 

The following powers are vested exclusively
in the general meeting of shareholders:

 

		·	adopting and amending the articles of association, including change
of a company’s purpose or domicile;

		·	electing and removal of the members of the board of directors, the
chairman of the board of directors, the members of the compensation committee, the auditors and the independent proxy;

		·	approving the management report and the consolidated accounts;

		·	approving the annual accounts and resolutions on the allocation of
the disposable profits, and in particular setting the dividend and the shares of profit to board members;

		·	approving the total compensation paid to members of the board of directors
and executive management;

		·	discharging the members of the board of directors and executive management
from liability with respect to their tenure in the previous financial year;

		·	dissolving a company with or without liquidation; and

		·	passing resolutions concerning all matters which are reserved to the
authority of the general meeting of shareholders by law or by the articles of association. 

 

An extraordinary general meeting of shareholders
may be called by a resolution of the general meeting, the board of directors or, under certain circumstances, by a company’s
auditor, liquidator or the representatives of convertible bond holders, if any. In addition, the board of directors is required
to convene an extraordinary general meeting of shareholders if shareholders representing at least 10% of the share capital request
such general meeting of shareholders in writing. Such request must set forth the items to be discussed and the proposals to be
acted upon. The board of directors must convene an extraordinary general meeting of shareholders and propose financial restructuring
measures if, based on a company’s stand-alone annual statutory balance sheet, half of the share capital and reserves are
not covered by its assets.

 

Voting and Quorum Requirements

 

Shareholder resolutions and elections (including
elections of members of the board of directors) require the affirmative vote of the simple majority of the votes cast at the general
meeting of shareholders regardless of abstentions or empty or invalid votes, unless statutory law or the articles of association
state otherwise.

 

A resolution of the general meeting of
the shareholders passed by at least two-thirds of the shares represented at the meeting, and the absolute majority of the nominal
value of the shares represented is required for:

 

		·	amending a company’s corporate purpose;

		·	creating shares with privileged voting rights;

		·	restricting the transferability of common shares;

		·	creating authorized or conditional share capital;

		·	increasing the share capital out of equity, against contributions
in-kind or for the purpose of acquiring assets and granting of special benefits;

		·	limiting or withdrawing shareholder’s pre-emptive subscription
rights;

		·	changing a company’s domicile;

		·	alleviating or withdrawing of restrictions upon the transfer of common
shares and the removal of the voting cap of 33 1∕3% as contained in article 4 of the articles of association;

		·	removing the indemnification provision for the board of directors
and executive management as contained in article 29 of the articles of association;

		·	converting common shares into bearer shares and vice versa;

		·	dissolving or liquidating a company; and

		·	amending or eliminating article 17 (resolutions and elections)
of the articles of association. 

 

    

    

    

The same voting requirements apply, subject
to mandatory law, to resolutions regarding transactions among corporations (including a merger, demerger or conversion of a corporation)
based on Switzerland’s Federal Act on Mergers, Demergers, Transformations and Transfer of Assets, or the Merger Act, see
“—Compulsory Acquisitions; Appraisal Rights.”

 

In accordance with Swiss law and generally
accepted business practices, our articles of association do not provide quorum requirements generally applicable to general meetings
of shareholders. To this extent, our practice varies from the requirement of NASDAQ Listing Rule 5620(c), which requires an issuer
to provide in its bylaws for a generally applicable quorum, and that such quorum may not be less than one-third of the outstanding
voting stock.

 

Notice

 

General meetings of shareholders must be
convened by the board of directors or, if necessary, by the auditors at least 20 days before the date of the meeting. The general
meeting of shareholders is convened by way of a notice appearing in our official publication medium, currently the Swiss Official
Gazette of Commerce. Registered shareholders may also be informed by ordinary mail or e-mail. The notice of a general meeting of
shareholders must state the items on the agenda, the proposals to be acted upon and, in case of elections, the names of the nominated
candidates. Except in the limited circumstances listed below, a resolution may not be passed at a general meeting without proper
notice. This limitation does not apply to proposals to convene an extraordinary general meeting of shareholders or to initiate
a special investigation. No previous notification is required for proposals concerning items included in the agenda or for debates
that do not result in a vote.

