Document:

Exhibit 4.3

 

Registrar of Companies

Government Administration Building 

133 Elgin Avenue

George Town 

Grand Cayman

 

Afya Limited (ROC #349332) (the "Company")

 

TAKE NOTICE that at an annual general meeting
of the shareholders of the Company dated 29 April, 2022, with effect from 4 May 2022, the following special resolution was passed:

 

It was resolved as a special resolution that the
Memorandum and Articles of Association of the Company currently in effect be amended and restated by the deletion in their entirety and
the substitution in their place of the Amended and Restated Memorandum and Articles of Association accessible at the Company’s website
at https://ir.afya.com.br., subject to closing of the transaction disclosed in the Form 13D/A on March 4, 2022, between Esteves Family
and Bertelsmann SE & CO KGaA, accessible at the Company’s website at https://ir.afya.com.br.

 

/s/ Margo Richardson                          

Margo Richardson 

Corporate Administrator

for and on behalf of 

Maples Corporate Services Limited

 

 

Dated this 29th day of July 2022

 

     

     

    

THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

 

AMENDED AND RESTATED 

MEMORANDUM AND ARTICLES OF ASSOCIATION

 

OF

 

AFYA LIMITED

(adopted
by Special Resolution passed on APRIL 29, 2022, WITH EFFECT FROM MAY 4, 2022)

 

     

     

    

THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

AMENDED AND RESTATED

MEMORANDUM OF ASSOCIATION

OF

AFYA LIMITED

 

(adopted
by Special Resolution passed on APRIL 29, 2022, with effect from MAY 4, 2022 )

 

		1	The name of the Company is Afya Limited

 

		2	The registered office of the Company shall be at the offices of of Maples Corporate Services Limited,
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may
decide.

 

		3	Subject to the following provisions of this Memorandum, the objects for which the Company is established
are unrestricted.

 

		4	Subject to the following provisions of this Memorandum, the Company shall have and be capable of exercising
all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2)
of the Companies Act (as revised).

 

		5	Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required
under the laws of the Cayman Islands unless duly licensed.

 

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

 

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

 

		8	The share capital of the Company is US$50,000 divided into 1,000,000,000 shares of a nominal or par value
of US$0.00005 each which, at the date on which this Memorandum becomes effective, comprise (i) 500,000,000 Class A Common Shares; (ii)
250,000,000 Class B Common Shares (which Class B Common Shares may be converted into Class A Common Shares in the manner contemplated
in these Articles of Association of the Company); and (iii) 250,000,000 shares of such class or classes (howsoever designated) and having
the rights as the Board may determine from time to time in accordance with Article 4 of the Articles of Association of the Company, PROVIDED
THAT, subject to the Law and the Articles of Association, the Company shall have the power to issue all or any part of its capital, whether
original, redeemed, increased or reduced, with or without any preference, priority, special privilege or other rights or subject to any
postponement of rights or to any condition or restriction whatsoever and so that, unless the conditions of issue shall otherwise

 

    
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expressly provide,
every issue of shares, whether stated to be common, preference or otherwise shall be subject to the powers on the part of the Company
hereinbefore provided.

 

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

 

		10	Capitalised terms that are not defined in this Memorandum of Association bear the meaning given in the
Articles of Association of the Company.

 

    
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THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

 

AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

AFYA LIMITED

(adopted
by Special Resolution passed on APRIL 29, 2022 WITH EFFECT FROM MAY 4, 2022)

 

		1	Preliminary

 

		1.1	The regulations contained in Table A in the First Schedule of the Law shall not apply to the Company and
the following regulations shall be the Articles of Association of the Company.

 

		1.2	In these Articles:

 

		(a)	the following terms shall have the meanings set opposite if not inconsistent with the subject or context:

 

	"Allotment"	shares are taken to be allotted when a person acquires the unconditional right to be included in the Register of Members in respect of those shares;
	"Affiliate"	in respect of a Person, means any other Person that, directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is Under Common Control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person’s spouse, parents and children, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is Under Common Control with, such entity; 
	"Anti-Corruption Law"	means the Anti-Corruption Act (as revised) of the Cayman Islands, the United States of America Foreign Corrupt Practices Act and any Brazilian law, in each case as amended from time to time, that inhibits or prohibits corruption or the practice of any offer, payment, promise of payment or authorization of payment of any value or other form of property, gift, promise of offer, or authorization to donate anything of value to any governmental 

    
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	 	agent or any political party or member of a political party or candidate for public office;
	"Articles"	these articles of association of the Company as from time to time amended in accordance with applicable Law and these Articles;
	"Audit, Risks and Ethics Committee"	the Audit, Risks and Ethics Committee of the Company formed by the Board pursuant to Article 24 hereof, or any successor of the Audit, Risks and Ethics Committee;
	"Authorised Auditor"	means any of the following audit firms, or international entities of the same group, as the case may be: (i) Deloitte Touche Tohmatsu; (ii) KPMG; (iii) Ernst & Young Terco; or (iv) PriceWaterhouseCoopers;
	“Bertelsmann”	Bertelsmann SE & Co. KGaA, a company headquartered in the City of Gütersloh, Germany and/or its Affiliates;
	“Bertelsmann Chairman”	the Bertelsmann co-chairman of the Board of Directors appointed in accordance with Article 20.2;
	"Bertelsmann Director"	a director appointed by Bertelsmann in accordance with Article 21.1; 
	"Board or Board of Directors" or "Directors"	the board of directors of the Company;
	"Business Combination"	a statutory amalgamation, merger, consolidation, arrangement or other reorganisation requiring the approval of the members of one or more of the participating companies, as well as a short-form merger or consolidation that does not require a resolution of members;
	"Business Day"	any day on which banks are not required or authorised by law to close in the City of New York/NY, USA and/or in the following cities in Brazil: in the City of São Paulo, State of São Paulo, in the City of Nova Lima, State of Minas Gerais, in the City of Brasilia, Federal District, or in the City of Rio de Janeiro, State of Rio de Janeiro;

    
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	"Class A Common Shares"	class A common shares of a nominal or par value of US$0.00005 each in the capital of the Company having the rights provided for in these Articles;
	"Class B Common Shares"	class B common shares of a nominal or par value of US$0.00005 each in the capital of the Company having the rights provided for in these Articles;
	"Clear Days"	in relation to a period of notice means that period excluding both the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;
	"Clearing House"	a clearing house recognised by the laws of the jurisdiction in which shares in the capital of the Company (or depository receipts thereof) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction;
	"Common Shares"	Class A Common Shares, Class B Common Shares and shares of such other classes as may from time to time be designated by the Board pursuant to these Articles as being common shares for the purposes of Article 5.2;
	"Company"	the above named company;
	"Company’s Website"	the website of the Company and/or its web-address or domain name;
	"Control"	(including the terms "Controls," "Controlled by" and "Under Common Control with") means, with respect to any Person or group of Persons ("Controlling Person"), directly or indirectly: (a) the ability of the Controlling Person, whether through the ownership of voting securities of another Person ("Controlled Person") or by contract or otherwise to: (i) elect the majority of the board of directors or other similar managing body of such Controlled Person, or (ii) direct the management policies of such Controlled Person, or (b) the ownership of rights that entitle the Controlling Person to have the majority of the votes in such Controlled Person’s general meeting;
	"Corruption Act"	means any act involving the gift, offer, receipt or agreement to receive (solely or jointly with other Persons) any payment, gratuity or other advantage in business with the public or private sector that: (i) violates or is intended to violate any Anti-Corruption Laws; (ii) influences or is intended to influence any Person to act; (iii) 

    
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	 	improperly rewards any Person for acting in disagreement with expected good faith, impartiality or trust; or (iv) influences (or is intended to influence) a governmental authority to grant or maintain an advantage in the conduct of business;
	"Designated Stock Exchange"	the Nasdaq Global Market and any other stock exchange or interdealer quotation system listed in Schedule 4 of the Law on which shares in the capital of the Company are listed or quoted;
	"Directors"	the Directors for the time being of the Company or, as the case may be, those Directors assembled as a Board or as a committee of the Board;
	"Dividend"	includes a distribution or interim dividend or interim distribution;
	"Electronic"	has the same meaning as in the Electronic Transactions Act (as revised);
	"Electronic Communication"	a communication sent by Electronic means, including Electronic posting to the Company’s Website, transmission to any number, address or internet website (including the SEC’s website) or other Electronic delivery methods as otherwise decided and approved by the Board;
	"Electronic Record"	has the same meaning as in the Electronic Transactions Act (as revised);
	"Electronic Signature"	has the same meaning as in the Electronic Transactions Act (as revised);
	"Esteves Family"	means, jointly, Nicolau Carvalho Esteves (enrolled before the Brazilian Individual Taxpayers’ Register CPF/ME under No. 119.441.616-00) and Rosangela de Oliveira Tavares Esteves (enrolled before the Brazilian Individual Taxpayers’ Register CPF/ME under No 279.226.266-49);
	“Esteves Family Chairman”	the Esteves Family co-chairman of the Board of Directors appointed in accordance with Article 20.2;
	"Esteves Family Director"	a director appointed by the Esteves Family in accordance with Article 21.1;

    
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	"Exchange Act"	the Securities Exchange Act of 1934, as amended of the United States of America;
	"Executed"	includes any mode of execution;
	"Founder Shares"	(i.e. partes beneficiárias) means any securities that grant a percentage of the Company's annual profits to its holder, with no corresponding interest in the share capital of the Company and no par value;
	"Holder"	in relation to any share, the Member whose name is entered in the Register of Members as the holder of the share;
	"Incentive Plan"	any incentive plan established or implemented by the Company pursuant to which any Person who provides services of any kind to the Company or any of its direct or indirect subsidiaries (including, without limitation, any employee, executive, officer, director, consultant, secondee or other provider of services) may receive and/or acquire newly-issued shares of the Company or any interest therein; 
	"Incriminating Event"	means (i) the definitive, evidenced, involvement of any Member in a Corruption Act or in money laundering; and/or (ii) any act of improbity involving any Member, confirmed by a duly published Appeal Court decision (decisão de 2a instância), and which necessarily affects the ability or prevents the Company and/or its Subsidiaries from transacting with public entities or from being granted tax incentives/benefits;
	"Indemnified Person"	every Director, alternate Director, Secretary or other Officer for the time being or from time to time of the Company;
	"Independent Director"	a Director who is an independent director as defined in the rules of any Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be;
	"Islands"	the British Overseas Territory of the Cayman Islands;
	"Law"	the Companies Act (as revised);
	"Lease Agreements"	means any lease agreements (including free lease agreement) entered into by the Company or any of the Company’s Subsidiaries, at any time, with respect to the main place of 

    
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	 	business of the Company and/or its Subsidiaries and/or their respective branches;
	"Major Shareholder"	means Bertelsmann;
	"Member"	has the same meaning as in the Law;
	"Memorandum"	the memorandum of association of the Company as from time to time amended in accordance with applicable Law and these Articles;
	"Month"	a calendar month;
	"Officer"	means any officer of the Company appointed by the Board in accordance with these Articles and includes any Secretary;
	"Ordinary Resolution"	a resolution (i) of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote present in person or by proxy and voting at the meeting, or (ii) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed;
	"Other Indemnitors"	persons or entities other than the Company that may provide indemnification, advancement of expenses and/or insurance to the Indemnified Persons in connection with such Indemnified Persons’ involvement in the management of the Company;
	“Ownership Threshold”	a number of Class B Common Shares representing 10% of the total outstanding number of Class B Common Shares. 
	"Paid up"	paid up as to the par value of the shares and includes credited as paid up;
	"People and ESG Committee"	the People and Environmental, Social and Governance Committee of the Company formed by the Board pursuant to Article 24.7 hereof, or any successor of the People and Environmental, Social and Governance Committee;
	"Permitted Transfer"	has the meaning set forth in Article 5.4(3);

    
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	"Permitted Transferee"	has the meaning set forth in Article 5.4(3);
	"Person"	any individual, corporation, general or limited partnership, limited liability company, joint stock company, joint venture, estate, trust, association, organisation or any other entity or governmental entity;
	"Related Party"	means: (i) with respect to a Person other than an individual, any of the Controlled Persons, Controlling Persons and/or any other Person under common Control with, and/or shareholders and/or quotaholders, directly or indirectly holding more than ten percent (10%) of the shares of the total voting capital or capital stock or undivided interest (in relation to an investment fund established as a condominium) of such Person, and its employees and/or administrators; and (ii) in relation to an individual: (a) all ascending or descending family members in direct degree, spouse and/or relatives from the 1st to the 2nd degree; and (b) any of the Controlled Companies or its shareholders and/or quotaholders holding directly or indirectly more than ten percent (10%) of the shares or quotas representing the total voting or capital stock of the referred Person, as well as its employees and/or administrators;
	"Register of Members"	the register of Members required to be kept pursuant to the Law;
	"Seal"	the common seal of the Company including every duplicate seal;
	"SEC"	the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act;
	"Secretary"	any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary;
	"Securities Act"	the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time;
	"Share"	a share in the share capital of the Company and includes a fraction of a share;

    
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	"Signed"	includes an Electronic Signature or a representation of a signature affixed by mechanical means;
	"Special Resolution"	has the same meaning as in the Law;
	"Subsidiary"	means, with respect to any Person, any company or other organisation, whether incorporated or unincorporated, that, at the time of determination, is directly or indirectly wholly-owned or Controlled by such Person and/or any one or more of its Subsidiaries;
	"Treasury Share"	a share held in the name of the Company as a treasury share in accordance with the Law;
	"U.S. Person"	a Person who is a citizen or resident of the United States of America; and
	"Written and in Writing"	includes all modes of representing or reproducing words in visible form including in the form of an Electronic Record.

