Document:

Exhibit 10.3

 

EXECUTION VERSION

Confidential

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT
(as it may be amended, supplemented or restated from time to time in accordance with its terms, the “Investor Rights Agreement”),
dated as of August 26, 2021 (the “Effective Date”), is made by and among (i) Magnum Opus Acquisition Limited,
an exempted company incorporated with limited liability in the Cayman Islands (“PubCo”); (ii) Magnum Opus Holdings
LLC, a Cayman Islands limited liability company (“Sponsor”); (iii) Integrated Whale Media Investment Inc., a
BVI business company incorporated under the laws of the British Virgin Islands (“IWM”); (iv) Highlander Management
LLC, a limited liability company organized in the State of Delaware (“Highlander”); and (v) the individuals listed
as Other Holders on the signature pages hereto and each other Person who executes a joinder as an “Other Holder” (collectively,
the “Other Holders”). Each of PubCo, Sponsor, Highlander, IWM and the Other Holders may be referred to herein
as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, PubCo has entered into
that certain Business Combination Agreement, dated as of the Effective Date (as it may be amended, supplemented or restated from time
to time in accordance with the terms of such agreement, the “Business Combination Agreement”), by and among PubCo,
Highlander, IWM, Forbes Global Holdings Inc., a BVI business company incorporated in the British Virgin Islands (“FGH”),
and Forbes Global Media Holdings, Inc., a BVI business company incorporated in the British Virgin Islands (“FGMH”)
in connection with the business combination (the “Business Combination”) set forth in the Business Combination Agreement;

 

WHEREAS, pursuant to the Business
Combination Agreement, Highlander and IWM will sell to PubCo, and PubCo will purchase from Highlander and IWM, the Highlander Shares
and the IWM Shares, respectively;

 

WHEREAS, PubCo, Sponsor and
the Other Holders entered into that certain Registration and Shareholder Rights Agreement, dated as of March 23, 2021 (the “Original
RRA”);

 

WHEREAS, in connection with
the execution of this Investor Rights Agreement, PubCo, Sponsor and the Other Holders desire to terminate (a) the Original RRA and
replace it with this Investor Rights Agreement, and (b) the lock-up provisions in Sections 7(a), 7(b) and 7(c) of the
Letter Agreement, dated March 23, 2021 (the “Letter Agreement”), among Sponsor, PubCo and the other parties thereto
identified therein, and entering into this Investor Rights Agreement, as “Insiders”, and replace it with the lock-up provisions
in Article IV of this Investor Rights Agreement; and

 

WHEREAS, on the Effective Date,
the Parties desire to set forth their agreement with respect to governance, registration rights and certain other matters, in each case
in accordance with the terms and conditions of this Investor Rights Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Investor Rights Agreement, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

     

     

    

 

Article I

DEFINITIONS

 

Section 1.1     Definitions.
As used in this Investor Rights Agreement, the following terms shall have the following meanings:

 

“AAA” has
the meaning set forth in Section 5.7(b).

 

“Action”
has the meaning set forth in Section 5.13(a).

 

“Adverse Disclosure”
means any public disclosure of material non-public information, which disclosure, in the good faith determination of the Board, after
consultation with counsel to PubCo, (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
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) would reasonably be expected to have a material adverse effect on any proposal or plan by
PubCo or any of its subsidiaries to engage in any material acquisition of assets or shares (other than in the ordinary course of business)
or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving PubCo
and either (x) PubCo has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure
would have a material adverse effect on PubCo or PubCo’s ability to consummate such transaction, or (z) such transaction renders
PubCo unable to comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable to cause
the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective
basis, as applicable.

 

“Affiliate”
of any particular Person means any other Person that directly, or indirectly through one or more of its intermediaries, controls, is
controlled by or under common control with such particular Person, where “control” means the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of a Person whether through the ownership of voting securities,
by contract or otherwise; provided, that no Party or affiliate thereof shall be deemed an Affiliate of PubCo or any of its subsidiaries
for purposes of this Investor Rights Agreement.

 

“Automatic Shelf Registration
Statement” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

“Beneficially Own”
has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Board” means
the board of directors of PubCo.

 

“Business Combination”
has the meaning set forth in the Recitals.

 

“Business Combination
Agreement” has the meaning set forth in the Recitals.

 

    2

     

    

 

“Business Day”
means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized by Law to close in the
State of New York, Hong Kong, the Cayman Islands or the British Virgin Islands.

 

“Closing”
has the meaning given to such term in the Business Combination Agreement.

 

“Closing Date”
has the meaning given to such term in the Business Combination Agreement.

 

“Company Shares”
means shares of FGMH with a par value of $1.00 per share.

 

“Confidential Information”
has the meaning set forth in Section 2.7.

 

“Demand Delay”
has the meaning set forth in Section 3.2(a)(i).

 

“Demand Initiating
Holders” has the meaning set forth in Section 3.2(a).

 

“Demand Period”
has the meaning set forth in Section 3.2(c).

 

“Demand Registration”
has the meaning set forth in Section 3.2(a).

 

“Demand Registration
Notice” has the meaning set forth in Section 3.2(a).

 

“Distribution”
means a distribution, however structured (including through dissolution), by any Holder of Equity Securities of PubCo to such Holder’s
limited partners, members or equityholders (as applicable).

 

“Effective Date”
has the meaning set forth in the Preamble.

 

“Entity”
means a Person that is not a natural Person.

 

“Equity Securities”
means, with respect to any Person, all of the shares of capital stock, shares or equity of (or other ownership or profit interests in)
such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock,
shares or equity of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for
shares of capital stock, shares or equity of (or other ownership or profit interests in) such Person or warrants, rights or options for
the purchase or acquisition from such Person of such shares or equity (or such other interests), restricted stock or restricted share
awards, restricted stock or restricted share units, equity appreciation rights, phantom equity rights, profit participation and all of
the other ownership or profit interests of such Person (including partnership or member interests therein), whether voting or nonvoting.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, as the same shall be in effect from time to time.

 

“Family Member”
means with respect to any Person, a spouse, lineal descendant (whether natural or adopted) or spouse of a lineal descendant of such Person
or any trust created for the benefit of such Person or of which any of the foregoing is a beneficiary.

 

    3

     

    

 

“FGH” has
the meaning set forth in the Recitals.

 

“FGMH” has
the meaning set forth in the Recitals.

 

“FINRA” means
the Financial Industry Regulatory Authority, Inc.

 

“Governmental Entity”
means any federal, national, supranational, foreign, state, provincial, local, county, municipal or other government, any governmental,
regulatory or administrative authority, agency, department, bureau, board, commission or official or any quasi-governmental or private
body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority, or any court, tribunal, judicial
or arbitral body or arbitrator (public or private), or any Self-Regulatory Organization (in each case to the extent that the rules, regulations
or orders of such body or authority have the force of Law).

 

“Highlander”
has the meaning set forth in the Preamble.

 

“Highlander Shares”
means all of the Company Shares held by Highlander.

 

“Holder”
means any holder of Registrable Securities who is a Party to, or who succeeds to rights under, this Investor Rights Agreement pursuant
to Section 5.1; provided, that a Party who does not hold Registrable Securities as of the Closing Date and who acquires
Registrable Securities after the Closing Date will not be a Holder until such Party gives PubCo a representation in writing of the number
of Registrable Securities it holds.

 

“Holder Indemnitees”
has the meaning set forth in Section 5.13(a).

 

“Indemnification Sources”
has the meaning set forth in Section 5.13(c).

 

“Indemnified Liabilities”
has the meaning set forth in Section 5.13(a).

 

“Indemnified Party”
has the meaning set forth in Section 3.6(c).

 

“Indemnitee-Related
Entities” has the meaning set forth in Section 5.13(c).

 

“Investor Rights Agreement”
has the meaning set forth in the Preamble.

 

“IWM” has
the meaning set forth in the Preamble.

 

“IWM Shares”
means all of the shares of no par value in the capital of FGH held by IWM.

 

“Independent Director”
means an individual who qualifies as “independent” as such term is used in the New York Stock Exchange rules.

 

“Laws” means
any laws (statutory, common or otherwise), acts, statutes, constitutions, treaties, directive, executive order, injunction, judgment,
decree, ordinances, codes, rules, regulations or rulings of a Governmental Entity. All references to “Laws” shall
be deemed to include any amendments thereto, and any successor Law, unless the context otherwise requires.

 

“Letter Agreement”
has the meaning set forth in the Recitals.

 

    4

     

    

 

“Lock-Up Period”
means the period commencing on the Closing Date and ending on the date falling twelve (12) months following the Closing Date.

 

“Lock-Up Shares”
has the meaning set forth in Section 4.1.

 

“Market Stand-Off Period”
has the meaning set forth in Section 3.10.

 

“Marketed”
means an Underwritten Shelf Take-Down or other Underwritten Offering, as applicable, that involves the use or involvement of a customary
 “road show” (including an “electronic road show”) or other substantial marketing effort by Underwriters over
a period of at least 48 hours.

 

“Marketed Underwritten
Shelf Take-Down” has the meaning set forth in Section 3.1(d)(iii).

 

“Maximum Offering Size”
has the meaning set forth in Section 3.2(d).

 

“Necessary Action”
means, with respect to any Party and a specified result, all actions (to the extent such actions (a) are not prohibited by applicable
Law and within such Party’s control, (b) do not directly conflict with any rights expressly granted to such Party in this
Investor Rights Agreement or the Business Combination Agreement and (c) in the case of any action that requires a vote or other
action on the part of the Board to the extent such action is consistent with fiduciary duties that PubCo’s directors may have in
such capacity) necessary to cause such result, including, but not limited to, (i) calling extraordinary general meetings of PubCo,
(ii) voting or providing a written consent or proxy, if applicable in each case, with respect to Ordinary Shares, (iii) causing
the adoption of shareholders’ resolutions and amendments to the Organizational Documents, (iv) executing agreements and instruments,
(v) making, or causing to be made, with Governmental Entities, all filings, registrations or similar actions that are required to
achieve such result and (vi) nominating or appointing certain Persons (including to fill vacancies) and providing the highest level
of support for election of such Persons to the Board in connection with the annual general meeting or extraordinary general meeting of
PubCo.

 

“Non-Marketed”
means an Underwritten Shelf Take-Down that is not a Marketed Underwritten Shelf Take-Down.

 

“Non-Underwritten Shelf
Take-Down” has the meaning set forth in Section 3.1(d)(iv)(A).

 

“Ordinary Shares”
means class A ordinary shares of a par value $0.0001 per share, of PubCo, including (i) any class A ordinary shares issuable upon
the exercise of any warrant or other right to acquire class A ordinary shares and (ii) any Equity Securities of PubCo that may be
issued or distributed or be issuable with respect to such class A ordinary shares by way of conversion, dividend, share split, share
sub-division or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction.

 

“Organizational Documents”
means, with respect to a Person that is not an individual, its articles of incorporation, certificate of incorporation, certificate of
formation, bylaws, memorandum and/or articles of incorporation, operating agreement, certificate of limited partnership, partnership
agreement and/or similar documents, instruments or certificates executed, adopted or filed in connection with the creation, formation,
incorporation or organization of such Person, including any amendments thereto.

 

    5

     

    

 

“Original RRA”
has the meaning set forth in the Recitals.

 

“Other Holders”
has the meaning set forth in the Preamble.

 

“Party” has
the meaning set forth in the Preamble.

 

“Permitted Transferee”
means with respect to any Person, (i) any Family Member of such Person (or to a trust, the beneficiary of which is a Family Member
of such Person), (ii) any Affiliate of such Person, (iii) any Affiliate of any Family Member of such Person (excluding any
Affiliate under this clause (iii) who operates or engages in a business which competes with the business of PubCo and its
subsidiaries), (iv) a charitable organization or (v) any direct or indirect limited partners, members or equity holders of
such Person (including via distribution or dissolution).

 

“Person”
means and includes an individual, a partnership (general or limited), a joint venture, a corporation, a company, a trust, an estate,
a limited liability company, an association, a joint-stock company, an unincorporated organization or other entity and a Governmental
Entity.

 

“Piggyback Registration
Notice” has the meaning set forth in Section 3.3(a)(i).

 

“Principal Parties”
means each of Sponsor and IWM.

 

“Proceeding”
has the meaning set forth in Section 5.7(b).

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments (including post-effective amendments) and supplements to
such prospectus, and all material incorporated by reference in such prospectus.

 

“PubCo” has
the meaning set forth in the Preamble.

 

“Registrable Securities”
means (a) any Ordinary Shares, (b) any Warrants or any Ordinary Shares issued or issuable upon the exercise thereof and (c) any
Equity Securities of PubCo or any subsidiary of PubCo that may be issued or distributed or be issuable with respect to the securities
referred to in clauses (a) or (b) by way of conversion, dividend, share split, share sub-division or other distribution,
merger, consolidation, exchange, recapitalization or reclassification or similar transaction, in each case held directly or indirectly
by Sponsor, Highlander, IWM or the Other Holders, or in each case, any of their respective Permitted Transferees; provided,that,
such securities shall cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (ii) such securities shall have been otherwise transferred, new certificates for
such securities not bearing a legend restricting further transfer shall have been delivered by PubCo and subsequent public distribution
of such securities shall not require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding;
(iv) such securities have been sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any
successor rule promulgated thereafter by the SEC); or (v) such securities have been sold to, or through, a broker, dealer or
underwriter in a public distribution or other public securities transaction.

 

    6

     

    

 

“Registration”
means a registration, including any related Shelf Take-Down, effected by preparing and filing a registration statement, prospectus or
similar document in compliance with the requirements of the Securities Act, and such registration statement becoming effective.

 

“Registration Expenses”
means the out-of-pocket expenses of a Registration or other Transfer pursuant to the terms of this Investor Rights Agreement, including
(a) all SEC or stock exchange registration and filing fees (including, if applicable, the fees and expenses of any “qualified
independent underwriter,” as such term is defined in Rule 5121 of FINRA (or any successor provision)), (b) all fees and
expenses of complying with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in
connection with blue sky qualifications of the Registrable Securities), (c) all printing, messenger and delivery expenses, (d) all
fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange and all rating agency
fees, (e) the fees and disbursements of counsel for PubCo and of its independent public accountants, including the expenses of any
special audits and/or comfort letters required by or incident to such performance and compliance, (f) any fees and disbursements
of Underwriters customarily paid by the issuers or sellers of securities, including liability insurance if PubCo so desires or if the
Underwriters so require, and the reasonable fees and expenses of any special experts retained in connection with the requested registration,
but excluding underwriting discounts and commissions and transfer taxes, if any, (g) the reasonable and documented fees and out-of-pocket
expenses of one counsel for all of the Holders participating in such Registration or other Transfer, selected by such Holders that own
a majority of the Registrable Securities participating in such Registration or other Transfer and (h) the costs and expenses of
PubCo relating to analyst and investor presentations or any “road show” undertaken in connection with the Registration and/or
marketing of the Registrable Securities (including the expenses of the Holders).

 

“Registration Statement”
means any registration statement that covers the Registrable Securities pursuant to the provisions of this Investor Rights Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other Person acting on behalf of such Person.

 

“Restricted Shelf Take-Down”
means a Non-Marketed Underwritten Shelf Take-Down or a Non-Underwritten Shelf Take-Down.

 

“Restricted Take-Down
Selling Holders” has the meaning set forth in Section 3.1(d)(iv)(B).

 

“Rules” has
the meaning set forth in Section 5.7(b).

 

“SEC” means
the United States Securities and Exchange Commission.

 

    7

     

    

 

“Securities Act”
means the Securities Act of 1933, as amended, and any successor thereto, as the same shall be in effect from time to time.

 

“Self-Regulatory Organization”
means any securities exchange, futures exchange, contract market, any other exchange or corporation or similar self-regulatory body or
organization applicable to a Party.