 

All of the owners or representatives of
our shares may, if no objection is raised, hold a general meeting of shareholders without complying with the formal requirements
for convening general meetings of shareholders (a universal meeting). This universal meeting of shareholders may discuss and pass
binding resolutions on all matters within the purview of the ordinary general meeting of shareholders, provided that the owners
or representatives of all the shares are present at the meeting.

 

Agenda Requests

 

Pursuant to Swiss law, one or more shareholders,
whose combined shareholdings represent the lower of (i) at least one tenth of the share capital or (ii) an aggregate nominal value
of at least CHF 1,000,000, may request that an item be included in the agenda for an ordinary general meeting of shareholders.
A request for inclusion of an item on the agenda must in principle be requested in writing delivered to or mailed and received
at the registered office of the Company at least 120 calendar days before the first anniversary of the date that the Company's
proxy statement was released to shareholders in connection with the previous year's ordinary general meeting of shareholders. The
request must contain, for each of the agenda items, the following information:

 

		·	a brief description of the business desired to be brought before the
ordinary general meeting of shareholders and the reasons for conducting such business at the ordinary general meeting of shareholders;

		·	the name and address, as they appear in our share register, of the
shareholder proposing such business;

		·	the number of shares of the Company which are beneficially owned by
such shareholder; 

		·	the dates upon which the shareholder acquired such shares;

		·	documentary support for any claim of beneficial ownership;

		·	any material interest of such shareholder in such business; and

		·	a statement in support of the matter and, for proposals sought to
be included in the Company's proxy statement, any other information required by Securities and Exchange Commission Rule 14a-8.

 

In addition, if the shareholder intends
to solicit proxies from the shareholders of the Company, such shareholder shall notify the Company of this intent in accordance
with Securities and Exchange Commission Rule 14a-4 and/or Rule 14a-8.

 

Our annual business report, the compensation
report and the auditor’s report must be made available for inspection by the shareholders at our registered office no later
than 20 days prior to the general meeting of shareholders. Shareholders of record may be notified of this in writing.

 

    

    

    

Voting Rights

 

Each of our shares entitles its holder
to one vote, regardless of its nominal value. The shares are not divisible. The right to vote and the other rights of share ownership
may only be exercised by shareholders (including any nominees) or usufructuaries who are entered in our share register at cut-off
date determined by the board of directors. Those entitled to vote in the general meeting of shareholders may be represented by
the independent proxy holder (annually elected by the general meeting of shareholders), another registered shareholder or third
person with written authorization to act as proxy or the shareholder’s legal representative. The chairman has the power to
decide whether to recognize a power of attorney.

 

Our articles of association state that
no individual or legal entity may, directly or indirectly, formally, constructively or beneficially own or otherwise control voting
rights (“Controlled Shares”) with respect to 33 1∕3% or more of the registered share capital recorded in the
Commercial Register except if such individual or legal entity submits prior to the acquisition of such Controlled Shares an orderly
tender offer to all shareholders with a minimum price of the higher of (i) the volume weighted average price of the last 60 trading
days prior to the publication of the tender offer or (ii) the highest price paid by such individual or legal entity in the 12 months
preceding to the publication of the tender offer. Those associated through capital, voting power, joint management or in any other
way, or joining for the acquisition of shares, will be regarded as one person. The common shares exceeding the limit of 33 1/3%
and not benefitting from the exemption regarding a tender offer will be entered in our share registered as shares without voting
rights. The board of directors may in special cases approve exceptions to the above regulations. Additional voting caps apply to
shareholders acquiring shares for other persons (nominees).

 

Dividends and Other Distributions

 

Our board of directors may propose to shareholders
that a dividend or other distribution be paid but cannot itself authorize the distribution. Dividend payments require a resolution
passed by a simple majority of the votes cast at a general meeting of shareholders regardless of abstentions or empty or invalid
votes. In addition, our auditors must confirm that the dividend proposal of our board of directors conforms to Swiss statutory
law and our articles of association.

 

Under Swiss law, we may pay dividends only
from the disposable profit and from reserves formed for this purpose, each as evidenced by our audited stand-alone statutory balance
sheet prepared pursuant to Swiss law, and after allocations to reserves required by Swiss law and the articles of association have
been deducted. We are not permitted to pay interim dividends out of profit of the current business year.