 

		(b)	unless the context otherwise requires, words or expressions defined in the Law shall have the same meanings
herein, but excluding any statutory modification thereof not in force when these Articles become binding on the Company;

 

		(c)	unless the context otherwise requires: (i) words importing the singular number shall include the plural
number and vice-versa, and (ii) words importing the masculine gender only shall include the feminine or neutral gender;

 

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

 

		(e)	the headings herein are for convenience only and shall not affect the construction of these Articles;

 

		(f)	references to statutes are, unless otherwise specified, references to statutes of the Islands and, subject
to paragraph (b) above, include any statutory modification or re-enactment thereof for the time being in force;

 

		(g)	the terms "hereof," "herein," "hereto" and "hereunder," as well
as words of a similar meaning, when used in these Articles, shall refer to these Articles as a whole and not to any specific provision
of these Articles;

 

		(h)	whenever the words "include," "includes," "including" and similar expressions
are used under the terms of these Articles, they shall mean "include, among others," "includes,

 

    
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without limitation"
and "including, without limitation," respectively or a similar expression indicating a non-restrictive enumeration; and

 

		(i)	where an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution is also
effective for that purpose.

 

		2	Formation Expenses

 

The Directors may pay,
out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment of the Company
including the expenses of registration.

 

		3	Situation of Offices of the Company

 

		3.1	The registered office of the Company shall be at such address in the Islands as the Board shall from time
to time determine.

 

		3.2	The Company, in addition to its registered office, may establish and maintain such other offices, places
of business and agencies in the Islands and elsewhere as the Board may from time to time determine.

 

		4	Shares

 

	4.1	(a)	Subject to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum
and these Articles, the Board has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose
of any unissued shares in the capital of the Company without the approval of Members (whether forming part of the original or any increased
share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in
regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as the
Board may decide, but so that: (i) no share shall be issued at a discount, except in accordance with the provisions of the Law and
these Articles; and (ii) no Founder Shares shall be issued by the Company.

 

		(b)	Subject to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum
and these Articles (including, without limitation, Article 23.4), in particular and without prejudice to the generality of paragraph (a)
above, the Board is hereby empowered to authorise by resolution or resolutions from time to time and without the approval of Members:

 

		(i)	the creation of one or more classes or series of preferred shares, to cause to be issued such preferred
shares and to fix the designations, powers, preferences and relative participating, optional and other rights, if any, and the qualifications,
limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series,
dividend rights, conversion rights, redemption privileges, voting rights and powers (including full or limited or no voting rights or
powers) and liquidation preferences, and to increase or decrease the number of shares comprising any such class or series (but not below
the number of shares of any class or series of preferred shares then outstanding) to the extent

 

    
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permitted by law. Without
limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred
shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to
the preferred shares of any other class or series;

 

		(ii)	to designate for issuance as Class A Common Shares or Class B Common Shares from time to time any or all
of the authorised but unissued shares of the Company which have not at that time been designated by the Memorandum or by the Directors
as being shares of a particular class;

 

		(iii)	to create one or more further classes of shares which represent common shares for the purposes of Article
5.2; and

 

		(iv)	to re-designate authorised but unissued Class B Common Shares from time to time as shares of another class.

 

		(c)	The Company shall not issue shares or warrants to bearer.

 

		(d)	Subject to the rules of any Designated Stock Exchange, the Memorandum and these Articles (including, without
limitation, Article 23.4), the Board shall have general and unconditional authority to issue options, warrants or convertible securities
of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities
in the capital of the Company to such persons, on such terms and conditions and at such times as the Board may decide.

 

		4.2	Notwithstanding Article 4.1, at any time when there are Class A Common Shares in issue, Class B Common
Shares may only be issued pursuant to:

 

		(a)	a share-split, subdivision or similar transaction or as contemplated in Articles 5.6 or 34(b) below;

 

		(b)	a Business Combination; or

 

		(c)	an issuance of shares (including, without limitation, Class A Common Shares, any other class of share
designated as a Common Share as per these Articles, and/or preferred shares), whereby each holder of Class B Common Shares is entitled
to purchase a number of Class B Common Shares that would allow such holder to maintain its proportional ownership interest in the Company
pursuant to Article 4.3.

 

		4.3	With effect from the date on which any shares of the Company are first admitted to trading on a Designated
Stock Exchange, subject to Articles 4.4, 4.5 and 4.6, the Company shall not issue Common Shares and/or preferred shares to a person on
any terms unless:

 

		(a)	it has made an offer to each person who holds Class B Common Shares to issue to him on the same economic
terms such number of Class B Common Shares as would allow each holder of Class B Common Shares to maintain its proportional ownership
interest in the Company; and

 

    
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		(b)	the period during which any such offer set forth in Article 4.3(a) may be accepted has expired or
the Company has received notice of the acceptance or refusal of every offer so made in accordance with Article 4.3(a).

 

An offer made pursuant
to this Article 4.3 may be made in either hard copy or by Electronic Communication, must state a period during which it may be accepted
and the offer shall not be withdrawn before the end of that period. The period referred to must be at least fifteen (15) Business Days
beginning with the date on which the offer is deemed to be delivered in accordance with Article 36.

 

		4.4	An offer shall not be regarded as being made contrary to the requirements of Article 4.3 by reason only
that:

 

		(a)	fractional entitlements are rounded or otherwise settled or sold at the discretion of the Board, as long
as it does not materially negatively impact the proportional ownership interest of the Class B Common Shares; or

 

		(b)	no offer of Class B Common Shares is made to a shareholder where the making of such an offer would in
the view of the Board pose legal or practical problems in or under the laws or securities rules of any territory or the requirements of
any regulatory body or stock exchange such that the Board considers it is necessary or expedient in the interests of the Company to exclude
such shareholder from the offer; or

 

		(c)	the offer is conditional upon the said issue of Common Shares and/or preferred shares proceeding.

 

		4.5	The provisions of Article 4.3 do not apply in relation to the issue of:

 

		(a)	Class A Common Shares if these are, or are to be, wholly or partly paid up otherwise than in cash; and

 

		(b)	Class A Common Shares which would, apart from any renunciation or assignment of the right to their allotment,
be held under or issued pursuant to an Incentive Plan.

 

		4.6	Holders of Class B Common Shares may from time to time by consent in writing (in one or more counterparts)
approved by the holder or holders of all issued and outstanding Class B Common Shares, referring to this Article 4.6, authorise the Board
to issue Common Shares for cash and, on the granting of such an authority, the Board shall have the power to issue (pursuant to that authority)
Common Shares for cash as if Article 4.3 above did not apply to:

 

		(a)	one or more issuances of Class A Common Shares to be made pursuant to that authority; and/or

 

		(b)	such issuances with such modifications as may be specified in that authority.

 

Unless previously revoked,
the authority granted in accordance with this Article 4.6 shall expire on the date (if any) specified in the authority or, if no date
is specified, twelve (12) months after the date on which the authority is granted, but the Company may before the power expires make an

 

    
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offer or agreement
which would or might require Class A Common Shares to be issued after it expires.

 

		4.7	Notwithstanding Article 4.1 and subject to Article 23.4, no non-voting Common Shares shall be issued without
such issuance first being approved by an Ordinary Resolution of Members which resolution is also passed with the affirmative vote of a
majority of the then issued and outstanding Class A Common Shares.

 

		4.8	The Company may issue fractions of a share of any class and a fraction of a share shall be subject to
and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contribution, calls or otherwise
howsoever), limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share of that class
of shares.

 

		4.9	The Company may, in so far as the Law permits, pay a commission to any person who is not a Related Party
in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure
subscriptions (whether absolute or conditional) for any shares in the capital of the Company. Such commissions may be satisfied by the
payment of cash or the allotment of fully or partly paid up shares or partly in one way and partly in the other. The Company may also,
on any issue of shares, pay such brokerage fees as may be lawful.

 

		4.10	Except as required by law, no person shall be recognised by the Company as holding any share upon any
trust and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any share (except only as by these Articles or by law otherwise provided) or any other rights in respect
of any share except an absolute right to the entirety thereof in the holder.

 

	4.11	(a)	If at any time the share capital is divided into different classes of shares, the rights attached
to any class of shares (unless otherwise provided by these Articles or the terms of issue of the shares of that class) may be varied with
the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a Special Resolution passed
at a separate general meeting of the holders of the shares of that class, in any case subject to Article 19.3. To every such separate
general meeting, the provisions of these Articles relating to general meetings shall mutatis mutandis apply, but so that the necessary
quorum shall be any one or more persons holding or representing by proxy not less than one-third of the issued shares of the class;

 

		(b)	For the purposes of this Article 4.11, the Directors may treat all classes of shares or any two or more
classes of shares as forming one class if they consider that all such classes would be affected in the same way by the proposals under
consideration.

 

		(c)	The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly
provided by the terms of issue of the shares of that class, be deemed to be varied by:

 

		(i)	the creation or issue of further shares ranking pari passu therewith;

 

		(ii)	by the redemption or purchase of any shares of any class by the Company;

 

		(iii)	the cancellation of authorised but unissued shares of that class; or

 

    
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		(iv)	the creation or issue of shares with preferred or other rights including, without limitation, the creation
of any class or issue of shares with enhanced or weighted voting rights.

 

		(d)	The rights conferred upon holders of Class A Common Shares shall not be deemed to be varied by the creation
or issue from time to time of further Class B Common Shares and the rights conferred upon holders of Class B Common Shares shall not be
deemed to be varied by the creation or issue from time to time of further Class A Common Shares.

 

		4.12	The Directors may accept contributions to the capital of the Company otherwise than in consideration of
the issue of shares and the amount of any such contribution may, unless otherwise agreed at the time such contribution is made, be treated
by the Company as a distributable reserve, subject to the provisions of the Law and these Articles.

 

		5	Class A Common Shares and Class B Common Shares

 

		5.1	Holders of Class A Common Shares and Class B Common Shares have the right to receive notice of, attend,
speak and vote at general meetings of the Company. Holders of Class A Common Shares and Class B Common Shares shall at all times
vote together as one class on all resolutions submitted to a vote by the Members in general meetings. Each Class A Common Share shall
entitle the holder to one (1) vote on all matters subject to a vote at general meetings of the Company, and each Class B Common Share
shall entitle the holder to ten (10) votes on all matters subject to a vote at general meetings of the Company.

 

		5.2	Without prejudice to any special rights conferred thereby on the holders of any other shares or class
of shares established pursuant to the Memorandum and/or these Articles from time to time, holders of Common Shares shall:

 

		(a)	Be entitled to such dividends as the Board may from time to time declare;

 

		(b)	In the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the
purposes of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and

 

		(c)	Generally be entitled to enjoy all of the rights attaching to shares.

 

		5.3	In no event shall Class A Common Shares be convertible into Class B Common Shares.

 

		5.4	Class B Common Shares shall be convertible into Class A Common Shares as follows:

 

		(a)	Right of Conversion. Class B Common Shares shall be convertible into the same number of
Class A Common Shares, on a share-to-share basis, in the following manner:

 

		(1)	a holder of Class B Common Shares has the right to call upon the Company to effect a conversion of all
or any of his Class B Common Shares which right shall be exercised, at any time after issue and without payment of any additional sum,
by notice in writing given to the Company at its registered office (and which conversion shall be effected by the Company promptly upon
delivery of the said notice);

 

    
	 	16	 

     

    

		(2)	the holder(s) of all of the then issued and outstanding Class B Common Shares have the right to require
that all outstanding Class B Common Shares be converted, which right shall be exercised, at any time after issue and without payment of
any additional sum, by notice in writing (which may be in one or more counterparts) signed by each of such holders given to the Company
at its registered office (and which conversion shall be effected by the Company promptly upon delivery of the said notice);

 

		(3)	a Class B Common Share shall automatically convert into a Class A Common Share immediately and without
further action by the holder upon the registration of any transfer of a Class B Common Share (whether or not for value and whether or
not the certificate(s) (if any) representing such Class B Common Share are surrendered to the Company) in the Register of Members, other
than the following permitted transfers ("Permitted Transfer" and the transferee, a "Permitted Transferee"):

 

		(i)	a transfer (i) to the holder of Class B Common Shares, and/or (ii) to their children, heirs
and successors of the holder of Class B Common Shares, and/or (iii) to an Affiliate of a holder of the Class B Common Share;

 

		(ii)	a transfer to one or more trustees of a trust established for the benefit of the holder or an Affiliate
of the holder of the Class B Common Share;

 

		(iii)	a transfer to a partnership, corporation or other entity exclusively owned or controlled by the holder
of the Class B Common Share or an Affiliate of the holder of the Class B Common Share;

 

		(iv)	transfers to organisations that are exempt from taxation under Section 501(3)(c) of the United States
Internal Revenue Code of 1986, as amended (or any successor thereto).

 

For the avoidance of
doubt, the creation of any pledge, charge, encumbrance or other security interest or third party right of whatever description on any
Class B Common Shares to secure a holder’s contractual or legal obligations shall not be deemed to be a transfer unless and until
any such pledge, charge, encumbrance or other third party right is enforced and results in such third party (or its nominee) holding legal
title to the related Class B Common Shares, in which case all the related Class B Common Shares shall be automatically and immediately
converted into the same number of Class A Common Shares.

 

		(4)	In the event a Major Shareholder should cease to hold Class B Common Shares, all rights afforded to such
Major Shareholder in these Articles shall be automatically transferred to its respective Permitted Transferee.

 

		(5)	if at any time, the total number of the issued and outstanding Class B Common Shares is less than 10%
of the total number of shares in the capital of the Company outstanding, the Class B Common Shares then in issue shall automatically and
immediately convert into Class A Common Shares and no Class B Common Shares shall be issued by the Company thereafter.

 

    
	 	17	 

     

    

		(b)	Mechanics of Conversion.

 

		(1)	Before any holder of Class B Common Shares shall be entitled to convert such Class B Common Shares into
Class A Common Shares pursuant to sub-paragraph (a) (1) above, the holder shall, if available, surrender the certificate or certificates
therefor, duly endorsed (where applicable), at the registered office of the Company.

