Document:

Exhibit 10.5

 

FORM OF PRIVATE PLACEMENT WARRANTS PURCHASE
AGREEMENT

 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT, dated as of [
], 2021 (as amended, supplemented or otherwise modified from time to time, this “Agreement”), is entered into
by and between Igniting Consumer Growth Acquisition Company Limited, a Cayman Islands exempted company (the “Company”),
and Igniting Growth Consumer Sponsor LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends to consummate an initial public offering
of the Company’s units (the “Public Offering”), each unit consisting of one Class A ordinary share
of the Company, par value $0.0001 per share (each, a “Share”), and one-half of one redeemable warrant, each
whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, as set forth in the Company’s
Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”),
File Number 333-[ ] (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities
Act”).

 

WHEREAS, the Purchaser has agreed to purchase an aggregate of 9,650,000
warrants (or up to 10,850,000 warrants if the underwriters in the Public Offering exercise their option to purchase additional units
in full) (the “Private Placement Warrants”), each Private Placement Warrant entitling the holder to purchase
one Share at an exercise price of $11.50 per Share, at a price of $1.00 per warrant, subject to adjustment.

 

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

 

AGREEMENT

 

		Section
                            1.	Authorization, Purchase and Sale; Terms of the Private Placement
Warrants.

 

		A.	Authorization
                                            of the Private Placement Warrants. The Company has duly authorized the issuance and sale
                                            of the Private Placement Warrants to the Purchaser.

 

		B.	Purchase
                                            and Sale of the Private Placement Warrants.

 

		(i)	On
                                            the date of the consummation of the Public Offering (the “IPO Closing Date”),
                                            the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from
                                            the Company, 9,650,000 Private Placement Warrants at a price of $1.00 per Private Placement
                                            Warrant for an aggregate purchase price of $9,650,000 (the “Purchase Price”).
                                            The Purchaser shall pay the Purchase Price in accordance with the Company’s wiring
                                            instructions by wire transfer of immediately available funds in the following amounts: (i) $[
                                            ] to the Company at a financial institution to be chosen by the Company; and (ii) $[
                                            ] to the trust account maintained by Continental Stock Transfer & Trust Company,
                                            acting as trustee (the “Trust Account”), in each case, at least
                                            one (1) business day prior to the IPO Closing Date. On the IPO Closing Date, subject
                                            to the receipt of funds pursuant to the immediately preceding sentence, the Company shall,
                                            at its option, deliver a certificate evidencing the Private Placement Warrants purchased
                                            on such date duly registered in the Purchaser’s name to the Purchaser or effect such
                                            delivery in book-entry form.

 

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		(ii)	On
                                            the date of the closing of the option to purchase additional units, if any, in connection
                                            with the Public Offering or on such earlier time and date as may be mutually agreed by the
                                            Purchaser and the Company (the “Option Closing Date” and, each
                                            Option Closing Date (if any) and the IPO Closing Date, a “Closing Date”),
                                            the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from
                                            the Company, up to 1,200,000 Private Placement Warrants (or, to the extent the option to
                                            purchase additional units is not exercised in full, a lesser number of Private Placement
                                            Warrants in proportion to the portion of the option that is exercised) at a price of $1.00
                                            per Private Placement Warrant for an aggregate purchase price of up to $1,200,000 (the “Option
                                            Purchase Price”). The Purchaser shall pay the Option Purchase Price in accordance
                                            with the Company’s wiring instructions by wire transfer of immediately available funds
                                            to the Trust Account at least one (1) business day prior to the Option Closing Date.
                                            On the Option Closing Date, subject to the receipt of funds pursuant to the immediately preceding
                                            sentence, the Company shall, at its option, deliver a certificate evidencing the Private
                                            Placement Warrants purchased on such date duly registered in the Purchaser’s name to
                                            the Purchaser or effect such delivery in book-entry form.

 

		C.	Terms
                                            of the Private Placement Warrants.

 

		(i)	Each
                                            Private Placement Warrant shall have the terms set forth in a Private Warrant Agreement to
                                            be entered into by the Company and a warrant agent on the IPO Closing Date in connection
                                            with the Public Offering (the “Private Warrant Agreement”).

 

		(ii)	On
                                            the IPO Closing Date, the Company and the Purchaser shall enter into a registration and shareholder
                                            rights agreement (the “Registration and Shareholder Rights Agreement”),
                                            pursuant to which the Company will grant certain registration rights to the Purchaser relating
                                            to the Private Placement Warrants and the Shares underlying the Private Placement Warrants.

 

		Section
                            2.	Representations and Warranties of the Company. As a material
inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and
warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that:

 

		A.	Incorporation
                                            and Corporate Power. The Company is an exempted company duly incorporated, validly existing
                                            and in good standing under the laws of the Cayman Islands and is qualified to do business
                                            in every jurisdiction in which the failure to so qualify would reasonably be expected to
                                            have a material adverse effect on the financial condition, operating results or assets of
                                            the Company. The Company possesses all requisite corporate power and authority necessary
                                            to carry out the transactions contemplated by this Agreement and the Private Warrant Agreement.

