Document:

Exhibit 10.11

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into, as of [●], 2022 (the “Effective
Date”), by and between Westrock Coffee Company (the “Company”) and William A. Ford (“Executive”,
and together with the Company, the “Parties”).

 

WHEREAS,
the Company and Executive desire to enter into this Agreement to set forth the terms of Executive’s service to the Company.

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual promises contained herein and other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, the Parties agree as follows:

 

1.              Employment
Period. The Company agrees to employ Executive, and Executive agrees to serve the Company and its Affiliates (as defined below),
subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the fifth anniversary
of the Effective Date (the “Employment Period”); provided that commencing on the first anniversary of the Effective
Date, and on each annual anniversary thereafter (such date and each annual anniversary thereof shall be hereinafter referred to as the
 “Renewal Date”), unless previously terminated, the Employment Period shall be automatically extended so as to terminate
five years from such Renewal Date, unless at least 180 days prior to the Renewal Date either the Company or Executive shall give notice
to the other party that the Employment Period shall not be so extended (a “Notice of Non-Renewal”). For purposes of
this Agreement, the term “Affiliate” means an entity controlled by, controlling or under common control with the Company.

 

2.        
      Position and Duties; Location; Standard of
Services.

 

(a)            Position
and Duties. During the Employment Period, Executive shall serve as Group President—Operations of the Company and shall perform
customary and appropriate duties as may be reasonably assigned to Executive from time to time by the Board of Directors of the Company
(the “Board”) or the Chief Executive Officer of the Company (the “CEO”). Executive shall have such
responsibilities, power and authority as those normally associated with such position in public companies of a similar stature. Executive
shall report solely and directly to the CEO.

 

(b)            Location.
During the Employment Period, Executive’s principal place of employment shall be the Company’s headquarters in Little Rock,
Arkansas, subject to reasonable business travel at the Company’s request.

 

(c)            Standard
of Services. During the Employment Period, Executive agrees to devote Executive’s full business attention and time to the
business and affairs of the Company and its Affiliates and to use Executive’s reasonable best efforts to perform faithfully and
efficiently such responsibilities. During the Employment Period, Executive may serve on corporate, civic, charitable or other boards or
committees, deliver lectures, fulfill speaking engagements, publish, teach at educational institutions, manage or advise with respect
to investments or provide advice to other companies that do not compete and are not reasonably expected to compete with the Company in
the future, in each case, so long as such activities do not materially interfere with the performance of Executive’s responsibilities
in accordance with this Agreement.

 

    

     

    

 

3.              Compensation
and Employee Benefits.

 

(a)            Annual
Base Salary. During the Employment Period, Executive shall receive an annual base salary (the “Annual Base Salary”)
of no less than $350,000, payable in accordance with the Company’s regular payroll practices. The Annual Base Salary shall be reviewed
at least annually by the Board or an appropriate committee thereof (the Board or such committee, the “Committee”) for
possible increase, as determined in the discretion of the Committee. The term “Annual Base Salary” as used in this Agreement
shall refer to the Annual Base Salary as it may be so adjusted from time to time.

 

(b)            Annual
Bonus. During the Employment Period, Executive shall have the opportunity to earn, for each fiscal year of the Company, an annual
bonus (the “Annual Bonus”) pursuant to the terms of an annual incentive plan for senior executives of the Company,
as in effect from time to time. Executive’s target Annual Bonus opportunity shall be 85% of the Annual Base Salary.

 

(c)            Equity
Incentives. Executive shall be eligible to participate in the Company’s equity incentive plan, as in effect from time to
time.

 

(d)            Other
Employee Benefit Plans. During the Employment Period, Executive shall be entitled to participate in the employee benefit plans,
practices, policies and programs, as in effect from time to time, that are generally applicable to other senior executives of the Company
(including retirement, deferred compensation and health and welfare benefits) on the same terms as are applicable to other senior executives
of the Company.

 

(e)            Business
Expenses. Executive shall be entitled to receive prompt reimbursement for all business expenses (including travel, entertainment,
professional dues and subscriptions) incurred by Executive, in accordance with the Company’s policies as in effect from time to
time.

 

4.              Termination
of Employment.

 

(a)            Death
or Disability. Executive’s employment shall terminate automatically upon Executive’s death during the Employment Period.
If the Board determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition
of Disability set forth below), it may provide Executive with written notice in accordance with Section 11(b) of its intention
to terminate Executive’s employment. In such event, Executive’s employment with the Company and its Affiliates shall terminate
effective on the 30th day after Executive’s receipt of such notice (the “Disability Effective Date”),
provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s
duties. For purposes of this Agreement, “Disability” shall mean the absence of Executive from Executive’s duties
with the Company on a full-time basis for 120 consecutive days, or for 180 days (which need not be consecutive) within a 365-day period,
as a result of incapacity due to mental or physical illness.

 

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(b)            With
or Without Cause. The Company may terminate Executive’s employment during the Employment Period either with or without Cause.
For purposes of this Agreement, “Cause” shall mean:

 

(i)             Executive’s
willful failure to substantially perform Executive’s duties;

 

(ii)            any
act of fraud, misappropriation, dishonesty, malfeasance or embezzlement by Executive in connection with the performance of Executive’s
duties to the Company;

 

(iii)           Executive’s
material violation of any policies of the Company or any restrictive covenants applicable to Executive; or

 

(iv)           Executive’s
conviction of, or entering a plea of nolo contendere to, a felony.

 

For purposes of this provision, no act or failure
to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in
bad faith or without reasonable belief that Executive’s action or omission was in the best interests of the Company and its Affiliates.
If an action or omission constituting Cause is curable, Executive may be terminated as a result thereof only if Executive has not cured
such action or omission within 30 days following written notice thereof from the Company. Further, Executive shall not be deemed to be
discharged for Cause unless and until there is delivered to Executive a copy of a resolution duly adopted by the affirmative vote of three-quarters
of the Board, at a meeting called and duly held for such purpose (after reasonable notice is provided to Executive and Executive is given
an opportunity, together with counsel for Executive, to be heard before the Board), finding in good faith that Executive is guilty of
the conduct set forth above and specifying the particulars thereof in detail. Any such determination shall be made by the Board (or equivalent
governing body) of the ultimate parent entity of the Company or its successor and shall be subject to de novo review by a court
of law pursuant to the dispute provisions of Section 11(a).

 

(c)            With
or Without Good Reason. Executive’s employment may be terminated by Executive either with or without Good Reason. For purposes
of this Agreement, “Good Reason” shall mean Executive’s voluntary resignation after any of the following actions
are taken by the Company or any of its Affiliates without Executive’s written consent:

 

(i)             A
material diminution in Executive’s title, authority, duties or responsibilities or a requirement that Executive report to any person
or entity other than the CEO;

 

(ii)            A
material reduction in the Annual Base Salary or target Annual Bonus opportunity;

 

(iii)           A
relocation of Executive’s primary place of employment by more than 25 miles from Executive’s primary place of employment as
set forth in this Agreement; or

 

(iv)           The
Company’s violation of the terms of this Agreement.

 

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In order to invoke a termination for Good Reason,
Executive shall provide written notice to the Company of the existence of one or more of the conditions giving rise to Good Reason within
90 days following Executive’s knowledge of the initial existence of such condition or conditions, and the Company shall have 30
days following receipt of such written notice (the “Cure Period”) during which it may remedy the condition. In the
event that the Company fails to remedy the condition constituting Good Reason during the Cure Period, Executive must terminate employment,
if at all, within 90 days following the Cure Period in order for such termination to constitute a termination for Good Reason. Executive’s
mental or physical incapacity following the occurrence of an event described above shall not affect Executive’s ability to terminate
employment for Good Reason.

 

(d)            Retirement.
Executive’s employment may be terminated by Executive due to Retirement. For purposes of this Agreement, “Retirement”
shall mean Executive’s voluntary resignation at a time when the sum of Executive’s age and years of service equal at least
70, provided that Executive has attained at least age 55 with at least 10 years of service with the
Company or any predecessor or successor entity.

 

(e)            Notice
of Termination. Any termination of Executive’s employment by the Company with or without Cause, or by Executive with or
without Good Reason or due to Retirement, shall be communicated by Notice of Termination to the other party hereto given in accordance
with Section 11(b). For purposes of this Agreement, a “Notice of Termination” means a written notice that (i) indicates
the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated
and (iii) specifies the Date of Termination (as defined below), which date shall be not more than 30 days after the delivery of such
notice.

 

(f)            Date
of Termination. “Date of Termination” means (i) if Executive’s employment is terminated by the Company
with Cause, or by Executive with Good Reason, the date of receipt of the Notice of Termination or any later date specified therein within
30 days following such notice, (ii) if Executive’s employment is terminated by the Company without Cause, or by Executive without
Good Reason (including due to Retirement), the 30th day following receipt of the Notice of Termination or any later date specified
therein or (iii) if Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be
the date of death of Executive or the Disability Effective Date, as the case may be.