 

		(2)	Upon the occurrence of one of the bases of conversion provided for in paragraph (a) above, the Company
shall enter or procure the entry of the name of the relevant holder of Class B Common Shares as the holder of the relevant number of Class
A Common Shares resulting from the conversion of the Class B Common Shares in, and make any other necessary and consequential changes
to, the Register of Members and shall procure that certificate(s) in respect of the relevant Class A Common Shares, together with
a new certificate for any unconverted Class B Common Shares comprised in the certificate(s) surrendered by the holder of the Class B
Common Shares, are issued to the holders of the Class A Common Shares and Class B Common Shares, as the case may be, if so requested.

 

		(3)	Any conversion of Class B Common Shares into Class A Common Shares pursuant to this Article 5 shall be
effected by means of the re-designation and re-classification of the relevant Class B Common Share as a Class A Common Share together
with such rights and restrictions for the time being attached thereto and shall rank pari passu in all respects with the Class A Common
Shares then in issue. Such conversion shall become effective forthwith upon entries being made in the Register of Members to record the
re-designation and re-classification of the relevant Class B Common Shares as Class A Common Shares.

 

		(4)	If the conversion is in connection with an underwritten public offering of securities, the conversion
may, at the option of any holder tendering such Class B Common Shares for conversion, be conditional upon the closing with the underwriters
of the sale of securities pursuant to such offering, in which event any persons entitled to receive Class A Common Shares upon conversion
of such Class B Common Shares shall not be deemed to have converted such Class B Common Shares until immediately prior to the closing
of such sale of securities.

 

		(5)	Upon conversion of any Class B Common Shares, the composition of the authorised share capital of the Company
shall automatically be varied and amended by a reduction in the relevant number of authorised Class B Common Shares and a corresponding
increase in the relevant number of authorised Class A Common Shares.

 

		(c)	Effective upon and with effect from the conversion of a Class B Common Share into a Class A Common Share
in accordance with this Article 5.4, the converted share shall be re-designated as and be treated for all purposes as a Class A Common
Share and shall carry the rights and be subject to the restrictions attaching to Class A Common Shares including, without limitation,
the right to one vote on matters subject to a vote at general meetings of the Company

 

		5.5	No subdivision of Class A Common Shares into shares of an amount smaller than the nominal or par value
of such shares at the relevant time shall be effected unless Class B Common Shares are

 

    
	 	18	 

     

    

concurrently and similarly
subdivided in the same proportion and the same manner, and no subdivision of Class B Common Shares into shares of an amount smaller than
the nominal or par value of such shares at the relevant time shall be effected unless Class A Common Shares are concurrently and similarly
subdivided in the same proportion and the same manner.

 

		5.6	No consolidation of Class A Common Shares into shares of an amount larger than the nominal or par value
of such shares at the relevant time shall be effected unless Class B Common Shares are concurrently and similarly consolidated in the
same proportion and the same manner, and no consolidation of Class B Common Shares into shares of an amount larger than the nominal or
par value of such shares at the relevant time may be effected unless Class A Common Shares are concurrently and similarly consolidated
in the same proportion and the same manner.

 

		5.7	In the event that a dividend or other distribution is paid by the issue of Class A Common Shares or Class
B Common Shares or rights to acquire Class A Common Shares or Class B Common Shares (i) holders of Class A Common Shares shall receive
Class A Common Shares or rights to acquire Class A Common Shares, as the case may be; and (ii) holders of Class B Common Shares shall
receive Class B Common Shares or rights to acquire Class B Common Shares, as the case may be.

 

		5.8	No Business Combination (whether or not the Company is the surviving entity) shall proceed unless by the
terms of such transaction: (i) the holders of Class A Common Shares have the right to receive, or the right to elect to receive, the same
form of consideration as the holders of Class B Common Shares, and (ii) the holders of Class A Common Shares have the right to receive,
or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Shares.
The Directors shall not approve such a transaction unless the requirements of this Article are satisfied.

 

		5.9	No tender or exchange offer to acquire any Class A Common Shares or Class B Common Shares by any third
party pursuant to an agreement to which the Company is to be a party, nor any tender or exchange offer by the Company to acquire any Class A
Common Shares or Class B Common Shares shall be approved by the Company unless, by the terms of such transaction: (i) the holders
of Class A Common Shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders
of Class B Common Shares, and (ii) the holders of Class A Common Shares shall have the right to receive, or the right to elect to
receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Shares. The Directors shall not
approve such a transaction unless the requirements of this Article are satisfied.

 

		5.10	Save and except for voting rights and conversion rights and as otherwise set out in Article 4.3 and in
this Article 5, Class A Common Shares and the Class B Common Shares shall rank pari passu and shall have the same rights, preferences,
privileges and restrictions and share ratably and otherwise be identical in all respects as to all matters.

 

		6	Share Certificates

 

		6.1	A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be

 

    
	 	19	 

     

    

consecutively numbered
or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer or
conversion shall be cancelled and subject to these Articles and, save as provided in Articles 6.3, 7 and 8 below and in the case of a
conversion of shares pursuant to Article (2), no new certificate shall be issued until the former certificate representing a like number
of relevant Shares shall have been surrendered and cancelled.

 

		6.2	Every share certificate of the Company shall bear legends required under applicable laws, including the
Securities Act.

 

		6.3	If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to evidence and indemnity and payment of the expenses reasonably incurred by the Company in investigating evidence as the Directors
may determine but otherwise free of charge, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

 

		7	Lien

 

		7.1	The Company shall have a first and paramount lien on every share (not being a share which is fully paid
as to its par value and share premium) for all moneys (whether presently payable or not) payable at a fixed time or called in respect
of that share (including any premium payable). The Directors may at any time declare any share to be wholly or in part exempt from the
provisions of this Article. The Company’s lien on a share shall extend to any amount in respect of it.

 

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

 

		7.3	To give effect to a sale, the Directors may authorise some person to execute an instrument of transfer
of the shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee to the shares shall not be
affected by any irregularity or invalidity in the proceedings in reference to the sale.

 

		7.4	The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable, and any residue shall (upon surrender to the Company for cancellation of the certificate
for the shares sold, if any, and subject to a like lien for any moneys not presently payable as existed upon the shares before the sale)
be paid to the person entitled to the shares at the date of the sale.

 

		8	Calls on Shares and Forfeiture

 

		8.1	Subject to the terms of allotment, the Directors may make calls upon the Members in respect of any moneys
unpaid on their shares (whether in respect of nominal value or premium) and each Member shall (subject to receiving at least fourteen
(14) Clear Days’ notice specifying when and where payment is to be made) pay to the Company as required by the notice the amount
called on his shares. A call may be required to be paid by instalments. A call may, before receipt by the Company of any sum due thereunder,
be revoked in whole or in part and payment of a call may be postponed in whole or in part. A person upon whom a call is made shall remain
liable for calls made

 

    
	 	20	 

     

    

upon him notwithstanding
the subsequent transfer of the shares in respect of which the call was made.

 

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

 

		8.3	The joint holders of a share shall be jointly and severally liable to pay all calls in respect of the
share.

 

		8.4	If a call remains unpaid after it has become due and payable, the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment
of the share or in the notice of the call or, if no rate is fixed, at an annual rate of ten percent (10%), but the Directors may waive
payment of the interest wholly or in part.

 

		8.5	An amount payable in respect of a share on allotment or at any fixed date, whether in respect of nominal
value or premium or as an instalment of a call, shall be deemed to be a call, and if it is not paid when due, all the provisions of these
Articles shall apply as if that amount had become due and payable by virtue of a call.

 

		8.6	Subject to the terms of allotment, the Directors may make arrangements on the issue of shares for a difference
between the holders in the amounts and times of payment of calls on their shares.

 

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

 

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

 

		8.9	Subject to the provisions of the Law, a forfeited share may be sold, re-allotted or otherwise disposed
of on such terms and in such manner as the Directors determine either to the person who was before the forfeiture the holder or to any
other person, and at any time before a sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Directors
think fit. Where, for the purposes of its disposal a forfeited share is to be transferred to any person, the Directors may authorise any
person to execute an instrument of transfer of the share to that person.

 

		8.10	A person any of whose shares have been forfeited shall cease to be a Member in respect of them and shall
surrender to the Company for cancellation the certificate for the shares forfeited, if any, but shall remain liable to the Company for
all moneys which at the date of forfeiture were presently payable by him to the Company in respect of those shares with interest at the
rate at which interest was payable on those moneys before the forfeiture or, if no interest was so payable, at an annual rate of ten percent
(10%), from the date of forfeiture until payment but the Directors may waive payment wholly or in part or enforce payment without any
allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal.

 

    
	 	21	 

     

    

		8.11	A statutory declaration by a Director or the Secretary that a share has been forfeited on a specified
date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the share and the declaration
shall (subject to the execution of an instrument of transfer if necessary) constitute a good title to the share and the person to whom
the share is disposed of shall not be bound to see to the application of the consideration, if any, nor shall his title to the share be
affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture or disposal of the share.

 

		9	Transfer of Shares

 

		9.1	Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer
in the usual or common form or in a form prescribed by any Designated Stock Exchange or in any other form approved by the Board and may
be under hand or, if the transferor or transferee is a Clearing House, by hand or by Electronic Signature or by such other manner of execution
as the Board may approve from time to time. Without prejudice to the generality of the foregoing, title to listed shares of the Company
may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange
on which such shares are listed.

 

		9.2	The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided
that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its
discretion to do so. Without prejudice to Article 9.1, the Board may also resolve, either generally or in any particular case, upon request
by either the transferor or transferee, to accept mechanically executed transfers including, where applicable, in accordance with the
laws and rules applicable to the Designated Stock Exchange. The transferor shall be deemed to remain the holder of the share until the
name of the transferee is entered in the Register of Members in respect thereof. Nothing in these Articles shall preclude the Board from
recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.

 

		9.3	The Board may in its absolute discretion and without giving any reason therefor, refuse to register a
transfer of any share:

 

		(a)	that is not fully paid up (as to both par value and any premium) to a Person of whom it does not approve;

 

		(b)	issued under any share incentive plan for employees upon which a restriction on transfer imposed thereby
still subsists;

 

		(c)	to more than four joint holders; or

 

		(d)	on which the Company has a lien.

 

		9.4	Without limiting the generality of Article 9.3, the Board may also decline to recognise any instrument
of transfer unless:

 

		(a)	the instrument of transfer is in respect of only one class of shares;

 

		(b)	the Shares are fully paid (as to both par value and any premium) and free of any lien;

 

    
	 	22	 

     

    

		(c)	the instrument of transfer is lodged at the registered office or such other place at which the Register
of Members is kept in accordance with the Law accompanied by any relevant share certificate(s), if any, and/or such other evidence as
the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed
by some other person on his behalf, the authority of that person so to do); and

 

		(d)	if applicable, the instrument of transfer is duly and properly stamped.

 

		9.5	If the Directors refuse to register a transfer of a share, they shall within fifteen (15) Business Days
after the date on which the transfer was lodged with the Company send to the transferee notice of the refusal.

 

		9.6	The registration of transfers of shares or of any class of shares may, after compliance with any notice
requirement of any Designated Stock Exchange, be suspended and the Register of Members be closed at such times and for such periods (not
exceeding in the whole thirty (30) days in any year) as the Board may determine.

 

		9.7	The Company shall be entitled to retain any instrument of transfer which is registered, but any instrument
of transfer which the Directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.

 

		10	Transmission of Shares

 

		10.1	If a Member dies, the survivor, or survivors where he was a joint holder, and his personal representatives
where he was a sole holder or the only survivor of joint holders shall be the only persons recognised by the Company as having any title
to his interest; but nothing in these Articles shall release the estate of a deceased Member from any liability in respect of any share
which had been jointly held by him.

 

		10.2	A person becoming entitled to a share in consequence of the death or bankruptcy of a Member may, upon
such evidence being produced as the Directors may properly require, elect either to become the holder of the share or to have some person
nominated by him registered as the transferee. If he elects to become the holder he shall give notice to the Company to that effect. If
he elects to have another person registered he shall execute an instrument of transfer of the share to that person. All these Articles
relating to the transfer of shares shall apply to the notice or instrument of transfer as if it were an instrument of transfer executed
by the Member and the death or bankruptcy of the Member had not occurred.

 

		10.3	A person becoming entitled to a share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were the holder of the share, except that he shall not, before being registered as the holder
of the share, be entitled in respect of such share to attend or vote at any meeting of the Company or at any separate meeting of the holders
of any class of shares in the Company.

 

		11	Changes of Capital

 

	11.1	(a)	Subject to and in so far as permitted by the provisions of the Law and these Articles (including,
without limitation, Article 19.3), the Company may from time to time by Ordinary Resolution alter or amend the Memorandum to:

 

    
	 	23	 

     

    

		(i)	increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall
prescribe;

 

		(ii)	consolidate and divide all or any of its share capital into shares of larger amounts than its existing
shares;

 

		(iii)	convert all or any of its paid up shares into stock and reconvert that stock into paid up shares of any
denomination;

 

		(iv)	sub-divide its existing shares, or any of them, into shares of smaller amounts than is fixed by the Memorandum
provided that in the subdivision, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be
the same as it was in the case of the share from which the reduced share is derived; and

 

		(v)	cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

 

		(b)	Except so far as otherwise provided by the conditions of issue, the new shares shall be subject to the
same provisions with reference to the payment of calls, lien, transfer, transmission, forfeiture and otherwise as the shares in the original
share capital.

 

		11.2	Whenever as a result of a consolidation of shares any Members would become entitled to fractions of a
share, the Directors may, on behalf of those Members, sell the shares representing the fractions for the best price reasonably obtainable
to any person (including, subject to the provisions of the Law, the Company) and distribute the net proceeds of sale in due proportion
among those Members, and the Directors may authorise some person to execute an instrument of transfer of the shares to, or in accordance
with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his
title to the shares be affected by any irregularity in or invalidity of the proceedings in reference to the sale.

 

		11.3	The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner and with and subject to any incident, consent, order or other matter required by law.