 

		B.	Authorization;
                                            No Breach.

 

		(i)	The
                                            execution, delivery and performance of this Agreement and the Private Placement Warrants
                                            have been duly authorized by the Company as of each Closing Date. This Agreement constitutes
                                            the valid and binding obligation of the Company, enforceable in accordance with its terms,
                                            subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
                                            other laws of general applicability relating to or affecting creditors’ rights and
                                            to general equitable principles (whether considered in a proceeding in equity or law). Upon
                                            issuance in accordance with, and payment pursuant to, the terms of the Private Warrant Agreement
                                            and this Agreement, the Private Placement Warrants will constitute valid and binding obligations
                                            of the Company, enforceable in accordance with their terms.

 

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		(ii)	The
                                            execution and delivery by the Company of this Agreement and the Private Placement Warrants,
                                            the issuance and sale of the Private Placement Warrants, the issuance of the Shares upon
                                            exercise of the Private Placement Warrants and the fulfillment of and compliance with the
                                            respective terms hereof and thereof by the Company, do not and will not as of each Closing
                                            Date (a) conflict with or result in a breach of the terms, conditions or provisions
                                            of, (b) constitute a default under, (c) result in the creation of any lien, security
                                            interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result
                                            in a violation of or (e) require any authorization, consent, approval, exemption or
                                            other action by or notice or declaration to, or filing with, any court or administrative
                                            or governmental body or agency pursuant to the memorandum and articles of association of
                                            the Company (in effect on the date hereof or as may be amended, supplemented or otherwise
                                            modified prior to completion of the Public Offering) or any material law, statute, rule or
                                            regulation to which the Company is subject, or any agreement, order, judgment or decree to
                                            which the Company is subject, except for any filings required after the date hereof under
                                            federal or state securities laws.

 

		C.	Title
                                            to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof
                                            and the Private Warrant Agreement and the amended and restated memorandum and articles of
                                            association of the Company, and upon registration in the Company’s register of members,
                                            the Shares issuable upon exercise of the Private Placement Warrants will be duly and validly
                                            issued as fully paid and non-assessable. On the date of issuance of the Private Placement
                                            Warrants, the Shares issuable upon exercise of the Private Placement Warrants shall have
                                            been reserved for issuance in accordance with the terms of this Agreement. Upon issuance
                                            in accordance with, and payment pursuant to, the terms hereof and the Private Warrant Agreement,
                                            and upon registration in the Company’s register of members, the Purchaser will have
                                            good title to the Private Placement Warrants purchased by it and the Shares issuable upon
                                            exercise of such Private Placement Warrants, free and clear of all liens, claims and encumbrances
                                            of any kind, other than (i) transfer restrictions hereunder and under the other agreements
                                            contemplated hereby, (ii) transfer restrictions under federal and state securities laws
                                            and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

		D.	Governmental
                                            Consents. No permit, consent, approval or authorization of, or declaration to or filing
                                            with, any governmental authority is required in connection with the execution, delivery and
                                            performance by the Company of this Agreement or the consummation by the Company of any other
                                            transactions contemplated hereby.

 

		E.	Regulation
                                            D Qualification. Neither the Company nor, to its actual knowledge, any of its affiliates,
                                            members, officers, directors or beneficial shareholders of twenty percent (20%) or more of
                                            its outstanding securities, has experienced a disqualifying event as enumerated pursuant
                                            to Rule 506(d) of Regulation D under the Securities Act.

 

		Section
                            3.	Representations and Warranties of the Purchaser. As a
material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the
Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that:

 

		A.	Organization
                                            and Requisite Authority. The Purchaser possesses all requisite power and authority necessary
                                            to carry out the transactions contemplated by this Agreement.

 

		B.	Authorization; No Breach.

 

		(i)	This
                                            Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance
                                            with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization,
                                            moratorium and other laws of general applicability relating to or affecting creditors’
                                            rights and to general equitable principles (whether considered in a proceeding in equity
                                            or law).

 

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		(ii)	The
                                            execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance
                                            with the terms hereof by the Purchaser does not and shall not as of each Closing Date (a) conflict
                                            with or result in a breach by the Purchaser of the terms, conditions or provisions of, (b) constitute
                                            a default under, (c) result in the creation of any lien, security interest, charge or
                                            encumbrance upon the Purchaser’s equity or assets under, (d) result in a violation
                                            of or (e) require authorization, consent, approval, exemption or other action by or
                                            notice or declaration to, or filing with, any court or administrative or governmental body
                                            or agency pursuant to the Purchaser’s organizational documents in effect on the date
                                            hereof or as may be amended, supplemented or otherwise modified prior to completion of the
                                            contemplated Public Offering, or any material law, statute, rule or regulation to which
                                            the Purchaser is subject, or any agreement, instrument, order, judgment or decree to which
                                            the Purchaser is subject, except for any filings required after the date hereof under federal
                                            or state securities laws.