 

5.              Obligations
of the Company upon Termination.

 

(a)            Good
Reason; Other Than for Cause, Death or Disability. If, during the Employment Period, the Company terminates Executive’s
employment other than for Cause, death or Disability, or Executive terminates employment for Good Reason, then, in each case, subject
to Executive’s execution within 50 days following the Date of Termination, and non-revocation, of a release of claims in the form
attached as Exhibit A (the “Release”), the Company and its Affiliates shall pay to Executive the
following:

 

(i)             the
sum of (A) the portion of the Annual Base Salary due for the period through the Date of Termination to the extent not theretofore
paid, (B) any accrued but unpaid vacation and (C) Executive’s business expenses that have not been reimbursed by the Company
as of the Date of Termination that were incurred by Executive on or prior to the Date of Termination (the sum of the amounts described
in clauses (A), (B) and (C) shall be hereinafter referred to as the “Accrued Obligations”), which Accrued
Obligations shall be paid in a lump sum in cash within 60 days following the Date of Termination;

 

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(ii)            any
unpaid Annual Bonus earned by Executive in respect of the fiscal year of the Company that was completed on or prior to the Date of Termination
(the “Unpaid Annual Bonus”), which Unpaid Annual Bonus shall be paid in a lump sum in cash no later than March 15
following the year in which it was earned;

 

(iii)            a
prorated Annual Bonus in respect of the fiscal year of the Company in which the Date of Termination occurs, with such amount to equal
the product of (A) the target Annual Bonus opportunity for the fiscal year in which the Date of Termination occurs, and (B) a
fraction, (I) the numerator of which is the number of days in the fiscal year of the Company in which the Date of Termination occurs
through the Date of Termination, and (II) the denominator of which is 365 (the “Prorated Annual Bonus”), which
Prorated Annual Bonus shall be paid in a lump sum in cash on the first regularly scheduled payroll date following the effective date of
the Release, provided that if the period for consideration and revocation of the Release spans two calendar years, then the payment
shall be made no sooner than the first regularly scheduled payroll date in the second calendar year;

 

(iv)            an
amount equal to the product of (A) the Severance Multiple (as defined below) multiplied by (B) the sum of (x) the
Annual Base Salary and (y) the target Annual Bonus opportunity as in effect for the fiscal year of the Company in which the Date
of Termination occurs, which amount shall be paid in a lump sum in cash on the first regularly scheduled payroll date following the effective
date of the Release, provided that if the period for consideration and revocation of the Release spans two calendar years, then
the payment shall be made no sooner than the first regularly scheduled payroll date in the second calendar year;

 

(v)            a
cash payment equal to 125% of the full amount of premiums for health insurance coverage for a number of years following the Date of Termination
equal to the Severance Multiple, determined based on the level of coverage for Executive and Executive’s dependents as of the Date
of Termination, which shall be paid on the first regularly scheduled payroll date following the effective date of the Release, provided
that if the period for consideration and revocation of the Release spans two calendar years, then the payment shall be made no sooner
than the first regularly scheduled payroll date in the second calendar year; and

 

(vi)           to
the extent not theretofore paid or provided, the Company and its Affiliates shall timely pay or provide to Executive, in accordance with
the terms of the applicable plan, program, policy, practice or contract, any other amounts or benefits required to be paid or provided,
or that Executive is eligible to receive under any plan, program, policy, practice or contract of the Company or its Affiliates, through
the Date of Termination (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).

 

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For
purposes of this Agreement, “Severance Multiple” shall mean two, unless a termination contemplated by this Section 5(a) occurs
within one year following a Change in Control (as defined in the Westrock Coffee Company 2022 Equity Incentive Plan, as in effect
on the Effective Date), in which case it shall mean three.

 

For the avoidance of doubt, if applicable, any
amount payable pursuant to this Section 5(a) shall be determined without regard to any reduction in compensation that resulted
in Executive’s termination of employment for Good Reason. If Executive does not execute the Release within 50 days following the
Date of Termination, or if Executive revokes the Release, Executive shall only be entitled to the Accrued Obligations and the Other Benefits.
Other than as set forth in this Section 5(a), in the event of a termination of Executive’s employment by the Company without
Cause (other than due to death or Disability) or by Executive for Good Reason, the Company and its Affiliates shall have no further obligation
to Executive under this Agreement.

 

(b)            Death;
Disability; Retirement. If Executive’s employment is terminated by reason of Executive’s death, Disability or Retirement
during the Employment Period, this Agreement shall terminate without further obligations to Executive, other than for payment of the Accrued
Obligations, the Unpaid Annual Bonus and the Prorated Annual Bonus and the timely payment or provision of the Other Benefits. The Accrued
Obligations, the Unpaid Annual Bonus and the Prorated Annual Bonus shall be paid to Executive’s estate (in the event of Executive’s
death) or Executive or Executive’s legal representative (in the event of Disability), as applicable, on the same schedule as contemplated
by Sections 5(a)(i)-(iii).

 

(c)            Other
Termination. If Executive’s employment is terminated during the Employment Period for a reason other than those governed
by Section 5(a) or (b) (including upon the expiration of the Employment Period following a Notice of Non-Renewal when Executive
is not Retirement-eligible), this Agreement shall terminate without further obligations to Executive, other than for payment of the Accrued
Obligations and Unpaid Annual Bonus on the same schedule as contemplated by Sections 5(a)(i)-(ii) and the timely payment or provision
of the Other Benefits.

 

(d)            Full
Settlement. The payments and benefits provided under this Section 5 shall be in full satisfaction of the obligations of the
Company and its Affiliates to Executive under this Agreement and any other plan, agreement, policy or arrangement of the Company and its
Affiliates upon Executive’s termination of employment.

 

6.              No
Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of
any amounts payable to Executive under Section 5 and such amounts shall not be reduced whether or not Executive obtains other employment.

 

7.              Restrictive
Covenants.

 

(a)            Confidential
Information. Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or its Affiliates, and their respective businesses, which shall have been obtained by Executive
during Executive’s employment by the Company or any of its Affiliates and which shall not be or become public knowledge (other than
by acts by Executive or representatives of Executive in violation of this Agreement) (collectively, “Confidential Information”).
After termination of Executive’s employment with the Company, Executive shall not, without the prior written consent of the Company
or as may otherwise be required by law or legal process, communicate or divulge any such Confidential Information to anyone other than
the Company and those designated by it. Notwithstanding the foregoing, “Confidential Information” shall not include (i) information
that at the time of disclosure is already known to the receiving party without any restriction on its disclosure; (ii) information
that is or subsequently comes into the possession of the receiving party from a third party without violation of any contractual or legal
obligation; (iii) information that is independently developed by the receiving party without the use of Confidential Information
or breach of this Agreement; and (iv) information that is otherwise required to be disclosed under applicable laws, regulations or
judicial or regulatory process.

 

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(b)            Inventions
and Patents. Executive agrees that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings,
reports and all similar or related information that relate to the actual or anticipated business, research and development or existing
or future products or services of the Company or any of its Affiliates, and that are conceived, developed or made by Executive during
Executive’s employment with the Company or any of its Affiliates (“Work Product”) belong to the Company and its
Affiliates. Executive shall promptly disclose such Work Product to the Company and its Affiliates and perform all actions reasonably requested
by the Company and its Affiliates (whether during or after the Employment Period) to establish and confirm such ownership (including assignments,
consents, powers of attorney and other instruments). To the fullest extent permitted by applicable law, all intellectual property (including
patents, trademarks and copyrights) that are made, developed or acquired by Executive in the course of Executive’s employment with
the Company or any of its Affiliates shall be and remain the absolute property of the Company and its Affiliates, and Executive shall
assist the Company and its Affiliates in perfecting and defending their rights to such intellectual property.

 

(c)            Nonsolicitation.
During the period commencing on the Effective Date and ending on the second anniversary of the Date of Termination (the “Restricted
Period”), Executive shall not directly or indirectly, except in the good faith performance of Executive’s duties to the
Company: (i) induce or attempt to induce any employee or independent contractor of the Company or any of its Affiliates to leave
the Company or such Affiliate, or in any way interfere with the relationship between the Company or any such Affiliate, on the one hand,
and any employee or independent contractor thereof, on the other hand; (ii) hire any person who was an employee or independent contractor
of the Company or any of its Affiliates until 12 months after such individual’s relationship with the Company or such Affiliate
has been terminated; or (iii) induce or attempt to induce any customer (whether former or current), supplier, licensee or other business
relation of the Company or any of its Affiliates to cease doing business with the Company or such Affiliate, or in any way interfere with
the relationship between any such customer, supplier, licensee or business relation, on the one hand, and the Company or any of its Affiliates,
on the other hand. Notwithstanding the foregoing, nothing in this Section 7(c) shall prohibit any advertisement or general solicitation
(or hiring as a result thereof) that is not specifically targeted at Company’s or its Affiliates’ employees.

 

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(d)            Noncompetition.
Executive acknowledges that, in the course of Executive’s employment with the Company, Executive has become familiar, or shall become
familiar, with the Company’s and its Affiliates’ trade secrets and with other Confidential Information concerning the Company,
its Affiliates and their respective predecessors, and that Executive’s services have been and shall be of special, unique and extraordinary
value to the Company and its Affiliates. Therefore, Executive agrees that, during the Restricted Period, Executive shall not, directly
or indirectly, own, manage, operate, control, be employed by (whether as an employee, consultant, independent contractor or otherwise,
and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in
any business of the same type as any business in which the Company or any of its Affiliates is engaged on the Date of Termination or in
which they have proposed, on or prior to such date, to be engaged in on or after such date and in which Executive has been involved to
any extent (other than de minimis activities) at any time during the one-year period ending with the Date of Termination, in any
locale of any country in which the Company or any of its Affiliates conducts business. Nothing herein shall prohibit Executive from being
a passive owner of not more than 4.9% of the outstanding equity interest in any entity which is publicly traded, so long as Executive
has no active participation in the business of such entity.

 

(e)            Nondisparagement.
From and following the Effective Date: (i) Executive shall not make, either directly or by or through another person, any oral or
written negative, disparaging or adverse statements or representations of or concerning the Company or any of its Affiliates, any of their
clients or businesses or any of their current or former directors, officers or employees; and (ii) the Company and its Affiliates
shall not make, either directly or by or through another person, any oral or written negative, disparaging or adverse statements or representations
of or concerning Executive; provided, however, that, subject to Section 7(a), nothing herein shall prohibit either
party from disclosing truthful information if legally required (whether by oral questions, interrogatories, requests for information or
documents, subpoena, civil investigative demand or similar process).

 

(f)             Return
of Property. Executive acknowledges that all documents, records, files, lists, equipment, computer, software or other property
(including intellectual property) relating to the businesses of the Company or any of its Affiliates, in whatever form (including electronic),
and all copies thereof, that have been or are received or created by Executive while an employee of the Company or any of its Affiliates
are and shall remain the property of the Company and its Affiliates, and Executive shall immediately return such property to the Company
upon the Date of Termination and, in any event, at the Company’s request. Executive further agrees that any property situated on
the premises of, and owned by, the Company or any of its Affiliates, including disks and other storage media, filing cabinets or other
work areas, is subject to inspection by personnel of the Company and its Affiliates at any time with or without notice. Notwithstanding
the foregoing, Executive may retain Executive’s personal contacts and personal compensation data.