 

		12	Redemption and Purchase of Own Shares

 

		12.1	Subject to the provisions of the Law and these Articles, the Company may:

 

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

 

		(b)	purchase its own shares (including any redeemable shares) in such manner and on such terms as the Directors
may determine and agree with the relevant Member; and

 

		(c)	make a payment in respect of the redemption or purchase of its own shares in any manner authorised by
the Law, including out of capital.

 

    
	 	24	 

     

    

		12.2	The Directors may, when making a payment in respect of the redemption or purchase of shares, if so authorised
by the terms of issue of the shares (or otherwise by agreement with the holder of such shares) make such payment in cash or in specie
(or partly in one and partly in the other).

 

		12.3	Upon the date of redemption or purchase of a share, the holder shall cease to be entitled to any rights
in respect thereof (excepting always the right to receive (i) the price therefor and (ii) any dividend which had been declared in respect
thereof prior to such redemption or purchase being effected) and accordingly his name shall be removed from the Register of Members with
respect thereto and the share shall be cancelled.

 

		13	Treasury Shares

 

		13.1	The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

 

		13.2	The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

 

		14	Register of Members

 

		14.1	The Company shall maintain or cause to be maintained an overseas or local Register of Members in accordance
with the Law.

 

		14.2	The Directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Law. The Directors may also determine which Register of Members shall constitute the principal register and which
shall constitute the branch register or registers, and to vary such determination from time to time.

 

		15	Closing Register of Members or Fixing Record Date

 

		15.1	For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or
any adjournment thereof, or Members entitled to receive payment of any dividend or other distribution, or in order to make a determination
of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period
which shall not in any case exceed thirty (30) days. If the Register shall be so closed for the purpose of determining those Members that
are entitled to receive notice of, attend or vote at a meeting of Members, the Register shall be so closed for at least ten (10) Clear
Days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register.

 

		15.2	In lieu of, or apart from, closing the Register of Members, the Directors may fix, in advance or in arrears,
a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any
adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any dividend or other distribution,
or in order to make a determination of Members for any other purpose, provided that such a record date shall not exceed forty (40) Clear
Days prior to the date where the determination will be made.

 

		15.3	If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive

 

    
	 	25	 

     

    

payment of a dividend
or other distribution, the date on which notice of the meeting is sent or posted or the date on which the resolution of the Directors
resolving to pay such dividend or other distribution is passed, as the case may be, shall be the record date for such determination of
Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination
shall apply to any adjournment thereof.

 

		16	General Meetings

 

		16.1	An annual general meeting of the Company may at the discretion of the Board be held in the year in which
these Articles were adopted and shall be held in each year thereafter at such time as determined by the Board and the Company may, but
shall not (unless required by the Law) be obliged to, in each year hold any other general meeting.

 

		16.2	The agenda of the annual general meeting shall be set by the Board and shall include the presentation
of the Company’s annual accounts and the report of the Directors (if any).

 

		16.3	Annual general meetings shall be held in the City of Nova Lima, State of Minas Gerais, Brazil or in such
other places as the Directors may determine.

 

		16.4	All general meetings other than annual general meetings shall be called extraordinary general meetings
and the Company shall specify the meeting as such in the notices calling it.

 

		16.5	The Directors may, whenever they think fit, convene an extraordinary general meeting of the Company, and
they shall on a Members’ requisition in accordance with these Articles forthwith proceed to convene an extraordinary general meeting
of the Company.

 

		16.6	A Members’ requisition is a requisition of one or more Members holding at the date of deposit of
the requisition shares representing in the aggregate not less than one-third of the votes entitled to be cast at general meetings of the
Company.

 

		16.7	The Members’ requisition must state the objects of the meeting and must be signed by the requisitionists
and deposited at the principal office of the Company and may consist of several documents in like form each signed by one or more requisitionists.

 

		16.8	If there are no Directors as at the date of the deposit of the Members’ requisition or if the Directors
do not within fourteen (14) Clear Days from the date of the deposit of the Members’ requisition duly proceed to convene a general
meeting to be held within a further fourteen (14) days, the requisitionists, or any of them representing more than one-half of the total
voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later
than the day which falls three (3) months after the expiration of the first said fourteen (14) Clear Day period.

 

		16.9	A general meeting convened as aforesaid by requisitionists shall be convened in as close to the same manner
as possible as that in which general meetings are to be convened by Directors.

 

		16.10	Except as set forth in Articles 16.1 to 16.9, the Members have no right to propose resolutions to be considered
or voted upon at annual general meetings or extraordinary general meetings of the Company.

 

    
	 	26	 

     

    

		17	Notice of General Meetings

 

		17.1	At least ten (10) Clear Days’ notice specifying the place, the day and the hour of each general
meeting and the agenda of the meeting shall be given in the manner hereinafter provided, including, but not limited to, as described in
Article 36, to such persons as are entitled to vote or may otherwise be entitled under these Articles to receive such notices from
the Company; provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given
and whether or not the provisions of these Articles regarding general meetings have been complied with, be deemed to have been duly convened
if it is so agreed:

 

		(a)	in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

 

		(b)	in the case of an extraordinary general meeting, by a majority in number of the Members (which shall include
the Major Shareholder and the Esteves Family) having a right to attend and vote at the meeting, together holding not less than 95%, in
par value of the Shares giving that right.

 

		17.2	The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a meeting
by, any Person entitled to receive notice that is not a Major Shareholder shall not invalidate the proceedings at that general meeting.

 

		18	Proceedings at General Meetings

 

		18.1	No business shall be transacted at any meeting unless a quorum is present at the time when the meeting
proceeds to business. One or more Members holding not less than one-third in aggregate of the voting power of all Shares in issue and
entitled to vote, present in person or by proxy or, if a corporation or other non-natural Person, by its duly authorised representative,
shall represent a quorum.

 

		18.2	Notwithstanding Article 18.1, if a quorum is not present within half an hour from the time appointed for
the meeting to commence or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members’ requisition,
shall be dissolved and in any other case it shall stand adjourned and shall reconvene on the same day in the next week at the same time
and/or place or to such other day, time and/or place as the Directors may determine, and if at the reconvened meeting a quorum is not
present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum.

 

		18.3	A person may participate in a general meeting by conference telephone or other communications equipment
by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation by a Member
in a meeting in this manner is treated as presence in person at that meeting and is counted in a quorum and entitled to vote.

 

		18.4	The Bertelsmann Chairman, or in his absence the Esteves Family Chairman, shall preside as chairman of
the meeting, but if neither the Bertelsmann Chairman nor the Esteves Family Chairman is present and willing to act, the Directors present
shall elect one of their number to be chairman and, if there is only one Director present and willing to act, he shall be chairman. If
no Director is willing to act as chairman, or if no Director is present within fifteen (15) minutes after the time

 

    
	 	27	 

     

    

appointed for holding
the meeting, the Members present in person or by proxy and entitled to vote shall choose one of their number to be chairman.

 

		18.5	The order of business at each such meeting shall be as determined by the chairman of the meeting. The
chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts
and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures
for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions
on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls. The chairman
of the meeting shall announce at each such meeting the date and time of the opening and the closing of the polls for each matter upon
which the Members will vote at such meeting.

 

		18.6	A Director shall, notwithstanding that he is not a Member and that he has no right to vote, be entitled
to attend and speak at any general meeting and at any separate meeting of the holders of any class of shares in the Company.

 

		18.7	The chairman of the meeting may, with the consent of any meeting at which a quorum is present (and shall
if so directed by the meeting), adjourn the meeting from time to time, but no business shall be transacted at any adjourned meeting other
than business which might properly have been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned
for fourteen (14) days or more, at least seven (7) Clear Days’ notice shall be given in the manner herein provided, including, but
not limited to, as described in Article 36, specifying the time, place and agenda of the adjourned meeting. Otherwise it shall not be
necessary to give any such notice.

 

		18.8	At each meeting of the Members, all corporate actions, including the election of Directors, to be taken
by vote of the Members (except as otherwise required by applicable law and except as otherwise provided in these Articles) shall be authorised
by Ordinary Resolution. Where a separate vote by a class or classes or series is required, save as provided in Article 4.11, the affirmative
vote of the majority of Shares of such class or classes or series present in person or represented by proxy at the meeting and voting
shall be the act of such class or series (unless provided otherwise in the resolutions providing for the issuance of such class or series).

 

		18.9	At any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

 

		18.10	A poll shall be taken in such manner as the chairman of the meeting directs and he may appoint scrutineers
(who need not be Members) and fix a place and time for declaring the result of the poll. The result of the poll shall be deemed to be
the resolution of the meeting at which the poll was taken.

 

		18.11	The chairman of the meeting shall not be entitled to a casting vote.

 

		18.12	If for so long as the Company has only one Member:

 

		(a)	in relation to a general meeting, the sole Member or a proxy for that Member or (if the Member is a corporation)
a duly authorised representative of that Member is a quorum and Article 18.1 is modified accordingly;

 

    
	 	28	 

     

    

		(b)	the sole Member may agree that any general meeting be called by shorter notice than that provided for
by these Articles; and

 

		(c)	all other provisions of these Articles apply with any necessary modification (unless the provision expressly
provides otherwise).

 

		19	Votes of Members

 

		19.1	Subject to any rights or restrictions attached to any shares (including without limitation the enhanced
voting rights attaching to Class B Common Shares provided for in Article 5), every Member who (being an individual) is present in person
or by proxy or (being a corporation) is present by a duly authorised representative (not being himself a Member entitled to vote) or by
proxy, shall on a poll have one vote for every share of which he is the holder (or, in the case of a Class B Common Share, ten (10) votes
for every Class B Common Share of which he is the holder).

 

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

 

		19.3	The Members shall not, without the prior written consent of (i) Bertelsmann, for so long as it holds Class
B Common Shares in excess of the Ownership Threshold and (ii) the Esteves Family, for so long as it holds Class B Common Shares in excess
of the Ownership Threshold:

 

		(a)	change the number of Directors from the size specified in Article 20.1;

 

		(b)	amend these Articles and/or the Memorandum;

 

		(c)	vary the rights attaching to any Shares;

 

		(d)	approve the winding-up, liquidation and dissolution of the Company;

 

		(e)	take any action set out in Article 11.1(a);

 

		(f)	register the Company as an exempted limited duration Company; or

 

		(g)	approve the transfer by way of continuation of the Company to a jurisdiction outside the Islands.

 

		19.4	A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Islands
or elsewhere) in matters concerning mental disorder may vote, by his receiver, curator bonis or other person authorised in that behalf
appointed by that court, and any such receiver, curator bonis or other person may vote by proxy. Evidence to the satisfaction of the Directors
of the authority of the person claiming to exercise the right to vote shall be received at the registered office of the Company, or at
such other place as is specified in accordance with these Articles for the deposit or delivery of forms of appointment of a proxy, or
in any other manner specified in these Articles for the appointment of a proxy, not less than forty-eight (48) hours before the time appointed
for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not
be exercisable.

 

    
	 	29	 

     

    

		19.5	No Member shall, unless the Directors otherwise determine, be entitled to vote at any general meeting
or at any separate meeting of the holders of any class of shares in the Company, either in person or by proxy or by a corporate representative,
in respect of any share held by him unless all moneys presently payable by him in respect of that share have been paid.

 

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

 

		19.7	Votes may be given either personally or by proxy. Deposit or delivery of a form of appointment of a proxy
does not preclude a Member from attending and voting at the meeting or at any adjournment of it, save that only the Member or his proxy
may cast a vote.

 

		19.8	A Member entitled to more than one vote need not, if he votes, use all his votes or cast all votes he
uses the same way.

 

		19.9	Subject as set out herein, an instrument appointing a proxy shall be in writing in any usual form or in
any other form which the Directors may approve and shall be executed by or on behalf of the appointor save that, subject to the Law, the
Directors may accept the appointment of a proxy received in an Electronic Communication at an address specified for such purpose, on such
terms and subject to such conditions as they consider fit. The Directors may require the production of any evidence which they consider
necessary to determine the validity of any appointment pursuant to this Article.

 

		19.10	Subject to Article 19.10 below, the form of appointment of a proxy and any authority under which it is
executed or a copy of such authority certified notarially or in some other way approved by the Directors may:

 

		(a)	in the case of an instrument in writing, be left at or sent by post to the registered office of the Company
or such other place within the Islands or elsewhere as is specified in the notice convening the meeting or in any form of appointment
of proxy sent out by the Company in relation to the meeting at any time before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote;

 

		(b)	in the case of an appointment of a proxy contained in an Electronic Communication, where an address has
been specified by or on behalf of the Company for the purpose of receiving Electronic Communications:

 

		(i)	in the notice convening the meeting; or

 

		(ii)	in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

 

		(iii)	in any invitation contained in an Electronic Communication to appoint a proxy issued by the Company in
relation to the meeting;

 

    
	 	30	 

     

    

be received at such address
at any time before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy
proposes to vote;

 

		(c)	in the case of a poll taken more than forty-eight (48) hours after it is demanded, be deposited or delivered
as required by paragraphs (a) or (b) of this Article after the poll has been demanded and at any time before the time appointed for the
taking of the poll; or

 

		(d)	where the poll is taken immediately but is taken not more than forty-eight (48) hours after it was demanded,
be delivered at the meeting at which the poll was demanded to the chairman of the meeting or to the secretary or to any Director;

 

and a form of appointment
of proxy which is not deposited or delivered in accordance with this Article 19.10 or Article 19.11 is invalid.

 

		19.11	Notwithstanding Article 19.10 above, the Directors may by way of note to or in any document accompanying
the notice of a general meeting (or adjourned meeting) fix the latest time by which the appointment of a proxy must be communicated to
or received by the Company (being not more than 48 hours before the relevant meeting).

 

		19.12	A vote or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid
notwithstanding the previous determination of the authority of the person voting or demanding a poll unless notice of the determination
was received by the Company at the registered office of the Company or, in the case of a proxy, any other place specified for delivery
or receipt of the form of appointment of proxy or, where the appointment of a proxy was contained in an Electronic Communication, at the
address at which the form of appointment was received, before the commencement of the meeting or adjourned meeting at which the vote is
given or the poll demanded or (in the case of a poll taken otherwise than on the same day as the meeting or adjourned meeting) the time
appointed for taking the poll.