 

“Shared Representative”
has the meaning set forth in Section 2.7.

 

“Shelf Holder”
means any Holder that owns Registrable Securities that have been registered on a Shelf Registration Statement.

 

“Shelf Registration”
means a registration of securities pursuant to a Registration Statement filed with the SEC in accordance with and pursuant to Rule 415
promulgated under the Securities Act.

 

“Shelf Registration
Statement” means a Registration Statement of PubCo filed with the SEC on either (a) Form S-3 (or any successor form
or other appropriate form under the Securities Act) or (b) if PubCo is not permitted to file a Registration Statement on Form S-3,
a Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities Act), in each case for
an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act covering the Registrable Securities,
as applicable.

 

“Shelf Suspension”
has the meaning set forth in Section 3.1(c).

 

“Shelf Take-Down”
means any offering or sale of Registrable Securities initiated by a Shelf Take-Down Initiating Holder pursuant to a Shelf Registration
Statement.

 

“Shelf Take-Down Initiating
Holders” means the Holders holding at least ten percent (10%) of the Registrable Securities, and solely with respect to Non-Underwritten
Shelf Take-Downs, the other Shelf Holders.

 

“Sponsor”
has the meaning set forth in the Preamble.

 

“Sponsor Director”
has the meaning set forth in Section 2.1.

 

“Subscription Agreements”
has the meaning given to such term in the Business Combination Agreement.

 

“Subsequent Shelf Registration”
has the meaning set forth in Section 3.1(b).

 

“Subsidiary”
means, with respect to any Person, any Entity of which a majority of the total voting power entitled (without regard to the occurrence
of any contingency) to vote in the appointment or election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof, or any partnership,
limited liability company, association or other Entity of which a majority of the partnership, limited liability company or other similar
ownership interest is at the time owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of such Person
or a combination thereof. For purposes of this definition, a Person is deemed to have a majority ownership interest in a partnership,
limited liability company, association or other Entity if such Person is allocated a majority of the gains or losses of such partnership,
limited liability company, association or other Entity or controls the managing member or general partner or similar position of such
partnership, limited liability company, association or other Entity.

 

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“Take-Down Participation
Notice” has the meaning set forth in Section 3.1(d)(iv)(C).

 

“Take-Down Tagging
Holder” has the meaning set forth in Section 3.1(d)(iv)(B).

 

“Transfer”
means, when used as a noun, any voluntary or involuntary, direct or indirect, transfer, assignment, sale, pledge, encumberance, mortgage,
or hypothecation, distribution or other disposition by the Transferor (whether by operation of law or otherwise) and, when used as a
verb, the Transferor voluntarily or involuntarily, directly or indirectly, transfers, assigns, sells, offers to sell, pledges, encumbers,
mortgages or hypothecates, grants any options to purchase or otherwise dispose of, distributes or otherwise disposes of (whether by operation
of law or otherwise), including, in each case, (a) the establishment or increase of a put equivalent position or liquidation with
respect to, or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any
security or (b) entry into any swap or other arrangement that transfers to another Person, in whole or in part, any of the economic
consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise.
The terms “Transferee,” “Transferor,” “Transferred,” and other forms of the
word “Transfer” shall have the correlative meanings.

 

“Underwriter”
means any investment banker(s) and manager(s) appointed to administer the offering of any Registrable Securities as principal
in an Underwritten Offering.

 

“Underwritten Offering”
means a Registration in which securities of PubCo are sold to an Underwriter for distribution to the public.

 

“Underwritten Shelf
Take-Down” has the meaning set forth in Section 3.1(d)(ii)(A).

 

“Underwritten Shelf
Take-Down Notice” has the meaning set forth in Section 3.1(d)(ii)(A).

 

“Warrants”
means (a) warrants to purchase 6,000,000 Ordinary Shares issued to Sponsor pursuant to that certain Private Placement Warrants Purchase
Agreement, dated March 23, 2021, by and between Sponsor and PubCo, and (b) warrants to purchase up to 2,000,000 Ordinary Shares
issuable to Sponsor upon the conversion of working capital loans, in each case, for a purchase price of $1.00 per warrant.

 

“Well-Known Seasoned
Issuer” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

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Section 1.2         Interpretive
Provisions. For all purposes of this Investor Rights Agreement, except as otherwise provided in this Investor Rights Agreement or
unless the context otherwise requires:

 

(a)      the
meanings of defined terms are applicable to the singular as well as the plural forms of such terms;

 

(b)      the
words “hereof”, “herein”, “hereunder” and words of similar import, when used in this Investor Rights
Agreement, refer to this Investor Rights Agreement as a whole and not to any particular provision of this Investor Rights Agreement;

 

(c)       references
in this Investor Rights Agreement to any Law shall be deemed also to refer to such Law, and all rules and regulations promulgated
thereunder;

 

(d)      whenever
the words “include”, “includes” or “including” are used in this Investor Rights Agreement, they shall
mean “without limitation;”

 

(e)       the
captions and headings of this Investor Rights Agreement are for convenience of reference only and shall not affect the interpretation
of this Investor Rights Agreement; and

 

(f)        pronouns
of any gender or neuter shall include, as appropriate, the other pronoun forms.  

 

Article II

GOVERNANCE

 

Section 2.1    Board
of Directors.

 

(a)       Board
Structure; Initial Composition. Each of the Parties hereto, severally and not jointly, agrees to take all Necessary Action to cause
the Board to be comprised of nine (9) directors at and immediately following the Closing. The Parties hereto, severally and not
jointly, agree to take all Necessary Action to cause the Board as of the Closing to be comprised of (i) one (1) individual
nominated by Sponsor (together with any individual designated pursuant to Section 2.1(a) of this Investor Rights Agreement,
the “Sponsor Director”), (ii) two (2) individuals nominated by IWM (together with any individuals designated
pursuant to Section 2.1(c) of this Investor Rights Agreement (each, an “IWM Director”), (iii) the
chief executive officer of PubCo (together with any individuals designated pursuant to Section 2.1(d) of this Investor
Rights Agreement, the “CEO Director”), and (iv) five (5) individuals jointly nominated by the mutual agreement
of Sponsor and IWM (the “Joint Directors”). At and following the Closing, each of the Parties, severally and not jointly,
agrees to take all Necessary Action to cause the foregoing directors to be divided into three classes of directors (Class I, Class II
and Class III), with each class serving for staggered three-year terms. The Principal Parties shall mutually agree on which directors
shall serve in each class as of the Closing. The initial term of the Class I directors shall expire immediately following PubCo’s
2022 annual general meeting of PubCo at which directors are appointed. The initial term of the Class II directors shall expire immediately
following PubCo’s 2023 annual general meeting of PubCo at which directors are appointed. The initial term of the Class III
directors shall expire immediately following PubCo’s 2024 annual meeting at which directors are appointed.

 

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(b)            Sponsor
Representation. Following the Closing, for so long as Sponsor and the Other Holders Beneficially Own Ordinary Shares in PubCo representing
at least the percentage, shown below, of the Ordinary Shares held by Sponsor and the Other Holders immediately after the Closing, PubCo
shall take all Necessary Action to include in the slate of nominees recommended by PubCo for appointment as directors at each applicable
annual general meeting or extraordinary general meeting of PubCo at which directors are to be appointed including, for the avoidance
of doubt, the Purchaser Special Meeting, as such term is defined in the Business Combination Agreement, a number of individuals designated
by Sponsor that, if appointed, will result in Sponsor having a number of directors serving on the Board as shown below:

 

	Ordinary Shares Beneficially
    Owned by Sponsor and the Other Holders (and their Permitted Transferees) as a Percentage of the Ordinary Shares Beneficially Owned
    by Sponsor and the Other Holders on the Closing Date	 	Number
    of Sponsor

    Directors	 
	50% or greater	 	 	1	 

 

(c)            IWM
Representation. Following the Closing, for so long as IWM Beneficially Owns Ordinary Shares in PubCo representing at least the percentage,
shown below, of the Ordinary Shares held by IWM immediately after the Closing, PubCo shall take all Necessary Action to include in the
slate of nominees recommended by PubCo for appointment as directors at each applicable annual general meeting or extraordinary general
meeting of PubCo at which directors are to be appointed including, for the avoidance of doubt, the Purchaser Special Meeting, a number
of individuals designated by IWM that, if appointed, will result in IWM having a number of directors serving on the Board as shown below:

 

	Ordinary Shares Beneficially
    Owned by IWM (and its Permitted Transferees) as a Percentage of the Ordinary Shares Beneficially Owned by IWM on the Closing Date	 	Number
    of IWM 
 Directors	 
	40% or greater	 	 	2	 
	12.5% or greater, but less than 40%	 	 	1	 

 

 

(d)            Company
Representation. Following the Closing, PubCo shall take all Necessary Action to include in the slate of nominees recommended by PubCo
for appointment as directors at each applicable annual general meeting or extraordinary general meeting of PubCo at which directors are
to be appointed including, for the avoidance of doubt, the Purchaser Special Meeting, the then current chief executive officer of PubCo
as the CEO Director.

 

(e)            Independent
Directors. From and after the initial slate of the Board is constituted pursuant to Section 2.1(a), PubCo shall take
all Necessary Action to ensure that the Board consists of such number of Independent Directors so as to meet the independence requirements
of the New York Stock Exchange or any other securities exchange on which the Equity Securities of PubCo are then listed.

 

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(f)            Removal;
Vacancies. Sponsor or IWM, as applicable, shall have the exclusive right to (i) remove their nominees from the Board, and PubCo
shall take all Necessary Action to cause the removal of any such nominee at the request of the applicable Party and (ii) designate
directors for appointment to the Board to fill vacancies created by reason of death, removal, resignation or otherwise of its nominees
to the Board, and PubCo shall take all Necessary Action to nominate or cause the Board to appoint, as applicable, replacement directors
designated by the applicable Party to fill any such vacancies created pursuant to clause (i) or (ii) above as promptly as practicable
after such designation (and in any event prior to the next meeting or action of the Board or applicable committee).

 

(g)            Decrease
in Directors. Upon any decrease in the number of directors that Sponsor or IWM, as applicable, is entitled to designate for nomination
to the Board pursuant to Section 2.1(b) and Section 2.1(c), the Principal Parties, as applicable, shall
take all Necessary Action to cause the appropriate number of Sponsor Director or IWM Directors, as applicable, to offer to tender their
resignation at least 60 days prior to the expected date of PubCo’s next annual meeting of shareholders; provided, that,
for the avoidance of doubt, such resignation may be made effective as of the last day of the term of such director. Notwithstanding the
foregoing, the Nominating and Corporate Governance Committee may, in its sole discretion, recommend for nomination the director that
has tendered his or her resignation pursuant to this Section 2.1(g).

 

Section 2.2     Committees.
In accordance with PubCo’s Organizational Documents, as of the Closing, (i) the Board shall establish and maintain committees
of the Board for (x) Audit, (y) Compensation and (z) Nominating and Corporate Governance, and (ii) the Board may
from time to time by resolution establish and maintain other committees of the Board, in accordance with applicable Laws and stock exchange
regulations, and subject to requisite independence requirements applicable to such committee.

 

Section 2.3     Compensation,
Reimbursement of Expenses. Each Sponsor Director and IWM Director appointed or duly elected to the Board shall be entitled to compensation
consistent with the compensation received by other directors, including any fees and equity awards. PubCo shall reimburse the directors
for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of the Board and any committees thereof,
including travel, lodging and meal expenses.

 

Section 2.4     Indemnification.
PubCo shall provide the Sponsor Director and the IWM Directors with the same expense reimbursement, benefits, indemnity, exculpation
and other arrangements provided to the other directors of PubCo and PubCo shall not amend, alter or repeal any right to indemnification
or exculpation covering or benefiting any Sponsor Director or IWM Director nominated pursuant to this Investor Rights Agreement as and
to the extent consistent with applicable Law, the Organizational Documents of PubCo and any indemnification agreements with directors
(whether such right is contained in the Organizational Documents or another document) (except to the extent such amendment or alteration
permits PubCo to provide broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto).

 

Section 2.5     D&O
Insurance. PubCo shall (i) purchase directors’ and officers’ liability insurance in an amount determined by the
Board to be reasonable and customary and (ii) for so long as any Sponsor Director or IWM Director serves as a director, maintain
such directors’ and officers’ liability insurance coverage with respect to such director; provided, that upon removal
or resignation of any such director for any reason, PubCo shall take all actions reasonably necessary to extend such directors’
and officers’ liability insurance coverage with respect to such director for a period of not less than six (6) years from
any such event in respect of any act or omission of such director occurring at or prior to such event.

 

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Section 2.6     Review
of Nominees. Any nominee as a Sponsor Director, IWM Director, CEO Director or Joint Director (or alternate thereof) shall be
subject to PubCo’s customary due diligence process, including its review of a completed questionnaire and a background check. Based
on the foregoing, PubCo or IWM may reasonably object to any such nominee within 15 days of receiving such completed questionnaire and
background check authorization, (i) provided it does so in good faith and (ii) solely to the extent such objection is based
upon any of the following: (1) such nominee was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding
(excluding traffic violations and other minor offenses); (2) such nominee was the subject of any order, judgment or decree not subsequently
reversed, suspended or vacated of any court of competent jurisdiction, permanently or temporarily enjoining such proposed director from,
or otherwise limiting, the following activities: (A) engaging in any type of business practice, or (B) engaging in any activity
in connection with the purchase or sale of any security or in connection with any violation of federal or state securities laws; (3) such
nominee was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority
barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in clause
(2)(B), or to be associated with persons engaged in such activity; (4) such nominee was found by a court of competent jurisdiction
in a civil action or by the SEC to have violated any federal or state securities law, and the judgment in such civil action or finding
by the SEC has not been subsequently reversed, suspended or vacated; or (5) such nominee was the subject of, or a party to, any
federal or state judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating
to a violation of any federal or state securities laws or regulations. In the event the Board reasonably finds any such nominee to be
unsuitable based upon one or more of the foregoing clauses (1) through (5) and reasonably objects to such nominated director,
the applicable Holder shall be entitled to propose a different nominee to the Board within thirty (30) days of PubCo’s or IWM’s
notice to such Holder of its objection to such nominee and such replacement nominee shall be subject to the review process outlined in
this Section 2.6.

 

Section 2.7     Sharing
of Information. To the extent permitted by antitrust, competition or any
other applicable Law, each of Parties agree and acknowledge that the directors designated by Sponsor and IWM may share confidential,
non-public information about PubCo and its subsidiaries (“Confidential Information”) with Sponsor and IWM, as
applicable. Each of Sponsor and IWM recognizes that it, or its Affiliates and Representatives, has acquired or will acquire
Confidential Information the use or disclosure of which could cause PubCo substantial loss and damages that could not be readily
calculated and for which no remedy at Law would be adequate. Accordingly, each of Sponsor and IWM covenants and agrees with PubCo
that it will not (and will cause its respective controlled Affiliates and direct its Representatives who actually receive
Confidential Information not to) at any time, except with the prior written consent of PubCo, directly or indirectly, disclose any
Confidential Information known to it to any third party, unless (a) such information becomes known to the public through no
fault of such Party, (b) disclosure is required by applicable Law (including any filing following the Closing Date with the SEC
pursuant to applicable securities laws) or court of competent jurisdiction or requested by a Governmental Entity; provided, that
(other than in the case of any required filing following the Closing Date with the SEC or in connection with any routine audit or
examination as described below) such Party promptly notifies PubCo of such requirement or request and takes commercially reasonable
steps, at the sole cost and expense of PubCo, to minimize the extent of any such required disclosure, (c) such information was
available or becomes available to such Party before, on or after the Effective Date, without restriction, from a source (other than
PubCo) without any breach of duty to PubCo or (d) such information was independently developed by such Party or its
Representatives without the use of the Confidential Information. Notwithstanding the foregoing, nothing in this Investor Rights
Agreement shall prohibit any of Sponsor or IWM from disclosing Confidential Information (x) to any Affiliate, Representative,
limited partner, member or shareholder of such Party, provided, that such Person shall be bound by an obligation of confidentiality
with respect to such Confidential Information and such Party shall be responsible for any breach of this Section 2.7 by
any such Person or (y) if such disclosure is made to a governmental or regulatory authority with jurisdiction over such Party
in connection with a routine audit or examination that is not specifically directed at PubCo or the Confidential Information,
provided that such Party shall request that confidential treatment be accorded to any information so disclosed. No Confidential
Information shall be deemed to be provided to any Person, including any Affiliate of Sponsor or IWM, unless such Confidential
Information is actually provided to such Person. Furthermore, receipt of Confidential Information shall not be imputed to any
Affiliate of Sponsor or IWM solely by virtue of the fact that the party serves in a similar capacity for such Affiliate (a
 “Shared Representative”) and has received Confidential Information unless a Shared Representative
(x) conveys, shares or communicates, in any manner, Confidential Information to such Affiliate or (y) participates,
directly or indirectly, on behalf of such Affiliate in activities prohibited by this Investor Rights Agreement.