 

		C.	Investment
                                            Representations.

 

		(i)	The
                                            Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement
                                            Warrants, the Shares issuable upon such exercise (collectively, the “Securities”)
                                            for its own account, for investment purposes only and not with a view towards, or for resale
                                            in connection with, any public sale or distribution thereof.

 

		(ii)	The
                                            Purchaser is an “accredited investor” as such term is defined in
                                            Rule 501(a)(3) of Regulation D and has not experienced a disqualifying event as
                                            enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

		(iii)	The
                                            Purchaser understands that the Securities are being offered and will be sold to it in reliance
                                            on specific exemptions from the registration requirements of the United States federal and
                                            state securities laws and that the Company is relying upon the truth and accuracy of, and
                                            the Purchaser’s compliance with, the representations and warranties of the Purchaser
                                            set forth herein in order to determine the availability of such exemptions and the eligibility
                                            of the Purchaser to acquire such Securities.

 

		(iv)	The
                                            Purchaser did not decide to enter into this Agreement as a result of any general solicitation
                                            or general advertising within the meaning of Rule 502(c) under the Securities Act.

 

		(v)	The
                                            Purchaser has been furnished with all materials relating to the business, finances and operations
                                            of the Company and materials relating to the offer and sale of the Securities which have
                                            been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions
                                            of the executive officers and directors of the Company. The Purchaser understands that its
                                            investment in the Securities involves a high degree of risk and has sought such accounting,
                                            legal and tax advice as it has considered necessary to make an informed investment decision
                                            with respect to the acquisition of the Securities.

 

		(vi)	The
                                            Purchaser understands that no United States federal or state agency or any other government
                                            or governmental agency has passed on or made any recommendation or endorsement of the Securities
                                            or the fairness or suitability of the investment in the Securities by the Purchaser nor have
                                            such authorities passed upon or endorsed the merits of the offering of the Securities.

 

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		(vii)	The
                                            Purchaser understands that (a) the Securities have not been and are not being registered
                                            under the Securities Act or any state securities laws, and may not be offered for sale, sold,
                                            assigned or transferred, unless (1) subsequently registered thereunder or (2) sold
                                            in reliance on an exemption therefrom, and (b) except as specifically set forth in the
                                            Registration and Shareholder Rights Agreement, neither the Company nor any other person is
                                            under any obligation to register the Securities under the Securities Act or any state securities
                                            laws or to comply with the terms and conditions of any exemption thereunder. In this regard,
                                            the Purchaser understands that the SEC has taken the position that promoters or affiliates
                                            of a blank check company and their transferees, both before and after an initial business
                                            combination, are deemed to be “underwriters” under the Securities Act when reselling
                                            the securities of a blank check company. Based on that position, Rule 144 adopted pursuant
                                            to the Securities Act would not be available for resale transactions of the Securities despite
                                            technical compliance with the requirements of Rule 144 adopted pursuant to the Securities
                                            Act, and the Securities can be resold only through a registered offering or in reliance upon
                                            another exemption from the registration requirements of the Securities Act.

 

		(viii)	The
                                            Purchaser has such knowledge and experience in financial and business matters, knowledge
                                            of the high degree of risk associated with investments in the securities of companies in
                                            the development stage such as the Company, is capable of evaluating the merits and risks
                                            of an investment in the Securities and is able to bear the economic risk of an investment
                                            in the Securities in the amount contemplated hereunder for an indefinite period of time.
                                            The Purchaser has adequate means of providing for its current financial needs and contingencies
                                            and will have no current or anticipated future needs for liquidity which would be jeopardized
                                            by the investment in the Securities. The Purchaser can afford a complete loss of its investments
                                            in the Securities.

 

		(ix)	The
                                            Purchaser understands that the Private Placement Warrants shall bear the legend substantially
                                            in the form set forth in the Private Warrant Agreement.

 

		Section
                            4.	Conditions of the Purchaser’s Obligations. The
obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the fulfillment, on or before each
Closing Date, of each of the following conditions:

 

		A.	Representations
                                            and Warranties. The representations and warranties of the Company contained in Section 2
                                            shall be true and correct at and as of such Closing Date as though then made.

 

		B.	Performance.
                                            The Company shall have performed and complied with all agreements, obligations and conditions
                                            contained in this Agreement that are required to be performed or complied with by the Company
                                            on or before such Closing Date.