 

(g)            Trade
Secrets; Whistleblower Rights. The Company hereby informs Executive that, notwithstanding any provision of this Agreement to the
contrary, an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of
a trade secret that (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or
to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint
or other document that is filed under seal in a lawsuit or other proceeding. Further, an individual who files a lawsuit for retaliation
by an employer for reporting a suspected violation of law may disclose the employer’s trade secrets to the attorney and use the
trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does
not disclose the trade secret, except pursuant to court order. In addition, notwithstanding anything in this Agreement to the contrary,
nothing in this Agreement shall impair Executive’s rights under the whistleblower provisions of any applicable federal law or regulation
or, for the avoidance of doubt, limit Executive’s right to receive an award for information provided to any government authority
under such law or regulation.

 

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(h)            Executive
Covenants Generally.

 

(i)             Executive’s
covenants as set forth in this Section 7 are from time to time referred to herein as the “Executive Covenants.”
If any Executive Covenant is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such Executive Covenant
shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining Executive
Covenants shall not be affected thereby; provided, however, that if any Executive Covenant is finally held to be invalid,
illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable,
such Executive Covenant shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision
enforceable hereunder.

 

(ii)            Executive
acknowledges that the Company and its Affiliates have (A) expended
and shall continue to expend substantial amounts of time, money and effort to develop business
strategies, employee, customer and other relationships and goodwill to build an effective organization, and (B) a legitimate business
interest in and right to protect their Confidential Information, goodwill and employee, customer and other relationships.

 

(iii)           Executive
understands that the Executive Covenants may limit Executive’s ability to earn a livelihood in a business similar to the business
of the Company, and Executive represents that Executive’s experience and capabilities are
such that Executive has other opportunities to earn a livelihood and adequate means of support
for Executive and Executive’s dependents.

 

(iv)           Any
termination of (A) Executive’s employment, (B) the Employment Period or (C) this
Agreement shall have no effect on the continuing operation of this Section 7.

 

(v)            Executive
acknowledges that the Company would be irreparably injured by a violation of this Section 7 and that it is impossible to measure
in money the damages that shall accrue to the Company by reason of a failure by Executive to perform any of Executive’s obligations
under this Section 7. Accordingly, if the Company institutes any action or proceeding to enforce any of the provisions of this Section 7,
to the extent permitted by applicable law, Executive hereby waives the claim or defense that the Company has an adequate remedy at law,
and Executive shall not urge in any such action or proceeding the defense that any such remedy exists at law. Furthermore, in addition
to other remedies that may be available, the Company shall be entitled (without the necessity of showing economic loss or other actual
damage) to specific performance and other injunctive relief, without the requirement to post bond, in any court of competent jurisdiction
for any actual or threatened breach of any of the covenants set forth in this Section 7. The Restricted Period shall be tolled during
(and shall be deemed automatically extended by) any period during which Executive is in violation of the provisions of Section 7(c) or
(d), as applicable.

 

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8.            Treatment
of Certain Payments.

 

(a)            In
the event that any payments or benefits under this Agreement or otherwise, either alone or together with other payments or benefits that
Executive receives or is entitled to receive from the Company or any of its Affiliates (“Payments”) would subject Executive
to the excise tax under Section 4999 of the Code, the Accounting Firm (as defined below) shall determine whether to reduce any of
the Payments paid or payable pursuant to this Agreement (the “Agreement Payments”) so that the Parachute Value (as
defined below) of all Payments, in the aggregate, equals the Safe Harbor Amount (as defined below). The Agreement Payments shall be so
reduced only if the Accounting Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate
Payments if the Agreement Payments were so reduced. If the Accounting Firm determines that Executive would not have a greater Net After-Tax
Receipt (as defined below) of aggregate Payments if the Agreement Payments were so reduced, Executive shall receive all Agreement Payments
to which Executive is entitled hereunder.

 

(b)            If
the Accounting Firm determines that aggregate Agreement Payments should be reduced so that the Parachute Value of all Payments, in the
aggregate, equals the Safe Harbor Amount, the Company shall promptly give Executive notice to that effect and a copy of the detailed calculation
thereof. All determinations made by the Accounting Firm under this Section 8 shall be binding upon the Company and its Affiliates
and Executive and shall be made as soon as reasonably practicable and in no event later than 15 days following the Date of Termination.
For purposes of reducing the Agreement Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor
Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable hereunder,
if applicable, shall be made by reducing the payments and benefits under the following sections in the following order: (i) cash
payments that may not be valued under Treas. Reg. § 1.280G-1, Q&A-24(c) (“24(c)”); (ii) equity-based
payments that may not be valued under 24(c); (iii) cash payments that may be valued under 24(c); (iv) equity-based payments
that may be valued under 24(c); and (v) other types of benefits. With respect to each category of the foregoing, such reduction shall
occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code
and next with respect to payments that are deferred compensation, in each case, beginning with payments or benefits that are to be paid
the farthest in time from the determination of the Accounting Firm. All reasonable fees and expenses of the Accounting Firm shall be borne
solely by the Company.

 

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(c)            As
a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that amounts shall have been paid or distributed by the Company to or for the benefit of Executive pursuant
to this Agreement that should not have been so paid or distributed (each, an “Overpayment”) or that additional amounts
that shall have not been paid or distributed by the Company to or for the benefit of Executive pursuant to this Agreement could have been
so paid or distributed (each, an “Underpayment”), in each case, consistent with the calculation of the Reduced Amount
hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against the
Company or Executive that the Accounting Firm believes has a high probability of success determines that an Overpayment has been made,
any such Overpayment paid or distributed by the Company to or for the benefit of Executive shall be repaid by Executive to the Company
(as applicable) together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided,
however, that no such repayment shall be required if and to the extent such deemed repayment would not either reduce the amount
on which Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the
event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred,
any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive together with interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code.

 

(d)            To
the extent requested by Executive, the Company shall cooperate with Executive in good faith in valuing, and the Accounting Firm shall
take into account the value of, services provided or to be provided by Executive (including Executive’s agreeing to refrain from
performing services pursuant to a covenant not to compete or similar covenant, before, on or after the date of a change in ownership or
control of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that
payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A-40 to Q&A-44
of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment”
within the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of
the final regulations under Section 280G of the Code.

 

(e)            The
following terms shall have the following meanings for purposes of this Section 8:

 

(i)            “Accounting
Firm” shall mean a nationally recognized certified public accounting firm or other professional organization that is recognized
as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Company prior to
the transaction resulting in the application (or potential application) of Section 280G of the Code for purposes of making the applicable
determinations hereunder, which firm shall not, without Executive’s consent, be a firm serving as accountant or auditor for the
person effecting such transaction.

 

(ii)            “Net
After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of
the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable
state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws
which applied to Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting
Firm determines to be likely to apply to Executive in the relevant tax year(s).

 

(iii)           “Parachute
Value” of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of
the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code,
as determined by the Accounting Firm for purposes of determining whether and to what extent the excise tax under Section 4999 of
the Code shall apply to such Payment.

 

    -11-

     

    

 

(iv)           “Safe
Harbor Amount” shall mean 2.99 times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of
the Code.

 

9.            Successors.
This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s
legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and
assigns. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its businesses
and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

10.            Indemnification.
The Company shall indemnify Executive and hold him harmless to the fullest extent permitted by the laws of the State of Delaware against
and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses, losses and damages resulting from
Executive’s good-faith performance of Executive’s duties and obligations with the Company and its Affiliates. The Company
shall cover Executive under directors’ and officers’ liability insurance both during and, while potential liability exists,
after employment in the same amount and to the same extent as the Company covers its other officers and directors. These obligations shall
survive the termination of Executive’s employment with the Company and its Affiliates. If any proceeding is brought or threatened
against Executive in respect of which indemnity may be sought against the Company or its Affiliates pursuant to the foregoing, Executive
shall notify the Company promptly in writing of the institution of such proceeding and the Company and its Affiliates shall assume the
defense thereof and the employment of counsel and payment of all fees and expenses; provided, however, that if a conflict
of interest exists between the Company or the applicable Affiliate and Executive such that it is not legally practicable for the Company
or the applicable Affiliate to assume Executive’s defense, Executive shall be entitled to retain separate counsel, and the Company
or the applicable Affiliate shall assume payment of all reasonable fees and expenses of such counsel.

 

11.            Miscellaneous.

 

(a)            Governing
Law and Dispute Resolution. This Agreement shall be governed by and construed in accordance with the laws of the State of Arkansas,
without reference to principles of conflict of laws, provided that rights to indemnification shall be governed by and in accordance
with the laws of the State of Delaware. The Parties irrevocably submit to the jurisdiction of any state or federal court sitting in or
for Little Rock, Arkansas with respect to any dispute arising out of or relating to this Agreement or the Release, and each party irrevocably
agrees that all claims in respect of such dispute or proceeding shall be heard and determined in such courts. The Parties hereby irrevocably
waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the venue of any dispute arising out
of or relating to this Agreement or the transactions contemplated hereby brought in such court or any defense of inconvenient forum for
the maintenance of such dispute or proceeding. Each party agrees that a judgment in any such dispute may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. THE PARTIES HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM
OR COUNTER CLAIM BROUGHT OR ASSERTED BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN
ANY WAY RELATED TO THIS AGREEMENT. The Company shall reimburse Executive for all reasonable legal fees and expenses incurred by Executive
in seeking to obtain or enforce any right or benefit provided under this Agreement.

 

    -12-

     

    

 

(b)            Notices.
All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If
to Executive: To the most recent address on file with the Company.

 

If
to the Company:

 

Westrock Coffee Company

100 River Bluff Drive, Suite 210

Little Rock, AR 72202

Attn: Chief Legal Officer

Email: mckinneyb@westrockcoffee.com

Phone: 704-782-3121

 

or to such other address as either party shall
have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by
the addressee.