 

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Article III

REGISTRATION RIGHTS

 

Section 3.1     Shelf
Registration.

 

(a)            Filing.
PubCo shall file, as soon as is reasonably practicable and in any event within sixty (60) days of the Closing Date, a Shelf Registration
Statement covering the resale of all Registrable Securities (except as determined by PubCo pursuant to Section 3.7 as of
two Business Days prior to such filing) on a delayed or continuous basis. PubCo shall use its reasonable best efforts to cause such Shelf
Registration Statement to become effective under the Securities Act as soon as practicable after such filing, but in no event later than
the 105th calendar day (or 165th calendar day if the SEC notifies PubCo that it will “review” the Shelf Registration Statement)
after the Closing Date. PubCo shall maintain such Shelf Registration Statement in accordance with the terms of this Investor Rights Agreement,
and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may be necessary to
keep such Shelf Registration Statement continuously effective, available for use and in compliance with the provisions of the Securities
Act until such time as of which all Registrable Securities registered by such Shelf Registration Statement have been sold or cease to
be Registrable Securities. In the event PubCo files a Shelf Registration Statement on Form S-1, PubCo shall use its commercially
reasonable efforts to convert such Shelf Registration Statement (and any Subsequent Shelf Registration) to a Shelf Registration Statement
on Form S-3 as soon as practicable after PubCo is eligible to use Form S-3. PubCo shall also use its reasonable best efforts
to file any replacement or additional Shelf Registration Statement and use reasonable best efforts to cause such replacement or additional
Shelf Registration Statement to become effective prior to the expiration of the initial Shelf Registration Statement filed pursuant to
this Section 3.1(a). As soon as reasonably practicable following the effective date of the Shelf Registration Statement filed
pursuant to this Section 3.1(a), PubCo shall notify the Holders of the effectiveness of such Shelf Registration Statement.
On its effective date, the Shelf Registration Statement will comply as to form in all material respects with all applicable requirements
of the Securities Act and the Exchange Act and will not contain any untrue statements of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading.

 

(b)            Subsequent
Shelf Registration. If any Shelf Registration Statement ceases to be effective under the Securities Act for any reason at any time
while there remain any Registrable Securities registered by such Shelf Registration Statement, PubCo shall use its reasonable best efforts
to as promptly as is reasonably practicable cause such Shelf Registration Statement to again become effective under the Securities Act
(including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and shall
use its reasonable best efforts to as promptly as is reasonably practicable amend such Shelf Registration Statement in a manner reasonably
expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file an additional
Registration Statement as a Shelf Registration (a “Subsequent Shelf Registration”) registering the resale of all outstanding
Registrable Securities registered by such prior Shelf Registration Statement. If a Subsequent Shelf Registration is filed, PubCo shall
use its reasonable best efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act as
promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be an Automatic
Shelf Registration Statement if PubCo is a Well-Known Seasoned Issuer), (ii) keep such Subsequent Shelf Registration continuously
effective, available for use and in compliance with the provisions of the Securities Act until such time as of which all Registrable
Securities registered by such Subsequent Shelf Registration have been sold or cease to be Registrable Securities and (iii) keep
the Holders reasonably informed in respect of the foregoing.

 

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(c)            Suspension
of Filing or Registration. If PubCo shall furnish to the Shelf Holders, a certificate signed by the chief executive officer or equivalent
senior executive of PubCo, stating that the filing, effectiveness or continued use of any Shelf Registration Statement would require
PubCo to make an Adverse Disclosure, then PubCo shall have a period of not more than sixty (60) days within which to delay the filing
or effectiveness (but not the preparation) of such Shelf Registration Statement or, in the case of a Shelf Registration Statement that
has been declared effective, to suspend the use by Shelf Holders of such Shelf Registration Statement (in each case, a “Shelf
Suspension”); provided, however, that PubCo shall not be permitted to exercise in any twelve (12) month period (i) more
than one (1) Shelf Suspension pursuant to this Section 3.1(c) and Demand Delay pursuant to Section 3.2(a).
Each Holder shall keep confidential the fact that a Shelf Suspension is in effect, the certificate referred to above and its contents
for the permitted duration of the Shelf Suspension or until otherwise notified by PubCo, except (A) for disclosure to such Holder’s
employees, agents and professional advisers who need to know such information and are obligated to keep it confidential, (B) for
disclosures to the extent required in order to comply with reporting obligations to its limited partners who have agreed to keep such
information confidential and (C) as required by law. In the case of a Shelf Suspension that occurs after the effectiveness of the
applicable Shelf Registration Statement, the Shelf Holders agree to suspend use of the applicable Prospectus for the permitted duration
of such Shelf Suspension in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt
of the certificate referred to above. PubCo shall immediately notify the Holders or Shelf Holders, as applicable, upon the termination
of any Shelf Suspension, and (i) in the case of a Shelf Registration Statement that has not been declared effective, shall promptly
thereafter file the Shelf Registration Statement and use its reasonable best efforts to have such Shelf Registration Statement declared
effective under the Securities Act and (ii) in the case of an effective Shelf Registration Statement, shall amend or supplement
the Prospectus, if necessary, so it does not contain any material misstatement or omission prior to the expiration of the Shelf Suspension
and furnish to the Shelf Holders such numbers of copies of the Prospectus as so amended or supplemented as the Shelf Holders may reasonably
request. PubCo agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required by the registration
form used by PubCo for the Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or
regulations promulgated thereunder or as may reasonably be requested by the Shelf Holders Beneficially Owning a majority of the Registrable
Securities then outstanding.

 

(d)            Shelf
Take-Downs.

 

(i)            Generally.
Subject to the terms and provisions of this Article III, following the Lock-Up Period, a Shelf Take-Down Initiating Holder
may initiate a Shelf Take-Down that, at the option of such Shelf Take-Down Initiating Holder (A) is in the form of an Underwritten
Shelf Take-Down or a Shelf Take-Down that is not an Underwritten Shelf Take-Down and (B) in the case of an Underwritten Shelf Take-Down,
is Non-Marketed or Marketed, in each case, as shall be specified in the written demand delivered by the Shelf Take-Down Initiating Holder
to PubCo pursuant to the provisions of this Section 3.1(d).

 

(ii)            Underwritten
Shelf Take-Downs.

 

(A)            A
Shelf Take-Down Initiating Holder may elect in a written demand delivered to PubCo (an “Underwritten Shelf Take-Down Notice”)
for any Shelf Take-Down that it has initiated to be in the form of an underwritten offering (an “Underwritten Shelf Take-Down”),
and PubCo shall, if so requested, file and effect an amendment or supplement of the Shelf Registration Statement for such purpose as
soon as practicable. The Shelf Holders that own a majority of the Registrable Securities to be offered for sale in such Underwritten
Shelf Take-Down shall have the right to select the Underwriter or Underwriters to administer such Underwritten Shelf Take-Down; provided,
that such Underwriter or Underwriters shall be reasonably acceptable to PubCo.

 

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(B)            With
respect to any Underwritten Shelf Take-Down (including any Marketed Underwritten Shelf Take-Down), in the event that a Shelf Holder otherwise
would be entitled to participate in such Underwritten Shelf Take-Down pursuant to this Section 3.1(d)(ii), Section 3.1(d)(iii) or
Section 3.1(d)(iv), as the case may be, the right of such Shelf Holder to participate in such Underwritten Shelf Take-Down
shall be conditioned upon such Shelf Holder’s participation in such underwriting and the inclusion of such Shelf Holder’s
Registrable Securities in the Underwritten Offering to the extent provided herein. PubCo, together with all Shelf Holders proposing to
distribute their securities through such Underwritten Shelf Take-Down, shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected in accordance with Section 3.1(d)(ii)(A). Notwithstanding any other provision of
this Section 3.1, if the Underwriter shall advise PubCo that marketing factors (including an adverse effect on the per-security
offering price) require a limitation of the number of Registrable Securities to be underwritten in an Underwritten Shelf Take-Down, then
PubCo shall so advise all Shelf Holders that have requested to participate in such Underwritten Shelf Take-Down, and the number of Registrable
Securities that may be included in such Underwritten Shelf Take-Down shall be allocated pro rata among such Shelf Holders in proportion,
as nearly as practicable, to the respective amounts of Registrable Securities held by such Shelf Holders at the time of such Underwritten
Shelf Take-Down; provided, that any Registrable Securities thereby allocated to a Shelf Holder that exceeds such Shelf Holder’s
request shall be reallocated among the remaining Shelf Holders in like manner; and provided, further, that the number of Registrable
Securities to be included in such Underwritten Shelf Take-Down shall not be reduced unless all other Equity Securities of PubCo are first
entirely excluded from any contemporaneous Underwritten Offering. No Registrable Securities excluded from an Underwritten Shelf Take-Down
by reason of the Underwriter’s marketing limitation shall be included in such underwritten offering.

 

(iii)            Marketed
Underwritten Shelf Take-Downs. The Shelf Take-Down Initiating Holder submitting an Underwritten Shelf Take-Down Notice shall indicate
in such notice that it delivers to PubCo pursuant to Section 3.1(d)(ii) whether it intends for such Underwritten Shelf
Take-Down to be Marketed (a “Marketed Underwritten Shelf Take-Down”). Upon receipt of an Underwritten Shelf Take-Down
Notice indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf Take-Down, PubCo shall promptly (but in
any event no later than ten (10) days prior to the expected date of such Marketed Underwritten Shelf Take-Down) give written notice
of such Marketed Underwritten Shelf Take-Down to all other Shelf Holders under such Shelf Registration Statement and any such Shelf Holders
requesting inclusion in such Marketed Underwritten Shelf Take-Down must respond in writing within five (5) days after the receipt
of such notice. Each such Shelf Holder that timely delivers any such request shall be permitted to sell in such Marketed Underwritten
Shelf Take-Down subject to the terms and conditions of Section 3.1(d)(ii).

 

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(iv)            Non-Marketed
Underwritten Shelf Take-Downs and Non- Underwritten Shelf Take-Downs.

 

(A)            Any
Shelf Take-Down Initiating Holder may initiate (x) an Underwritten Shelf Take-Down that is Non-Marketed (a “Non-Marketed
Underwritten Shelf Take-Down”) or (y) a Shelf Take-Down that is not an Underwritten Shelf Take-Down (a “Non-Underwritten
Shelf Take-Down”) by providing written notice thereof to PubCo and, to the extent required by Section 3.1(d)(iv)(B),
PubCo shall provide written notice thereof to all other Shelf Holders. Any notice delivered pursuant to the immediately preceding sentence
shall include (I) the total number of Registrable Securities expected to be offered and sold in such Shelf Take-Down and (II) the
expected timing and plan of distribution of such Shelf Take-Down. For the avoidance of doubt, a Shelf Holder that is not a Shelf Take-Down
Initiating Holder cannot initiate a Shelf Take-Down.

 

(B)            With
respect to each Restricted Shelf Take-Down that is initiated prior to the expiration of the Lock-Up Period, the Shelf Take-Down Initiating
Holder initiating such Restricted Shelf Take-Down shall provide written notice (a “Restricted Shelf Take-Down Notice”)
of such Restricted Shelf Take-Down to PubCo and PubCo shall provide written notice thereof to all other Shelf Holders at least forty-eight
(48) hours prior to the expected time of the pricing of the applicable Restricted Shelf Take-Down, which Restricted Shelf Take-Down Notice
shall set forth (I) the total number of Registrable Securities expected to be offered and sold in such Restricted Shelf Take-Down,
(II) the expected timing and plan of distribution of such Restricted Shelf Take-Down, (III) other than in the case of a Distribution
(if applicable), an invitation to each Shelf Holder to elect (such Shelf Holders who make such an election being “Take-Down
Tagging Holders” and, together with the Shelf Take-Down Initiating Holders and all other Persons (other than any Affiliates
of the Shelf Take-Down Initiating Holders) who otherwise are Transferring, or have exercised a contractual or other right to Transfer,
Registrable Securities in connection with such Restricted Shelf Take-Down, the “Restricted Take-Down Selling Holders”)
to include in the Restricted Shelf Take-Down Registrable Securities held by such Take-Down Tagging Holder (but subject to Section 3.1(d)(ii)(B))
and (IV) the action or actions required (including the timing thereof) in connection with such Restricted Shelf Take-Down with respect
to each Shelf Holder that elects to exercise such right (including the delivery of one or more share certificates representing Registrable
Securities of such Shelf Holder to be sold in such Restricted Shelf Take-Down).

 

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(C)            Upon
delivery of a Restricted Shelf Take-Down Notice, each Shelf Holder may elect to sell Registrable Securities in such Restricted Shelf
Take-Down, at the same price per Registrable Security and pursuant to the same terms and conditions with respect to payment for the Registrable
Securities as agreed to by the Shelf Take-Down Initiating Holders, by sending an irrevocable written notice (a “Take-Down Participation
Notice”) to PubCo within the time period specified in such Restricted Shelf Take-Down Notice (which time period shall be at
least twenty-four (24) hours prior to the expected time of the pricing of the applicable Restricted Shelf Take-Down), indicating its,
his or her election to sell up to the number of Registrable Securities in the Restricted Shelf Take-Down specified by such Shelf Holder
in such Take-Down Participation Notice (but, in all cases, subject to Section 3.1(d)(ii)(B)). Following the time period specified
in such Restricted Shelf Take-Down Notice, each Take-Down Tagging Holder that has delivered a Take-Down Participation Notice shall be
permitted to sell in such Restricted Shelf Take-Down on the terms and conditions set forth in the Restricted Shelf Take-Down Notice,
concurrently with the Shelf Take-Down Initiating Holders and the other Restricted Take-Down Selling Holders, the number of Registrable
Securities calculated pursuant to Section 3.1(d)(ii)(B). It is understood that in order to be entitled to exercise its, his
or her right to sell Registrable Securities in a Restricted Shelf Take-Down pursuant to this Section 3.1(d)(iv), each Take-Down
Tagging Holder must agree to make the same representations, warranties, covenants, indemnities and agreements, if any, as the Shelf Take-Down
Initiating Holders agree to make in connection with the Restricted Shelf Take-Down, with such additions or changes as are required of
such Take-Down Tagging Holder by the Underwriters (if applicable).