 

		C.	No
                                            Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling
                                            or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
                                            or governmental authority of competent jurisdiction or any self-regulatory organization having
                                            authority over the matters contemplated hereby, which prohibits the consummation of any of
                                            the transactions contemplated by this Agreement or the Private Warrant Agreement.

 

		D.	Private
                                            Warrant Agreement and Registration and Shareholder Rights Agreement. The Company shall
                                            have entered into the Private Warrant Agreement and the Registration and Shareholder Rights
                                            Agreement, in each case, on terms satisfactory to the Purchaser.

 

		Section
                            5.	Conditions of the Company’s Obligations. The obligations
of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following
conditions:

 

		A.	Representations
                                            and Warranties. The representations and warranties of the Purchaser contained in Section 3
                                            shall be true and correct at and as of such Closing Date as though then made.

 

		B.	Performance.
                                            The Purchaser shall have performed and complied with all agreements, obligations and conditions
                                            contained in this Agreement that are required to be performed or complied with by the Purchaser
                                            on or before such Closing Date.

 

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		C.	Corporate
                                            Consents. The Company shall have obtained the consent of the Company’s board of
                                            directors authorizing the execution, delivery and performance of this Agreement and the Private
                                            Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

		D.	No
                                            Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling
                                            or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
                                            or governmental authority of competent jurisdiction or any self-regulatory organization having
                                            authority over the matters contemplated hereby, which prohibits the consummation of any of
                                            the transactions contemplated by this Agreement or the Private Warrant Agreement.

 

		E.	Private
                                            Warrant Agreement. The Company shall have entered into the Private Warrant Agreement.

 

		Section
                            6.	Miscellaneous.

 

		A.	Successors
                                            and Assigns. Except as otherwise expressly provided herein, all covenants and agreements
                                            contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure
                                            to the benefit of the respective successors of the parties hereto whether so expressed or
                                            not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not
                                            assign this Agreement, other than assignments by the Purchaser to affiliates thereof (including,
                                            without limitation one or more of its members).

 

		B.	Severability.
                                            Whenever possible, each provision of this Agreement shall be interpreted in such manner as
                                            to be effective and valid under applicable law, but if any provision of this Agreement is
                                            held to be prohibited by or invalid under applicable law, such provision shall be ineffective
                                            only to the extent of such prohibition or invalidity, without invalidating the remainder
                                            of this Agreement.

 

		C.	Counterparts.
                                            This Agreement may be executed simultaneously in two or more counterparts, none of which
                                            need contain the signatures of more than one party, but all such counterparts taken together
                                            shall constitute one and the same agreement. Signatures to this Agreement transmitted via
                                            facsimile or electronic mail shall be valid and effective to bind the party so signing.

 

		D.	Descriptive
                                            Headings; Interpretation. The descriptive headings of this Agreement are inserted for
                                            convenience only and do not constitute a substantive part of this Agreement. The use of the
                                            word “including” in this Agreement shall be by way of example rather than by
                                            limitation.

 

		E.	Governing
                                            Law. This Agreement shall be deemed to be a contract made under the laws of the State
                                            of New York and for all purposes shall be construed in accordance with the internal laws
                                            of the State of New York.

 

		F.	Amendments.
                                            This Agreement may not be amended, modified or waived as to any particular provision, except
                                            by a written instrument executed by the parties hereto.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first written above.

 

	 	 	 
	 	COMPANY:
	 	 
	 	IGNITING
    CONSUMER GROWTH ACQUISITION COMPANY LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
    Krishnan Anand
	 	 	Title:
    Chief Executive Officer
	 	 
	 	PURCHASER:
	 	 
	 	IGNITING
    GROWTH CONSUMER SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name:
    Krishnan Anand
	 	 	Title:
    Chief Executive Officer

 

[Signature Page to Private Placement Warrants
Purchase Agreement—Igniting Consumer Growth Acquisition Company Limited]Exhibit 10.6

 

FORM OF INDEMNITY AGREEMENT

 

THIS
INDEMNITY AGREEMENT is made as of [ ], 2021 (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
by and between Igniting Consumer Growth Acquisition Company Limited, a
Cayman Islands exempted company (the “Company”), and [ ] (“Indemnitee”).

 

WHEREAS,
highly competent persons have become more reluctant to serve publicly-held companies and corporations as directors, officers, advisors
or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate
risks of claims and actions against them arising out of their service to, and activities on behalf of, such companies and corporations;

 

WHEREAS,
the board of directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving
the Company and its subsidiaries from certain liabilities. The amended and restated memorandum and articles of association of the Company
(as further amended, supplemented or otherwise modified from time to time, the “Articles”) provide for the indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands
law. The Articles provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts
may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification, hold harmless,
exoneration, advancement and reimbursement rights;

 

WHEREAS,
the uncertainties relating to such insurance and indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of
the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to
advance and reimburse expenses on behalf of such persons to the fullest extent permitted by applicable law so that they will serve or
continue to serve the Company free from undue concern that they will not be so protected against liabilities;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
may not be willing to serve as an officer, director, advisor or in another capacity without adequate protection, and the Company desires
Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that he or she be so indemnified.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant
and agree as follows:

 

1.      
        SERVICES TO THE COMPANY

 

In consideration of the Company’s covenants
and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or in any other
capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders
his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and
effect after Indemnitee has ceased to serve as an officer, director, advisor, key employee or in any other capacity of the Company, in
each case, as provided in Section 17. This Agreement shall not impose any obligation on Indemnitee or the Company to continue
Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties,
if any.