 

		19.13	Any corporation or other non-natural person which is a Member of the Company may in accordance with its
constitutional documents, or, in the absence of such provision, by resolution of its directors or other governing body, authorise such
person as it thinks fit to act as its representative at any meeting of the Company or of any class of Members, and the person so authorised
shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it
were an individual Member.

 

		19.14	If a Clearing House (or its nominee(s)) or depositary (or its nominee(s)) is a Member of the Company,
it may, by resolution of its directors or other governing body or by power or attorney, authorise such Person(s) as it thinks fit to act
as its representative(s) at any general meeting of the Company or of any class of shareholders of the Company, provided that, if more
than one Person is so authorised, the authorisation shall specify the number and class of shares in respect of which such Person is so
authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf of the recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised clearing house (or its nominee(s))
or depositary (or its nominee(s)) could exercise if it were an individual Member holding the number and class of shares specified in such
authorisation.

 

    
	 	31	 

     

    

		20	Number of Directors and Chairman

 

		20.1	Subject to Article 19.3, the Board shall consist of such number of Directors as a majority of the Directors
then in office may determine from time to time, provided that, unless otherwise determined by the Members acting by Special Resolution,
the Board shall consist of not less than four (4) Directors and not more than fourteen (14) Directors.

 

		20.2	Chairmen

 

		(a)	The Board of Directors shall have one (1) co-chairman appointed by Bertelsmann, for so long as it holds
Class B Common Shares and one (1) co-chairman appointed by the Esteves Family, for so long as it holds Class B Common Shares in excess
of the Ownership Threshold, thereafter, the chairman of the Board of Directors shall be appointed by a majority of the Directors then
in office.

 

		(b)	The Bertelsmann Chairman or in his absence the Esteves Family Chairman, shall preside as chairman at every
meeting of the Board of Directors at which he is (or they are, as applicable) present. Where each of the Bertelsmann Chairman and Esteves
Family Chairman are not present at a meeting of the Board of Directors, the attending Directors may choose one Director to be the chairman
of the meeting.

 

		21	Appointment, Disqualification and Removal of Directors

 

		21.1	Appointment

 

		(a)	Bertelsmann, for so long as it holds Class B Common Shares in excess of the Ownership Threshold, shall
be entitled to appoint, at its sole discretion, up to seven (7) Directors, and shall be entitled at any time to remove, substitute or
replace any of its appointed Directors for any reason in its sole discretion. Any such appointment, removal, substitution or replacement
shall be effected by way of notice in writing to the Company signed by (or on behalf of) Bertelsmann.

 

		(b)	The Esteves Family, for so long as it holds Class B Common Shares in excess of the Ownership Threshold,
shall be entitled to appoint, at its sole discretion, up to two (2) Directors, and shall be entitled at any time to remove, substitute
or replace any of its appointed Directors for any reason in its sole discretion. Any such appointment, removal, substitution or replacement
shall be effected by way of notice in writing to the Company signed by (or on behalf of) the Esteves Family.

 

		(c)	Bertelsmann and the Esteves Family, for so long as they hold Class B Common Shares in excess of the Ownership
Threshold, shall be entitled to appoint, at their sole discretion, up to one (1) Director and shall be entitled at any time to remove,
substitute or replace their appointed Director for any reason in their sole discretion (provided that if only one of Bertelsmann and the
Esteves Family holds Class B Common Shares in excess of the Ownership Threshold, then only Bertelsmann or the Esteves Family, as applicable,
shall have the rights pursuant to this Article 21.1(c)). Any such appointment, removal, substitution or replacement shall be effected
by way of notice in writing to the Company signed by (or on behalf of) them.

 

    
	 	32	 

     

    

		(d)	Directors not appointed as set out in Articles 21.1(a), 21.1(b) and 21(c) shall be elected by an Ordinary
Resolution.

 

		21.2	Persons proposed by the Board for election by Ordinary Resolution of Members at a general meeting of the
Company shall be nominated only and after consultation with the People and ESG Committee (if such committee is established).

 

		21.3	Each Director shall hold office for a two (2) year term, notwithstanding any agreement between the Company
and such Director. Directors are eligible for re-election.

 

		21.4	Any vacancies on the Board arising other than upon the removal of a Director by resolution passed at a
general meeting can be filled by the remaining Director(s) (notwithstanding that the remaining Director(s) may constitute fewer than the
number of Directors required by Article 20.1 or fewer than is required for a quorum pursuant to Article 28.1), except for vacancies resulted
from the removal, dismissal and/or withdraw of a Bertelsmann Director or an Esteves Family Director, which shall be filled as set out
in Articles 21.1(a) and 21.1(b). Any such appointment shall be as an interim Director to fill such vacancy until the next annual general
meeting of Members (and such appointment shall terminate at the commencement of the annual general meeting).

 

		21.5	Additions to the existing Board (apart from additions pursuant to Article 21.1(a) and subject to the maximum
provided for in Article 20.1 above) may be made by Ordinary Resolution.

 

		21.6	There is no age limit for Directors of the Company.

 

		21.7	No shareholding qualification shall be required for a Director. A Director who is not a Member shall nevertheless
be entitled to receive notice of and to attend and speak at general meetings of the Company.

 

		21.8	While any shares of the Company are admitted to trading on a Designated Stock Exchange, the Board must
at all times comply with the residency and citizenship requirements of securities laws of the United States applicable to foreign private
issuers and shall at no time have a majority of Directors who are U.S. Persons. Notwithstanding any other provision in these Articles,
no appointment or election of a U.S. Person as a Director shall be permitted if such appointment or election would have the effect of
creating a majority of Directors who are U.S. Persons, and any such appointment or election shall be disregarded for all purposes.

 

		21.9	Directors that are not a Bertelsmann Director or an Esteves Family Director may be removed (with or without
cause) by Ordinary Resolution of Members. The notice of general meeting must contain a statement of the intention to remove the Director
and must be served on the Director not less than ten (10) days before the meeting. The Director is entitled to attend the meeting and
be heard on the motion for his removal.

 

		21.10	The office of a Director shall be vacated automatically if:

 

		(a)	he or she becomes prohibited by law from being a Director;

 

		(b)	he or she becomes bankrupt or makes any arrangement or composition with his creditors generally;

 

    
	 	33	 

     

    

		(c)	he or she dies or is, in the opinion of all his co-Directors, incapable by reason of mental disorder of
discharging his duties as Director;

 

		(d)	he or she resigns his or her office by notice to the Company; or

 

		(e)	he or she has for more than six (6) months been absent without permission of the Directors from meetings
of Directors held during that period and the remaining Directors resolve that his or her office be vacated.

 

		22	Alternate Directors

 

		22.1	Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person
willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.

 

		22.2	An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, to sign any written resolution of the Directors (in place of his appointor) and generally to perform all
the functions of his appointor as a Director in his absence.

 

		22.3	An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.

 

		22.4	Any appointment or removal of an alternate Director shall be by written notice to the Company at its registered
office, signed by the Director making or revoking the appointment, or in any other manner approved by the Directors.

 

		22.5	Subject to the provisions of these Articles, an alternate Director shall be deemed for all purposes to
be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing
him.

 

		23	Powers of Directors

 

		23.1	Subject to the provisions of the Law, the Memorandum and these Articles (including Article 23.4 below),
to any directions given by Ordinary Resolution and to the listing rules of any Designated Stock Exchange, the business of the Company
shall be managed by the Directors and the delegated Officers who may exercise all the powers of the Company. No alteration of the Memorandum
or Articles and no such direction shall invalidate any prior act of the Directors which would have been valid if that alteration had not
been made or that direction had not been given. The powers given by this Article shall not be limited by any special power given to the
Directors by these Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors,
subject to the limitations set forth in these Articles and in applicable Law.

 

		23.2	Subject to Article 23.4 below, the Board may exercise all the powers of the Company to raise capital or
borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital
of the Company and, subject to the Law, to issue debentures, bonds and other securities, whether outright or as collateral security for
any debt, liability or obligation of the Company or of any third party.

 

    
	 	34	 

     

    

		23.3	Subject to Article 23.4 below, upon any Incriminating Event, the Directors shall convene a board meeting
to consider the Incriminating Event and its impact on the Company and, at that meeting, shall take one of the following actions: (i) resolve
that the Member in question be suspended from their duties as Director, officer and/or employee, unpaid, for a period of no more than
6 months; (ii) resolve that the Member in question be terminated from any positions he or she holds with the Company (e.g. as Director,
officer and/or employee); (iii) direct (which direction the Member in question shall be obliged to follow) that the Member in question
transfer all of his or her Shares to his or her heirs and/or children; or (iv) in the event the direction in (iii) is not possible of
unsuccessful, resolve that any Shares held by the Member in question be compulsorily repurchased by the Company at the mean market price
per share at market close daily for the 30 days preceding the Incriminating Event. The Member in question shall be entitled to attend
the relevant board meeting and to make representations on his or her behalf at that meeting. In the event the Member in question is a
Director, he shall not be entitled to vote on any of the actions set out in (i) through (iv) above, notwithstanding Article 27.

 

		23.4	The Directors shall not, without the prior written consent of: (i) at least one (1) Esteves Family Director,
for so long as there is at least one (1) Esteves Family Director; and (ii) at least one (1) Bertelsmann Director, for so long as there
is at least one (1) Bertelsmann Director:

 

		(a)	create new classes of Shares, issue new Shares or any options, warrants or convertible securities of similar
nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital
of the Company;

 

		(b)	repurchase or redeem any Shares;

 

		(c)	execute and/or terminate any shareholders’ agreement, quotaholders’ agreement, or any other
agreements related to the Company’s interest in any Subsidiary;

 

		(d)	approve the financial statements of the Company;

 

		(e)	effect follow-on offerings of the Company;

 

		(f)	approve the listing and/or the delisting of securities of the Company with any Designated Stock Exchange;

 

		(g)	conduct, negotiate, terminate and/or amend any business, agreement, or transaction between the Company
and any Related Party valued in excess of ten million Brazilian Reais (R$10,000,000); provided that, (A) if the Related Party is the Esteves
Family (or an Affiliate thereof), then the consent of the Esteves Family Director shall not be required and (B) if the Related Party is
Bertelsmann (or an Affiliate thereof), then the consent of the Bertelsmann Director shall not be required;

 

		(h)	approve any sale or encumbrance, for the benefit of a Person(s), of shares issued by any Subsidiary, or
the admission of any new partner or shareholder in such Subsidiaries;

 

		(i)	carry out any investments outside the scope of the core business of the Company. For the purpose of this
Article, "core business" means any activity related to the offer of higher education courses (undergraduate degrees, master’s
degrees, Doctor's degrees and MBAs) and digital services for the healthcare and pharmaceutical market (such as but not

 

    
	 	35	 

     

    

limited to continuous
medical education, medical decision support, practice management, telemedicine, prescriptions, physician and patient relationship support);

 

		(j)	incorporate any entity on behalf of the Company;

 

		(k)	appoint or terminate the engagement of any independent auditor that is not an Authorised Auditor;

 

		(l)	provide any guarantee in respect of any Person or Related Parties of any Member of the Company and/or
shareholder, director and/or Officer and/or its Subsidiaries; or

 

		(m)	determine what action should be taken by the Directors pursuant to Article 23.3 in case of an Incriminating
Event, provided that in the event either of Bertelsmann or the Esteves Family are in any way interested in or associated with the Incriminating
Event, the written consent of: (i) at least one (1) Esteves Family Director, for so long as there is at least one (1) Esteves Family Director;
and/or (ii) at least one (1) Bertelsmann Director, for so long as there is at least one (1) Bertelsmann Director, as applicable and that
would otherwise be required by this Article 23.4, shall not be required.

 

		23.5	The exercise of voting rights by the Company in relation to any of its Subsidiaries or exercise of voting
rights by any member of the board of directors of any such Subsidiaries appointed by the Company, with respect to the matters listed in
Article 23.4 shall always be subject to the prior written consent of (i) at least one (1) Esteves Family Director, for so long as there
is at least one (1) Esteves Family Director, and (ii) at least one (1) Bertelsmann Director, for so long as there is at least one (1)
Bertelsmann Director.

 

		24	Delegation of Directors' Powers, Service Providers and Acts of Improbity

 

		24.1	Subject to these Articles, the Directors may from time to time appoint any Person, whether or not a Director,
to hold such office in the Company as the Directors may think necessary for the administration of the Company (and adopt rules of procedure
with respect to such administration), including without prejudice to the foregoing generality, the offices of chief executive officer,
chief operating officer and chief financial officer ("Board of Executive Officers"), one or more vice presidents, managers
or controllers, at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly
in another) and with such powers and duties as the Directors may think fit. The executive Officers of the Company elected shall have an
unified term of two (2) years.

 

		24.2	Subject to the overall authority of the Board of Directors to manage the affairs of the Company, the day-to-day
operations and activities of the Company shall be exercised by its executive officers formed by at least two (2) and no more than seven
(7) Officers, namely: (i) one (1) Chief Executive Officer; (ii) one (1) Chief Financial Officer; and (iii) the other Officers without
a specific designation.

 

		24.3	The Board may change the structure, composition and/or function of the executive officers of the Subsidiaries
of the Company.

 

		24.4	Without limiting the generality of Article 24.1, the Directors may appoint one or more of their body to
the office of managing Director or to any other executive office under the Company, and the Company may enter into an agreement or arrangement
with any Director for his/her employment,

 

    
	 	36	 

     

    

subject to applicable
law and any listing rules of the SEC or any Designated Stock Exchange, or for the provision by him of any services outside the scope of
the ordinary duties of a Director. Any such appointment, agreement or arrangement may be made upon such terms as the Directors determine
and they may remunerate any such Director for his services as they think fit. Any appointment of a Director to an executive office shall
terminate automatically if he ceases to be a Director but without prejudice to any claim to damages for breach of the contract of service
between the Director and the Company.