  

(D)            Notwithstanding
the delivery of any Restricted Shelf Take- Down Notice, all determinations as to whether to complete any Restricted Shelf Take-Down and
as to the timing, manner, price and other terms and conditions of any Restricted Shelf Take-Down shall be at the sole discretion of the
applicable Shelf Take-Down Initiating Holder, and PubCo agrees to cooperate in facilitating any Restricted Shelf Take-Down pursuant to
Section 3.1(d). Each of the Shelf Holders agrees to reasonably cooperate with each of the other Shelf Holders and PubCo to
establish notice, delivery and documentation procedures and measures to facilitate such other Shelf Holders’ participation in Restricted
Shelf Take-Downs pursuant to this Section 3.1(d).

 

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Section 3.2     Demand
Registrations.

 

(a)            Holders’
Demand for Registration. At any time when a Shelf Registration Statement is not effective pursuant to Section 3.1, Holders
holding at least ten percent (10%) of the Registrable Securities at any time following the Lock-up Period (the then eligible Holders,
the “Demand Initiating Holders”) may request in writing (a “Demand Registration Notice”) that PubCo
shall file and effect a Registration Statement in connection with an Underwritten Offering other than a Shelf Registration or a Shelf
Take-Down (a “Demand Registration”) of Registrable Securities held by such Holders. If at any time PubCo shall receive
a Demand Registration Notice, PubCo shall:

 

(i)            within
thirty (30) days following the receipt of a Demand Registration Notice (subject to compliance with any applicable covenants in any underwriting
agreement for a previous registration), file the appropriate Registration Statement; provided, that PubCo shall not be obligated
to file any Registration Statement or other disclosure document pursuant to this Section 3.2 (but shall be obligated to continue
to prepare such Registration Statement or other disclosure document) if PubCo shall furnish to the Demand Initiating Holders a certificate
signed by the chief executive officer or equivalent senior executive of PubCo, stating that the filing or effectiveness of such Registration
Statement would require PubCo to make an Adverse Disclosure, in which case PubCo shall have an additional period (each, a “Demand
Delay”) of not more than sixty (60) days within which to file such Registration Statement.; provided, however, that PubCo shall
not exercise, in any twelve (12) month period, (x) more than one (1) Demand Delay pursuant to this Section 3.2(a) and
Shelf Suspension pursuant to Section 3.1(c). The Demand Initiating Holders shall keep confidential the fact that a Demand
Delay is in effect, the certificate referred to above and its contents for the permitted duration of the Demand Delay or until otherwise
notified by PubCo, except (A) for disclosure to the Demand Initiating Holders’ employees, agents and professional advisers
who need to know such information and are obligated to keep it confidential, (B) for disclosures to the extent required in order
to comply with reporting obligations to its limited partners who have agreed to keep such information confidential and (C) as required
by law.

 

(b)            Underwriting.
If the Demand Initiating Holders intend to distribute the Registrable Securities covered by their demand by means of an Underwritten
Offering, they shall so advise PubCo as part of their demand made pursuant to this Section 3.2, and PubCo shall include such
information in the written notice referred to in Section 3.2(a). In such event, the right of the Holders’ registration
pursuant to this Section 3.2 shall be conditioned upon the Demand Initiating Holders’ participation in such Underwritten
Offering and the inclusion of the Demand Initiating Holders’ Registrable Securities in the Underwritten Offering to the extent
provided herein. PubCo, together with all holders of Registrable Securities of PubCo proposing to distribute their securities through
such Underwritten Offering, shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected
by the Demand Initiating Holders and reasonably satisfactory to PubCo. Notwithstanding any other provision of this Section 3.2,
if the Underwriter shall advise PubCo that marketing factors (including an adverse effect on the per security offering price) require
a limitation of the number of Registrable Securities to be underwritten, then PubCo shall so advise the Demand Initiating Holders, and
the number of Registrable Securities that may be included in the Demand Registration and Underwritten Offering shall be allocated pro
rata among the Demand Initiating Holders and other holders of Registrable Securities exercising a contractual or other right to dispose
of Registrable Securities in such Underwritten Offering thereof in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities held by such persons at the time of filing the Registration Statement; provided, that any Registrable Securities
thereby allocated to any such person that exceed such person’s request shall be reallocated among the Demand Initiating Holders
and other requesting holders of Registrable Securities in like manner; and provided, further, that the number of Registrable Securities
to be included in such Underwritten Offering shall not be reduced unless all other Equity Securities of PubCo are first entirely excluded
from the Underwritten Offering. No Registrable Securities excluded from the Underwritten Offering by reason of the Underwriter’s
marketing limitation shall be included in such Demand Registration. If the Underwriter has not limited the number of Registrable Securities
to be underwritten, PubCo may include securities for its own account (or for the account of any other Persons) in such Demand Registration
if the Underwriter so agrees and if the number of Registrable Securities would not thereby be limited.

 

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(c)            Effective
Registration. PubCo shall be deemed to have effected a Demand Registration if the Registration Statement pursuant to such registration
is declared effective by the SEC and remains effective for not less than one hundred eighty (180) days (or such shorter period as will
terminate when all Registrable Securities covered by such Registration Statement have been sold or withdrawn), or, if such Registration
Statement relates to an Underwritten Offering, such longer period as, in the opinion of counsel for the Underwriters, a prospectus is
required by law to be delivered in connection with sales of Registrable Securities by an Underwriter or dealer (the applicable period,
the “Demand Period”). No Demand Registration shall be deemed to have been effected if (i) during the Demand Period
such registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency
or court or (ii) the conditions specified in the underwriting agreement, if any, entered into in connection with such Registration
are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement by a
participating Holder.

 

(d)            Priority
of Demand Registration. Notwithstanding any other provision of this Section 3.2, if (i) the Demand Initiating Holders
intend to distribute the Registrable Securities covered by a Demand Registration by means of an underwritten offering and (ii) the
managing underwriters advise PubCo that, in their reasonable view, the number of Registrable Securities proposed to be included in such
offering (including Registrable Securities requested by the Holders to be included in such offering and any securities that the PubCo
or any other Person proposes to be included that are not Registrable Securities) exceeds the number of Equity Securities that can be
sold in such underwritten offering or the number of Equity Securities proposed to be included in such Demand Registration would adversely
affect the price per security proposed to be sold in such underwritten offering (in either situation, the “Maximum Offering
Size”), then PubCo shall so advise the Demand Initiating Holders with Registrable Securities requested to be included in such
underwritten offering, and shall include in such offering the number of Registrable Securities which can be so sold in the following
order of priority, up to the Maximum Offering Size: (A) first, the Registrable Securities requested to be included in such underwritten
offering by the Demand Initiating Holders up to the Maximum Offering Size; and (B) second, any securities proposed to be registered
by PubCo.

 

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(e)           Demand
Registration Withdrawal. Any Holder whose Registrable Securities were to be included in any such registration pursuant to this Section 3.2
may elect to withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without prejudice
to the rights of any such Holder to include Registrable Securities in any future registration (or registrations), by written notice to
PubCo and the Underwriter or Underwriters (if any) delivered prior to the effective date of the relevant Demand Registration.

 

Section 3.3            Piggyback
Registration.

 

(a)           If
at any time or from time to time PubCo shall determine to register any of its Equity Securities, either for its own account or for
the account of security holders (other than in (i) a registration relating solely to employee benefit plans, (ii) a
registration statement on Form S-4 or Form S-8 (or such other similar successor forms then in effect under the Securities
Act), (iii) a registration pursuant to which PubCo is offering to exchange its own securities for other securities, (iv) a
registration statement relating solely to dividend reinvestment or similar plans, (v) a Shelf Registration Statement pursuant
to which only the initial purchasers and subsequent transferees of debt securities of PubCo or any of its subsidiaries that are
convertible for Ordinary Shares and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor
provision) of the Securities Act may resell such notes and sell the Ordinary Shares into which such notes may be converted,
(vi) a registration pursuant to Section 3.1 or Section 3.2 hereof or (vii) a registration
expressly contemplated by the Subscription Agreements) PubCo shall:

 

(i)            promptly
(but in no event less than ten (10) days before the anticipated filing date of the relevant Registration Statement) give to each
Holder written notice of such proposed filing (the “Piggyback Registration Notice”), such Piggyback Registration Notice
shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution
and the name of the proposed managing Underwriter(s), if any, in such offering and (B) offer to all of the Holders the opportunity
to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt
of the Piggyback Registration Notice; and

 

(ii)           include
in such Registration (and any related qualification under state securities laws or other compliance), and in any Underwritten Offering
involved therein, all the Registrable Securities specified in a written request or requests made within five (5) days after receipt
of a Piggyback Registration Notice by any Holder or Holders except as set forth in Section 3.3(c) below.

 

(b)           Notwithstanding
anything herein to the contrary, this Section 3.3 shall not apply (i) prior to the expiration of the Lock-Up Period in
respect of any Holder, (ii) to any Shelf Take-Down irrespective of whether such Shelf Take-Down is an Underwritten Shelf Take-Down
or not an Underwritten Shelf Take-Down or (iii) following the Lock-Up Period, to any Distribution (if applicable).

 

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(c)           Underwriting.
If the Registration of which PubCo gives notice pursuant to Section 3.3(a) is for an Underwritten Offering, PubCo
shall so advise the Holders as a part of the written notice given pursuant to Section 3.3(a)(i). In such event the right
of any Holder to participate in such registration pursuant to this Section 3.3 shall be conditioned upon such
Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in the
Underwritten Offering to the extent provided herein. All Holders proposing to dispose of their Registrable Securities through such
Underwritten Offering, together with PubCo and the other parties distributing their Equity Securities of PubCo through such
Underwritten Offering, shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected
for such Underwritten Offering by PubCo. Notwithstanding any other provision of this Section 3.3, if the Underwriters
shall advise PubCo that marketing factors (including, without limitation, an adverse effect on the per security offering price)
require a limitation of the number of Registrable Securities to be underwritten, then PubCo may limit the number of Registrable
Securities to be included in the Registration and Underwritten Offering as follows:

 

(i)            If
the Registration is initiated and undertaken for PubCo’s account, PubCo shall so advise all Holders of Registrable Securities that
have requested to participate in such offering, and the number of Registrable Securities that may be included in the Registration and
Underwritten Offering shall be allocated in the following manner: (A) first, to PubCo, (B) second, to the Holders of Registrable
Securities on a pro rata basis based on the total number of Registrable Securities held by such Holders and (C) third, to other holders
of Equity Securities of PubCo exercising a contractual or other right to dispose of such Equity Securities in such Underwritten Offering
on a pro rata basis based on the total number of Equity Securities of PubCo held by such persons; provided, in the case of this
foregoing clause (C) that any Registrable Securities or Equity Securities thereby allocated to any such person that exceed
such person’s request shall be reallocated among the remaining requesting Holders or other requesting holders, as applicable, in
like manner.

 

(ii)           If
the Registration is initiated and undertaken at the request of one or more holders of Equity Securities of PubCo who are not Holders,
PubCo shall so advise all Holders of Registrable Securities that have requested to participate in such offering, and the number of Registrable
Securities that may be included in the Registration and Underwritten Offering shall be allocated in the following manner: (A) first,
to the initiating holders of Equity Securities of PubCo exercising a contractual or other right to dispose of such Equity Securities in
such Underwritten Offering, on a pro rata basis based on the total number of Equity Securities of PubCo, (B) second, to the Holders
of Registrable Securities on a pro rata basis based on the total number of Registrable Securities held by such Holders, (C) third,
to PubCo, (D) fourth, to other holders of Equity Securities of PubCo exercising a contractual or other right to dispose of such Equity
Securities in such Underwritten Offering on a pro rata basis based on the total number of Equity Securities of PubCo held by such persons;
provided, in the case of this foregoing clause (D) that any Registrable Securities or Equity Securities thereby allocated
to any such person that exceed such person’s request shall be reallocated among the remaining requesting Holders or other requesting
holders, as applicable, in like manner.

 

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No such reduction
pursuant to the foregoing paragraphs (i) and (ii) shall reduce the amount of Registrable Securities of the selling
Holders included in the Registration below twenty-five percent (25%) of the total amount of Equity Securities included in such Registration.
No securities excluded from the Underwritten Offering by reason of the Underwriter’s marketing limitation shall be included in such
Registration.

 

(d)           Right
to Terminate Registration. PubCo shall have the right to terminate or withdraw any Registration initiated by it under this Section 3.3
prior to the effectiveness of such Registration whether or not any Holder has elected to include Registrable Securities in such Registration.

 

(e)           Priority
of Piggyback Registrations. PubCo shall use commercially reasonable efforts to cause the managing underwriter or underwriters of a
proposed underwritten offering to permit the Holders who have submitted a Piggyback Registration Notice in connection with such offering
to include in such offering all Registrable Securities included in each Holder’s Piggyback Registration Notice on the same terms
and conditions as any other Equity Securities included in the offering. Notwithstanding the foregoing, if the managing underwriter or
underwriters advise PubCo that the number of Registrable Securities exceeds the Maximum Offering Size, then PubCo shall so advise the
Holders with Registrable Securities requested to be included in such underwritten offering, and shall include in such offering the number
of Registrable Securities which can be so sold in the following order of priority, up to the Maximum Offering Size: (A) first, the
Registrable Securities proposed to be registered by PubCo up to the Maximum Offering Size; (B) second, on a pro rata basis, the Registrable
Securities requested by the Holders to be included in such underwritten offering; and (C) third, the Registrable Securities requested
to be included in such underwritten offering by securityholders other than the Holders.

 

(f)            Piggyback
Registration Withdrawal. Any Holder whose Registrable Securities were to be included in any such registration pursuant to this Section 3.3
may elect to withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without prejudice
to the rights of any such Holder to include Registrable Securities in any future registration (or registrations), by written notice to
PubCo and the Underwriter or Underwriters (if any) delivered prior to the effective date of the relevant Registration Statement.

 

Section 3.4            Expenses
of Registration. All Registration Expenses incurred in connection with all Registrations or other Transfers effected pursuant to or
permitted by this Investor Rights Agreement (including any Distribution), shall be borne by PubCo. It is acknowledged by the Holders that
the Holders selling or otherwise Transferring any Registrable Securities in any Registration or Transfer shall bear all incremental selling
expenses relating to the sale or Transfer of such Registrable Securities, such as Underwriters’ commissions and discounts, brokerage
fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable
fees and expenses of any legal counsel representing such Holders, in each case pro rata based on the number of Registrable Securities
that such Holders have sold or Transferred in such Registration.

