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Document

Exhibit 4.23

DESCRIPTION OF SECURITIES 
REGISTERED PURSUANT TO SECTION 12 OF 
THE SECURITIES EXCHANGE ACT OF 1934
The following summary describes our class A common stock, par value $0.0001 per share, class B common stock, par value $0.0001 per share, and class C common stock, par value $0.0001 per share, of Visa Inc., (the “Company”), which are the only securities of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.  
DESCRIPTION OF COMMON STOCK
The following summary describes the material terms of our common stock and is not complete. This summary is qualified in its entirety by reference to applicable Delaware law, our Certificate of Incorporation and our amended and restated bylaws (our “Bylaws”). For a complete description of our common stock, we refer you to our Certificate of Incorporation and Bylaws, which have been filed with the SEC and are incorporated by reference as exhibits to this Annual Report on Form 10-K.
Authorized Capitalization
Our authorized common stock consists of:

												
		•		2,001,622,245,209 shares of class A common stock, par value $0.0001 per share;

												
		•		622,245,209 shares of class B common stock, par value $0.0001 per share;

												
		•		1,097,165,602 shares of class C common stock, par value $0.0001 per share; and

												
		•		25,000,000 shares of preferred stock, par value $0.0001 per share.

The number of authorized shares of any preferred stock, class A common stock, class B common stock or class C common stock may be increased or decreased (but not below the number of shares of that class then outstanding) by the affirmative vote of the holders of a majority in voting power of our stock entitled to vote thereon, and no vote or action by the holders of any of the preferred stock, class A common stock, class B common stock or class C common stock, voting separately as a class, is required for any such increase or decrease.
Description of Common Stock
Voting Rights. Each holder of class A common stock has the right to cast one vote for each share of class A common stock held of record by such holder on all matters on which our stockholders generally are entitled to vote.
Each holder of class B common stock and each holder of class C common stock has no right to vote on any matters on which stockholders generally are entitled to vote. However, in addition to any other vote required by law, for so long as any shares of class B common stock or class C common stock remain issued and outstanding:

												
		•		the affirmative vote of the holders of a majority of the voting power of the class B common stock and class C common stock, voting together as a single class (in which vote the class A common stock will not participate) separate from all other classes or series of our capital stock, on an “as-converted basis” as described in the following paragraph, is required for the approval of any consolidation, merger, combination or other transaction in which shares of class A common stock are exchanged for, converted into or changed into other stock or securities, or the right to receive cash or other property, unless the shares of class B common stock and the shares of class C common stock will be exchanged for or changed into the same per share amount of stock, securities, cash or any other property, as the case may be, for which or into which each share of class A common stock is exchanged, converted or changed; and

												
		•		the affirmative vote of the holders of at least 80% of the voting power of the common stock of all classes and series, voting together as a single class separate from all other classes or series of our capital stock, shall be required to authorize us to exit our core payments business (i.e., to no longer operate a consumer debit/credit payments business).

For purposes of the prior paragraph, “as-converted basis” means, with respect to each share of class B common stock or class C common stock entitled to vote on any matter, a number of votes equal to the aggregate number of shares of class A common stock into which each share of class B common stock or class C common stock owned by such holder would be converted, assuming the conversion at the applicable conversion rate in effect on the record date for such vote.
Conversion. In the event that any outstanding share of our class B common stock or class C common stock is transferred to a person other than a Visa member or an affiliate of a Visa member, as defined in our Certificate of Incorporation, such share will, automatically and without further action on our part or on the part of any holder of class B common stock or class C common stock, as applicable, immediately prior to the transfer, be converted into shares of class A common stock based upon the applicable conversion rate in effect on the date of that transfer. However, in no event shall any share of class B common stock or class C common stock, as applicable, be converted into any shares of class A common stock except in connection with (i) a sale of such shares on a securities exchange on which shares of class A common stock are listed by means of a “brokers’ transaction” within the meaning of paragraph (g) of Rule 144 under the Securities Act or (ii) a private placement of such shares to a person who is not a Visa member or an affiliate of a Visa member. In addition, no such conversion shall be effected until the expiration of all applicable restrictions on transfer of such shares described under “—Transfer Restrictions,” although our board of directors may make exceptions to such transfer restrictions. Shares of class B common stock or class C common stock so converted will cease to be outstanding and shall no longer be issuable by us. Shares of class B common stock and class C common stock are convertible into shares of class A common stock only in connection with a transfer described above, and no holder of any shares of class B common stock or class C common stock has the right to convert, or to require us to convert, such shares into shares of class A common stock at any time.
As of September 30, 2022, the conversion rate applicable to our shares of class B common stock was 1.6059-to-one, subject to adjustments for stock splits, recapitalizations and similar transactions. This conversion rate will automatically be adjusted upon the issuance of any shares of our class A common stock which are designated as loss shares, the net proceeds of which are to be deposited in the escrow account to satisfy any settlements or judgments in respect of any covered litigation and upon the deposit of funds designated as “loss funds” by our board of directors, into the escrow account in accordance with the terms of the escrow agreement and our Certificate of Incorporation. The applicable conversion rate will also be adjusted upon the final resolution of the covered litigation and the release of funds then remaining on deposit in the escrow account. These adjustments will be made automatically, such that one share of class B common stock is convertible into a number of shares of class A common stock determined based upon the following formulae:

												
		•		1.0 x (A–B–D), during the period between March 25, 2008 and the final resolution of the covered litigation; and

												
		•		1.0 x (A–B–D+C), after the final resolution of all of the covered litigation.

For purposes of these formulae:
“A” will be equal to 0.7142888829.
“B” will be a fraction:

												
		•		the numerator of which is the number of loss shares that have been issued; and

												
		•		the denominator of which is the class B number.

“C” will be a fraction:

												
		•		the numerator of which is the quotient obtained by dividing the aggregate portion of any funds disbursed to us from the escrow account after the final resolution of the covered litigation (other than certain tax distributions and reimbursements related to the loss sharing agreement) by the greater of $0.04 or the volume-weighted average price per share of our class A common stock during the 90 trading day period ending on the third trading day immediately preceding the date on which the covered litigation is finally resolved; and

												
		•		the denominator of which is the class B number.

“D” will be a fraction:

												
		•		the numerator of which is the sum of what we call the loss funds share equivalents (described below) in respect of all deposits of loss funds into the escrow account; and

												
		•		the denominator of which is the class B number.

The loss funds share equivalent in respect of a deposit of loss funds into the escrow account made after January 1, 2009, is the quotient obtained by dividing the amount of those deposited loss funds by an amount we call the loss funds cost per share applicable to such deposit. The loss funds cost per share applicable to a deposit of loss funds into the escrow account is the weighted average of each day’s volume-weighted average price per share (which we refer to as the daily VWAP) of our class A common stock over a period that begins on the date our board of directors approves the deposit of those loss funds (which we refer to as the funding decision date) and lasts for a certain number of trading days. That number of trading days that any such period lasts is equal to a quotient obtained by dividing:

												
		•		another quotient, obtained by dividing the amount of those loss funds by the volume-weighted average of the daily VWAP of our class A common stock over the five trading days immediately preceding the funding decision date, by

												
		•		15% of the average daily trading volume of the class A common stock over the four calendar weeks prior to the week of the funding decision date (or such other percentage as set by our board of directors and consented to by members of the litigation committee).

For deposits made in calendar year 2008, the loss funds share equivalent is the quotient obtained by dividing the amount of such loss funds deposit by the weighted average of the daily VWAP during the 15 trading days most closely preceding and including December 19, 2008.
After the date on which all of the covered litigation has been finally resolved, any amounts remaining on deposit in the escrow account with respect to the covered litigation will be released to us and the conversion rate applicable to any transfer of shares of our class B common stock will automatically be adjusted in favor of the holders of our class B common stock (i.e., such that a lesser number of shares of class B common stock are required in order to convert into a single share of class A common stock), to the extent of the aggregate amount released to us from the escrow account, taking into account the weighted average trading price of our class A common stock at such time, as described above.
The conversion rate applicable to any transfer of shares of our class C common stock shall always be four-to-one (i.e., one share of class C common stock will, upon transfer, be converted into four shares of class A common stock), subject to adjustments for stock splits, recapitalizations and similar transactions.
If any shares of our class A common stock are acquired by a Visa member, as defined in our Certificate of Incorporation, or any person that is an operator, member or licensee of a general purpose payment card system that competes with us, or in each case any affiliate of such person, such shares will automatically be converted, at the inverse of the conversion rate applicable for shares of our class C common stock on the date of such conversion, into shares of our class C common stock. Such converted class A common stock will cease to be outstanding and will no longer be issuable by us.
However, such automatic conversion will not apply with respect to any shares of class A common stock acquired by a Visa member other than shares of class A common stock acquired by such Visa member for its own account as a principal investor or for the account of an affiliate of such Visa member that is acting as a principal investor. Without limiting the foregoing, such automatic conversion shall not apply to any shares of class A common stock acquired or held by a Visa member, a similar person or any of their respective affiliates in connection with its brokerage, market making, custody, investment management or similar operations or acquired by any investment fund managed by a Visa member, a similar person or any of their respective affiliates.
Preemptive Rights. In general, no holders of any shares of our common stock will be entitled to preemptive rights to subscribe for any shares of any class or series of our capital stock, except as may be provided in any resolution or resolutions providing for the issuance of a series of stock adopted by our board of directors or any agreement between us and our stockholders. We have no current plans to grant preemptive rights by a resolution of our board of directors or through any agreement with our stockholders.
Fractional Shares. We will not issue any fractional shares of any class of common stock upon conversion of any shares of any other class of common stock into shares of such class. In lieu of fractional shares, we will pay cash equal to such fractional amount multiplied by the fair market value, as determined by or in accordance with procedures established by our board of directors, in good faith and in its sole discretion, per share of the applicable class of common stock into which such shares are being converted, at the conversion date.
Dividend and Distribution Rights. Subject to any limitations contained in the Delaware General Corporation Law, or DGCL, our Certificate of Incorporation and any rights of the holders of any outstanding series of preferred stock or any class or series of stock having a preference over or the right to participate with the common stock with respect to the payment of dividends or distributions, dividends or distributions may be declared and paid on the common stock out of our assets that are by law available therefor at such times and in such amounts as our board may determine. Other than with respect to certain dividends or distributions of class A common stock, the holders of shares of class A common 