 

		24.5	The Directors and/or the executive Officers (minimum of two (2) Officers, acting jointly, being one the
Company’s chief executive officer) may, by power of attorney or otherwise, appoint any person to be the agent of the Company for
such purposes and on such conditions as they determine, including authority for the agent to delegate all or any of his powers.

 

		24.6	Subject to applicable law and the listing rules of any Designated Stock Exchange, the Directors may delegate
any of their powers to any committee (including, without limitation, an Audit, Risks and Ethics Committee and People and ESG Committee),
consisting of one or more Directors; provided that each of Bertelsmann and the Esteves Family shall be entitled to appoint at least one
Bertelsmann Director or Esteves Family Director, as applicable, to each such committee (apart from the Audit, Risks and Ethics Committee)
for so long as it holds Class B Common Shares in excess of the Ownership Threshold. They may also delegate to any executive Officer or
committee of executive Officers such of their powers as they consider desirable to be exercised by him or them. Any such delegation may
be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of its own powers and may
be revoked or altered. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the
provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying. Where a provision of these
Articles refers to the exercise of a power, authority or discretion by the Directors and that power, authority or discretion has been
delegated by the Directors to a committee, the provision shall be construed as permitting the exercise of the power, authority or discretion
by the committee.

 

		24.7	Without limiting the generality of Article 24.6, the Board shall establish a permanent Audit, Risks and
Ethics Committee and may establish a People and ESG Committee and other committees and, where such committees are established, the Board
may adopt formal written charters for such committees and, if so, shall review and assess the adequacy of such formal written charters
on an annual basis. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set
forth in these Articles and shall have such powers as the Board may delegate pursuant to Article 24.6 and as required by the rules of
the Designated Stock Exchange or applicable law. Each of the Audit, Risks and Ethics Committee, the People and ESG Committee, and any
other committee, if established, shall consist of such number of directors as the Board shall from time to time determine (or such minimum
number as may be required from time to time by any Designated Stock Exchange). For so long as any class of Shares is listed on a Designated
Stock Exchange, the Audit, Risks and Ethics Committee, the People and ESG Committee, and any other established committee shall be made
up of such number of Independent Directors as is required from time to time by the rules of the Designated Stock Exchange or otherwise
required by applicable law.

 

		24.8	At least one (1) member of the Audit, Risks and Ethics Committee will be an audit committee financial
expert as determined by the rules adopted by the Designated Stock Exchange. Such financial expert shall have a special past employment
experience in finance or accounting, requisite

 

    
	 	37	 

     

    

professional certification
in accounting, or any other comparable experience or background which results in the individual’s financial sophistication.

 

		24.9	The Company shall not use any agent, representative, or sales consultant, unless such agent, representative,
or sales consultant has been properly vetted by the Company to ensure they maintain good business practices and operate in compliance
with Anti-Corruption Laws.

 

		24.10	The Company and its Members shall not violate any Brazilian Anti-Corruption Laws or laws related to acts
of improbity.

 

		25	Remuneration and Expenses of Directors

 

		25.1	No Directors (apart from the Independent Directors and Directors who are separately employees of the Company)
shall receive remuneration from the Company. The Board shall determine the remuneration to which Independent Directors shall be entitled.

 

		25.2	A Director who, at the request of the Directors, goes or resides outside of their place of residence at
the time of appointment due to a request of the Company, makes a special journey or performs a special service on behalf of the Company
may be paid such reasonable additional remuneration (only in the case of an Independent Director) and expenses as the Directors may decide.

 

		25.3	The Directors may be paid all traveling, hotel and other expenses properly incurred by them in connection
with their attendance at meetings of Directors or committees of Directors or general meetings or separate meetings of the holders of any
class of shares or of debentures of the Company or otherwise in connection with the discharge of their duties.

 

		26	Directors' Gratuities and Pensions

 

The Directors may cause
the Company to provide benefits, whether by the payment of gratuities or pensions or by insurance or otherwise, for any existing Director
or any Director who has held but no longer holds any executive office or employment with the Company or with any body corporate which
is or has been a Subsidiary of the Company or a predecessor in business of the Company or of any such subsidiary, and for any member of
his family (including a spouse and a former spouse) or any person who is or was dependent on him, and may (as well before as after he
ceases to hold such office or employment) contribute to any fund and pay premiums for the purchase or provision of any such benefit.

 

		27	Directors' Interests

 

		27.1	Subject to the Law, the listing rules of any Designated Stock Exchange and Article 23.3, if a Director
has disclosed to the other Directors the nature and extent of any direct or indirect interest which the Director has in any transaction
or arrangement with the Company, a Director notwithstanding his office:

 

		(a)	may be a party to or otherwise interested in any transaction or arrangement with the Company or in which
the Company is otherwise interested;

 

    
	 	38	 

     

    

		(b)	may be a director or other officer of, or employed by, or a party to any transaction or arrangement with,
or otherwise interested in, any body corporate promoted by the Company or in which the Company is otherwise interested; and

 

		(c)	shall not by reason of his office be accountable to the Company for any benefit which he derives from
any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such
transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.

 

		27.2	For the purposes of Article 27.1:

 

		(a)	a general notice given to the Directors to the effect that (1) a Director is a member or officer of a
specified company or firm and is to be regarded as having an interest in any transaction or arrangement which may after the date of the
notice be made with that company or firm; or (2) a Director is to be regarded as interested in any transaction or arrangement which may
after the date of the notice be made with a specified person who is connected with him or her shall be deemed to be a sufficient disclosure
that the Director has an interest of the nature and extent so specified; and

 

		(b)	an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have
knowledge shall not be treated as an interest of his.

 

		27.3	A Director must disclose any direct or indirect interest in any transaction or arrangement with the Company,
and following a declaration being made pursuant to these Articles, subject to any separate requirement for Audit, Risks and Ethics Committee
approval under applicable law or the listing rules of any Designated Stock Exchange, and unless disqualified by the chairman of the relevant
meeting, a Director may vote in respect of any such transaction or arrangement in which such Director is interested and may be counted
in the quorum at such meeting.

 

		27.4	Notwithstanding the foregoing, no "Independent Director" (as defined herein) and with respect
of whom the Board has determined constitutes an "Independent Director" for purposes of compliance with applicable law or the
Company’s listing requirements, shall without the consent of the Audit, Risks and Ethics Committee take any of the foregoing actions
or any other action that would reasonably be likely to affect such Director’s status as an "Independent Director" of the
Company.

 

		28	Proceedings of Directors

 

		28.1	The quorum for the transaction of the business of the Directors shall be a simple majority of the Directors
then in office (subject to there being a minimum of two (2) Directors). A person who holds office as an alternate Director shall, if his
appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director shall, if his appointor is not present,
count twice towards the quorum, but one such Director shall not constitute a quorum on his own.

 

		28.2	Subject to the provisions of these Articles, the Directors may regulate their proceedings as they determine
is appropriate. Unless otherwise required by these Articles or by applicable Law, questions subject to the approval of the Board and/or
questions arising at any meeting of the Board shall be decided by a majority of votes provided. Each of Bertelsmann Chairman, Esteves
Family Chairman and chairman of the meeting will not have a second or casting vote; provided that if the votes are evenly split, a Bertelsmann
Director (or Bertelsmann Chairman) shall have a casting vote.

 

    
	 	39	 

     

    

A Director who is also
an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his
own vote.

 

		28.3	Meetings of the Directors shall be held on a bimonthly basis and shall take place either in the City of
Nova Lima, in the State of Minas Gerais, Brazil or at such other place as the Directors may determine.

 

		28.4	A Person may participate in a meeting of the Directors or any committee of Directors by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the
same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting and is counted in a
quorum and entitled to vote.

 

		28.5	A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of
a committee of the Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor and if such alternate
Director is also a Director, being entitled to sign such resolution both on behalf of his appointor and in his capacity as a Director)
shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be,
duly convened and held. Unless otherwise provided by its terms, such a resolution shall be effective from the date and time of the last
signature.

 

		28.6	A Director or alternate Director may, and another Officer on the direction of a Director or alternate
Director shall, call a meeting of the Directors by at least five (5) Business Days’ notice in writing to every Director and alternate
Director which notice shall set forth time, place and agenda for the respective meeting unless notice is waived by all the Directors (or
their alternates) either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions
of these Articles relating to the giving of notices by the Company to the Members shall apply mutatis mutandis.

 

		28.7	Notwithstanding Article 28.6, if all Directors so agree to the meeting, a Director or alternate Director
may, or other Officer on the direction of a Director or alternate Director may, call a meeting of the Directors on shorter notice than
is provided for in Article 28.6 by notice in writing to every Director and alternate Director, which notice shall set forth the general
nature of the business to be considered.

 

		28.8	Subject to these Articles, the continuing Directors (or a sole continuing Director, as the case may be)
may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number fixed by or pursuant
to these Articles as the necessary quorum of Directors, the continuing Directors or Director may act for the purpose of increasing the
number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other purpose.

 

		28.9	All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were
not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

 

    
	 	40	 

     

    

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

 

		29	Secretary and Other Officers

 

The Directors may by
resolution appoint a Secretary and may by resolution also appoint such other Officers as may from time to time be required upon such terms
as to the duration of office, remuneration and otherwise as they may think fit PROVIDED THAT, the Directors may only appoint persons as
directors of the Company in accordance with Article 21.3. Such Secretary or other Officers need not be Directors and in the case of the
other Officers may be ascribed such titles as the Directors may decide. The Directors may by resolution remove from that position any
Secretary or other Officer appointed pursuant to this Article.

 

		30	Minutes

 

The Directors shall
cause minutes to be made in books kept for the purposes of recording:

 

		(a)	all appointments of Officers made by the Directors; and

 

		(b)	all resolutions and proceedings of meetings of the Company, of the holders of any class of shares in the
Company and of the Directors and of committees of Directors, including the names of the Directors present at each such meeting.

 

		31	Seal

 

		31.1	The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority
of the Directors or of a committee of Directors authorised by the Directors. The Directors may determine who shall sign any instrument
to which the Seal is affixed, and unless otherwise so determined every such instrument shall be signed by a Director or by such other
person as the Directors may authorise.

 

		31.2	The Company may have for use in any place or places outside the Islands a duplicate Seal or Seals, each
of which shall be a reproduction of the Seal of the Company and, if the Directors so determine, shall have added on its face the name
of every place where it is to be used.

 

		31.3	The Directors may by resolution determine (i) that any signature required by this Article need not be
manual but may be affixed by some other method or system of reproduction or mechanical or Electronic Signature and/or (ii) that any document
may bear a printed reproduction of the Seal in lieu of affixing the Seal thereto.

 

		31.4	No document or deed otherwise duly executed and delivered by or on behalf of the Company shall be regarded
as invalid merely because at the date of the delivery of the deed or document, the Director, Secretary or other Officer or person who
shall have executed the same or affixed the Seal thereto, as the case may be, for and on behalf of the Company shall have ceased to hold
such office and authority on behalf of the Company.

 

    
	 	41	 

     

    

		32	Dividends

 

		32.1	Subject to the provisions of the Law, the Company may by Ordinary Resolution declare dividends (including
interim dividends) in accordance with the respective rights of the Members, but no dividend shall exceed the amount recommended by the
Directors.

 

		32.2	Subject to the provisions of the Law, the Directors may declare dividends in accordance with the respective
rights of the Members and authorise payment of the same out of the funds of the Company lawfully available therefor. If at any time the
share capital is divided into different classes of shares, the Directors may pay dividends on shares which confer deferred or non-preferred
rights with regard to dividends as well as on shares which confer preferential rights with regard to dividends, but no dividend shall
be paid on shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears. The Directors
may also pay at intervals settled by them any dividend payable at a fixed rate if it appears that there are sufficient funds of the Company
lawfully available for distribution to justify the payment. Provided the Directors act in good faith they shall not incur any liability
to the holders of shares conferring preferred rights for any loss they may suffer by the lawful payment of a dividend on any shares having
deferred or non-preferred rights.

 

		32.3	The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable
for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly applied and pending
such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other
than shares in the capital of the Company) as the Directors may from time to time think fit.

 

		32.4	Except as otherwise provided by the rights attached to shares and subject to Article 15, all dividends
shall be paid in proportion to the number of shares a Member holds as of the date the dividend is declared; save that (a) if any share
is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly;
and (b) where the Company has shares in issue which are not fully paid up (as to par value) the Company may pay dividends in proportion
to the amount paid up on each share.

 

		32.5	The Directors may deduct from a dividend or other amounts payable to a person in respect of a share any
amounts due from him to the Company on account of a call or otherwise in relation to a share.

 

		32.6	Any Ordinary Resolution or Directors’ resolution declaring a dividend may direct that it shall be
satisfied wholly or partly by the distribution of assets and, where any difficulty arises in regard to such distribution, the Directors
may settle the same and in particular may issue fractional certificates and fix the value for distribution of any assets and may determine
that cash shall be paid to any Member upon the footing of the value so fixed in order to adjust the rights of Members and may vest any
assets in trustees.

 

		32.7	Any dividend or other moneys payable on or in respect of a share may be paid by cheque sent by post to
the registered address of the person entitled or, if two or more persons are the holders of the share or are jointly entitled to it by
reason of the death or bankruptcy of the holder, to the registered address of that one of those persons who is first named in the Register
of Members or

 

    
	 	42	 

     

    

to such person and
to such address as the person or persons entitled may in writing direct. Subject to any applicable law or regulations, every cheque shall
be made payable to the order of the person or persons entitled or to such other person as the person or persons entitled may in writing
direct and payment of the cheque shall be a good discharge to the Company. Any joint holder or other person jointly entitled to a share
as aforesaid may give receipts for any dividend or other moneys payable in respect of the share.

 

		32.8	No dividend or other moneys payable in respect of a share shall bear interest against the Company unless
otherwise provided by the rights attached to the share.