 

(c)            Acknowledgements.
Prior to execution of this Agreement, Executive was advised by the Company of Executive’s right to seek independent advice from
an attorney of Executive’s own selection regarding this Agreement. Executive acknowledges that Executive has entered into this Agreement
knowingly and voluntarily and with full knowledge and understanding of the provisions of this Agreement after being given the opportunity
to consult with counsel. Executive further represents that, in entering into this Agreement, Executive is not relying on any statements
or representations made by any of the directors, officers, employees or agents of the Company that are not expressly set forth herein,
and that Executive is relying only upon Executive’s own judgment and any advice provided by Executive’s attorney.

 

(d)            Invalidity.
If any term or provision of this Agreement or the application thereof to any person or circumstance shall to any extent be invalid or
unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those
to which it is invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and
be enforced to the fullest extent permitted by law.

 

(e)            Survivability.
The provisions of this Agreement that by their terms call for performance subsequent to the termination of either Executive’s employment
or this Agreement (including the terms of Sections 5, 7, 8 and 10) shall so survive such termination.

 

(f)            Section Headings;
Construction. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used
in connection with, the interpretation hereof. For purposes of this Agreement, the term “including” shall mean “including,
without limitation.”

 

    -13-

     

    

 

(g)            Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

 

(h)            Tax
Withholding. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes
as shall be required to be withheld pursuant to any applicable law or regulation.

 

(i)            Section 409A.

 

(i)            General.
It is intended that payments and benefits made or provided under this Agreement shall not result in penalty taxes or accelerated taxation
pursuant to Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception, the separation
pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception. For purposes of the
limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement
shall be treated as a separate payment of compensation. All payments to be made upon a termination of employment under this Agreement
may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to
avoid the imposition of penalty taxes on Executive pursuant to Section 409A of the Code. In no event may Executive, directly or indirectly,
designate the calendar year of any payment under this Agreement, and to the extent required by Section 409A of the Code, any payment
that may be paid in more than one taxable year (depending on the time that Executive executes the Release) shall be paid in the later
taxable year.

 

(ii)            Reimbursements
and In-Kind Benefits. Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided
under this Agreement that are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A
of the Code, including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during Executive’s
lifetime (or during a shorter period of time specified in this Agreement); (B) the amount of expenses eligible for reimbursement,
or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other calendar year; (C) the reimbursement of an eligible expense shall be made no later than the last day of the
calendar year following the year in which the expense is incurred; and (D) the right to reimbursement or in-kind benefits is not
subject to liquidation or exchange for another benefit.

 

(iii)            Delay
of Payments. Notwithstanding any other provision of this Agreement to the contrary, if Executive is considered a “specified
employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company
and its Affiliates as in effect on the Termination Date), any payment that constitutes nonqualified deferred compensation within the meaning
of Section 409A of the Code that is otherwise due to Executive under this Agreement during the six-month period immediately following
Executive’s separation from service (as determined in accordance with Section 409A of the Code) on account of Executive’s
separation from service shall be accumulated and paid to Executive on the first business day of the seventh month following Executive’s
separation from service (the “Delayed Payment Date”), to the extent necessary to prevent the imposition of tax penalties
on Executive under Section 409A of the Code. If Executive dies during the postponement period, the amounts and entitlements delayed
on account of Section 409A of the Code shall be paid to the personal representative of Executive’s estate on the first to occur
of the Delayed Payment Date or 30 calendar days after the date of Executive’s death.

 

    -14-

     

    

 

(j)            Amendments.
No provision of this Agreement shall be modified or amended except by an instrument in writing duly executed by the Parties hereto. No
custom, act, payment, favor or indulgence shall be deemed a waiver by the Company of any of Executive’s obligations hereunder or
release Executive therefrom. No waiver by any party of any breach by the other party of any term or provision hereof shall be deemed to
be an assent or waiver by any party to or of any succeeding breach of the same or any other term or provision. This Agreement is personal
to and shall not be assignable by any party, but shall inure to the benefit of the Parties hereto and their respective heirs, beneficiaries,
successors and assigns.

 

(k)            Entire
Agreement. This Agreement constitutes the entire agreement of the Parties hereto in respect of the terms and conditions of Executive’s
employment with the Company and its Affiliates, including Executive’s severance entitlements, and, as of the Effective Date, supersedes
and cancels in their entirety all prior understandings, agreements and commitments, whether written or oral, relating to the terms and
conditions of employment between Executive, on the one hand, and the Company or its Affiliates, on the other hand. For the avoidance of
doubt, this Agreement does not limit the terms of any benefit plans (including equity award agreements) of the Company or its Affiliates
that are applicable Executive, except to the extent that the terms of this Agreement are more favorable to Executive.

 

[Signature page follows]

 

    -15-

     

    

 

IN
WITNESS WHEREOF, each of Executive and the Company have caused this Agreement to be duly executed and delivered, effective
as of the Effective Date.

 

	 	EXECUTIVE
	 	 
	 	 
	 	William A. Ford
	 	 
	 	WESTROCK COFFEE COMPANY
	 	 
	 	By:	 
	 	 	Bob McKinney
	 	 	Chief Legal Officer

 

[Signature Page to Employment Agreement]

 

    

     

    

 

Exhibit A

 

GENERAL RELEASE OF CLAIMS

 

THIS
GENERAL RELEASE OF CLAIMS (this “Release”) is executed by William A. Ford (“Executive”)
as of the date set forth on the signature page hereto. For purposes of this Release, reference is made to the Employment Agreement
between Westrock Coffee Company (the “Company”) and Executive, dated as of [●], 2022 (the “Employment
Agreement”). Terms that are capitalized but not defined herein shall have the meanings set forth in the Employment Agreement.

 

 1.             General Release and Waiver of Claims.

 

(a)            Release.
In consideration of the payments and benefits afforded under the Employment Agreement, and after consultation with counsel, Executive
and each of Executive’s respective heirs, executors, administrators, representatives, agents, successors and assigns (collectively,
the “Releasors”) hereby irrevocably and unconditionally release and forever discharge the Company and its Affiliates
and each of its officers, employees, directors and agents (“Releasees”) from any and all claims, actions, causes of
action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, “Claims”)
that the Releasors may have arising out of Executive’s employment relationship with and service as an employee, officer or director
of the Company and its Affiliates, and the termination of any such relationship or service, in each case up to and including the date
Executive executes this Release. Executive acknowledges that the foregoing sentence includes Claims arising under Federal, state or local
laws, statutes, orders or regulations that relate to the employment relationship or prohibiting employment discrimination, including Claims
under Title VII of the Civil Rights Act of 1964; The Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States
Code; the Employee Retirement Income Security Act of 1974; the Immigration Reform and Control Act; the Sarbanes-Oxley Act of 2002; the
Americans with Disabilities Act of 1990; the Family and Medical Leave Act; the Equal Pay Act; the Fair Credit Reporting Act; Occupational
Safety and Health Act; the federal Fair Labor Standards Act; and any other federal, state or local civil, human rights, bias, whistleblower,
discrimination, retaliation, compensation, employment, labor or other local, state or federal law, regulation or ordinance.

 

(b)            Exceptions
to Release. Notwithstanding anything contained herein to the contrary, this Release specifically excludes and shall not affect:
(i) the obligations of the Company or its Affiliates set forth in the Employment Agreement and to be performed after the date hereof,
including without limitation under in Sections 5, 8 and 10 thereof, or under any other benefit plan, agreement, arrangement or policy
of the Company or its Affiliates that is applicable to Executive and that, in each case, by its terms, contains obligations that are to
be performed after the date hereof by the Company or its Affiliates; (ii) any indemnification or similar rights Executive has as
a current or former officer, director, employee or agent of the Company or its Affiliates, including, without limitation, any and all
rights thereto under applicable law, the certificate of incorporation, bylaws or other governance documents or such entities, or any rights
with respect to coverage under any directors’ and officers’ insurance policies and/or indemnification agreements; (iii) any
Claim the Releasors may have as the holder or beneficial owners of securities of the Company or its Affiliates or other rights relating
to securities or equity awards in respect of the common stock of the Company or its Affiliates; (iv) rights to accrued but unpaid
salary, paid time off, vacation or other compensation due through the date of termination of employment; (v) any unreimbursed business
expenses; (vi) benefits or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation
statutes; and (vii) any Claims that may arise in the future from events or actions occurring after the date Executive executes this
Release or that Executive may not by law release through an agreement such as this.

 

    

     

    

 

(c)            Specific
Release of ADEA Claims. In further consideration of the payments and benefits provided to Executive under the Employment Agreement,
the Releasors hereby unconditionally release and forever discharge the Releasees from any and all Claims that the Releasors may have as
of the date Employee signs this Release arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable
rules and regulations promulgated thereunder (“ADEA”). By signing this Release, Executive hereby acknowledges
and confirms the following: (i) Executive was advised by the Company in connection with Executive’s termination of employment
to consult with an attorney of Executive’s choice prior to signing this Release and to have such attorney explain to Executive the
terms of this Release, including, without limitation, the terms relating to Executive’s release of claims arising under ADEA, and
Executive has in fact consulted with an attorney; (ii) Executive was given a period of not fewer than [twenty-one (21)] [forty-five
(45)] calendar days to consider the terms of this Release and to consult with an attorney of Executive’s choosing with respect
thereto; and (iii) Executive knowingly and voluntarily accepts the terms of this Release. Executive also understands that Executive
has seven (7) calendar days following the date on which Executive signs this Release within which to revoke the release contained
in this Section 1(c), by providing the Company a written notice of Executive’s revocation of the release and waiver contained
in this Section 1(c).

 

(d)            No
Assignment. Executive represents and warrants that Executive has not assigned any of the Claims being released under this Release.