 

2.      
        DEFINITIONS

 

As used in this Agreement, references to:

 

(a)            “agent”
shall mean any person who is or was a director, officer, employee or advisor of the Company or a subsidiary of the Company or other person
authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, advisor,
fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at
the request of, for the convenience of or to represent the interests of the Company or a subsidiary of the Company.

 

(b)            “Beneficial
Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated
under the Exchange Act as in effect on the date hereof.

 

(c)            “Change
in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

		1.	Acquisition of Shares by Third Party. Other than Igniting Growth Consumer
Sponsor LLC (the “Sponsor”) or any of its affiliates, any Person that is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s
then outstanding securities entitled to vote generally in the appointment of directors, unless (1) the change in the relative Beneficial
Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares
of securities entitled to vote generally in the appointment of directors, or (2) such acquisition was approved in advance by the
Continuing Directors and such acquisition would not constitute a Change in Control under part (iii) of this definition;

 

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		2.	Change in the Board. Individuals who, as of the date hereof, constitute the Board, and any new director whose appointment by
the Board or nomination for appointment by the Company’s shareholders was approved by a vote of at least two thirds of the directors
then still in office who were directors on the date hereof or whose appointment or nomination for appointment was previously so approved
(collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members
of the Board;

 

		3.	Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or
similar business combination, involving the Company and one or more businesses (a “Business Combination”), in
each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the
Beneficial Owners of securities entitled to vote generally in the appointment of directors immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the Company
entitled to vote generally in the appointment of directors resulting from such Business Combination (including, without limitation, a
company or corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets
either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such
Business Combination, of the securities entitled to vote generally in the appointment of directors; (2) other than an affiliate of
the Sponsor, no Person (excluding any company or corporation resulting from such Business Combination) is the Beneficial Owner, directly
or indirectly, of fifteen percent (15%) or more of the combined voting power of the then outstanding securities entitled to vote generally
in the appointment of directors of the surviving company or corporation except to the extent that such ownership existed prior to the
Business Combination; and (3) at least a majority of the board of directors of the company or corporation resulting from such Business
Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board, providing
for such Business Combination;

 

		4.	Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series
of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring
the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with
such a liquidation, sale or disposition in one transaction or a series of related transactions); or

 

		5.	Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated
under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

 

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(d)            “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at the request of the
Company.

 

(e)            “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

(f)            “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(g)            “Enterprise”
shall mean the Company and any other company or corporation, constituent company or corporation (including any constituent of a constituent)
absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the
Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent.

 

(h)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(i)            “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable
attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private
investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating
in, a Proceeding, including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the
Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding,
including, without limitation, the principal, premium, security for and other costs relating to any cost bond, supersedeas bond or other
appeal bond or its equivalent. “Expenses” shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

 

(j)            “fines”
shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan.

 

(k)            “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporate law and that
neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement or matters of other indemnitees under
similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

 

    4

     

    

 

(l)            “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided,
however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the Company; (iii) any
employment benefit plan of the Company, a Subsidiary of the Company or any company or corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company, a Subsidiary of the Company or a company or corporation
owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of
the Company.

 

(m)            “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or
otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related
nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was
a director or officer of the Company, by reason of any action (or failure to act) taken by him or her or of any action (or failure to
act) on his or her part while acting as a director or officer of the Company, or by reason of the fact that he or she is or was serving
at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent
of any other Enterprise, in each case, whether or not serving in such capacity at the time any liability or expense is incurred for which
indemnification, reimbursement or advancement of expenses can be provided under this Agreement.

 

(n)            “serving
at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company
which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit
plan, its participants or beneficiaries and, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in
the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in
a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(o)            “Subsidiary,”
with respect to any Person, shall mean any company or corporation, limited liability company, partnership, joint venture, trust or other
entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by
that Person.

 

(p)            “to
the fullest extent permitted by applicable law and the Articles” shall include, without limitation, (a) to the fullest
extent authorized or permitted by the provision of applicable Cayman Islands law that authorizes or contemplates additional indemnification
by agreement or the corresponding provision of any amendment to or replacement of applicable Cayman Islands law, and (b) to the fullest
extent authorized or permitted by any amendments to or replacements of applicable Cayman Islands law adopted after the date of this Agreement
that increase the extent to which a company or corporation may indemnify its officers and directors.