stock, class B common stock and class C common stock are entitled to share ratably (on an as-converted basis as described below in the case of the holders of the class B common stock or class C common stock) in dividends or distributions paid on the common stock, and no dividend or distribution may be declared or paid on any class or series of common stock unless an equivalent dividend or distribution is contemporaneously declared and paid (on an as-converted basis as described below in the case of the holders of the class B common stock or class C common stock) on each other class and series of common stock. Dividends or distributions payable in shares of class A common stock may be paid on the class A common stock without also paying a corresponding dividend or distribution on each other class or series of common stock, subject to certain adjustments to the conversion rates applicable to the class B and class C common stock.
Liquidation Rights. Upon our voluntary or involuntary liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably on an as-converted basis in the net assets available for distribution to stockholders after the payment of our debts and other liabilities, subject to the prior rights of any issued preferred shares. Neither the voluntary sale, conveyance, exchange or transfer for cash, shares of stock, securities or other consideration of all or substantially all of our property or assets nor our consolidation or merger with or into one or more other corporations will be deemed to be a liquidation, dissolution or winding-up, voluntary or involuntary, unless such voluntary sale, conveyance, exchange or transfer will be in connection with a dissolution or winding-up of our business.
Mergers, Consolidation, Etc . If we enter into any consolidation, merger, combination or other transaction in which shares of common stock are exchanged for, converted into, or otherwise changed into other stock or securities, or the right to receive cash or any other property, such shares of common stock will be exchanged for or changed into the same per-share amount of stock, securities, cash or any other property, as the case may be, into which or for which each share of any other class of common stock is exchanged or changed, on an as-converted basis.
Use of the Term “As-Converted”. For purposes of the paragraphs entitled “—Dividend and Distribution Rights,” “—Liquidation Rights” and “—Mergers, Consolidation, Etc.,” as-converted means that each holder of class B common stock, or each holder of class C common stock, other than with respect to any dividend or distribution payable in shares of class A common stock, will be entitled to its ratable portion of: (x) any dividend or distribution in case of dividend rights; (y) any assets available for distribution in case of liquidation rights; or (z) any stock, securities, cash or other consideration in a consolidation, merger, combination or other transaction, as the case may be, in each case based upon the number of shares of class A common stock into which the shares of class B common stock or class C common stock, as applicable, beneficially owned by such holder would be converted, assuming the conversion of all outstanding shares of class B common stock and class C common stock into class A common stock, based on the applicable conversion rate then in effect, on the record date for such distribution or dividend, or immediately prior to such vote on such liquidation, dissolution or winding up, or the consummation of such consolidation, merger, combination or other transaction, as applicable.
Transfer Restrictions. Shares of our class B common stock are not transferable until the escrow termination date. The above described limitation on transfer is, however, subject to the following exceptions:

												
		•		any transfer by us to the initial holders of any class B common stock;

												
		•		any transfer by us to any person or entity or by the holders thereof to us;