 

2.            Proceedings.
Executive has not filed, and agrees not to initiate or cause to be initiated on Executive’s behalf, any complaint, charge, claim
or proceeding against the Releasees with respect to any Claims released under Section 1(a) or (c) before any local, state
or federal agency, court or other body (each, individually, a “Proceeding”), and agrees not to participate voluntarily
in any Proceeding involving such Claims; provided, however, and subject to the immediately following sentence, nothing set
forth here in intended to or shall interfere with Executive’s right to participate in a Proceeding with any appropriate federal,
state, or local government agency enforcing discrimination laws, nor shall this Release prohibit Executive from cooperating with any such
agency in its investigation. Executive waives any right Executive may have to benefit in any manner from any relief (whether monetary
or otherwise) arising out of any Proceeding involving such Claims, provided that the foregoing shall not apply to any legally protected
whistleblower rights (including under Rule 21F under the Exchange Act). For the avoidance of doubt, the term Proceeding shall not
include any complaint, charge, claim or proceeding with respect to the obligations of the Company to Executive under the Employment Agreement
or in respect of any other matter described in Section 1(b), and Executive retains all of Executive’s rights in connection
with the same.

 

3.            Severability
Clause. In the event any provision or part of this Release is found to be invalid or unenforceable, only that particular provision
or part so found, and not the entire Release, shall be inoperative.

 

    -A-2-

     

    

 

4.            No
Admission. Nothing contained in this Release shall be deemed or construed as an admission of wrongdoing or liability on the part
of the Releasees.

 

5.            Governing
Law and Venue. All matters affecting this Release, including the validity thereof, are to be governed by, and interpreted and
construed in accordance with, the laws of the State of Arkansas applicable to contracts executed in and to be performed in that State,
provided that rights to indemnification shall be governed by and in accordance with the laws of the State of Delaware.

 

6.            Counterparts.
This Release may be executed in counterparts and each counterpart shall be deemed an original.

 

7.            Notices.
All notices, requests, demands or other communications under this Release shall be in writing and shall be deemed to have been duly given
when delivered in person or deposited in the United States mail, postage prepaid, by registered or certified mail, return receipt requested,
to the party to whom such notice is being given as follows:

 

	As to Employee:	Executive’s last address on the books and records of the Company
	 	 
	As to the Company:	[ADDRESS AS OF DATE OF RELEASE]

 

Any party may change Executive’s address
or the name of the person to whose attention the notice or other communication shall be directed from time to time by serving notice thereof
upon the other party as provided herein.

 

EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS READ
THIS RELEASE AND THAT EXECUTIVE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT EXECUTIVE HEREBY EXECUTES THE SAME AND
MAKES THIS RELEASE AND THE RELEASE PROVIDED FOR HEREIN VOLUNTARILY AND OF EXECUTIVE’S OWN FREE WILL.

 

    -A-3-

     

    

 

IN
WITNESS WHEREOF, Executive has executed this Release on the date set forth below.

 

	 	 
	William A. Ford	 
	Dated as of:	 

 

    -A-4-EX-4.1

 Exhibit 4.1 
  

	27.3	 9.0 % Series A Cumulative Perpetual Preferred Shares 

 

	27.3.1	 Designation and Number of Shares. 

There shall hereby be created and established a series of preferred shares of the Company designated as “Series A
Cumulative Perpetual Preferred Shares” (the “Series A Preferred Shares”). The authorized number of Series A Preferred Shares shall be 2,300,000. The Company shall have the authority to issue fractional shares of the Series A
Preferred Shares. Each Series A Preferred Share shall be identical in all respects to every other Series A Preferred Share, except that Series A Preferred Shares issued after the date of the first issuance of Series A Preferred Shares (the
“Original Issue Date”) shall accrue dividends from the later of the Original Issue Date and the Dividend Payment Date (as defined hereafter) immediately prior to the original issue date of such additional shares for which full
cumulative dividends have been paid. As used in this Article 27.3, “accrual” (or similar terms) used with respect to a dividend or dividend period refers only to the determination of the amount of such dividend and does not imply
that any right to a dividend in any dividend period that arises prior to the date on which such dividend is declared. 
  

	27.3.2	 Ranking. 

  

	(1)	 The Series A Preferred Shares will, as to dividend rights and rights as to the distribution of assets upon
the Company’s liquidation, dissolution or winding up, rank: 

  

	 	(a)	 senior to all classes or series of the Common Shares and to all other shares issued by the Company expressly
designated as ranking junior to the Series A Preferred Shares, 

  

	 	(b)	 on parity with any future class or series of the Company’s shares expressly designated as ranking on
parity with the Series A Preferred Shares; 

  

	 	(c)	 junior to any future class or series of the Company’s shares expressly designated as ranking senior to
the Series A Preferred Shares; and 

  

	 	(d)	 junior to all the Company’s existing and future indebtedness (including subordinated indebtedness and
any indebtedness convertible into Common Shares or preferred shares) and other liabilities with respect to assets available to satisfy claims against the Company and structurally subordinated to the indebtedness and other liabilities of (as well as
any preferred equity interests held by others in) existing or future subsidiaries of the Company. 

  

	(2)	 The Company may issue junior shares described in Article 27.3.2(1)(a) above and parity shares described in
Article 27.3.2(b) above at any time and from time to time in one or more series without the consent of the holders of the Series A Preferred Shares. The Company’s ability to issue any senior shares described in Article 27.3.2(c) above is
limited as described in Article 27.3.10(4)(a). 

  

	27.3.3	 Dividends. 

  

	(1)	 Subject to the preferential rights, if any, of the holders of any class or series of shares of the Company
ranking senior to the Series A Preferred Shares as to dividends, the holders of Series A Preferred Shares will be entitled to receive, when, as and if declared by the board of directors (or a duly authorized committee of the board of directors),
only out of funds legally available for the payment of dividends, cumulative cash dividends at the annual rate of 9.0% of the $25.00 liquidation preference per year (equivalent to $2.25 per year); provided, however, that (a) on the fifth annual
anniversary of the Original Issue Date, the dividend rate will increase to 13.0% of the $25.00 liquidation preference per year (equivalent to $3.25 per year) and (b) the dividend rate will increase on the dates that are three, six and nine
months after the fifth annual anniversary of the Original Issue Date, respectively, to 17.0% (equivalent to $4.25 per year), 21.0% (equivalent to $5.25 per year) and 25.0% (equivalent to $6.25 per year) of the $25.00 liquidation preference per year.
A “dividend period” is the period from and including a dividend payment date (as defined herein) (except that the initial dividend period shall commence on and include the Original Issue Date) and continuing to, but excluding, the
next succeeding dividend payment date. Dividends on the Series A Preferred Shares will accumulate and be cumulative from, and including, the Original Issue Date; except that Series A Preferred Shares issued after the Original Issue Date shall accrue
dividends from the later of the Original Issue Date and the dividend payment date (as defined herein) immediately prior to the Original Issue Date of such additional shares for which full cumulative dividends have been paid. The Company will be
entitled to defer the payment of any declared dividends on the Series A Preferred Stock until the occurrence of a liquidation or Change of Control Event (as defined herein) approved by the Board of Directors of the Company. 

	(2)	 Dividends, when, as and if declared by the board of directors (or a duly authorized committee of the board
of directors), will be payable monthly in arrears on the same day of the month as the Original Issue Date, each of which is a “dividend payment date”; provided that if any dividend payment date is not a business day (as defined
below), then such date will nevertheless be a dividend payment date but the dividend which would otherwise have been payable on that dividend payment date, when, as and if declared, will be paid on the next succeeding business day and no interest,
additional dividends or other sums will accumulate on the amounts so payable for the period from and after that dividend payment date to that next succeeding business day. As used in this Article 27.3, “business day” means any day,
other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close. 

 

	(3)	 Any dividend, including any dividend payable on the Series A Preferred Shares for any dividend period (or
portion thereof) will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends are payable to holders of record of Series A Preferred
Shares as they appear on the central securities register for the Series A Preferred Shares or, where a transfer agent is appointed to maintain the register for the Series A Preferred Shares, in the records of the Company’s transfer agent (the
“Transfer Agent”) at the close of business on the applicable record date, which will be the date designated by the board of directors (or a duly authorized committee of the board of directors) for the payment of a dividend that is
not more than thirty (30) nor less than ten (10) days prior to the applicable dividend payment date. 

  

	(4)	 The board of directors (or a duly authorized committee of the board of directors) will not authorize, pay or
set apart for payment by the Company any dividend on the Series A Preferred Shares at any time that: 

  

	 	(a)	 the terms and provisions of any of the Company’s agreements, including any agreement relating to the
Company’s indebtedness, prohibits such authorization, payment or setting apart for payment; 

  

	 	(b)	 the terms and provisions of any of the Company’s agreements, including any agreement relating to the
Company’s indebtedness, provides that such authorization, payment or setting apart for payment thereof would constitute a breach of, or a default under, such agreement; or 

 

	 	(c)	 the law, including the Business Corporations Act, restricts or prohibits the authorization or payment
of dividends on the Series A Preferred Shares. 

 Notwithstanding the foregoing, dividends on the Series A
Preferred Shares will accumulate whether or not (i) the terms and provisions of any of the Company’s agreements relating to its indebtedness prohibit such authorization payment or setting apart for payment, (ii) the Company has
earnings, (iii) there are funds legally available for the payment of the dividends, (iv) or the dividends are authorized. Accordingly, if the board of directors (or a duly authorized committee of the board of directors) does not declare a
dividend on the Series A Preferred Shares payable in respect of any dividend period before the related dividend payment date, such dividend shall accumulate and an amount equal to such accumulated dividend shall become payable out of funds legally
available therefor upon the liquidation, dissolution or winding up of the Company’s affairs (or earlier redemption of such Series A Preferred Shares), to the extent not paid prior to such liquidation, dissolution or winding up or earlier
redemption, as the case may be. No interest, or sums in lieu of interest, will be payable in respect of any dividend payment or payments on the Series A Preferred Shares, which may be in arrears, and holders of Series A Preferred Shares will not be
entitled to any dividends in excess of the full cumulative dividends described above. Any dividend payment made on the Series A Preferred Shares shall first be credited against the earliest accumulated but unpaid dividends due with respect to those
shares. 
  