 

    5

     

    

 

3.      
        INDEMNITY IN THIRD-PARTY PROCEEDINGS

 

To the fullest extent permitted by applicable law
and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3
if Indemnitee was, is or is threatened to be made a party to or a participant (as a witness, deponent or otherwise) in any Proceeding,
other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate
Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses,
judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or
payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually
and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company
and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful; provided, however,
that in no event shall Indemnitee be entitled to be indemnified, held harmless or advanced any amounts hereunder in respect of any Expenses,
judgments, liabilities, fines, penalties and amounts paid in settlement (if any) that Indemnitee may incur by reason of his or her own
actual fraud or intentional misconduct. Indemnitee shall not be found to have committed actual fraud or intentional misconduct for any
purpose of this Agreement unless or until a court of competent jurisdiction shall have made a finding to that effect.

 

4.      
        INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE
COMPANY

 

To the fullest extent permitted by applicable law
and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4
if Indemnitee was, is or is threatened to be made a party to or a participant (as a witness, deponent or otherwise) in any Proceeding
by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by him or her or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification,
hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to
which Indemnitee shall have been finally adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to
the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification,
to be held harmless or to exoneration.

 

    6

     

    

 

5.      
        INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR
PARTLY SUCCESSFUL

 

Notwithstanding any other provisions of this Agreement,
but subject to Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party
to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter
therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless
and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is
not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues
or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold
harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection
with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall,
to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses
reasonably incurred in connection with a claim, issue or matter related to any claim, issue or matter on which Indemnitee was successful.
For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

6.        
      INDEMNIFICATION FOR EXPENSES OF A WITNESS

 

Notwithstanding any other provision of this Agreement,
but subject to Section 27, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent
in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he or she shall, to the fullest extent permitted
by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred
by him or her or on his or her behalf in connection therewith.

 

7.         
     ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

 

Notwithstanding any limitation in Section 3,
4 or 5, but subject to Section 27, the Company shall, to the fullest extent permitted by applicable law and
the Articles, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding
(including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred
by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this
Section 7 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the
Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation
of the law.

 

    7

     

    

 

8.         
     CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

 

(a)            To
the fullest extent permissible under applicable law and the Articles, if the indemnification, hold harmless and/or exoneration rights
provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses,
judgments, liabilities, fines, penalties and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring
Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any
time against Indemnitee.

 

(b)            The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined
in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c)            The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee. Indemnitee shall seek
payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the
Company covering Indemnitee.

 

9.        
      EXCLUSIONS

 

Notwithstanding any provision in this Agreement,
but subject to Section 27, the Company shall not be obligated under this Agreement to make any indemnification, advance Expenses,
hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)            for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision,
except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity
or advancement provision or otherwise;

 

(b)            for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common
law; or

 

(c)            except
as otherwise provided in Sections 14(f) and (g), prior to a Change in Control, in connection with any Proceeding (or
any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or
any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration
payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law and the Articles.

 

    8

     

    

 

10.            ADVANCES
OF EXPENSES; DEFENSE OF CLAIM

 

(a)            Notwithstanding
any provision of this Agreement to the contrary, but subject to Section 27, and to the fullest extent not prohibited by applicable
law and the Articles, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by
Indemnitee within three (3) months) in connection with any Proceeding within ten (10) days after the receipt by the Company
of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall,
to the fullest extent permitted by applicable law and the Articles, be unsecured and interest free. Advances shall, to the fullest extent
permitted by applicable law and the Articles, be made without regard to Indemnitee’s ability to repay the Expenses and without regard
to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement.
Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including
Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by
applicable law and the Articles, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon
the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately
determined that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions of this
Agreement, applicable law and the Articles or otherwise. If it shall be determined by a final judgment or other final adjudication that
Indemnitee was not so entitled to indemnification, hold harmless or exoneration payment, as applicable, any advancement shall be returned
to the Company (without interest) by Indemnitee. This Section 10(a) shall not apply to any claim made by Indemnitee for
which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9, but shall apply to any Proceeding
referenced in Section 9(b) prior to a final determination that Indemnitee is liable therefor.

 

(b)            The
Company shall be entitled to participate in the Proceeding at its own expense.

 

(c)            The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11.            PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

(a)            Indemnitee
agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or
exoneration rights or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise.

 

(b)            Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole
discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification
shall be determined according to Section 12(a).