 

		32.9	Any dividend which has remained unclaimed for six years from the date when it became due for payment shall,
if the Directors so resolve, be forfeited and cease to remain owing by the Company.

 

		33	Financial Year, Accounting Records and Audit

 

		33.1	Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and, following the year of incorporation, shall begin on 1 January each year.

 

		33.2	The books of account relating to the Company’s affairs shall be kept in such manner as may be determined
from time to time by the Directors. The books of account shall be kept at the registered office or at such other place or places as the
Directors think fit, and shall always be open to the inspection of the Directors.

 

		33.3	No Member shall be entitled to require discovery of or any information with respect to any detail of the
Company’s trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct
of the business of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the Members of the
Company to communicate to the public.

 

		33.4	The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books and corporate records of the Company or any of them shall be open to the
inspection of Members not being Directors, and no Member (not being a Director) shall have any right of inspecting any account or book
or document of the Company except as conferred by applicable law, the listing rules of any Designated Stock Exchange or authorised by
the Directors.

 

		33.5	Subject to Articles 33.4, and 33.6 a printed copy of the Directors’ report, if any, accompanied
by the consolidated statements of financial position, profit or loss, comprehensive income (loss), cash flows and changes in shareholders’
equity, including every document required by the Law to be annexed thereto, made up to the end of applicable financial year, shall be
sent to the Members at least ten (10) Business Days before the date of the general meeting and laid before the Company at the annual general
meeting held in accordance with Article 16.2, provided that this Article 33.5 shall not require a copy of those documents to be sent to
any person whose address the Company is not aware of or to more than one of the joint holders of any shares.

 

		33.6	The requirement to send to a Person referred to in Article 33.5 the documents referred to in that Article
shall be deemed satisfied where, in accordance with all applicable laws, rules and regulations, including, without limitation, the rules
of any Designated Stock Exchange, the

 

    
	 	43	 

     

    

Company publishes copies
of the documents referred to in Article 33.5 on the Company’s Website, transmits it to SEC’s website or in any other permitted
manner (including by sending any other form of Electronic Communication), and that person has agreed or is deemed by the Company to have
agreed to treat the publication or receipt of such documents in such manner as discharging the Company’s obligation to send to him
a copy of such documents.

 

		33.7	Subject to applicable law and to the rules of any Designated Stock Exchange, the accounts relating to
the Company’s affairs shall, on an annual basis, be audited by an Authorised Auditor chosen by the Directors.

 

		33.8	The Directors, having considered the recommendations of the Audit, Risks and Ethics Committee, shall appoint
an auditor of the Company who shall hold office until removed from office by a resolution of the Board, and shall fix his or their remuneration.

 

		33.9	Every auditor of the Company shall have a right of access at all times to the books and accounts of the
Company and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for the
performance of the duties of the auditors.

 

		34	Capitalisation of Profits

 

The Directors may:

 

		(a)	subject as provided in this Article, resolve to capitalise any undivided profits of the Company not required
for paying any preferential dividend (whether or not they are available for distribution) or any sum standing to the credit of the Company’s
share premium account or capital redemption reserve;

 

		(b)	appropriate the sum resolved to be capitalised to the Members who would have been entitled to it if it
were distributed by way of dividend and in the same proportions and apply such sum on their behalf either in or towards paying up the
amounts, if any, for the time being unpaid on any shares held by them respectively, or in paying up in full unissued shares or debentures
of the Company of a nominal amount equal to such sum, and allot the shares or debentures credited as fully paid to those Members, or as
they may direct, in those proportions, or partly in one way and partly in the other, provided that on any such capitalisation holders
of Class A Common Shares shall receive Class A Common Shares (or rights to acquire Class A Common Shares, as the case may be) and holders
of Class B Common Shares shall receive Class B Common Shares (or rights to acquire Class B Common Shares, as the case may be);

 

		(c)	resolve that any shares so allotted to any Member in respect of a holding by him of any partly-paid shares
rank for dividend, so long as such shares remain partly paid, only to the extent that such partly paid shares rank for dividend;

 

		(d)	make such provision by the issue of fractional certificates or by payment in cash or otherwise as they
determine in the case of shares or debentures becoming distributable under this Article in fractions; and

 

		(e)	authorise any person to enter on behalf of all the Members concerned into an agreement with the Company
providing for the allotment to them respectively, credited as fully paid, of

 

    
	 	44	 

     

    

any shares or debentures
to which they may be entitled upon such capitalisation, any agreement made under such authority being binding on all such Members.

 

		35	Share Premium Account

 

		35.1	The Directors shall in accordance with Section 34 of the Law establish a share premium account and shall
carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share
or capital contributed as described in Article 4.12.

 

		35.2	There shall be debited to any share premium account:

 

		(a)	on the redemption or purchase of a share the difference between the nominal value of such share and the
redemption or purchase price provided always that at the discretion of the Directors such sum may be paid out of the profits of the Company
or, if permitted by Section 37 of the Law, out of capital; and

 

		(b)	any other amounts paid out of any share premium account as permitted by Section 34 of the Law.

 

		36	Notices

 

		36.1	Except as otherwise provided in these Articles and subject to the rules of any Designated Stock Exchange,
any notice or document may be served by the Company or by the Person entitled to give notice to any Member either personally or by posting
it airmail or by air courier service in a prepaid letter addressed to such Member at his address as appearing in the Register of Members,
or by electronic mail to any electronic mail address such Member may have specified in writing for the purpose of such service of notices,
or by advertisement in appropriate newspapers in accordance with the requirements of any Designated Stock Exchange or by placing it on
the Company’s Website. In the case of joint holders of a Share, all notices shall be given to that one of the joint holders whose
name stands first in the Register of Members in respect of the joint holding, and notice so given shall be sufficient notice to all the
joint holders.

 

		36.2	Notices posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.

 

		36.3	Any notice or other document, if served by:

 

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

 

		(b)	recognised courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service;

 

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

 

		(d)	placing it on the Company’s Website, shall be deemed to have been served one (1) hour after the
notice or document is placed on the Company’s Website.

 

    
	 	45	 

     

    

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

 

		36.4	A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of shares in the Company shall be deemed to have received notice of the meeting, and, where requisite, of the purpose for which
it was called.

 

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

 

		36.6	Notice of every general meeting of the Company shall be given to:

 

		(a)	all Members holding Shares with the right to receive notice and who have supplied to the Company an address,
facsimile number or email address for the giving of notices to them; and

 

		(b)	every Person entitled to a Share in consequence of the death or bankruptcy of a Member, who but for his
death or bankruptcy would be entitled to receive notice of the meeting.

 

No other Person shall
be entitled to receive notices of general meetings.

 

		36.7	The Company shall make available to any Member, upon request, any agreements executed between the Company
and its Related Parties, any shareholder agreements to which the Company is a party and the details of any Incentive Plan.

 

		37	Winding Up

 

Subject to Article
19.3:

 

		37.1	The Board shall have the power in the name and on behalf of the Company to present a petition to the court
for the Company to be wound up.

 

		37.2	If the Company is wound up, the liquidator may, with the sanction of a Special Resolution and any other
sanction required by the Law, divide among the Members in specie the whole or any part of the assets of the Company and may, for that
purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members.
The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the
Members as he with the like sanction determines, but no Member shall be compelled to accept any assets upon which there is a liability.

 

		37.3	If the Company shall be wound up and the assets available for distribution amongst the Members as such
shall be insufficient to repay the whole of the paid up capital, such assets shall be

 

    
	 	46	 

     

    

distributed so that,
as nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up,
at the commencement of the winding up, on the shares held by them respectively. If in a winding up the assets available for distribution
amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the
excess shall be distributed pari passu amongst the Members in proportion to the capital paid up at the commencement of the winding
up on the shares held by them respectively. This Article is to be without prejudice to the rights of the holders of shares issued upon
special terms and conditions.

 

		38	Indemnity

 

		38.1	Every Indemnified Person for the time being and from time to time of the Company and the personal representatives
of the same shall be indemnified and secured harmless out of the assets and funds of the Company against all actions, proceedings, costs,
charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts (including reasonable attorneys’
fees and expenses and amounts paid in settlement and costs of investigation (collectively "Losses") incurred or sustained
by him otherwise than by reason of his own dishonesty, wilful default or fraud in or about the conduct of the Company’s business
or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions,
including without prejudice to the generality of the foregoing, any Losses incurred by him in defending or investigating (whether successfully
or otherwise) any civil, criminal, investigative and administrative proceedings concerning or in any way related to the Company or its
affairs in any court whether in the Islands or elsewhere. Such Losses incurred in defending or investigating any such proceeding shall
be paid by the Company as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Person to
repay such amounts if it is ultimately determined by a non-appealable order of a court of competent jurisdiction that such Indemnified
Person is not entitled to indemnification hereunder with respect thereto.

 

		38.2	No such Indemnified Person of the Company and the personal representatives of the same shall be liable
(i) for the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent of the Company or (ii) by reason
of his having joined in any receipt for money not received by him personally or in any other act to which he was not a direct party for
conformity or (iii) for any loss on account of defect of title to any property of the Company or (iv) on account of the insufficiency
of any security in or upon which any money of the Company shall be invested or (v) for any loss incurred through any bank, broker or other
agent or any other party with whom any of the Company’s property may be deposited or (vi) for any loss, damage or misfortune whatsoever
which may happen in or arise from the execution or discharge of the duties, powers, authorities or discretions of his office or in relation
thereto or (vii) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight
on such Person’s part, unless he has acted dishonestly, with wilful default or through fraud.

 

		38.3	The Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification,
advancement of expenses and/or insurance from or against (other than directors’ and officers’ or similar insurance obtained
or maintained by or on behalf of the Company or any of its subsidiaries, including any such insurance obtained or maintained pursuant
to Article 38.4 hereof) Other Indemnitors. The Company hereby agrees that: (i) it is the indemnitor of first resort (i.e., its obligations
to an Indemnified Person are primary and any obligation of any Other Indemnitors to advance expenses or to provide indemnification for
the same expenses or liabilities incurred by such Indemnified Person are secondary); (ii) it shall be required to advance the full

 

    
	 	47	 

     

    

amount of expenses
incurred by an Indemnified Person and shall be liable for the full amount of all Losses to the extent legally permitted and as required
by the terms of these Articles (or any other agreement between the Company and an Indemnified Person) without regard to any rights an
Indemnified Person may have against any Other Indemnitors; and (iii) it irrevocably waives, relinquishes and releases any Other Indemnitors
from any and all claims against the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.
The Company further agrees that no advancement or payment by any Other Indemnitors on behalf of an Indemnified Person with respect to
any claim for which such Indemnified Person has sought indemnification from the Company shall affect the foregoing, and without prejudice
to Article 39 below, Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment
to all of the rights of recovery of such Indemnified Person against the Company. For the avoidance of doubt, no Person or entity providing
directors’ or officers’ or similar insurance obtained or maintained by or on behalf of the Company or any of its subsidiaries,
including any Person providing such insurance obtained or maintained pursuant to Article 38.4 hereof, shall be an Other Indemnitor.

 

		38.4	The Directors may exercise all the powers of the Company to purchase and maintain insurance for the benefit
of a Person who is or was (whether or not the Company would have the power to indemnify such Person against such liability under the provisions
of this Article 38 or under applicable law): (a) a Director, alternate Director, Secretary or auditor of the Company or of a company which
is or was a subsidiary of the Company or in which the Company has or had an interest (whether direct or indirect); or (b) the trustee
of a retirement benefits scheme or other trust in which a person referred to in Article 38.1 is or has been interested, indemnifying him
against any liability which may lawfully be insured against by the Company.

 

		39	Claims Against the Company

 

Notwithstanding Article
38.3, unless otherwise determined by a majority of the Board, in the event that (i) any Member (the "Claiming Party")
initiates or asserts any claim or counterclaim ("Claim") or joins, offers substantial assistance to or has a direct financial
interest in any Claim against the Company and (ii) the Claiming Party (or the third party that received substantial assistance from the
Claiming Party or in whose Claim the Claiming Party had a direct financial interest) does not obtain a judgment on the merits in which
the Claiming Party prevails, then each Claiming Party shall, to the fullest extent permissible by law, be obligated jointly and severally
to reimburse the Company for all fees, costs and expenses (including, but not limited to, all reasonable attorneys’ fees and other
litigation expenses) that the Company may incur in connection with such Claim.

 

		40	Untraceable Members

 

		40.1	Without prejudice to the rights of the Company under Article 40.2, the Company may cease sending cheques
for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two (2) consecutive occasions.
However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion
on which such a cheque or warrant is returned undelivered.

 

		40.2	The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member
who is untraceable, but no such sale shall be made unless:

 

    
	 	48	 

     

    

		(a)	all cheques or warrants in respect of dividends of the shares in question, being not less than three (3)
in total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by these Articles of the Company have remained uncashed;

 

		(b)	so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and

 

		(c)	the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

 

40.2.1.       For
the purposes of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication
of the advertisement referred to in this Article 40.2 and ending at the expiry of the period referred to in that paragraph.

 

		40.3	To give effect to any such sale the Board may authorise some person to transfer the said shares and an
instrument of transfer signed or otherwise executed by or on behalf of such persons shall be as effective as if it had been executed by
the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application
of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the
sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted
to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall
be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed
in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the
Member holding the shares sold is dead, bankruptcy or otherwise under any legal disability or incapacity.

 

		41	Amendment of Memorandum of Articles

 

		41.1	Subject to the Law and these Articles, the Company may by Special Resolution change its name or change
the provisions of the Memorandum with respect to its objects, powers or any other matter specified therein.

 

		41.2	Subject to the Law and as provided in these Articles, the Company may at any time and from time to time
by Special Resolution, alter or amend these Articles in whole or in part.