	27.3.4	 Restrictions on Dividends, Redemption and Repurchases. 

 

	(1)	 So long as any Series A Preferred Shares remain outstanding, unless the Company also has either paid or
declared and set apart for payment full cumulative dividends on the Series A Preferred Shares for all past completed dividend periods, the Company will not during any dividend period: 

 

	 	(a)	 pay or declare and set apart for payment any dividends or declare or make any distribution of cash or other
property on Common Shares or other shares that rank junior to or on parity with the Series A Preferred Shares with respect to dividend rights and rights to the distribution of assets upon the Company’s voluntary or involuntary liquidation,
dissolution or winding up (other than, in each case, (i) a dividend paid in Common Shares or other shares ranking junior to the Series A Preferred Shares with respect to dividend rights and rights to the distribution of assets upon the
Company’s voluntary or involuntary liquidation, dissolution or winding up or (ii) any declaration of a Common Share dividend in connection with any shareholders’ rights plan, or the issuance of rights, shares or other property under
any shareholders’ rights plan, or the redemption or repurchase of rights pursuant to the plan); 

  

	 	(b)	 redeem, purchase or otherwise acquire Common Shares or other shares that rank junior to or on parity with
the Series A Preferred Shares (other than the Series A Preferred Shares) with respect to dividend rights and rights to the distribution of assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up (other than
(i) by conversion into or exchange for Common Shares or other shares ranking junior to the Series A Preferred Shares with respect to dividend rights and rights to the distribution of assets upon the Company’s voluntary or involuntary
liquidation, dissolution or winding up, (ii) the redemption of shares pursuant to the provisions of these Articles relating to the restrictions upon ownership and transfer of shares, (iii) a purchase or exchange offer made on the same
terms to holders of all outstanding Series A Preferred Shares and any other shares that rank on parity with the Series A Preferred Shares with respect to dividend rights and rights to the distribution of assets upon the Company’s voluntary or
involuntary liquidation, dissolution or winding up, (iv) purchases, redemptions or other acquisitions of shares of the Company ranking junior to the Series A Preferred Shares with respect to dividend rights and rights to the distribution of
assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up pursuant to any employment contract, dividend reinvestment and share purchase plan, benefit plan or other similar arrangement with or for the benefit of
employees, officers, directors, consultants or advisors, (v) through the use of the proceeds of a substantially contemporaneous sale of shares ranking junior to the Series A Preferred Shares with respect to dividend rights and rights to the
distribution of assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, or (vi) purchases or other acquisitions of shares of the Company pursuant to a contractually binding share repurchase plan existing
prior to the preceding dividend payment date on which dividends were not paid in full); or 

  

	 	(c)	 redeem, purchase or otherwise acquire Series A Preferred Shares (other than (i) by conversion into or
exchange for Common Shares or other shares ranking junior to the Series A Preferred Shares with respect to dividend rights and rights to the distribution of assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding
up, (ii) a purchase or exchange offer made on the same terms to holders of all outstanding Series A Preferred Shares or (iii) with respect to redemptions, a redemption pursuant to which all Series A Preferred Shares are redeemed).

  

	(2)	 Notwithstanding the foregoing, if the board of directors (or a duly authorized committee of the board of
directors) elects to declare only partial instead of full dividends for a dividend payment date and related dividend period on the Series A Preferred Shares or any class or series of the Company’s shares that rank on parity with the Series A
Preferred Shares with respect to dividends, then, to the extent permitted by the terms of the Series A Preferred Shares and each outstanding class or series of the Company’s shares that rank on parity with the Series A Preferred Shares with
respect to dividends, such partial dividends shall be declared on Series A Preferred Shares and class or series of the Company’s shares that rank on parity with the Series A Preferred Shares with respect to dividends, and dividends so declared
shall be paid, as to any such dividend payment date and related dividend period, in amounts such that the ratio of the partial dividends declared and paid on each such series to full dividends on each such series is the same. As used in this
paragraph, “full dividends” means, as to any class or series of the Company’s shares that rank on parity with the Series A Preferred Shares with respect to dividends that bear dividends on a cumulative basis, the amount of
dividends that would need to be declared and paid to bring such class or series of the Company’s shares that rank on parity with the Series A Preferred Shares with respect to dividends current in dividends, including undeclared dividends for
past dividend periods. To the extent a dividend period with respect to the Series A Preferred Shares or any class or series of the Company’s shares that rank on parity with the Series A Preferred Shares with respect to dividends (in either
case, the “first series”) coincides with more than one dividend period with respect to another series as applicable (in either case, a “second series”), then, for purposes of this paragraph, the board of directors
(or a duly authorized committee of the board of directors) may, to the extent permitted by the terms of each affected series, treat such dividend period for the first series as two or more consecutive dividend periods, none of which coincides with
more than one dividend period with respect to the second series, or may treat such dividend period(s) with respect to any class or series of the Company’s shares that rank on parity with the Series A Preferred Shares with respect to dividends
and dividend period(s) with respect to the Series A Preferred Shares for the purposes of this paragraph in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on such class or series of the
Company’s shares that rank on parity with the Series A Preferred Shares with respect to dividends and the Series A Preferred Shares. 

	(3)	 Subject to the foregoing, dividends (payable in cash, shares or otherwise) as may be determined by the board
of directors (or a duly authorized committee of the board of directors) may be declared and paid on any Common Shares or other shares ranking junior to the Series A Preferred Shares with respect to dividend rights and rights to the distribution of
assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up from time to time out of any funds legally available therefor, and the Series A Preferred Shares shall not be entitled to participate in any such
dividend. 

 27.3.5 Liquidation Preference. 

 

	(1)	 In the event of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
Company, the holders of Series A Preferred Shares will be entitled to be paid out of the assets of the Company legally available for distribution to its shareholders (i.e., after satisfaction of all the Company’s liabilities to creditors, if
any) and, subject to the rights of holders of any shares of each other class or series of shares ranking, as to rights to the distribution of assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, senior to
the Series A Preferred Shares, a liquidation preference of $25.00 per share, plus an amount equal to any accumulated and unpaid dividends to the date of payment (whether or not declared), before any distribution or payment may be made to holders of
shares of Common Shares or any other class or series of the Company’s shares ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up, junior to the Series A Preferred Shares
(the “liquidation preference”). 

  

	(2)	 If, upon such voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs,
the assets of the Company legally available for distribution to the Company’s shareholders are insufficient to pay the full amount of the liquidation preference on all outstanding Series A Preferred Shares and the corresponding amounts payable
on all shares of each other class or series of shares of the Company ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Shares, then the
holders of Series A Preferred Shares and each such other class or series of shares of the Company ranking, as to rights to the distribution of assets upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, on parity
with the Series A Preferred Shares will share ratably in any distribution of assets in proportion to the full liquidation preference to which they would otherwise be respectively entitled. In any such distribution, the “liquidation
preference” of any holder of the Company’s shares other than the Series A Preferred Shares means the amount otherwise payable to such holder in such distribution (assuming no limitation on the Company’s assets available for such
distribution), including an amount equal to any declared but unpaid dividends in the case of any holder or Shares on which dividends accrue on a non-cumulative basis and, in the case of any holder of shares on
which dividends accrue on a cumulative basis, an amount equal to any unpaid, accrued, cumulative dividends, whether or not earned or declared, as applicable. 

  

	(3)	 Holders of Series A Preferred Shares will be entitled to written notice of any voluntary or involuntary
liquidation, dissolution or winding up of the Company, no fewer than thirty (30) days and no more than sixty (60) days prior to the payment date. 

  

	(4)	 If the liquidation preference has been paid in full to all holders of Series A Preferred Shares and each
such other class or series of shares ranking, as to rights to the distribution of assets any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Shares, holders of Series A Preferred Shares and each
such other class or series of shares ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Shares will have no right or claim to any of the
Company’s remaining assets and the holders of shares of Common Shares or any class or series of shares ranking, as to rights to the distribution of assets any voluntary or involuntary liquidation, dissolution or winding up, junior to the Series
A Preferred Shares, will be entitled to receive all of the Company’s remaining assets according to their respective rights and preferences. 

  

	(5)	 The consolidation, merger or other business combination of the Company with or into any other entity or the
sale, lease, transfer or conveyance of all or substantially all of the assets, property or business of the Company will not be deemed to constitute a liquidation, dissolution or winding up of the Company. 

 

	27.3.6	 Optional Redemption. 

 

	(1)	 The Series A Preferred Shares are perpetual and have no maturity date. The Series A Preferred Shares are not
redeemable prior to the one-year anniversary of the Original Issue Date, except under the circumstances described in Article 27.3.8 hereof. 

	(2)	 On or after the one-year anniversary of the Original Issue Date, the
Series A Preferred Shares may be redeemed at the Company’s option, in whole or in part, from time to time, at a redemption price of $25.00 per Series A Preferred Share, plus all dividends accumulated and unpaid (whether or not declared) on the
Series A Preferred Shares up to, but not including, the date of such redemption (the “Redemption Date”), upon the giving of notice, as provided in Article 27.3.7 hereof. 

 

	27.3.7	 Redemption Procedures. 

 

	(1)	 In the event the Company elects to redeem Series A Preferred Shares, notice of redemption will be mailed to
each holder of record of Series A Preferred Shares called for redemption at such holder’s address as it appears on the Company’s share transfer records, not less than thirty (30) nor more than sixty (60) days prior to the
Redemption Date. Any notice mailed as provided in this paragraph shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in
the mailing thereof, to any holder of Series A Preferred Shares designated for redemption shall not affect the validity of the proceedings for the redemption of any other Series A Preferred Shares. Notwithstanding the foregoing, if the Series A
Preferred Shares are issued in book-entry form through The Depository Trust Company (“DTC”) or any other similar facility, notice of redemption may be given to the holders of Series A Preferred Shares at such time and in any manner
permitted by such facility. 