 

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Section 3.5             Obligations
of PubCo. Whenever required under this Article III to effect the Registration of any Registrable Securities, PubCo shall,
as expeditiously as reasonably possible:

 

(a)           prepare
and file with the SEC a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause
such Registration Statement to become effective and remain effective until all Registrable Secuirities covered by such Registration Statement
have been sold;

 

(b)           prepare
and file with the SEC such amendments, post-effective amendments and supplements to such Registration Statement and the Prospectus used
in connection with such Registration Statement as may be necessary to keep such Registration Statement effective and to comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement in accordance
with the intended methods of disposition by sellers thereof set forth in such Registration Statement;

 

(c)           permit
any Holder that might be deemed to be a controlling person of PubCo to participate in good faith in the preparation of such Registration
Statement and to cooperate in good faith to include therein material, furnished to PubCo in writing, that in the reasonable judgment of
such Holder and its counsel should be included;

 

(d)           furnish
to the Holders such numbers of copies of the Registration Statement and the related Prospectus, including all exhibits thereto and
documents incorporated by reference therein and 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 Registrable Securities owned by
them;

 

(e)           in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter(s) of such offering; each Holder participating in such underwriting shall also enter into and
perform its obligations under such an agreement;

 

(f)            notify
each Holder of Registrable Securities covered by such Registration Statement as soon as reasonably possible after notice thereof is received
by PubCo of any written comments by the SEC or any request by the SEC or any other federal or state Governmental Entity for amendments
or supplements to such Registration Statement or such Prospectus or for additional information;

 

(g)           notify
each Holder of Registrable Securities covered by such Registration Statement, 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;

 

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(h)           notify
each Holder of Registrable Securities covered by such Registration Statement as soon as reasonably practicable after notice thereof is
received by PubCo of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order
by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the initiation
or threatening of any proceedings for such purposes, or any notification with respect to the suspension of the qualification of the Registrable
Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

(i)            use
its reasonable best efforts to prevent the issuance of any stop order suspending the effectiveness of any Registration Statement or of
any order preventing or suspending the use of any preliminary or final Prospectus and, if any such order is issued, to obtain the withdrawal
of any such order as soon as practicable;

 

(j)            make
available for inspection by each Holder including Registrable Securities in such Registration, any Underwriter participating in any distribution
pursuant to such Registration, and any attorney, accountant or other agent retained by such Holder or Underwriter, all financial and other
records, pertinent corporate documents and properties of PubCo, as such parties may reasonably request, and cause PubCo’s officers,
directors and employees to supply all information reasonably requested by any such Holder, Underwriter, attorney, accountant or agent
in connection with such Registration Statement;

 

(k)           use
its reasonable best efforts to register or qualify, and cooperate with the Holders of Registrable Securities covered by such Registration
Statement, the Underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable
Securities for offer and sale under the “Blue Sky” or securities laws of each state and other jurisdiction of the United States
as any such Holder or Underwriters, if any, or their respective counsel reasonably request in writing, and do any and all other things
reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1(b) and
Section 3.2(c), as applicable; provided, that PubCo shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or take any action that would subject it to taxation or service of process in any such
jurisdiction where it is not then so subject;

 

(l)            in
the case of an Underwritten Offering, obtain for delivery to the Holders of Registrable Securities covered by such Registration Statement
and to the Underwriters an opinion or opinions from counsel for PubCo, dated the date of the closing under the underwriting agreement,
in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or Underwriters, as the case may
be, and their respective counsel;

 

(m)          in
the case of an Underwritten Offering, obtain for delivery to PubCo and the Underwriters, with copies to the Holders of Registrable Securities
included in such Registration, a cold comfort letter from PubCo’s independent certified public accountants in customary form and
covering such matters of the type customarily covered by cold comfort letters as the managing Underwriter or Underwriters reasonably request,
dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;

 

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(n)           use
its reasonable best efforts to list the Registrable Securities that are covered by such Registration Statement with any securities exchange
or automated quotation system on which the Ordinary Shares or other Equity Securities of PubCo, as applicable, are then listed;

 

(o)           provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement
from and after a date not later than the effective date of such Registration Statement;

 

(p)           cooperate
with Holders including Registrable Securities in such Registration and the managing Underwriters, if any, to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold, such certificates to be in such denominations and registered
in such names as such Holders or the managing Underwriters may request at least two (2) Business Days prior to any sale of Registrable
Securities;

 

(q)           use
its reasonable best efforts to comply with all applicable securities laws and make available to its Holders, as soon as reasonably practicable,
an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated
thereunder;

 

(r)            in
the case of an Underwritten Offering that is Marketed, cause the senior executive officers of PubCo to participate in the customary “road
show” presentations that may be reasonably requested by the Underwriters and otherwise to facilitate, cooperate with and participate
in each proposed offering contemplated herein and customary selling efforts related thereto; and

 

(s)           otherwise,
in good faith, reasonably cooperate with, and take such customary actions as may reasonably be requested by, the Holders, in connection
with such Registration.

 

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Section 3.6            Indemnification.

 

(a)           PubCo
will, and does hereby undertake to, indemnify and hold harmless each Holder of Registrable Securities and each of such
Holder’s officers, directors, trustees, employees, partners, managers, members, equityholders, beneficiaries, affiliates and
agents and each Person, if any, who controls such Holder, within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, with respect to any Registration, qualification, compliance or sale effected pursuant to this Article III,
and each Underwriter, if any, and each Person who controls any Underwriter, of the Registrable Securities held by or issuable to
such Holder, against all claims, losses, damages and liabilities (or actions in respect thereto) to which they may become subject
under the Securities Act, the Exchange Act, or other federal or state law arising out of or based on (i) any untrue statement
(or alleged untrue statement) of a material fact contained in any prospectus, offering circular, free writing prospectus or other
similar document (including any related Registration Statement, notification, or the like) incident to any such Registration,
qualification, compliance or sale effected pursuant to this Article III, or based on any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances in which they were made, (ii) any violation or alleged violation by PubCo of the Securities Act, Exchange
Act or any state securities law or any rule or regulation thereunder, in connection with any such Registration, qualification,
compliance or sale, or (iii) any failure to register or qualify Registrable Securities in any state where PubCo or its agents
have affirmatively undertaken or agreed in writing (including pursuant to Section 3.5(k)) that PubCo (the undertaking of
any Underwriter being attributed to PubCo) will undertake such Registration or qualification on behalf of the Holders of such
Registrable Securities (provided, that in such instance PubCo shall not be so liable if it has undertaken its reasonable best
efforts to so register or qualify such Registrable Securities) and will reimburse, as incurred, each such Holder, each such
Underwriter and each such director, officer, trustee, employee, partner, manager, member, equityholder, beneficiary, affiliate,
agent and controlling person, for any legal and any other expenses reasonably incurred in connection with investigating or defending
any such claim, loss, damage, liability or action; provided, that PubCo will not be liable in any such case to the extent
that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission made in
reliance and in conformity with written information furnished to PubCo by such Holder or Underwriter expressly for use therein.

 

(b)           Each
Holder (if Registrable Securities held by or issuable to such Holder are included in such Registration, qualification, compliance or
sale pursuant to this Article III) does hereby undertake to indemnify and hold harmless, severally and not jointly,
PubCo, each of its officers, directors, employees, affiliates and agents and each Person, if any, who controls PubCo within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, each Underwriter, if any, against
all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or
alleged untrue statement) of a material fact contained in any such Registration Statement, prospectus, offering circular, free
writing prospectus or other document, or any omission (or alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, and will
reimburse, as incurred, PubCo, each of its officers, directors, employees, affiliates and agents and each Person, if any, who
controls PubCo within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, each
Underwriter, if any, for any legal or any other expenses reasonably incurred in connection with investigating or defending any such
claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged
untrue statement) or omission (or alleged omission) was made in such Registration Statement, prospectus, offering circular, free
writing prospectus or other document, in reliance upon and in conformity with written information that (i) relates to such
Holder in its capacity as a selling security holder and (ii) was furnished to PubCo by such Holder expressly for use therein; provided, however,
that the aggregate liability of each Holder hereunder shall be limited to the net proceeds after underwriting discounts and
commissions received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. It
is understood and agreed that the indemnification obligations of each Holder pursuant to any underwriting agreement entered into in
connection with any Registration Statement shall be limited to the obligations contained in this Section 3.6(b).

 

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(c)           Each
party entitled to indemnification under this Section 3.6 (the “Indemnified Party”) shall give notice to
the party required to provide such indemnification (the “Indemnifying Party”) of any claim as to which indemnification
may be sought promptly after such Indemnified Party has actual knowledge thereof, and shall permit the Indemnifying Party to assume the
defense of any such claim or any litigation resulting therefrom; provided, that counsel for the Indemnifying Party, who shall
conduct the defense of such claim or litigation, shall be subject to approval by the Indemnified Party (whose approval shall not be unreasonably
withheld) and the Indemnified Party may participate in such defense at the Indemnifying Party’s expense if representation of such
Indemnified Party would be inappropriate due to actual or potential differing interests between such Indemnified Party and any other
party represented by such counsel in such proceeding; and provided, further, that the failure of any Indemnified Party to give
notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 3.6, except to the
extent that such failure to give notice materially prejudices the Indemnifying Party in the defense of any such claim or any such litigation.
An Indemnifying Party, in the defense of any such claim or litigation, may, without the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement that (i) includes as a term thereof the giving by the claimant or plaintiff therein
to such Indemnified Party of an unconditional release from all liability with respect to such claim or litigation and (ii) does
not include any recovery (including any statement as to or an admission of fault, culpability or a failure to act by or on behalf of
such Indemnified Party) other than monetary damages and provided, that any sums payable in connection with such settlement are
paid in full by the Indemnifying Party.

 

(d)           In
order to provide for just and equitable contribution in case indemnification is prohibited or limited by law, the Indemnifying Party,
in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of
such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party
and Indemnified Party in connection with the actions that resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of material fact or omission
or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified
Party, and such Person’s relative intent, knowledge, access to information and opportunity to correct or prevent such actions; provided,
however, that, in any case, (i) no Holder will be required to contribute any amount in excess of the net proceeds after Underwriting
discounts and commissions received by such Holder upon the sale of the Registrable Securities giving rise to such contribution obligation
and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

(e)           The
indemnities provided in this Section 3.6 shall survive the Transfer of any Registrable Securities by such Holder.

 

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Section 3.7            Information
by Holder. The Holder or Holders of Registrable Securities included in any Registration shall furnish to PubCo such information
regarding such Holder or Holders and the distribution proposed by such Holder or Holders as PubCo may reasonably request in writing
and as shall be required in connection with any Registration, qualification or compliance referred to in this Article III.
Each Holder agrees, if requested in writing by PubCo, to represent to PubCo the total number of Registrable Securities held by such
Holder in order for PubCo to make determinations under this Investor Rights Agreement, including for purposes of Section 3.9
hereof. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, if any Holder does not provide PubCo
with information requested pursuant to this Section 3.7, PubCo may exclude such Holder’s Registrable Securities
from the applicable Registration Statement or Prospectus if PubCo determines, based on the advice of outside counsel, that such
information is necessary to effect the Registration and such Holder continues thereafter to withhold such information. No Person may
participate in any Underwritten Offering of Equity Securities of PubCo pursuant to a Registration under this Investor Rights
Agreement unless such Person completes and executes all customary questionnaires, powers of attorney, custody agreements,
indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms
of such underwriting arrangements. Subject to the minimum thresholds set forth in Section 3.1(d)(ii) and Section 3.2(a) of
this Investor Rights Agreement, the exclusion of a Holder’s Registrable Securities as a result of this Section 3.7
shall not affect the registration of the other Registrable Securities to be included in such Registration.

 

Section 3.8            Delay
of Registration. No Holder shall have any right to obtain, and hereby waives any right to 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 Article III.

 

Section 3.9            Rule 144
Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC that may permit
the sale of the Registrable Securities to the public without Registration, PubCo agrees to use its reasonable best efforts to:

 

(a)           make
and keep current public information available, within the meaning of Rule 144 (or any similar or analogous rule) promulgated under
the Securities Act, at all times;

 

(b)           file
with the SEC, in a timely manner, all reports and other documents required of PubCo under the Securities Act and Exchange Act; and

 

(c)           so
long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request (i) a written statement by PubCo
as to its compliance with the reporting requirements of said Rule 144 (at any time commencing after the Lock-Up Period), the Securities
Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of PubCo and such other reports and documents
so filed by PubCo with the SEC and (iii) such other information, reports and documents as a Holder may reasonably request in availing
itself of any rule or regulation of the SEC allowing it to sell any such securities without Registration.

 

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Section 3.10          “Market
Stand Off” Agreement. Each Holder hereby agrees with PubCo that, with respect to Underwritten Offerings initiated by a Holder
only, during such period (which period shall in no event exceed 90 days) following the effective date of a Registration Statement of PubCo
(or, in the case of an Underwritten Shelf Take-Down, the date of the filing of a preliminary Prospectus or Prospectus supplement relating
to such Underwritten Offering (or if there is no such filing, the first contemporaneous press release announcing commencement of such
Underwritten Offering)) as the Holders that own a majority of the Registrable Securities participating in such Underwritten Offering may
agree to with the Underwriter or Underwriters of such Underwritten Offering (a “Market Stand-Off Period”), such Holder
or its Affiliates shall not sell, pledge, mortgage, hypothecate, transfer, make any short sale of, loan, grant any option or right to
purchase of, or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any Registrable Securities held
by it at any time during such period. In connection with any Underwritten Offering contemplated by this Section 3.10, PubCo
shall use reasonable best efforts to cause each director and executive officer of PubCo to execute a customary lock-up for the Market
Stand-Off Period. Each Holder agrees with PubCo that it shall deliver to the Underwriter or Underwriters for any such Underwritten Offering
a customary agreement (with customary terms, conditions and exceptions) that is substantially similar to the agreement delivered to the
Underwriter or Underwriters by the Holders that own a majority of the Registrable Securities participating in such Registration reflecting
their agreement set forth in this Section 3.10; provided, that such agreement shall not be materially more restrictive than
any similar agreement entered into by PubCo’s directors and executive officers participating in such Underwritten Offering; provided,
further, that such agreement shall not be required unless all Holders are required to enter into similar agreements; provided, further,
that such agreement shall provide that any early release of any Holder from the provisions of the terms of such agreement shall be on
a pro rata basis among all Holders.

 

Section 3.11          Other
Obligations. In connection with a Transfer of Registrable Securities exempt from Section 5 of the Securities Act or through
any broker-dealer transactions described in the plan of distribution set forth within the Prospectus and pursuant to the
Registration Statement of which such Prospectus forms a part, PubCo shall, subject to applicable Law, as interpreted by PubCo with
the advice of counsel, and the receipt of any customary documentation required from the applicable Holders in connection therewith,
(a) promptly instruct its transfer agent to remove any restrictive legends applicable to the Registrable Securities being
Transferred and (b) cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in
connection with the instruction under the foregoing clause (a). In addition, PubCo shall cooperate reasonably with, and take
such customary actions as may reasonably be requested by the Holders, in connection with the aforementioned Transfers; provided, however,
that PubCo shall have no obligation to participate in any “road shows” or assist with the preparation of any offering
memoranda or related documentation with respect to any Transfer of Registrable Securities in any transaction that does not
constitute an Underwritten Offering.

 

Section 3.12          Other
Registration Rights. Other than the registration rights set forth in the Original RRA and in the Subscription Agreements, PubCo represents
and warrants that no Person, other than a Holder of Registrable Securities pursuant to this Investor Rights Agreement, has any right to
require PubCo to register any securities of PubCo for sale or to include such securities of PubCo in any Registration Statement filed
by PubCo for the sale of securities for its own account or for the account of any other Person. Further, each of PubCo and Sponsor represents
and warrants that this Investor Rights Agreement supersedes any other registration rights agreement or agreement (including the Original
RRA), other than the Subscription Agreements.

 

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Section 3.13          Term.
Article III shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities.
The provisions of Section 3.6 shall survive any such termination with respect to such Holder.

 

Section 3.14          Termination
of Original RRA. Upon the Closing, PubCo and Sponsor hereby agree that the Original RRA and all of the respective rights and obligations
of the parties thereunder are hereby terminated in their entirety and shall be of no further force or effect.

 

Article IV

LOCK-UP

 

Section 4.1            Lock-Up.

 

(a)           Each
Holder severally, and not jointly, agrees with PubCo not to effect any Transfer, or make a public announcement of any intention to effect
such Transfer, of any Lock-Up Shares (as defined below) Beneficially Owned or otherwise held by such Person during the Lock-Up Period;
provided, that such prohibition shall not apply to Transfers permitted pursuant to Section 4.2. The “Lock-Up
Shares” means the Registrable Securities held by the Holders as of the Closing Date.

 

(b)           During
the Lock-Up Period, any purported Transfer of Lock-Up Shares not in accordance with this Investor Rights Agreement shall be null and void,
and PubCo shall refuse to recognize any such Transfer for any purpose.

 

(c)           The
Holders acknowledge and agree that, notwithstanding anything to the contrary contained in this Investor Rights Agreement, the Lock-Up
Shares Beneficially Owned by such Person shall remain subject to any restrictions on Transfer under applicable securities Laws of any
Governmental Entity, including all applicable holding periods under the Securities Act and other rules of the SEC.