 

Distributable reserves are generally booked
either as “free reserves” (réserves libres) or as “reserve from capital contributions” (apports
de capital). Under the CO, if our general reserves (réserve générale) amount to less than 20% of
our share capital recorded in the Commercial Register (i.e., 20% of the aggregate nominal value of our issued capital), then at
least 5% of our annual profit must be retained as general reserves. The CO permits us to accrue additional general reserves. Further,
a purchase of our own shares (whether by us or a subsidiary) reduces the distributable reserves in an amount corresponding to the
purchase price of such own shares. Finally, the CO under certain circumstances requires the creation of revaluation reserves which
are not distributable.

 

Distributions out of issued share capital
(i.e. the aggregate nominal value of our issued shares) are not allowed and may be made only by way of a share capital reduction.
Such a capital reduction requires a resolution passed by a simple majority of the votes cast at a general meeting of shareholders
regardless of abstentions or empty or invalid votes. The resolution of the shareholders must be recorded in a public deed and a
special audit report must confirm that claims of our creditors remain fully covered despite the reduction in the share capital
recorded in the Commercial Register. The share capital may be reduced below CHF 100,000 only if and to the extent that at the same
time the statutory minimum share capital of CHF 100,000 is reestablished by sufficient new fully paid-up capital. Upon approval
by the general meeting of shareholders of the capital reduction, the board of directors must give public notice of the capital
reduction resolution in the Swiss Official Gazette of Commerce three times and notify creditors that they may request, within two
months of the third publication, satisfaction of or security for their claims. The reduction of the share capital may be implemented
only after expiration of this time limit.

 

    

    

    

Our board of directors determines the date
on which the dividend entitlement starts. Dividends are usually due and payable shortly after the shareholders have passed the
resolution approving the payment, but shareholders may also resolve at the ordinary general meeting of shareholders to pay dividends
in quarterly or other installments.

 

Transfer of Shares

 

Shares in uncertificated form (droits-valeurs)
may only be transferred by way of assignment. Shares that constitute intermediated securities (titres intermédiés)
may only be transferred when a credit of the relevant intermediated securities to the acquirer’s securities account is made
in accordance with the relevant provisions of the FISA. Article 5 of our articles of association provides that the transfer of
intermediated securities and the pledging of these intermediated securities are based on the provisions of the FISA and that transfer
of propriety as collateral by means of written assignment are not permitted.

 

Voting rights may be exercised only after
a shareholder (or usufructuaries) has been entered in our share register (registre des actions) with his or her name, first
name and address (in the case of legal entities, the registered office) as a shareholder with voting rights. Our articles of association
state that no individual or legal entity may, directly or indirectly, formally, constructively or beneficially own or otherwise
control voting rights ("Controlled Shares") with respect to 33 1∕3% or more of the registered share capital recorded
in the Commercial Register except if such individual or legal entity submits prior to the acquisition of such Controlled Shares
an orderly tender offer to all shareholders with a minimum price of the higher of (i) the volume weighted average price of the
last 60 trading days prior to the publication of the tender offer or (ii) the highest price paid by such individual or legal entity
in the 12 months preceding to the publication of the tender offer. Those associated through capital, voting power, joint management
or in any other way, or joining for the acquisition of shares, will be regarded as one person. The common shares exceeding the
limit of 33 1/3% and not benefitting from the exemption regarding a tender offer will be entered in our share registered as shares
without voting rights.

 

Additional voting caps apply to shareholders
acquiring shares for other persons (nominees).

 

Inspection of Books and Records

 

Under the CO, a shareholder has a right
to inspect our share register with respect to his own shares and otherwise to the extent necessary to exercise his shareholder
rights. No other person has a right to inspect our share register. Our books and correspondence may be inspected with the express
authorization of the general meeting of shareholders or by resolution of the board of directors and subject to the safeguarding
of our business secrets.