  

	(2)	 The notice will notify the holder of the election to redeem the shares and will state at least the
following: 

  

	 	(a)	 the Redemption Date; 

 

	 	(b)	 the redemption price; 

 

	 	(c)	 the number of Series A Preferred Shares to be redeemed (and, if fewer than all the shares are to be
redeemed, the number of shares to be redeemed from such holder or the method for determining such number); 

  

	 	(d)	 the place(s) where holders may surrender certificates, if any, evidencing the Series A Preferred Shares for
payment; 

  

	 	(e)	 if applicable, that the Series A Preferred Shares are being redeemed pursuant to the Company’s special
optional redemption right in connection with the occurrence of a Delisting Event, Change of Control or $8 VWAP Event (each as defined hereafter), as applicable, and a brief description of the transaction or transactions or circumstances constituting
such Delisting Event, Change of Control or $8 VWAP Event, as applicable; and 

  

	 	(f)	 that dividends on such Series A Preferred Shares will cease to accumulate on the date prior to the
Redemption Date. 

  

	(3)	 If fewer than all of the outstanding Series A Preferred Shares are to be redeemed, the shares to be redeemed
will be determined pro rata (as nearly as practicable without creating fractional shares) or by lot. So long as all Series A Preferred Shares are held of record by the nominee of DTC, the Company will give notice, or cause notice to be given, to DTC
of the number of Series A Preferred Shares to be redeemed, and DTC will determine the number of Series A Preferred Shares to be redeemed from the account of each of its participants holding such shares in its participant account. Thereafter, each
participant will select the number of shares to be redeemed from each beneficial owner for whom it acts (including the participant, to the extent it holds Series A Preferred Shares for its own account). A participant may determine to redeem Series A
Preferred Shares from some beneficial owners (including the participant itself) without redeeming Series A Preferred Shares from the accounts of other beneficial owners. Subject to the provisions hereof, the board of directors (or a duly authorized
committee of the board of directors) shall have full power and authority to prescribe the terms and conditions on which Series A Preferred Shares shall be redeemed from time to time. If the Company shall have issued certificates for the Series A
Preferred Shares and fewer than all shares represented by any certificates are redeemed, new certificates shall be issued representing the unredeemed shares without charge to the holders thereof. 

 

	(4)	 On or after the Redemption Date, each holder of Series A Preferred Shares to be redeemed that holds a
certificate other than through DTC book entry must present and surrender the certificates evidencing the Series A Preferred Shares at the place designated in the notice of redemption and shall be entitled to the redemption price and any accumulated
and unpaid dividends payable upon the redemption following the surrender. 

	(5)	 From and after the Redemption Date or, if notice of redemption has been duly given, and if on or before the
Redemption Date specified in the notice, all funds necessary for the redemption have been set aside by the Company, separate and apart from the Company’s other funds, in trust for the pro rata benefit of the holders of the shares called for
redemption, so as to be and continue to be available for that purpose, then, in each case unless the Company defaults in payment of the redemption price: (i) all dividends on the shares designated for redemption in the notice will cease to
accumulate on or after the Redemption Date; (ii) all rights of the holders of the shares, except the right to receive the redemption price thereof (including all accumulated and unpaid dividends up to the date prior to the Redemption Date),
will cease and terminate; and (iii) the shares designated for redemption in the notice will be deemed to not be outstanding for any purpose whatsoever. 

  

	(6)	 Any funds held in trust and unclaimed at the end of two years from the Redemption Date, to the extent
permitted by law, shall be released from the trust so established and may be commingled with the Company’s other funds, and after that time the holders of the shares so called for redemption shall look only to the Company for payment of the
redemption price of such shares. 

  

	(7)	 Notwithstanding any other provision herein, any declared but unpaid dividends payable on a Redemption Date
that occurs subsequent to the applicable record date for a dividend period shall not be paid to the holder entitled to receive the redemption price on the Redemption Date, but rather shall be paid to the holder of record of the redeemed shares on
such record date relating to the applicable dividend payment date. 

  

	27.3.8	 Special Optional Redemption. 

 

	(1)	 During any period of time (whether before or after the one-year
anniversary of the Original Issue Date) that both (i) the Series A Preferred Shares are no longer (a) listed on The Nasdaq Stock Market LLC (“Nasdaq”), the New York Stock Exchange LLC (the “NYSE”), or the
NYSE American LLC (the (“NYSE AMER”) or (b) listed or quoted on an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER, and (ii) the Company is not subject to the reporting requirements of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but any Series A Preferred Shares are still outstanding (collectively, a “Delisting Event”), the Company may, at its option, redeem the Series A
Preferred Shares, in whole or in part and within ninety (90) days after the date of the Delisting Event, by paying $25.00 per Series A Preferred Share, plus all dividends accumulated and unpaid (whether or not declared) on the Series A
Preferred Shares up to, but not including, the Redemption Date. 

  

	(2)	 During any period of time (whether before or after one-year
anniversary of the Original Issue Date), upon the occurrence of a Change of Control (as defined hereafter), the Company may, at its option, redeem the Series A Preferred Shares, in whole or in part and within ninety(90) days after the first date on
which such Change of Control occurred, by paying $25.00 per Series A Preferred Share, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Shares up to, but not including, the date of such redemption.

  

	(3)	 During any period of time (whether before or after one-year
anniversary of the Original Issue Date) upon the occurrence of an $8 VWAP Event (as defined hereafter), the Company may at its option redeem the Series A Preferred Shares, in whole or in part and within ninety (90) days after the date of the
Delisting Event, by paying $25.00 per Series A Preferred Share, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Shares up to, but not including, the Redemption Date. 

 

	(4)	 As used in this Certificate, a “Change of Control” is when, after the Original Issue Date,
the following have occurred and are continuing: 

  

	 	(a)	 any person or persons acting together which would constitute a “group” for purposes of
Section 13(d) of the Exchange Act (other than the Company or any subsidiary of the Company) shall beneficially own (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, at least 25% of
the total voting power of all classes of capital stock of the Company entitled to vote generally in the election of the board of directors; 

  

	 	(b)	 Current Directors (as herein defined) shall cease for any reason to constitute at least a majority of the
members of the board of directors (for this purpose, a “Current Director” shall mean any member of the Board as of the date hereof and any successor of a Current Director whose election, or nomination for election by the
Company’s shareholders, was approved by at least a majority of the Current Directors then on the board of directors); 

	 	(c)	 (i) the complete liquidation of the Company or (ii) the merger or consolidation of the Company, other
than a merger or consolidation in which (x) the holders of the common shares of the Company immediately prior to the consolidation or merger have, directly or indirectly, at least a majority of the common shares of the continuing or surviving
corporation immediately after such consolidation or merger or (y) the board of directors immediately prior to the merger or consolidation would, immediately after the merger or consolidation, constitute a majority of the board of directors of
the continuing or surviving corporation, which liquidation, merger or consolidation has been approved by the shareholders of the Company; or 

  

	 	(d)	 the sale or other disposition (in one transaction or a series of transactions) of all or substantially all
of the assets of the Company pursuant to an agreement (or agreements) which has (have) been approved by the shareholders of the Company. 

  

	 	(5)	 As used in this Certificate, an “$8 VWAP Event” is when, after the Original Issue Date, the
volume weighted average price of the Common Shares on the Nasdaq Capital Market for five consecutive trading days (as reported by Bloomberg L.P. based on a trading day from 9:30 a.m. to 4:02 p.m. (New York City time)) is at least $8.00.

  

	 	(6)	 The redemption procedures set forth in Article 27.3.7 will apply to any redemption under this Article
27.3.8. 

  

	27.3.9	 Conversion. 

  

	(1)	 The Series A Preferred Shares are convertible into Common Shares at a conversion ratio of (a) the
$25.00 per share liquidation preference divided by (b) $4.00. Any declared but unpaid dividends shall be paid upon such a conversion to the holder of Series A Preferred Stock in cash. Notwithstanding the foregoing, the Series A Preferred Shares are
not convertible into or exchangeable for any other property or securities of the Company or any other entity, except as provided for in this Article 27.3.9. 

  

	(2)	 The Company will not issue fractional Common Shares upon the conversion of Series A Preferred Shares. In the
event that the conversion would result in the issuance of fractional shares of Common Shares, the Company will pay the holder of Series A Preferred Shares the cash value of such fractional shares in lieu of such fractional shares based on a value
per full Common Share of $4.00. 

  

	(3)	 To exercise the conversion right, each holder of Series A Preferred Shares will be required to notify the
Company of the number of Series A Preferred Shares to be converted and otherwise to comply with any applicable procedures required by the Transfer Agent or DTC for effecting the conversion. 

 

	(4)	 Series A Preferred Shares as to which the conversion right has been properly exercised will be converted
into the applicable number of Common Shares (the “Conversion Shares”). The Company will take commercially reasonable efforts to deliver the applicable Conversion Shares no later than the third business day following receipt of the
conversion notice from the holder of Series A Preferred Shares. 

  

	27.3.10	 Voting Rights. 

 

	(1)	 Holders of Series A Preferred Shares shall not have any voting rights, except as set forth in this Article
27.3.10 or as otherwise required by law. 

  

	(2)	 In any matter in which the Series A Preferred Shares may vote (as expressly provided herein or as may be
required by law), each Series A Preferred Share shall be entitled to one vote per $25.00 of liquidation preference; provided that if the Series A Preferred Shares and any other Shares ranking on parity to the Series A Preferred Shares as to dividend
rights and rights as to the distribution of assets upon the Company’s liquidation, dissolution or winding up are entitled to vote together as a single class on any matter, the holders of each will vote in proportion to their respective
liquidation preferences. 

  

	(3)	 As used in this Article 27.3, “voting preferred shares” means any other class or series of
the Company’s preferred shares ranking equally with the Series A Preferred Shares as to dividends (whether cumulative or non-cumulative) and the distribution of the Company’s assets upon liquidation,
dissolution or winding up and upon which like voting rights to the Series A Preferred Shares have been conferred and are exercisable. 