 

    9

     

    

 

12.            PROCEDURE
UPON APPLICATION FOR INDEMNIFICATION

 

(a)            A
determination, if required by applicable law and the Articles, with respect to Indemnitee’s entitlement to indemnification shall
be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote
of the Disinterested Directors, even though less than a quorum of the Board; (ii) by a committee of Disinterested Directors designated
by majority vote of Disinterested Directors; (iii) if there are no Disinterested Directors or if such Disinterested Directors so
direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (iv) by vote
of the shareholders by ordinary resolution. The Company shall promptly advise Indemnitee in writing with respect to any determination
that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has
been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request
any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred
by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee
harmless therefrom.

 

(b)            In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a),
the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by
Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the
Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets
the requirements of “Independent Counsel” as defined in Section 2. If the Independent Counsel is
selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel
so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel”
as defined in Section 2. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days
after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2,
and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected
may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined
that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 11(b), no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court, and the
person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a).
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a), Independent Counsel shall
be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct
then prevailing).

 

    10

     

    

 

(c)            The
Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

13.            PRESUMPTIONS
AND EFFECT OF CERTAIN PROCEEDINGS

 

(a)            In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11(b), and the Company shall have the burden of proof to overcome that presumption in connection
with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company
(including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action
pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met
such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

(b)            If
the person, persons or entity empowered or selected under Section 12 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall, to the fullest extent permitted by applicable law and the Articles, be deemed to have been made
and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law and the
Articles; provided, however, that such thirty (30)-day period may be extended for a reasonable time, not to exceed an additional fifteen
(15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires
such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

 

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(c)            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the
right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that his or her conduct was unlawful.

 

(d)            For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action
is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors, officers, trustees, general partners, managers or managing members of the Enterprise in the course of their duties,
or on the advice of legal counsel for the Enterprise, its board of directors or managers, any committee of its board of directors or managers
or any director, officer, trustee, general partner, manager or managing member, or on information or records given or reports made to
the Enterprise, its board of directors or managers, any committee of its board of directors or managers or any director, officer, trustee,
general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected
by the Enterprise, its board of directors or managers, any committee of its board of directors or managers or any director, officer trustee,
general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct
set forth in this Agreement.

 

(e)            The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent
or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

14.            REMEDIES
OF INDEMNITEE

 

(a)            In
the event that (i) a determination is made pursuant to Section 12 that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law and the Articles, is not timely
made pursuant to Section 10, (iii) no determination of entitlement to indemnification shall have been made pursuant to
Section 12(a) within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment
of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) within
ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely
manner pursuant to Section 8, (vi) payment of indemnification pursuant to Section 3 or 4 is not made
within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to
Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement
within ten (10) days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication
by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee,
at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules and
Mediation Procedures of the American Arbitration Association. Except as set forth herein, the Commercial Arbitration Rules and Mediation
Procedures of the American Arbitration Association shall apply to any such arbitration. The Company shall not oppose Indemnitee’s
right to seek any such adjudication or award in arbitration.

 

    12

     

    

 

(b)            In
the event that a determination shall have been made pursuant to Section 12(a) that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo
trial or arbitration on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

(c)            In
any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled
to be indemnified, held harmless and exonerated and to receive advancement of Expenses under this Agreement and the Company shall have
the burden of proving Indemnitee is not entitled to be indemnified, held harmless and exonerated and to receive advancement of Expenses,
as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) adverse
to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made
with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

(d)            If
a determination shall have been made pursuant to Section 12(a) that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law and the Articles.

 

(e)            The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or
before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(f)            The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable law and the Articles against all Expenses
and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee,
to the fullest extent permitted by applicable law and the Articles, such Expenses which are incurred by Indemnitee in connection with
any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach
of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the
Articles now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the
benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification,
hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding
or arbitration was not brought by Indemnitee in good faith).

 

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(g)            Interest
shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds harmless
or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date
on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses
and ending with the date on which such payment is made to Indemnitee by the Company.

 

15.            SECURITY

 

Notwithstanding anything herein to the contrary,
but subject to Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and
from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit,
funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written
consent of Indemnitee.

 

16.            NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION; PRIORITY OF OBLIGATIONS

 

(a)            The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time
be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors or otherwise. No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement
in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter
therein arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment,
alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification,
hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Articles or this Agreement,
then this Agreement (without any further action by the parties hereto) shall automatically be deemed to be amended to require that the
Company indemnifies Indemnitee to the fullest extent permitted by applicable law and the Articles. No right or remedy herein conferred
is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)            The
Articles permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but
not limited to, providing a trust fund, letter of credit or surety bond (“Indemnification Arrangements”) on
behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her in such capacity as a
director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would have
the power to indemnify him or her against such liability under the provisions of this Agreement or applicable law. The purchase, establishment
and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company
or Indemnitee under this Agreement, except as expressly provided herein, and the execution and delivery of this Agreement by the Company
and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under
any such Indemnification Arrangement.