 

(d)           Each
of Sponsor, PubCo and each applicable Other Holder hereby agrees that effective as of the consummation of the Closing (and not before),
paragraphs 7(a), 7(b) and 7(c) of the Letter Agreement shall be amended and restated in its entirety, as follows:

 

“7(a)  [RESERVED]”

 

“7(b)  [RESERVED]”

 

“7(c)  [RESERVED]”

 

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Section 4.2            Permitted
Transfers. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, during the Lock-Up Period, the
Holders may Transfer, without the consent of PubCo, any of such Person’s Lock-Up Shares to (a) any of such Person’s
Permitted Transferees, upon written notice to PubCo, or (b) (i) in the case of an individual, by virtue of laws of descent
and distribution upon death of the individual; (ii) in the case of an individual, pursuant to a qualified domestic relations
order; or (iii) pursuant to any liquidation, merger, stock exchange or other similar transaction which results in all of
PubCo’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to
the Business Combination; provided, that in connection with any Transfer of such Lock-Up Shares pursuant to clause
(a) or (b) above, (x) the restrictions and obligations contained in Section 4.1 and this Section 4.2
will continue to apply to such Lock-Up Shares after any Transfer of such Lock-Up Shares and such Transferee shall agree to be bound
by such restrictions and obligations in writing and acknolwedged by PubCo, and (y) the Transferee of such Lock-Up Shares shall
have no rights under this Investor Rights Agreement, unless, for the avoidance of doubt, such Transferee is a Permitted Transferee
in accordance with this Investor Rights Agreement. Any Transferee of Lock-Up Shares pursuant to this Section 4.2 shall
be required, at the time of and as a condition to such Transfer, to become a party to this Investor Rights Agreement by executing
and delivering a joinder in the form attached to this Investor Rights Agreement as Exhibit A, whereupon such Transferee
will be treated as a Party (with the same rights and obligations as the Transferor) for all purposes of this Investor Rights
Agreement. Notwithstanding the foregoing provisions of this Section 4.2, a Holder may not make a Transfer to a Permitted
Transferee if such Transfer has as a purpose the avoidance of or is otherwise undertaken in contemplation of avoiding the
restrictions on Transfers in this Investor Rights Agreement (it being understood that the purpose of this provision includes
prohibiting the Transfer to a Permitted Transferee (A) that has been formed to facilitate a material change with respect to who
or which entities Beneficially Own the underlying Lock-Up Shares, or (B) followed by a change in the relationship between the
Holder and the Permitted Transferee (or a change of control of such Holder or Permitted Transferee) after the Transfer with the
result and effect that the Holder has indirectly made a Transfer of Lock-Up Shares by using a Permitted Transferee, which Transfer
would not have been directly permitted under this Article IV had such change in such relationship occurred prior to such
Transfer).

 

Article V

GENERAL PROVISIONS

 

Section 5.1            Assignment;
Successors and Assigns; No Third Party Beneficiaries.

 

(a)           Except
as otherwise permitted pursuant to this Investor Rights Agreement, no Party may assign such Party’s rights and obligations under
this Investor Rights Agreement, in whole or in part, without the prior written consent of the other Principal Parties. Any such assignee
may not again assign those rights, other than in accordance with this Article V. Any attempted assignment of rights or obligations
in violation of this Article V shall be null and void.

 

(b)           Notwithstanding
anything to the contrary contained in this Investor Rights Agreement (other than the succeeding sentence of this Section 5.1(b)),
(i) prior to the expiration of the Lock-Up Period to the extent applicable to such Holder, no Holder may Transfer such
Holder’s rights or obligations under this Investor Rights Agreement in connection with a Transfer of such Holder’s
Registrable Securities, in whole or in part, except in connection with a Transfer pursuant to Section 4.2, and
(ii) after the expiration of the Lock-up Period to the extent applicable to such Holder, a Holder may Transfer such
Holder’s rights or obligations under this Investor Rights Agreement in connection with a Transfer of such Holder’s
Registrable Securities, in whole or in part, to (x) any of such Holder’s Permitted Transferees (other than any charitable
organization), or (y) any Person with the prior written consent of PubCo. In no event can any Principal Party assign any of
such Person’s rights under Article II. Any Transferee of Registrable Securities (other than pursuant to an
effective registration statement under the Securities Act, pursuant to a Rule 144 transaction or pursuant to any Distribution)
shall, except as otherwise expressly stated herein, have all the rights and be subject to all of the obligations of the Transferor
Holder under this Investor Rights Agreement and shall be required, at the time of and as a condition to such Transfer, to become a
party to this Investor Rights Agreement by executing and delivering a joinder in the form attached to this Investor Rights Agreement
as Exhibit A. No Transfer of Registrable Securities by a Holder shall be registered on PubCo’s books and records,
and such Transfer of Registrable Securities shall be null and void and not otherwise effective, unless any such Transfer is made in
accordance with the terms and conditions of this Investor Rights Agreement, and PubCo is hereby authorized by all of the Holders to
enter appropriate stop transfer notations on its transfer records to give effect to this Investor Rights Agreement.

 

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(c)           All
of the terms and provisions of this Investor Rights Agreement shall be binding upon the Parties and their respective successors, assigns,
heirs and representatives, but shall inure to the benefit of and be enforceable by the successors, assigns, heirs and representatives
of any Party only to the extent that they are permitted successors, assigns, heirs and representatives pursuant to the terms of this Investor
Rights Agreement.

 

(d)           Nothing
in this Investor Rights Agreement, express or implied, is intended to confer upon any Party, other than the Parties and their respective
permitted successors, assigns, heirs and representatives, any rights or remedies under this Investor Rights Agreement or otherwise create
any third-party beneficiary hereto.

 

Section 5.2            Termination.
Except for Section 2.1(g) (which section shall terminate at such time as the Principal Parties and their Permitted
Transferees are no longer entitled to any rights pursuant to such section), Article II shall terminate automatically
(without any action by any Party) as to the Principal Parties at such time at which such Party no longer has the right to designate
an individual for nomination to the Board under this Investor Rights Agreement. Except for Section 3.6 (which section
shall terminate at such time as the Principal Parties and Highlander and their Permitted Transferees are no longer entitled to any
rights pursuant to such section), Article III of this Investor Rights Agreement shall terminate as set forth in Section 3.13.
The remainder of this Investor Rights Agreement shall terminate automatically (without any action by any Party) as to each Holder
when such Holder, following the Closing Date, ceases to Beneficially Own any Registrable Securities; provided, that the
provisions of Section 5.11, Section 5.12 and Section 5.13 shall survive any such termination
with respect to such Holder. Notwithstanding anything herein to the contrary, in the event the Business Combination Agreement
terminates in accordance with its terms prior to the Closing, this Investor Rights Agreement shall automatically terminate and be of
no further force or effect, without any further action required by the Parties.

 

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Section 5.3            Severability.
If any provision of this Investor Rights Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the
remaining provisions of this Investor Rights Agreement, to the extent permitted by Law, shall remain in full force and effect.

 

Section 5.4            Entire
Agreement; Amendments; No Waiver.

 

(a)           This
Investor Rights Agreement, together with the Exhibit to this Investor Rights Agreement, the Business Combination Agreement and all
other Transaction Agreements (as such term is defined in the Business Combination Agreement), constitute the entire agreement among the
Parties with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements, understandings and
discussions, whether oral or written, relating to such subject matter in any way and there are no warranties, representations or other
agreements among the Parties in connection with such subject matter except as set forth in this Investor Rights Agreement and therein.

 

(b)           No
provision of this Investor Rights Agreement may be amended or modified in whole or in part at any time without the express written
consent of (i) PubCo, (ii) for so long as any Principal Party collectively Beneficially Owns Ordinary Shares representing
10% or more of the Ordinary Shares Beneficially Owned by such Person immediately after the Closing, such Person and (iii) in
any event, at least the Holders holding in the aggregate more than fifty percent (50%) of the Registrable Securities Beneficially
Owned by the Holders; provided, that any such amendment or modification that adversely and disproportionately affects any
Holder or Holders, as compared to any other Holder or Holders, shall require the prior written consent of such Holders who
Beneficially Own a majority of the Registrable Securities Beneficially Owned by all such Holders so adversely and disproportionately
affected; provided, further that any amendment or modification to Article III, Article IV, Section 5.12, Section 5.13, Section 5.15
or this Section 5.4 that adversely affects any right granted to any Principal Party or Highlander shall require the
consent of such Principal Party or Highlander, as applicable; provided, further that any amendment or modification to Article II
that adversely affects any right granted to any Principal Party shall require the consent of such Principal Party; provided,
further that a provision that has terminated with respect to a Party shall not require any consent of such Party (and such
Party’s Ordinary Shares shall not be considered in computing any percentages) with respect to amending or modifying such
provision.

 

(c)           No
waiver of any provision or default under, nor consent to any exception to, the terms of this Investor Rights Agreement shall be effective
unless in writing and signed by the Party to be bound and then only to the specific purpose, extent and instance so provided.

 

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Section 5.5            Counterparts;
Electronic Delivery. This Investor Rights Agreement and any other agreements, certificates, instruments and documents delivered pursuant
to this Investor Rights Agreement may be executed and delivered in one or more counterparts by fax, email or other electronic transmission,
each of which shall be deemed an original and all of which shall be considered one and the same agreement. No Party shall raise the use
of a fax machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated
through the use of a fax machine or email as a defense to the formation or enforceability of a contract and each Party forever waives
any such defense. The words “execution,” “signed,” “signature,” “delivery,” and words
of like import in or relating to this Investor Rights Agreement or any document to be signed in connection with this Investor Rights Agreement
shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic
means.

 

Section 5.6            Notices.
All notices, demands and other communications to be given or delivered under this Investor Rights Agreement shall be in writing and
shall be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by
email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if otherwise, on the next
Business Day, (b) one (1) Business Day following sending by reputable overnight express courier (charges prepaid) or
(c) three (3) calendar days following mailing by certified or registered mail, postage prepaid and return receipt
requested. Unless another address is specified in writing pursuant to the provisions of this Section 5.6, notices,
demands and other communications shall be sent to the addresses indicated below

 

if to PubCo, to:

 

Magnum Opus Acquisition Limited

Unit 1009, ICBC Tower

Three Garden Road, Central, Hong Kong

Attention: Ka Man Kevin Lee

Email:     kevin.lee@opusacquisition.com

 

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

 

Kirkland & Ellis

26th Floor, Gloucester Tower, The Landmark

15 Queen’s Road Central, Hong Kong

Attention: Gary Li, Jesse Sheley and Joseph Casey

Email: gary.li@kirkland.com; jesse.sheley@kirkland.com;

joseph.casey@kirkland.com

 

if to IWM, to:

 

Integrated Whale Media Investment Inc.

21/F, 88 Cloucester Road

Wanchai, Hong Kong

Attention: Jeffrey Yam

Email: jyam@inasset.com

 

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

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: William Mills and Joshua Apfelroth

Email: william.mills@cwt.com

joshua.apfrelroth@cwt.com

 

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if to Highlander, to:

 

Highlander Management LLC

101 Avenue of the Americas, Suite 842

New York, NY 10013

Attention: Sean P. Hegarty

 

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

 

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 02210

Attention: Robert Whalen, Jr. and
Eric Carlson

Email: RWhalen@goodwinlaw.com

ECarlson@goodwinlaw.com

 

if to Sponsor, to:

 

Magnum Opus Holdings LLC

Unit 1009, ICBC Tower

Three Garden Road, Central, Hong Kong

Attention: Ka Man Kevin Lee

Email:      kevin.lee@opusacquisition.com

 

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

 

Kirkland & Ellis

26th Floor, Gloucester Tower, The Landmark

15 Queen’s Road Central, Hong Kong

Attention: Gary Li, Jesse Sheley and Joseph Casey

Email: gary.li@kirkland.com; jesse.sheley@kirkland.com;

joseph.casey@kirkland.com

 

Section 5.7            Governing
Law; Waiver of Jury Trial; Jurisdiction.

 

(a)           This
Investor Rights Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without reference to
its choice of law rules).

 

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(b)           Any
dispute, controversy, difference, or claim based on, arising out of or relating to this Investor Rights Agreement, including its
existence, validity, interpretation, performance, breach, or termination, or any dispute regarding non-contractual obligations
arising out of or relating to this Investor Rights Agreement (each, a “Proceeding”) shall be referred to and
finally resolved by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association
(“AAA”) then in effect (the “Rules”), except as modified herein, and such arbitration shall be
administered by the AAA. The parties agree, pursuant to Rule R-1(b) of the AAA Rules, that the Expedited Procedures shall
apply irrespective of the amount in dispute. The place of arbitration shall be New York, New York. There shall be one arbitrator who
shall be agreed upon by the parties within twenty (20) days of receipt by respondent of a copy of the demand for arbitration. If any
arbitrator is not appointed within the time limit provided herein, such arbitrator shall be appointed by the AAA in accordance with
the listing, striking and ranking procedure in the Rules, with each party being given a limited number of strikes, except for cause.
Any arbitrator appointed by AAA shall be a retired U.S. judge or a practicing U.S. attorney with no less than fifteen years of
experience with corporate and limited partnership matters and an experienced arbitrator. In rendering an award, the arbitrator shall
be required to follow the laws of the state of Delaware. The award shall be in writing and shall briefly state the findings of fact
and conclusions of law on which it is based. The award shall be final and binding upon the parties and shall be the sole and
exclusive remedy between the parties regarding any claims, counterclaims, issues or accounting presented to the arbitrator. Judgment
upon the award may be entered in any court having jurisdiction over any party or any of its assets, including but not limited to the
courts of Hong Kong and the Cayman Islands. Any costs or fees (including attorneys’ fees and expenses) incident to enforcing
the award shall be charged against the party resisting such enforcement. All disputes, controversies, differences, or claims arising
out of or relating to this Investor Rights Agreement, including its existence, validity, interpretation, performance, breach, or
termination, or any dispute regarding non-contractual obligations arising out of or relating to this Investor Rights Agreement,
shall be resolved in a confidential manner. The arbitrator shall agree to hold any information received during the arbitration in
the strictest of confidence and shall not disclose to any non-party the existence, contents or results of the arbitration or any
other information about such arbitration. The parties to the arbitration shall not disclose any information about the evidence
adduced or the documents produced by the other party in the arbitration proceedings or about the existence, contents or results of
the proceeding except as may be required by law, regulatory or governmental authority or as may be necessary in an action in aid of
arbitration or for enforcement of an arbitral award. Before making any disclosure permitted by the preceding sentence (other than
private disclosure to financial regulatory authorities), the party intending to make such disclosure shall use reasonable efforts to
give the other party reasonable written notice of the intended disclosure and afford the other party a reasonable opportunity to
protect its interests. The arbitrator shall determine what discovery will be permitted, consistent with the goal of reasonably
controlling the cost and time that the parties must expend for discovery; provided that the parties expressly agree that
discovery, in the event the arbitrator permits discovery and notwithstanding the Rules, in connection with any arbitration shall be
limited to the following: (i) depositions shall be limited to three (3) depositions per side, each of which shall be
limited to seven (7) hours of testimony taken by each side; (ii) written discovery shall be limited to one set of Requests
for Production per party, limited to no more than fifteen (15) requests, including subparts; (iii) no interrogatories, requests
for admission, or other written discovery shall be permitted; and (iv) the Parties shall disclose documents that they will
present in support of their case. Notwithstanding the foregoing, the arbitrators may grant, upon good cause shown, either
party’s request for discovery in addition to or limiting that for which this paragraph expressly provides. For the avoidance
of doubt, a request by a party to a court of competent jurisdiction for interim measures necessary to preserve such party’s
rights, including pre-arbitration attachments, injunctions, or other equitable relief, shall not be deemed incompatible with, or a
waiver of, the agreement to arbitrate in this Section 5.7(b).