	(4)	 So long as any Series A Preferred Shares remain outstanding, the Company will not, without the consent or
the affirmative vote of the holders of at least two-thirds of the outstanding Series A Preferred Shares and each other class or series of preferred shares entitled to vote thereon (voting together as a single
class), given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose: 

  

	 	(a)	 authorize, create or issue, or increase the number of authorized or issued number of shares of, any class or
series of shares ranking senior to the Series A Preferred Shares with respect to payment of dividends or the distribution of assets upon the liquidation, dissolution or winding up of the Company or reclassify any authorized shares of the Company
into any such shares, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such shares; or 

  

	 	(b)	 amend, alter or repeal the provisions of these Articles or the Company’s Notice of Articles, insofar as
the Notice of Articles relates to the Company’s authorized capital, including the terms of the Series A Preferred Shares, whether by merger, consolidation, transfer or conveyance of all or substantially all of the Company’s assets or
otherwise, so as to materially and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Shares, taken as a whole. 

  

	(5)	 If any event described in Article 27.3.10(4)(b) would materially and adversely affect the rights,
preferences, privileges or voting powers of the Series A Preferred Shares, taken as a whole, disproportionately relative to any other class or series of voting preferred Shares, the affirmative vote of the holders of at least two-thirds of the outstanding Series A Preferred Shares, voting as a separate class, will also be required. Furthermore, if holders of Series A Preferred Shares receive the $25.00 per share of the Series A Preferred
Shares liquidation preference plus all accrued and unpaid dividends thereon or greater amounts pursuant to the occurrence of any of the event described in 27.3.10(4)(b), then such holders shall not have any voting rights with respect to the event
described in 27.3.10(4)(b). 

  

	(6)	 The following actions are not deemed to materially and adversely affect the rights, preferences, powers or
privileges of the Series A Preferred Shares: 

  

	 	(a)	 any increase in the number of authorized Common Shares or preferred shares or the creation or issuance of
shares or any class or series ranking, as to dividends (whether cumulative or not) or the distribution of assets upon the Company’s liquidation, dissolution or winding up, on parity with, or junior to, the Series A Preferred Shares; or

  

	 	(b)	 the amendment, alteration or repeal or change of any provision of the Articles or the Company’s Notice
of Articles, insofar as the Notice of Articles relates to the Company’s authorized capital, as a result of a merger, consolidation, reorganization or other business combination, if (x) the Series A Preferred Shares remain outstanding or,
in the case of any such merger or consolidation with respect to which the Company is not the surviving or resulting entity, the Series A Preferred Shares are converted into or exchanged for preference securities of the surviving or resulting entity
or its ultimate parent, and (y) such shares remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are
not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and restrictions and limitations thereof, of the Series A Preferred Shares, taken as a whole, immediately prior to such consummation.

  

	(7)	 Without the consent of the holders of Series A Preferred Shares, the Company may amend, alter, supplement or
repeal any terms of the Series A Preferred Shares: 

  

	 	(a)	 to cure any ambiguity, or to cure, correct or supplement any provision contained in this Article 27.3 for
the Series A Preferred Shares that may be defective or inconsistent, so long as such action does not materially and adversely affect the rights, preferences, privileges and voting powers of the Series A Preferred Shares, taken as a whole;

  

	 	(b)	 to conform this Article 27.3 to the description of the Series A Preferred Shares set forth in the
Company’s final prospectus filed with the U.S. Securities and Exchange Commission related to the initial issuance of Series A Preferred Shares in connection with the Company’s Registration Statement on Form
F-1 (Registration No. 333-264859); or 

	 	(c)	 to make any provision with respect to matters or questions arising with respect to the Series A Preferred
Shares that is not inconsistent with the provisions of this Article 27.3. 

  

	(8)	 The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to
which the vote would otherwise be required shall be effected, all outstanding Series A Preferred Shares have been redeemed or called for redemption on proper notice and sufficient funds have been set aside by the Company for the benefit of the
holders of Series A Preferred Shares to effect the redemption within ninety (90) days unless all or a part of the outstanding Series A Preferred Shares are being redeemed with the proceeds from the sale of shares of, any class or series of
shares ranking senior to the Series A Preferred Shares with respect to payment of dividends or the distribution of assets upon the Company’s liquidation, dissolution or winding up. 

 

	(9)	 The rules and procedures for calling and conducting any meeting of the holders of Series A Preferred Shares
(including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such a meeting or such
consents shall be governed by any rules the board of directors (or a duly authorized committee of the board of directors), in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of these
Articles, applicable law (including the Business Corporations Act) and any national securities exchange or other trading facility on which the Series A Preferred Shares may be listed or traded at the time. 

 

	(10)	 Holders of Series A Preferred Shares will not have any voting rights with respect to, and the consent of the
holders of Series A Preferred Shares is not required for, the taking of any corporate action, including any merger or consolidation involving the Company or a sale of all or substantially all of the Company’s assets, regardless of the effect
that such merger, consolidation or sale may have upon the powers, preferences, voting power or other rights or privileges of the Series A Preferred Shares, except as set forth above. 

 

	27.3.11 	 Redemption Upon Request of Holder in Connection with Change of Control. 

 

	(1)	 Upon the occurrence of a Change of Control that is approved by the Board of Directors, each holder of Series
A Preferred Shares may require the Company to redeem all or a portion of such holder’s Series A Preferred Shares at a per share redemption price of $25.00, plus declared and unpaid dividends to, but excluding, the effective date of the Change
of Control). 

  

	(2)	 Upon not less than 30 nor more than 60 days’ following the occurrence of a Change of Control, the
Company will provide to holders of Series A Preferred Shares a written notice (in a manner prescribed by this Article 27.3) of occurrence of the Change of Control that describes the procedure for delivering a redemption request pursuant to this
Article 27.3.11 (a “Change of Control Redemption Request”). Holders will be required to tender such Series A Preferred Shares in connection with the delivery of a Change of Control Redemption Request and will receive payment for the
redemption of such Series A Preferred Shares no later than the third business day following the delivery of the Change of Control Redemption Request. 

  

	(3)	 In addition to the procedures set forth in this Article 27.3.11, the redemption procedures set forth in
Article 27.3.7(4) and (7) will apply to any redemption under this Article 27.3.11. 

  

	27.3.12 	 No Preemptive Rights. 

Holders of Series A Preferred Shares do not have any preemptive rights. 

 

	27.3.13 	 No Maturity, Sinking Fund or Mandatory Redemption. 

The Series A Preferred Shares have no maturity date and the Company is not required to redeem the Series A Preferred Shares at
any time. Accordingly, the Series A Preferred Shares will remain outstanding indefinitely, unless the Company decides, at its option, to exercise its redemption right or, under circumstances where the holders of Series A Preferred Shares have a
conversion right, such holders convert the Series A Preferred Shares into the Company’s common Shares. The Series A Preferred Shares are not subject to any sinking fund. 

	27.3.14 	 Exclusion of Other Rights. 

The Series A Preferred Shares do not have any voting powers, preferences or relative, participating, optional or other special
rights, or qualifications, limitations or restrictions thereof, other than as set forth in this Article 27.3. 
  

	27.3.15 	 Headings of Subdivisions. 

The headings of the various subdivisions of this Article 27.3 are for convenience of reference only and shall not affect the
interpretation of any of the provisions hereof. 
  

	27.3.16 	 Severability of Provisions. 

If any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions,
qualifications or terms or conditions of redemption of the Series A Preferred Shares set forth in this Article 27.3 are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other
rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of Series A Preferred Shares set forth in this Article 27.3 which can be given effect without the invalid,
unlawful or unenforceable provision thereof shall, nevertheless, remain in full force and effect and no preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or
conditions of redemption of the Series A Preferred Shares herein set forth shall be deemed dependent upon any other provision thereof unless so expressed therein. 
  

	27.3.17 	 Record Holders. 

To the fullest extent permitted by applicable law, the Company and the Transfer Agent may deem and treat the record holder of
any share of the Series A Preferred Shares as the true and lawful owner thereof for all purposes, and neither the Company nor the Transfer Agent shall be affected by any notice to the contrary. 

 

	27.3.18 	 Notices. 

All notices or communications in respect of the Series A Preferred Shares will be sufficiently given if given in writing and
delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Article 27.3 or in these Articles or by applicable law. 

 

	27.3.19 	 Certificates. 

The Company may at its option issue Series A Preferred Shares without certificates. If DTC or its nominee is the registered
owner of the Series A Preferred Shares, the following provisions of this Article 27.3.19 shall apply. If and as long as DTC or its nominee is the registered owner of the Series A Preferred Shares, DTC or its nominee, as the case may be, shall be
considered the sole owner and holder of all such Series A Preferred Shares of which DTC or its nominee is the registered owner for all purposes under the instruments governing the rights and obligations of holders of Series A Preferred Shares. If
DTC discontinues providing its services as securities depositary with respect to the Series A Preferred Shares, or if DTC ceases to be registered as a clearing agency under applicable securities laws, in the event that a successor securities
depositary is not obtained within ninety (90) days, the Company shall either print and deliver certificates for the Series A Preferred Shares or provide for the direct registration of the Series A Preferred Shares with the Transfer Agent. If
the Company decides to discontinue the use of the system of book-entry-only transfers through DTC (or a successor securities depositary), the Company shall print certificates representing the Series A Preferred Shares and deliver such certificates
to DTC or shall provide for the direct registration of the Series A Preferred Shares with the Transfer Agent. Except in the limited circumstances referred to above, owners of beneficial interests in the Series A Preferred Shares of which DTC or its
nominee is the registered owner: 
  

	 	(a)	 shall not be entitled to have such Series A Preferred Shares registered in their names;

  

	 	(b)	 shall not receive or be entitled to receive physical delivery of securities certificates in exchange for
beneficial interests in the Series A Preferred Shares; and 

  

	 	(c)	 shall not be considered to be owners or holders of Series A Preferred Shares for any purpose under the
instruments governing the rights and obligations of holders of Series A Preferred Shares. 

	27.3.20 	 Restatement of Articles. 

On any restatement of these Articles, Article 27.3.1 through Article 27.3.19 of this Article 27.3 shall be included in the
Articles under the heading “9.0% Series A Cumulative Perpetual Preferred Shares” and this Article 27.3.20 may be omitted. If the board of directors so determines, the numbering of Article 27.3.1 through Article 27.3.19 may be
changed for convenience of reference or for any other proper purpose.

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