 

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(c)            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees or agents of the Company or of any other Enterprise which such person serves
at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee
or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter use commercially reasonable efforts to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(d)            In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by applicable law and the Articles, shall
be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and
take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.

 

(e)            The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at
the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or
advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, but subject to Section 27,
(i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration,
advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s
satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations
under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless,
exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

(f)            Notwithstanding
anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or
its affiliates or members or any other Person is secondary.

 

17.            DURATION
OF AGREEMENT

 

All agreements and obligations of the Company contained
herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee,
partner, manager, managing member, fiduciary, employee or agent of any other company or corporation, partnership, joint venture, trust,
employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long
as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee
pursuant to Section 14) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity
at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 

    15

     

    

 

18.            SEVERABILITY

 

If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of
the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law and
the Articles; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and
the Articles and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

 

19.            ENFORCEMENT
AND BINDING EFFECT

 

(a)            The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)            Without
limiting any of the rights of Indemnitee under the Articles, this Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the
parties hereto with respect to the subject matter hereof.

 

(c)            The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall
be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee,
general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall
inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

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(d)            The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

 

(e)            The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may, to the fullest extent permitted by applicable law and the Articles, enforce this Agreement by seeking, among other
things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that
by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief
to which he or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by
applicable law and the Articles, be entitled to such specific performance and injunctive relief, including temporary restraining orders,
preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith.
The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent
jurisdiction, and the Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by applicable
law and the Articles.

 

20.            MODIFICATION
AND WAIVER

 

No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.            NOTICES

 

All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by
the party to whom said notice or other communication shall have been directed, or (ii) if mailed by certified or registered mail
with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

(a)            If
to Indemnitee, at the address indicated on the signature page of this Agreement or such other address as Indemnitee may provide in
writing to the Company.

 

(b)            If
to the Company, to:

 

Igniting
Consumer Growth Acquisition Company Limited

81 Cherry Hills Dr

Cherry Hills Village, CO 80113

Attention: Krishnan Anand, Chief Executive Officer

 

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with a copy, which shall not constitute notice, to:

 

Pillsbury Winthrop Shaw Pittman LLP

31 West 52nd Street

New York, NY 10019

Attention: Stephen C. Ashley

 

or such other address as the Company may provide in writing to Indemnitee.

 

22.       
     APPLICABLE LAW AND CONSENT TO JURISDICTION

 

This Agreement and the legal relations among the
parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to its
conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a), to the fullest
extent permitted by applicable law and the Articles, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree
that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not
in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the
exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement;
(c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree
not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by applicable law and the Articles,
the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided
by Section 21 or in such other manner as may be permitted by applicable law and the Articles, shall be valid and sufficient
service thereof.

 

23.       
     IDENTICAL COUNTERPARTS

 

This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.
Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of
this Agreement.

 

24.       
    MISCELLANEOUS

 

The headings of the paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

25.    
       PERIOD OF LIMITATIONS

 

No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal
or legal representatives after the expiration of two (2) years from the date of accrual of such cause of action, and any claim or
cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within
such two (2)-year period; provided, however, that, if any shorter period of limitations is otherwise applicable to any such
cause of action, such shorter period shall govern.

 

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26.       
     ADDITIONAL ACTS

 

If for the validation of any of the provisions
in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by applicable law and the
Articles, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that
will enable the Company to fulfill its obligations under this Agreement.

 

27.           WAIVER
OF CLAIMS TO TRUST ACCOUNT

 

Notwithstanding anything contained herein to the
contrary, Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”)
in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of
the Company and holders of shares issued in such offering and hereby waives any Claim it may have in the future as a result of, or arising
out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever. Accordingly, Indemnitee
acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (i) the Company
has sufficient funds outside of such trust account to satisfy its obligations hereunder or (ii) the Company consummates a Business
Combination.

 

28.       
     MAINTENANCE OF INSURANCE

 

The Company shall use commercially reasonable efforts
to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify Indemnitee under this Agreement,
one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for
losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement.
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available
for any such director or officer under such policy or policies. In all such insurance policies, Indemnitee shall be named as an insured
in such a manner as to provide Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors and officers.

 

[SIGNATURE PAGE FOLLOWS]

 

    19

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the date first written above.

 

	 	IGNITING
    CONSUMER GROWTH ACQUISITION COMPANY LIMITED
	 	 
	 	 
	 	By: 	 
	 	 	Name: Krishnan Anand
	 	 	Title: Chief Executive Officer

 

[Signature
Page to Indemnity Agreement—Igniting Consumer Growth Acquisition Company Limited]

 

    

     

    

 

	 	INDEMNITEE
	 	 
	 	 
	 	By: 	  
	 	 	Name: [ ]
	 	 	Title: [ ]

 

[Signature Page to Indemnity Agreement—Igniting
Consumer Growth Acquisition Company Limited]

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