 

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Section 5.8            Specific
Performance. The parties hereto acknowledge that money damages would not be an adequate remedy at law if any Party fails to perform
any of its obligations hereunder and accordingly agree that each party, in addition to any other remedy to which it may be entitled at
law or in equity, shall be entitled to an injunction or similar equitable relief restraining such party from committing or continuing
any such breach or threatened breach and to compel specific performance of the obligations of any other party under this Investor Rights
Agreement, without the posting of any bond. If any action should be brought in equity to enforce any of the provisions of this Investor
Rights Agreement, none of the parties shall raise the defense that there is an adequate remedy at law. No remedy shall be exclusive of
any other remedy, and all available remedies shall be cumulative.

 

Section 5.9            Subsequent
Acquisition of Shares. Any Equity Securities of PubCo acquired subsequent to the Effective Date by a Holder shall be subject to the
terms and conditions of this Investor Rights Agreement and such shares shall be considered to be “Registrable Securities”
as such term is used in this Investor Rights Agreement.

 

Section 5.10          Consents,
Approvals and Actions. If any consent, approval or action of a Principal Party or Highlander is required or permitted at any time
pursuant to this Investor Rights Agreement, such consent, approval or action shall be deemed given if the holders of a majority of the
outstanding Equity Securities of PubCo held by such Principal Party or Highlander, respectively, at such time provide such consent, approval
or action in writing at such time.

 

Section 5.11          Not
a Group; Independent Nature of Holders’ Obligations and Rights. The Holders and PubCo agree that the arrangements contemplated
by this Investor Rights Agreement are not intended to constitute the formation of a “group” (as defined in Section 13(d)(3) of
the Exchange Act). Each Holder agrees that, for purposes of determining beneficial ownership of such Holder, it shall disclaim any beneficial
ownership by virtue of this Investor Rights Agreement of PubCo’s Equity Securities owned by the other Holders, and PubCo agrees
to recognize such disclaimer in its Exchange Act and Securities Act reports. The obligations of each Holder under this Investor Rights
Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder under this Investor Rights Agreement. Nothing contained herein, and no action taken by any Holder
pursuant hereto, shall be deemed to constitute the Holders as, and PubCo acknowledges that the Holders do not so constitute, a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in
concert or as a group or entity with respect to such obligations or the transactions contemplated by this Investor Rights Agreement, and
PubCo acknowledges that the Holders are not acting in concert or as a group, and PubCo shall not assert any such claim, with respect to
such obligations or the transactions contemplated by this Investor Rights Agreement. Subject to Section 5.17, the decision
of each Holder to enter into this Investor Rights Agreement has been made by such Holder independently of any other Holder. Subject to
Section 5.17, each Holder acknowledges that no other Holder has acted as agent for such Holder in connection with such Holder
making its investment in PubCo and that no other Holder will be acting as agent of such Holder in connection with monitoring such Holder’s
investment in the Ordinary Shares or enforcing its rights under this Investor Rights Agreement. PubCo and each Holder confirms that each
Holder has had the opportunity to independently participate with PubCo and its subsidiaries in the negotiation of the transaction contemplated
hereby with the advice of its own counsel and advisors. Each Holder shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Investor Rights Agreement, and it shall not be necessary for any other Holder
to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the rights and obligations
contemplated hereby was solely in the control of PubCo, not the action or decision of any Holder, and was done solely for the convenience
of PubCo and its subsidiaries and not because it was required to do so by any Holder. It is expressly understood and agreed that each
provision contained in this Investor Rights Agreement is between PubCo and a Holder, solely, and not between PubCo and the Holders collectively
and not between and among the Holders.

 

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Section 5.12          Other
Business Opportunities.

 

(a)           The
Parties expressly acknowledge and agree that to the fullest extent permitted by applicable law: (i) Each of Sponsor, IWM and
Highlander (including (A) their respective Affiliates, (B) any portfolio company in which they or any of their respective investment
fund Affiliates have made a debt or equity investment (and vice versa) or (C) any of their respective limited partners, non-managing
members or other similar direct or indirect investors), the Sponsor Director and the IWM Directors has the right to, and shall have no
duty (fiduciary, contractual or otherwise) not to, directly or indirectly engage in and possess interests in other business ventures of
every type and description, including those engaged in the same or similar business activities or lines of business as PubCo or any of
its subsidiaries or deemed to be competing with PubCo or any of its subsidiaries, on its own account, or in partnership with, or as an
employee, officer, director or shareholder of any other Person, with no obligation to offer to PubCo or any of its subsidiaries, or any
other Holder the right to participate therein; (ii) each of Sponsor, IWM and Highlander (including (A) their respective
Affiliates, (B) any portfolio company in which they or any of their respective investment fund Affiliates have made a debt or equity
investment (and vice versa) or (C) any of their respective limited partners, non-managing members or other similar direct or indirect
investors), the Sponsor Director and the IWM Directors may invest in, or provide services to, any Person that directly or indirectly competes
with PubCo or any of its subsidiaries; and (iii) in the event that Sponsor, IWM or Highlander (including (A) their respective
Affiliates, (B) any portfolio company in which they or any of their respective investment fund Affiliates have made a debt or equity
investment (and vice versa) or (C) any of their respective limited partners, non-managing members or other similar direct or indirect
investors), Sponsor Director or IWM Director, respectively, acquires knowledge of a potential transaction or matter that may be a corporate
or other business opportunity for PubCo or any of its subsidiaries, such Person shall have no duty (fiduciary, contractual or otherwise)
to communicate or present such corporate opportunity to PubCo or any of its subsidiaries or any other Holder, as the case may be, and,
notwithstanding any provision of this Investor Rights Agreement to the contrary, shall not be liable to PubCo or any of its subsidiaries
or any other Holder (or its Affiliates) for breach of any duty (fiduciary, contractual or otherwise) by reason of the fact that such Person,
directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person or does not present
such opportunity to PubCo or any of its subsidiaries or any other Holder (or its Affiliates). For the avoidance of doubt, the Parties
acknowledge that this paragraph is intended to disclaim and renounce, to the fullest extent permitted by applicable law, any right of
PubCo or any of its subsidiaries with respect to the matters set forth herein, and this paragraph shall be construed to effect such disclaimer
and renunciation to the fullest extent permitted by law.

 

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(b)            Each
of the Parties hereby, to the fullest extent permitted by applicable law:

 

(i)            confirms
that none of Sponsor, IWM or Highlander or any of their respective Affiliates have any duty to PubCo or any of its subsidiaries or
to any other Holder other than the specific covenants and agreements set forth in this Investor Rights Agreement or any other agreement
entered into by such Party;

 

(ii)            acknowledges
and agrees that (A) in the event of any conflict of interest between PubCo or any of its subsidiaries, on the one hand, and Sponsor,
IWM or Highlander or any of their respective Affiliates (or any Sponsor Director or IWM Director acting in his or her capacity as such),
on the other hand, Sponsor, IWM or Highlander or applicable Affiliates (or any Sponsor Director or IWM Director acting in his or
her capacity as a director) may act in its best interest and (B) none of Sponsor, IWM or Highlander or any of their respective
Affiliates or any Sponsor Director or IWM Director acting in his or her capacity as a director, shall be obligated (1) to reveal
to PubCo or any of its subsidiaries confidential information belonging to or relating to the business of such Person or any of its Affiliates
or (2) to recommend or take any action in its capacity as a direct or indirect shareholder or director, as the case may be, that
prefers the interest of PubCo or its subsidiaries over the interest of such Person; and

 

(iii)            waives
any claim or cause of action against Sponsor, IWM and Highlander and any of their respective Affiliates, and any officer, employee,
agent or Affiliate of any such Person that may from time to time arise in respect of a breach by any such person of any duty or obligation
disclaimed under Section 5.12(b)(i) or Section 5.12(b)(ii).

 

(c)            Each
of the Parties agrees that the waivers, limitations, acknowledgments and agreements set forth in this Section 5.12 shall not
apply to any alleged claim or cause of action against Sponsor based upon the breach or nonperformance by such Person of this Investor
Rights Agreement or any other agreement to which such Person is a party.

 

(d)            The
provisions of this Section 5.12, to the extent that they restrict the duties and liabilities of Sponsor, IWM or
Highlander or any of their respective Affiliates or any Sponsor Director or IWM Director otherwise existing at law or in equity, are
agreed by the Parties to replace such other duties and liabilities of Sponsor, IWM or Highlander or any of their respective
Affiliates or any such Sponsor Director or IWM Director to the fullest extent permitted by applicable law.

 

(e)            Notwithstanding
anything to the contrary contained in this Section 5.12, in the event of any conflict with respect to Highlander between this
Section 5.12 and the Services Agreement (as defined in the Business Combination Agreement), the Services Agreement shall control.

 

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Section 5.13     Indemnification;
Exculpation.

 

(a)            PubCo
will, and PubCo will cause each of its subsidiaries to, jointly and severally indemnify, exonerate and hold the Holders and each of
their respective direct and indirect partners, equityholders, members, managers, Affiliates, directors, officers, shareholders,
fiduciaries, managers, controlling Persons, employees, representatives and agents and each of the partners, equityholders, members,
Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing
(collectively, the “Holder Indemnitees”) free and harmless from and against any and all actions, causes of
action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including
reasonable attorneys’ fees and expenses) incurred by the Holder Indemnitees or any of them before or after the date of this
Investor Rights Agreement (collectively, the “Indemnified Liabilities”), arising out of any action, cause of
action, suit, litigation, investigation, inquiry, arbitration or claim (each, an “Action”) arising directly or
indirectly out of, or in any way relating to, (i) any Holder’s or its Affiliates’ ownership of Equity Securities of
PubCo or control or ability to influence PubCo or any of its subsidiaries (other than any such Indemnified Liabilities (x) to
the extent such Indemnified Liabilities arise out of any breach of this Investor Rights Agreement by such Holder Indemnitee or its
Affiliates or other related Persons or the breach of any fiduciary or other duty or obligation of such Holder Indemnitee to its
direct or indirect equity holders, creditors or Affiliates, (y) to the extent such control or the ability to control PubCo or
any of its subsidiaries derives from such Holder’s or its Affiliates’ capacity as an officer or director of PubCo or any
of its subsidiaries or (z) to the extent such Indemnified Liabilities are directly caused by such Person’s willful
misconduct), (ii) the business, operations, properties, assets or other rights or liabilities of PubCo or any of its
subsidiaries or (iii) any services provided prior to, on or after the date of this Investor Rights Agreement by any Holder or
its Affiliates to PubCo or any of their respective subsidiaries; provided, however, that if and to the extent that the
foregoing undertaking may be unavailable or unenforceable for any reason, PubCo will, and will cause its subsidiaries to, make the
maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable
law. For the purposes of this Section 5.13, none of the circumstances described in the limitations contained in the
proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of
competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Holder
Indemnitee as to any previously advanced indemnity payments made by PubCo or any of its subsidiaries, then such payments shall be
promptly repaid by such Holder Indemnitee to PubCo and its subsidiaries. The rights of any Holder Indemnitee to indemnification
hereunder will be in addition to any other rights any such Person may have under any other agreement or instrument to which such
Holder Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the
organizational or governing documents of PubCo or its subsidiaries.

 

    41

     

    

 

(b)            PubCo
will, and will cause each of its subsidiaries to, jointly and severally, reimburse any Holder Indemnitee for all reasonable costs and
expenses (including reasonable attorneys’ fees and expenses and any other litigation-related expenses) as they are incurred in connection
with investigating, preparing, pursuing, defending or assisting in the defense of any Action for which the Holder Indemnitee would be
entitled to indemnification under the terms of this Section 5.13, or any action or proceeding arising therefrom, whether or
not such Holder Indemnitee is a party thereto. PubCo or its subsidiaries, in the defense of any Action for which a Holder Indemnitee would
be entitled to indemnification under the terms of this Section 5.13, may, without the consent of such Holder Indemnitee, consent
to entry of any judgment or enter into any settlement if and only if it (i) includes as a term thereof the giving by the claimant
or plaintiff therein to such Holder Indemnitee of an unconditional release from all liability with respect to such Action, (ii) does
not impose any limitations (equitable or otherwise) on such Holder Indemnitee, and (iii) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of such Holder Indemnitee, and provided, that the only penalty
imposed in connection with such settlement is a monetary payment that will be paid in full by PubCo or its subsidiaries.

 

    42

     

    

 

(c)            PubCo
acknowledges and agrees that PubCo shall, and to the extent applicable shall cause its subsidiaries to, be fully and primarily
responsible for the payment to any Holder Indemnitee in respect of Indemnified Liabilities in connection with any Jointly
Indemnifiable Claims (as defined below), pursuant to and in accordance with (as applicable) the terms of (i) the Delaware
General Corporation Law and the Organizational Documents, each as amended, (ii) any director indemnification agreement,
(iii) this Investor Rights Agreement, any other agreement between PubCo or any of its subsidiaries and such Holder Indemnitee
(or its Affiliates) pursuant to which such Holder Indemnitee is indemnified, (iv) the laws of the jurisdiction of incorporation
or organization of any subsidiary of PubCo and/or (v) the Organizational Documents of any subsidiary of PubCo ((i) through
(v) collectively, the “Indemnification Sources”), irrespective of any right of recovery such Holder
Indemnitee (or its Affiliates) may have from any corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise (other than PubCo, any of its subsidiaries or the insurer under and pursuant to an insurance policy
of PubCo or any of its subsidiaries) from whom such Holder Indemnitee may be entitled to indemnification with respect to which, in
whole or in part, PubCo or any of its subsidiaries may also have an indemnification obligation (collectively, the
 “Indemnitee-Related Entities”). Under no circumstance shall PubCo or any of its subsidiaries be entitled to any
right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery any Holder
Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of such Holder Indemnitee or the
obligations of PubCo or any of its subsidiaries under the Indemnification Sources. In the event that any of the Indemnitee-Related
Entities shall make any payment to any Holder Indemnitee in respect of indemnification with respect to any Jointly Indemnifiable
Claim, (x) PubCo shall, and to the extent applicable shall cause its subsidiaries to, reimburse the Indemnitee-Related Entity
making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (y) to the
extent not previously and fully reimbursed by PubCo and/or any of its subsidiaries pursuant to clause (x), the
Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of
the rights of recovery of the Holder Indemnitee against PubCo and/or any of its subsidiaries, as applicable, and (z) such
Holder Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure
such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to
bring suit to enforce such rights. Each of the Parties agree that each of the Indemnitee-Related Entities shall be third-party
beneficiaries with respect to this Section 5.13(c), entitled to enforce this Section 5.13(c) as though
each such Indemnitee-Related Entity were a party to this Investor Rights Agreement. PubCo shall cause each of its subsidiaries to
perform the terms and obligations of this Section 5.13(c) as though each such subsidiary were a party to this
Investor Rights Agreement. For purposes of this Section 5.13(c), the term “Jointly Indemnifiable
Claims” shall be broadly construed and shall include, without limitation, any Indemnified Liabilities for which any Holder
Indemnitee shall be entitled to indemnification from both (1) PubCo and/or any of its subsidiaries pursuant to the
Indemnification Sources, on the one hand, and (2) any Indemnitee-Related Entity pursuant to any other agreement between any
Indemnitee-Related Entity and such Holder Indemnitee (or its Affiliates) pursuant to which such Holder Indemnitee is indemnified,
the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the Organizational Documents
of any Indemnitee-Related Entity, on the other hand.

 

(d)            In
no event shall any Holder Indemnitee be liable to PubCo or any of its subsidiaries for any act, alleged act, omission or alleged omission
that does not constitute willful misconduct or fraud of such Holder Indemnitee as determined by a final, nonappealable determination of
a court of competent jurisdiction.