 

Special Investigation

 

If the shareholders’ inspection rights
as outlined above prove to be insufficient in the judgment of the shareholder, any shareholder may propose to the general meeting
of shareholders that specific facts be examined by a special commissioner in a special investigation. If the general meeting of
shareholders approves the proposal, we or any shareholder may, within 30 calendar days after the general meeting of shareholders,
request the competent court sitting in Lausanne, Switzerland, our registered office, to appoint a special commissioner. If the
general meeting of shareholders rejects the request, one or more shareholders representing at least 10 percent of the share capital
or holders of shares in an aggregate nominal value of at least CHF 2,000,000 may request that the court appoint a special commissioner.
The court will issue such an order if the petitioners can demonstrate that the board of directors, any member of the board of directors
or our executive management infringed the law or our articles of association and thereby caused damages to the Company or the shareholders.
The costs of the investigation would generally be allocated to us and only in exceptional cases to the petitioners.

 

Compulsory Acquisitions; Appraisal Rights

 

Business combinations and other similar
transactions (i.e. mergers, demergers, transformations and certain asset transfers) that are governed by the Swiss Merger Act are,
if approved in accordance with the applicable provisions of the Swiss Merger Act, binding on all shareholders of the involved companies.
A statutory merger or demerger requires approval by at least two-thirds of the shares represented at a general meeting of shareholders
and the absolute majority of the nominal value of the shares represented. If the merger agreement provides, however, only for a
compensation payment, or in the event of an asymmetrical demerger, at least 90 percent of all shareholders of the transferring
company who are entitled to vote must approve the merger agreement and the asymmetrical demerger, respectively.

 

    

    

    

Swiss corporations may be acquired by an
acquirer through the direct acquisition of shares of the Swiss corporation. The Swiss Merger Act provides for the possibility of
a so-called “cash-out” or “squeeze-out” merger if the acquirer controls 90% of the outstanding shares.
If such a squeeze-out merger under the Swiss Merger Act occurs, a minority shareholder subject to the squeeze-out merger could
seek to claim, within two months of the publication of the squeeze-out merger, that the consideration offered is “inadequate”
and petition a Swiss competent court to determine what “adequate” consideration is.

 

In addition, under Swiss law, the sale
of “all or substantially all of our assets” by us may require the approval of at least two-thirds of the number of
shares represented at a general meeting shareholders and the absolute majority of the nominal value of the shares represented.
Whether a shareholder resolution is required depends on the particular transaction, including whether the following test is satisfied:

 

		·	a core part of our business is sold without which it is economically
impracticable or unreasonable to continue to operate the remaining business;

		·	our assets, after the divestment, are not invested in accordance with
our statutory business purpose; and

		·	the proceeds of the divestment are not earmarked for reinvestment
in accordance with our business purpose but, instead, are intended for distribution to our shareholders or for financial investments
unrelated to our business.

 

If in a merger, demerger or transformation,
equity or shareholder rights are not adequately preserved or the compensation paid is unreasonable, within two months after the
publication of the merger, demerger or transformation resolution, each shareholder may demand that the competent court determines
what is a reasonable amount of compensation. The decision of the court is legally binding on all shareholders of the company involved,
provided that they are in the same legal position as the plaintiff. The costs of proceedings shall be borne by the acquiring company.
If the particular circumstances justify it, the court may decide that the plaintiff shall bear all or part of the cost. An action
to obtain a review of the protection of equity or shareholder rights does not affect the legal validity of the merger, demerger
or transformation resolution.

 

Board of Directors

 

Our articles of association provide that
the board of directors shall consist of at least three and not more than nine members.

 

The members of the board of directors and
the chairman are elected annually by the general meeting of shareholders for a period until the completion of the subsequent ordinary
general meeting of shareholders and are eligible for re-election. Each member of the board of directors must be elected individually.

 

Powers

 

The board of directors has the following
non-delegable and inalienable powers and duties:

 

		·	the overall management of the Company and the issuing of all necessary
directives;

		·	the determination of the Company's organization;

		·	the organization of the accounting, financial control and financial
planning systems are required for management of the Company;

		·	the appointment an dismissal of persons entrusted with managing and
representing the Company;

		·	the overall supervision of the persons entrusted with managing the
Company, in particular with regard to compliance with the law, articles of association, operational regulations and directives;

		·	the compilation of the annual report, and the preparation for the
general meeting of shareholders and implementing its resolutions;

		·	the preparation of the compensation report and to request approval
by the general meeting of shareholders regarding the compensation of the board of directors and the executive committee; and

		·	the notification of the court in the event that the Company is over-indebted.