 

		42	Transfer by Way of Continuation

 

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

 

    
	 	49Document

PIGGYBACK REGISTRATION RIGHTS AGREEMENT

December 14, 2022

This Piggyback Registration Rights Agreement (“Agreement”) is made and entered into as of December 14, 2022, by and between Skye Bioscience, Inc., a Nevada corporation (the “Company”), and Emerald Health Sciences Inc., a British Columbia corporation (including its successors and assigns, “EHS”).
RECITALS
WHEREAS, the Company and the EHS entered into that certain Amendment and Acknowledgement Agreement, dated November 17, 2022, pursuant to which the Company and EHS agreed to enter into a registration rights agreement providing EHS with customary piggyback registration rights for the shares of Company common stock issuable upon the exercise of certain warrants to purchase Company common stock held by EHS.
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 and the EHS agree as follows:
AGREEMENT
1.REGISTRATION RIGHTS.
1.1Definitions.  For purposes of this Agreement:
Registration. ”Register,” “registered,” and ”registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act of 1933, as amended (“Securities Act”), and the declaration or ordering of effectiveness of such registration statement.
Registrable Securities. ”Registrable Securities” means: (a) the Warrant Shares and (b) any shares of Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, in exchange for or in replacement of, all such shares of Common Stock described in clause (a); excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which rights under this Section 1 are not assigned in accordance with this Agreement or any Registrable Securities sold to the public or sold pursuant to Rule 144 promulgated under the Securities Act (“Excluded Shares”).
Rule 415. “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

Rule 424. “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.

SEC. “SEC” means the United States Securities and Exchange Commission.
Warrant Shares. “Warrant Shares” means the shares of Company common stock issuable pursuant to the exercise of the EHS Warrants.
EHS Warrants. “EHS Warrants” means  the following warrants to purchase common stock of the Company: (i) 2,500,000 share purchase warrants each exercisable for one common share of the Company until November 1, 2023;  (ii) 2,500,000 share purchase warrants each exercisable for one common share of the Company until February 1, 2024; (iii) 2,500,000 share purchase warrants each exercisable for one common share of the Company until March 29, 2024; and (iv)  9,141,486 share purchase warrants each exercisable for one common share of the until December 29, 2024.
1.2Piggyback Registrations.
(a)Piggyback Registrations. The Company will notify EHS in writing at least thirty (30) days prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of 
			
	SF-4979707 

securities of the Company, including registration statements related to the resale of securities of the Company by the Company’s securityholders, (but excluding registration statements relating to  any employee benefit plan or a corporate reorganization)) and will afford EHS an opportunity to include in such registration statement all or any part of the Registrable Securities then held by EHS, which, for the avoidance of doubt, includes Warrant Shares subject to EHS Warrants that have not been exercised, for resale by EHS as a selling securityholder. If EHS desires to include in any such registration statement all or any part of the Registrable Securities held by EHS, within twenty (20) days after receipt of the above-described notice from the Company, EHS will so notify the Company in writing, and in such notice will inform the Company of the number of Registrable Securities it wishes to include in such registration statement. If EHS decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, EHS will nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.  
(b)Underwriting. If a registration statement under which the Company gives notice under this Section 1.2 is for an underwritten offering, then the Company will so advise EHS. In such event, EHS rights for its Registrable Securities to be included in a registration pursuant to this Section 1.2 will be conditioned upon EHS’ participation in such underwriting and the inclusion of EHS’ Registrable Securities in the underwriting to the extent provided herein. The underwriters shall be selected by the Company in their sole discretion. EHS will enter into an underwriting agreement in customary form with the managing underwriter or underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares (including Registrable Securities) from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting will be allocated, first, to the Company, and second, to EHS. Any Registrable Securities excluded or withdrawn from such underwriting will be excluded and withdrawn from the registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw any registration statement filed with the SEC in connection with a piggyback registration right at any time prior to the effectiveness of such registration statement.  The underwriters in connection with such registration are intended third-party beneficiaries of this Section 1.2(b) and shall have the right and power to enforce the provisions hereof as though they were a party hereto. 
(c)Form of Registration. Each registration statement filed hereunder shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance with the advice of the Company’s counsel). EHS will not be named as an “underwriter” without EHS’s express written consent. If EHS does not so consent and the SEC will not declare the registration statement effective without EHS being named as an underwriter for Registrable Shares to be included in the registration statement for the registration statement to be declared effective, EHS shall have no registration rights under such registration statement.
(d)Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a registration statement or prospectus contains a Misstatement (as defined below), EHS shall forthwith discontinue disposition of Registrable Securities until 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 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 (as defined below) 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 EHS, 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 45 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, EHS agrees 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 EHS of the expiration of any period during which it exercised its rights under this Section 1.2(c). For purposes of this Agreement, the term “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 prospectus in the light of the circumstances under which they were made not misleading. For purposes of this Agreement, the term “Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the principal executive officer of the Company, principal financial officer of the Company or principal legal officer of the Company, after consultation with an outside recognized securities law 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 necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the 
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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. 
(e)Expenses. All expenses incurred in connection with a registration pursuant to this Section 1.2 (excluding underwriters’ and brokers’ discounts and commissions), including, without limitation all federal and “blue sky” registration and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of counsel for EHS, up to a maximum amount of USD$10,000, will be borne by the Company. 
1.3Obligations of the Company. Whenever required to affect the registration of any Registrable Securities under this Agreement, other than with respect to a registration statement filed for an underwritten offering pursuant to Section 1.2(b) hereof, the Company will, as expeditiously as reasonably possible:
(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of EHS, keep such registration statement effective until the earlier of (i) the date that all Registrable Securities covered by such registration statement (A) have been sold thereunder or pursuant to Rule 144, or (B) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144, including the requirements of Rule 144(i), as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the transfer agent of the Company and EHS or (ii) eighteen (18) months from the effectiveness of such registration statement (the “Effectiveness Period”); 
(b)Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act, including Rule 172 under the Securities Act, with respect to the disposition of all securities covered by such registration statement and file any final prospectus, including any supplement or amendment thereof, with the SEC pursuant to Rule 424 under the Securities Act, and promptly inform EHS in writing if, at any time during the effectiveness of such registration statement, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, EHS is required to deliver a prospectus in connection with any disposition of Registrable Securities; 
(c)Furnish to EHS such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration;
(d)Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as will be reasonably requested by EHS provided the Company will not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;
(e)In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering (it being understood and agreed, as a condition to the Company’s obligations under this clause (e), EHS will also enter into and perform its obligations under such an agreement); 
(f)Notify EHS at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
(g)If requested by EHS, cooperate with EHS to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a registration statement, which certificates shall be free of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as EHS may request; and
(h)Subject to the terms of this Agreement, the Company hereby consents to the use of the prospectus as filed pursuant to Rule 424 and each amendment or supplement thereto by EHS in connection with the 
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offering and sale of the Registrable Securities covered by such prospectus and any amendment or supplement thereto.
1.4Furnish Information. It will be a condition precedent to the obligations of the Company to take any action pursuant to Section 1.2 hereof that EHS will furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as will be required to timely effect the registration of their Registrable Securities.
1.5Delay of Registration. EHS will not have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.
1.6Indemnification. In the event any Registrable Securities are included in a registration statement under Section 1.2 hereof:
(a)By the Company. To the extent permitted by law, the Company will indemnify and hold harmless EHS, the officers and directors of  EHS, and each person, if any, who controls EHS within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended, (“Exchange Act”), against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a ”Violation”):
a.Any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto;
b.The omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or
c.Any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal or state securities law in connection with the offering covered by such registration statement; and the Company will reimburse EHS, its officers or directors, or controlling persons for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, the indemnity agreement contained in this Subsection 1.6(a) will not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent will not be unreasonably withheld), nor will the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration statement by EHS, its officers, directors, or controlling persons of EHS.
(b)By EHS. To the extent permitted by law, EHS will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, and any underwriter, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, or underwriter, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) such Violation occurs in reliance upon and in conformity with written information furnished by EHS expressly for use in connection with such registration; and EHS will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, or underwriter in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, the indemnity agreement contained in this Subsection 1.6(b) will not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of EHS, which consent will not be unreasonably withheld; and provided further, the total amounts payable in indemnity by EHS under this Subsection 1.6(b) in respect of any Violation will not exceed the net proceeds received by EHS in the registered offering out of which such Violation arises.
(c)Notice. Promptly after receipt by an indemnified party under this Section 1.6 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.6, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party will have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to 
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assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, an indemnified party will have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, will relieve such indemnifying party of any liability to the indemnified party under this Section 1.6, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability it may have to any indemnified party otherwise than under this Section 1.6.
(d)Defect Eliminated in Final Prospectus. The foregoing indemnity agreements of the Company and EHS are subject to the condition that, insofar as they relate to any Violation made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes effective or the amended prospectus filed with the SEC pursuant to SEC Rule 424(b) (“Final Prospectus”), such indemnity agreement will not inure to the benefit of any person if a copy of the Final Prospectus (i) was furnished to the indemnified party and (ii) was not furnished to the person asserting the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act.
(e)Contribution. In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) EHS, or any controlling person of any EHS, makes a claim for indemnification pursuant to this Section 1.6 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact this Section 1.6 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of EHS, or any such controlling person in circumstances for which indemnification is provided under this Section 1.6; then, and in each such case, the Company and EHS will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so EHS is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities offered by and sold under such registration statement, and the Company shall be responsible for the remaining portion; provided, however, in any such case, (A) EHS will not be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by EHS pursuant to such registration statement and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.
(f)Survival. The obligations of the Company and EHS under this Section 1.6 will survive the completion of any offering of Registrable Securities in a registration statement, and otherwise.
1.7“Market Stand-Off” Agreement.
(a)EHS hereby agrees it will not, to the extent requested by an underwriter of securities of the Company, sell or otherwise transfer or dispose of or engage in any other transaction regarding any Registrable Securities or other shares of stock of the Company then owned by EHS for up to one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act which includes the Registrable Securities in an underwritten offering pursuant to the terms of this Agreement; provided, however, all executive officers and directors of the Company then holding Common Stock of the Company enter into similar agreements and such restriction will not apply to the Registrable Securities being offering in the registration statement pursuant to the underwritten offering. 
(b)In order to enforce the foregoing covenant, EHS agrees to execute the form of agreement requested by the underwriter.
1.8Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the public without registration, after such time as a public market exists for the Common Stock of the Company, the Company agrees to:
(a)Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the date  hereof;
(b)Use its commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and
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(c)As long as EHS owns any Registrable Securities, to furnish to EHS upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144, and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company and such other reports and documents of the Company as EHS may reasonably request in availing itself of any rule or regulation of the SEC allowing EHS to sell any such securities without registration (at any time after the Company has become subject to the reporting requirements of the Exchange Act).
2.TERMINATION, ASSIGNMENT AND AMENDMENT.
1.1Termination. This Agreement shall terminate upon the earlier of (a) the date on which all of the Registrable Securities have been sold pursuant to a registration statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder), (b) the date on which EHS is permitted to sell the Registrable Securities under Rule 144 (or any similar provision) under the Securities Act without regard to any restriction under Rule 144 on availability of public information, manner of sale or volume of sales, including any requirements under Rule 144(i) or (c) the eighteen (18) month anniversary of the effectiveness of the registration statement that includes the Registrable Securities. The provisions of Section 1.6, Section 1.8, Section 2 and Section 3 shall survive any termination.
1.2Assignment. Notwithstanding anything herein to the contrary, the registration rights of EHS under Section 1.2 may be assigned only to a party who acquires at least five million (5,000,000) shares of Registrable Securities; provided, however, no party may be assigned any of the foregoing rights unless the Company is given written notice by the assigning party at the time of such assignment stating the name, address and tax identification number of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; and provided further any such assignee will receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this Section 2.
1.3Amendment of Rights. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and EHS.
3.GENERAL PROVISIONS.
1.1Notices. Any notice, request or other communication required or permitted hereunder will be in writing and will be deemed to have been duly given if personally delivered, deposited in the U.S. mail by registered or certified mail, return receipt requested, postage prepaid, electronic-mail or facsimile when receipt is electronically confirmed (a) if to EHS, as set forth on EHS’s signature page of this Agreement, and (ii) if to the Company, to the address set forth below:
Skye Bioscience, Inc. 
[●]
Attention: Kaitlyn Arsenault
Chief Financial Officer

Any party hereto (and such party’s permitted assigns) may by notice so given change its address for future notices hereunder. Notice will be deemed conclusively given when personally delivered or when deposited in the mail in the manner set forth above.

1.2Entire Agreement. This Agreement, together with all the exhibits hereto, constitutes and contains the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof.

1.3Governing Law. This Agreement will be governed by and construed exclusively in accordance with the internal laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California, excluding that body of law relating to conflict of laws and choice of law.
1.4Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision(s) will be excluded from this Agreement and the balance of this Agreement will be interpreted as if such provision(s) were so excluded and will be enforceable in accordance with its terms.
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1.5Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement.
1.6Successors and Assigns. Subject to the provisions of Section 2.1, the provisions of this Agreement will inure to the benefit of, and will be binding upon, the successors and permitted assigns of the parties hereto.
1.7Captions. The captions to sections and subsections of this Agreement have been inserted for identification and reference purposes only and will not be used to construe or interpret this Agreement.
1.8Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Executed counterparts of this Agreement may be delivered by facsimile transmission or by delivery of a scanned counterpart in portable document format (PDF) by e-mail. The signatures in the facsimile or PDF data file will be deemed to have the same force and effect as if the manually signed counterpart had been delivered to the other party in person.
1.9Costs and Attorneys’ Fees. In the event any action, suit or other proceeding is instituted concerning or arising out of this Agreement or any transaction contemplated hereunder, the prevailing party will recover all of such party’s costs and attorneys’ fees incurred in each such action, suit or other proceeding, including any and all appeals or petitions therefrom. .
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IN WITNESS WHEREOF, the parties hereto have executed this Piggyback Registration Rights Agreement as of the date and year first above written.
SKYE BIOSCIENCE, INC.

By: /s/ Kaitlyn Arsenault                                            
Kaitlyn Arsenault
Chief Financial Officer

Emerald Health Sciences, Inc. 

By: /s/ Jim Heppell                                        
Jim Heppell
Chief Executive Officer

Address: [●]

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