 

(e)            Notwithstanding
anything to the contrary contained in this Investor Rights Agreement, for purposes of this Section 5.13, the term Holder Indemnitees
shall not include any Holder or its any of its partners, equityholders, members, Affiliates, directors, officers, fiduciaries, managers,
controlling Persons, employees and agents or any of the partners, equityholders, members, Affiliates, directors, officers, fiduciaries,
managers, controlling Persons, employees and agents of any of the foregoing who is an officer or director of PubCo or any of its subsidiaries
in such capacity as officer or director. Such officers and directors are or will be subject to separate indemnification in such capacity
through this Investor Rights Agreement and/or the Organizational Documents of PubCo and its subsidiaries.

 

(f)            The
rights of any Holder Indemnitee to indemnification pursuant to this Section 5.13 will be in addition to any other rights any
such Person may have under any other section of this Investor Rights Agreement or any other agreement or instrument to which such Holder
Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the Organizational Documents
of PubCo or any of its subsidiaries.

 

    43

     

    

 

Section 5.14     Representations
and Warranties of the Parties. Each of the Parties hereby represents and warrants to each of the other Parties as follows:

 

(a)            Such
Party, to the extent applicable, is duly organized or incorporated, validly existing and in good standing under the laws of the jurisdiction
of its organization or incorporation and has all requisite organizational power and authority to conduct its business as it is now being
conducted and is proposed to be conducted.

 

(b)            Such
Party has the full organizational power, authority and legal right to execute, deliver and perform this Investor Rights Agreement. The
execution, delivery and performance of this Investor Rights Agreement have been duly authorized by all necessary organizational action,
corporate or otherwise, of such Party. This Investor Rights Agreement has been duly executed and delivered by such Party and constitutes
its, his or her legal, valid and binding obligation, enforceable against it, him or her in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally.

 

(c)            The
execution and delivery by such Party of this Investor Rights Agreement, the performance by such Party of its, his or her obligations hereunder
by such Party does not and will not violate (i) in the case of Parties who are not individuals, any provision of its by-laws, charter,
articles of association, partnership agreement or other similar organizational document, (ii) any provision of any material agreement
to which it, he or she is a Party or by which it, he or she is bound or (iii) any law, rule, regulation, judgment, order or decree
to which it, he or she is subject.

 

(d)            Such
Party is not currently in violation of any law, rule, regulation, judgment, order or decree, which violation could reasonably be expected
at any time to have a material adverse effect upon such Party’s ability to enter into this Investor Rights Agreement or to perform
its, his or her obligations hereunder.

 

(e)            There
is no pending legal action, suit or proceeding that would materially and adversely affect the ability of such Party to enter into this
Investor Rights Agreement or to perform its, his or her obligations hereunder.

 

Section 5.15     No
Third-Party Liabilities. This Investor Rights Agreement may only be enforced against the named parties hereto. All claims or
causes of action (whether in contract or tort) that may be based upon, arise out of or relate to any of this Investor Rights
Agreement, or the negotiation, execution or performance of this Investor Rights Agreement (including any representation or warranty
made in or in connection with this Investor Rights Agreement or as an inducement to enter into this Investor Rights Agreement), may
be made only against the Persons that are expressly identified as parties hereto, as applicable; and no past, present or future
direct or indirect director, officer, employee, incorporator, member, partner, shareholder, Affiliate, portfolio company in which
any such Party or any of its investment fund Affiliates have made a debt or equity investment (and vice versa), agent, attorney or
representative of any Party hereto (including any Person negotiating or executing this Investor Rights Agreement on behalf of a
Party hereto), unless a Party to this Investor Rights Agreement, shall have any liability or obligation with respect to this
Investor Rights Agreement or with respect any claim or cause of action (whether in contract or tort) that may arise out of or relate
to this Investor Rights Agreement, or the negotiation, execution or performance of this Investor Rights Agreement (including a
representation or warranty made in or in connection with this Investor Rights Agreement or as an inducement to enter into this
Investor Rights Agreement).

 

    44

     

    

 

Section 5.16     Legends.
Without limiting the obligations of PubCo set forth in Section 3.11, each of the Holders acknowledges that (i) no Transfer,
hypothecation or assignment of any Registrable Securities Beneficially Owned by such Holder may be made except in compliance with applicable
federal and state securities laws and (ii) PubCo shall (x) place customary restrictive legends on the certificates or book
entries representing the Registrable Securities subject to this Investor Rights Agreement and (y) remove such restrictive legends
at the time the applicable Transfer and other restrictions contemplated thereby are no longer applicable to the Registrable Securities
represented by such certificates or book entries.

 

Section 5.17     Adjustments.
If there are any changes in the Ordinary Shares as a result of share split, share sub-division, share dividend, combination, redesignation
or reclassification, or through merger, consolidation, recapitalization or other similar event, appropriate adjustment shall be made
in the provisions of this Investor Rights Agreement, as may be required, so that the rights, privileges, duties and obligations under
this Investor Rights Agreement shall continue with respect to the Ordinary Shares as so changed.

 

[Signature Pages Follow]

 

    45

     

    

 

IN WITNESS WHEREOF, each of
the Parties has duly executed this Investor Rights Agreement as of the Effective Date.

 

	 	PUBCO:
	 	 
	 	Magnum Opus Acquisition Limited
	 	 
	 	By:	 /s/ Hou Pu Jonathan Lin
	 	Name: Hou Pu Jonathan Lin
	 	Title: Chief Executive Officer
	 	 
	 	SPONSOR:
	 	 
	 	Magnum Opus Holdings LLC
	 	 
	 	By:	 /s/ Hou Pu Jonathan Lin
	 	Name: Hou Pu Jonathan Lin
	 	Title: Manager

 

    46

     

    

 

	 	IWM:
	 	 
	 	Integrated Whale Media Investment Inc.
	 	 
	 	By:	 /s/ Yam Tak Cheung
	 	Name: Yam Tak Cheung
	 	Title: Director
	 	 
	 	Highlander:
	 	 
	 	Highlander Management LLC
	 	 
	 	By:	/s/ Sean P Hegarty
	 	Name: Sean P Hegarty
	 	Title: Chief Financial Officer

 

    47

     

    

 

	 	Other Holders:
	 	 
	 	/s/ Hou Pu Jonathan Lin
	 	Hou Pu Jonathan Lin
	 	 
	 	/s/ Ka Man Kevin Lee
	 	Ka Man Kevin Lee
	 	 
	 	/s/ Frank Han
	 	Frank Han
	 	 
	 	/s/ Alexandre Mathieu Valdemar Casin
	 	Alexandre Mathieu Valdemar Casin
	 	 
	 	/s/ Liu Xing Ling
	 	Liu Xing Ling
	 	 
	 	/s/ Wing Hong Sammy Hsieh
	 	Wing Hong Sammy Hsieh
	 	 
	 	/s/ Dickson Cheng
	 	Dickson Cheng
	 	 
	 	/s/ Tung Wai Hui
	 	Tung Wai Hui

 

    48

     

    

 

Exhibit A

Form of Joinder

 

This Joinder (this “Joinder”)
to the Investor Rights Agreement, made as of                ,
is between                (“Transferor”)
and                (“Transferee”).

 

WHEREAS, as of the date hereof,
Transferee is acquiring          Registrable Securities (the “Acquired
Interests”) from Transferor;

 

WHEREAS, Transferor is a party
to that certain Investor Rights Agreement, dated as of [●], 2021, among [________] ( “PubCo”) and the other persons
party thereto (the “Investor Rights Agreement”); and

 

WHEREAS, Transferee is required,
at the time of and as a condition to such Transfer, to become a party to the Investor Rights Agreement by executing and delivering this
Joinder, whereupon such Transferee will be treated as a Party (with the same rights and obligations as the Transferor) for all purposes
of the Investor Rights Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto
agree as follows:

 

Section 1.1     Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set
forth in the Investor Rights Agreement.

 

Section 1.2     Acquisition.
The Transferor hereby Transfers to the Transferee all of the Acquired Interests.

 

Section 1.3     Joinder.
Transferee hereby acknowledges and agrees that (a) such Transferee has received and read the Investor Rights Agreement, (b) such
Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Investor Rights Agreement
and (c) such Transferee will be treated as a Party (with the same rights and obligations as the Transferor) for all purposes of the
Investor Rights Agreement.

 

Section 1.4     Notice.
Any notice, demand or other communication under the Investor Rights Agreement to Transferee shall be given to Transferee at the address
set forth on the signature page hereto in accordance with Section 5.6 of the Investor Rights Agreement.

 

Section 1.5     Governing
Law. This Joinder shall be governed by and construed in accordance with the internal Laws of the State of New York (without reference
to its choice of Law rules).

 

    49

     

    

 

Section 1.6     Counterparts;
Electronic Delivery. This Joinder may be executed and delivered in one or more counterparts, by fax, email or other electronic transmission,
each of which shall be deemed an original and all of which shall be considered one and the same agreement. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Joinder or any
document to be signed in connection with this Joinder shall be deemed to include electronic signatures, deliveries or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical
delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means.

 

    50

     

    

 

IN WITNESS WHEREOF, this Joinder
has been duly executed and delivered by the parties as of the date first above written.

 

	 	[TRANSFEROR]
	 	 
	 	By:	                                

 

	 	Name:	 

 

	 	Title:	 

 

	 	[TRANSFEREE]
	 	 
	 	By:	                      

 

	 	Name:	 

 

	 	Title:	 

 

	 	Address for notices:

 

    51​

Exhibit 4.1
THIS SIDE LETTER to the Facility Agreement (defined below) is dated 11 March 2014 and is made between:
	(1)
	PT HOEGH LNG LAMPUNG (the Borrower);

	(2)
	STANDARD CHARTERED BANK as facility agent for the other Finance Parties (the Facility Agent).

(together, the Parties).
	1
	We refer to the US$299,000,000 term loan facility and US$10,700,000 standby letter of credit facility dated 12 September 2013 between, amongst others, the Parties, as such has been amended or restated prior to the date hereof (the Facility Agreement).

	2
	This letter is supplemental to the Facility Agreement.  Terms and expressions defined in the Facility Agreement shall have the same meanings when used herein, unless otherwise defined herein or the context otherwise requires.

	3
	References in the Facility Agreement to “this Agreement” shall, with effect from the date of this letter and unless the context otherwise requires, be references to the Facility Agreement as amended by this letter and words such as “herein”, “hereof”, “hereafter”, “hereby” and “hereto”, where they appear in the Facility Agreement, shall be construed accordingly.

	4
	The Facility Agreement shall, with effect on and from the date of this letter, be (and it is hereby) amended as follows:

		(a)
	The definition of Charter shall be deleted in its entirety and be replaced with the following definition:

Charter means the amended and restated contract dated 17 October 2012 (as further described in Part 2 of Schedule 2 (Vessel information)) in respect of the procurement of the Mooring and the installation, lease, operation and maintenance of the Vessel for an initial period of twenty (20) years (the Original Charter) made between (1) the Original Charterer and (2) the Sponsor, as novated or to be novated by the Sponsor to the Borrower pursuant to the Charter Novation Agreement and, as novated or to be novated by the Original Charterer to one of its Affiliates pursuant to the Charterer Novation Agreement.
		(b)
	The definition of Charterer shall be deleted in its entirety and replaced with the following definition:

Charterer means the Original Charterer, or as the context may require following execution of the Charter Novation Agreement, PT PGN LNG Indonesia, a limited liability company duly established and existing under the laws of the Republic of Indonesia and having its registered office at Jr. K.H. Zainul Arifin No. 20, Jakarta 11140, Indonesia.
​

1

​

		(c)
	A new definition of Charterer Novation Agreement will be included in the correct alphabetical order as follows:

Charterer Novation Agreement means the novation agreement dated 21 February 2014 made between the Borrower, the Charterer and the Original Charterer, pursuant to which the rights and obligations of the Original Charterer under the Original Charter are novated in favour of the Charterer.
		(d)
	A new definition of Original Charterer will be included in the correct alphabetical order as follows:

Original Charterer means PT Perusahaan Gas Negara (Persero) Tbk, a state-owned limited liability company established under Indonesian Government Regulations and having its principal office at JI. K.H. Zainul Arifin No. 20, Jakarta 1140, Indonesia.
		(e)
	A new clause 24.1(f) shall be included immediately following clause 24.1(e) as follows: “24.1(f)

		(i)
	The Borrower shall promptly notify the Facility Agent of any notice received from the Charter Guarantor in accordance with clause 5 of the Charterer Novation Agreement.

		(ii)
	The Borrower shall not consent to any proposed transfer of shares of the Charterer by the Charter Guarantor which it is entitled under the Charterer Novation Agreement to withhold consent for, without the prior written consent of the Facility Agent (acting on the instructions of all of the Lenders) provided that the Lenders agree that consent shall not be withheld or delayed if the conditions specified in clause 5 of the Charterer Novation Agreement have been satisfied in accordance with their terms.

		(iii)
	If requested by any Lender, the Borrower shall, subject to the relevant costs and expenses having been paid where they are to be borne by the relevant Lender, procure a legal opinion (in substantially the same form as the legal opinion issued by Oentoeng Suria & Partners in connection with the Charter Guarantee dated 26 February 2014 (the OSP Legal Opinion), subject to any changes to reflect changes in law, or such other form satisfactory to the Facility Agent acting reasonably and upon the advice of its legal counsel) to any bank which is to become a party to the Facility Agreement in accordance with its terms and which is not able to rely on the OSP Legal Opinion or any other legal opinion covering matters referred to in clause 24.1(d)(vi) that is provided pursuant to this Agreement. The Borrower will pay any costs or expenses in connection with the issuance of such legal opinion limited to one legal opinion per year per Lender (it being agreed that each such opinion may be addressed to more than one bank) and

​

2

​

otherwise all such costs and expenses shall be borne by the relevant Lender.”
		(f)
	New conditions subsequent shall be included in Part 3 (Conditions subsequent) of Schedule 3 as follows:

“8Signing Authority
No later than 14 days after the first Utilisation Date, the Borrower shall provide to the Lenders a power of attorney confirming that Mr. Mochammad Ali Suharsono, President Director of PT Rekayasa Industri has authority to execute the Mooring Installation Contract or confirmation acceptable to Korea Development Bank from the Borrower’s Indonesian legal counsel that a power of attorney is not required and that Mr Mochammad Ali Suharsono is an authorised signatory of PT Rekayasa Industri.
9Charterer Novation Agreement
No later than 14 days after the first Utilisation Date, a legal opinion from Oentoeng Suria & Partners (or another legal counsel approved by the Facility Agent in substantially the same form as the OSP Legal Opinion or such other form satisfactory to the Facility Agent acting reasonably and upon the advice of its legal counsel) in respect of the due incorporation of the new Charterer and the execution of the Charter Novation Agreement by the new Charterer and the Original Charterer.”
Save as may be amended or varied hereby, the terms of the Facility Agreement and the other Finance Documents shall remain unaltered and in full force and effect and shall be read and construed as the same may have been amended by this letter.
​

3

​

This letter may be executed in counterparts and by each party on separate counterparts, each of which when so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument.
This letter and any non-contractual obligations connected with it are governed by and, shall be construed in accordance with, English law.
	THE BORROWER
	​

	​
	​

	PT HOEGH LNG LAMPUNG
	​

	​
	​

	By:
	​

	​
	​

	/s/ Parthsarthi Jindal
	​

​
​
	​

	​

	THE FACILITY AGENT
	​

	​
	​

	for and on behalf of the Finance Parties
	​

	​
	​

	STANDARD CHARTERED BANK
	​

	​
	​

	By:
	​

	​
	​

	/s/ Paul Thompson
	​

	​
	​

	Paul Thompson
	​

	Director, Agency UK/Europe
	​

	Standard Chartered Bank
	​

	​
	​

​

4

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