 

    

    

    

The board of directors may assign responsibility
for preparing and implementing its resolutions or monitoring transactions to committees or individual members. It must ensure appropriate
reporting to its members. Furthermore, the board of directors may, while retaining such non-delegable and inalienable powers and
duties, delegate, in part or entirely, the management and the representation of the Company, within the limits of the law, to a
one or more individual directors (Delegates) or to third parties pursuant to the organizational regulations issued by the board
of directors.

 

Pursuant to Swiss law and Article 25 of
our articles of association, details of the delegation and other procedural rules such as quorum requirements must be set in the
organizational rules issued by the board of directors.

 

The board of directors assigns the persons
with signatory power for the Company and the kind of signatory power.

 

Indemnification of Executive Management and Directors

 

Subject to Swiss law, Article 29 of our
articles of association provides for indemnification of the current and former members of the board of directors, executive management
and their heirs, executors and administrators, against liabilities arising in connection with the performance of their duties in
such capacity, and permits us to advance the expenses of defending any act, suit or proceeding to our directors and members of
the executive management.

 

In addition, under general principles of
Swiss employment law, an employer may be required to indemnify an employee against losses and expenses incurred by such employee
in the proper execution of their duties under the employment agreement with the employer.

 

Conflict of Interest, Management Transactions

 

Swiss law does not have a general provision
regarding conflicts of interest. However, the CO contains a provision that requires our directors and the members of the executive
management to safeguard the Company’s interests and imposes a duty of loyalty and duty of care on our directors and the members
of the executive management. This rule is generally understood to disqualify directors and members of the executive management
from participating in decisions that directly affect them. Our directors and executive officers are personally liable to us for
any breach of these provisions. In addition, Swiss law contains provisions under which directors and all persons engaged in the
Company’s management are liable to the Company, each shareholder and the Company’s creditors for damages caused by
an intentional or negligent violation of their duties. Furthermore, Swiss law contains a provision under which payments made to
any of the Company’s shareholders or directors or any person associated with any such shareholder or director, other than
payments made at arm’s length, must be repaid to the Company if such shareholder or director acted in bad faith.

 

Our board of directors has adopted a Code
of Business Conduct and Ethics that covers a broad range of matters, including the handling of conflicts of interest.

 

Principles of the Compensation of the Board
of Directors and the Executive Management

 

Pursuant to Swiss law, our shareholders
must annually approve the compensation of the board of directors and the persons whom the board of directors has, fully or partially,
entrusted with the management of the Company. The board of directors must issue, on an annual basis, a written compensation report
that must be reviewed together with a report on our business by our auditor. The compensation report must disclose all compensation
(as defined in section 14 of the Swiss Ordinance against Excessive Compensation in Listed Companies) granted by the Company, directly
or indirectly, to current members of the board of directors and executive management as well as to former members of the board
of directors and executive management but in the latter case only to the extent if such compensation is related to their former
role within the Company or if such compensation is not on customary market terms.

 

The disclosure concerning compensation
must in particular include the aggregate amount for the board of directors and the aggregate amount for the executive management,
as well as the particular amount of compensation for each member of the board of directors and the highest paid member of the executive
management, specifying the name and function of each person.

 

    

    

    

Certain forms of compensation are prohibited
for members of our board of directors and executive management, such as:

 

		·	severance payments provided for either contractually or in the articles
of association (compensation due until the termination of a contractual relationship does not qualify as severance payment);

		·	advance compensation;

		·	incentive fees for the acquisition or transfer of corporations, or
parts thereof, by the Company or by companies being, directly or indirectly, controlled by the us;

		·	loans, other forms of indebtedness, pension benefits not based on
occupational pension schemes and performance-based compensation not provided for in the articles of association; and 

		·	equity securities and conversion and option rights awards not provided
for in the articles of association. 

 

Compensation to members of the board of
directors and executive management for activities in entities that are, directly or indirectly, controlled by the Company is prohibited
if the compensation (i) would have been prohibited if it was paid directly by the Company, (ii) is not provided for in the articles
of association or (iii) has not been approved by the general meeting of shareholders.

 

The general meeting of shareholders annually
votes on the proposals of the board of directors with respect to:

 

		·	the maximum aggregate amount of non-performance-related compensation
of the board of directors for the next term of office;

		·	the maximum aggregate amount of a possible additional compensation
of the board of directors for the preceding business year;

		·	the maximum aggregate amount of non-performance-related compensation
of the executive management for the 12-month period starting on 1 July following the ordinary general meeting of shareholders;

		·	the maximum aggregate amount of variable compensation for the executive
management for the current year; and

		·	the maximum aggregate amount of options or shares in the Company granted
to the board of directors and the executive management. 

 

The respective total compensation amounts
include social security and occupational pension contributions for the benefit of the members of the board of directors, the executive
management and the Company.

 

If the general meeting of shareholders
refuses to approve a respective motion by the board of directors, the board of directors may either submit a new motion at the
same meeting or determine a maximum total remuneration or several maximum partial remunerations, subject to the relevant principles
of the compensation, or submit a new motion to the next general meeting of shareholders for approval.

 

In addition to fixed compensation, members
of the executive management may be paid in cash a variable compensation, depending on the achievement of certain performance criteria.
The performance criteria may include individual targets, targets of the Company or parts thereof and targets in relation to the
market, other companies or comparable benchmarks, taking into account the position and level of responsibility of the recipient
of the variable compensation. The board of directors or, where delegated to it, the compensation committee determines the relative
weight of the performance criteria and the respective target values.

 

Compensation may be paid in cash or granted
in form of options or shares in the Company. The board of directors or, to the extent delegated to it, the compensation committee
determines grant, vesting, exercise and forfeiture conditions.

 

Borrowing Powers

 

Neither Swiss law nor our articles of association
restrict in any way our power to borrow and raise funds. The decision to borrow funds is made by or under the direction of our
board of directors, and no approval by the shareholders is required in relation to any such borrowing.

 

    

    

    

Repurchases of Shares and Purchases of Own
Shares

 

The CO limits our right to purchase and
hold our own shares. We and our subsidiaries may purchase shares only if and to the extent that (i) we have freely distributable
reserves in the amount of the purchase price; and (ii) the aggregate nominal value of all shares held by us does not exceed 10
percent of our share capital. Pursuant to Swiss law, where shares are acquired in connection with a transfer restriction set out
in the articles of association, the foregoing upper limit is 20 percent. If we own shares that exceed the threshold of 10 percent
of our share capital, the excess must be sold or cancelled by means of a capital reduction within two years.

 

We currently hold 4,235,023 fully paid
up common shares of par value CHF 0.02 each, as treasury shares.

 

Shares of the Company held by us or our
subsidiaries are not entitled to vote at the general meeting of shareholders but are entitled to the economic benefits applicable
to the shares generally, including dividends and pre-emptive subscription rights in the case of share capital increases.

 

In addition, selective share repurchases
are only permitted under certain circumstances. Within these limitations, as is customary for Swiss corporations, we may purchase
and sell our own shares from time to time in order to meet imbalances of supply and demand, to provide liquidity and to even out
variances in the market price of shares.

 

Notification and Disclosure of Substantial
Share Interests

 

The disclosure obligations generally applicable
to shareholders of Swiss corporations under the Swiss Financial Market Infrastructure Act, FinMIA, do not apply to us since our
shares are not listed on a Swiss stock exchange.

 

Pursuant to Article 663c of the CO, Swiss
corporations whose shares are listed on a stock exchange must disclose their significant shareholders and their shareholdings in
the notes to their balance sheet, where this information is known or ought to be known. Significant shareholders are defined as
shareholders and groups of shareholders linked through voting rights who hold more than five percent of all voting rights.

 

Stock Exchange Listing

 

Our common shares are listed on the NASDAQ
Global Market under the symbol “ACIU.”

 

Transfer Agent and Registrar of Shares

 

Computershare Trust Company, N.A. acts
as transfer agent and registrar for our common shares. The share register reflects only record owners of our shares. Swiss law
does not recognize fractional share interests.

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