												
		•		any transfer of any shares of class B common stock to any other holder of class B common stock or its affiliate;

												
		•		any transfer of any shares of any class B common stock to an affiliate of such holder;

												
		•		any transfer of shares of common stock pursuant to the terms of the loss sharing agreement (as defined in our Certificate of Incorporation);

												
		•		any transfer of any shares of class B common stock by any person that is a group member (as defined in the bylaws of Visa International) of Visa International to any person that is a stockholder, member or other equity holder of such group member, provided that such transfer is made in accordance with applicable securities laws and is made to each transferee ratably in accordance with their respective entitlements to dividends or other distributions from such group member, in accordance with the applicable constituent documents of such group member;

												
		•		any transfer by a holder of class B common stock to any person that succeeds to all or substantially all of the assets of such holder, whether by merger, consolidation, amalgamation, sale of substantially all assets or other similar transactions;

												
		•		any transfer by a holder of class B common stock to any person that acquires from such holder all or substantially all of the Visa-branded payments products portfolio of such holder;

												
		•		any transfer of any shares of common stock by any non-equity member of Visa International in the principal category of membership to any non-equity member of Visa International with membership in Visa International that is sponsored by such principal non-equity member; and

												
		•		any transfer of any shares of common stock by any non-equity member of Visa International in the principal category of membership to any person that participates in the Visa payment system as an issuer and which person is sponsored by such non-equity member, by an associate member of Visa International sponsored by such non-equity member (if such non-equity member is a group member) or by a constituent member of such non-equity member.

Our board of directors may approve exceptions to the limitation on transfers of our class B common stock, provided that such exception applies to all holders of class B common stock equally on a ratable basis or, if such exception does not apply on an equal and ratable basis, such exception is also approved by at least a majority of our independent directors.
Our board of directors may, by resolution adopted by a majority of the board of directors, extend the three-year component of the transfer restriction periods with respect to any portion of the outstanding shares of our class B common stock for a period of not more than one year after the date on which such period would otherwise terminate provided that:

												
		•		contemporaneously with any such extension with respect to any portion of such shares of class B common stock, our board of directors has approved one or more reductions to the transfer restriction period with respect to another portion of such shares of class B common stock, such that at all times the weighted average period of the transfer restriction period with respect to all outstanding shares of class B common stock is not more than three years; and

															
		•		such extension is also approved by at least a majority of our independent directors.Exhibit
10.1

 

SELLER
SUPPORT Agreement

 

This
SELLER SUPPORT AGREEMENT (this “Agreement”) is made as of November 16, 2022, by and among Supraeon Investments
Limited, a private limited liability company organized and existing under the Laws of the Republic of Cyprus (the “Company”),
Sagaliam Acquisition Corp., a Delaware corporation (“Sagaliam”), and GLD Partners, LP, a Delaware limited
partnership (“Seller”). The Company, Sagaliam, and Seller are each sometimes referred to in this Agreement
as a “Party,” and collectively as the “Parties.” Capitalized terms used and not defined herein
have the respective meanings ascribed to them in the BCA (as defined below).

 

WHEREAS,
Allenby Montefiore Limited, a private company limited by shares organized and existing under the Laws of the Republic of Cyprus
(“ PubCo”), Sagaliam, the Company, AEC Merger Sub Corp. (“PubCo Merger Sub”), and Seller
are party to that certain Business Combination Agreement, dated
as of the date hereof (as it may be amended, supplemented or restated from time to time in accordance with the terms of such agreement
(the “BCA”), pursuant to which, among other things, the Company will be contributed to PubCo (the “Share
Exchange”), and PubCo Merger Sub will merge with and into Sagaliam, with Sagaliam continuing as the surviving corporation and
becoming thereby a wholly-owned subsidiary of PubCo (the “Merger”).

 

WHEREAS,
as of the date hereof, Seller is the record or beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of
1934, as amended, which meaning will apply for all purposes of this Agreement whenever the term “beneficial owner” or “beneficially
own” is used) of all of the issued and outstanding equity securities of the Company (collectively the “Seller Shares”);
and

 

WHEREAS,
as an inducement to and in consideration of Sagaliam’s willingness to enter into the BCA, and having reviewed the BCA and the terms
of the Share Exchange and the Merger, Seller has agreed to enter into this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties agree as follows:

 

Section
1. Execution of Written Consent; Voting of Seller Shares.

 

(a) Following
the execution of this Agreement and no later than forty-eight (48) hours following receipt of written notice from Sagaliam that the Registration
Statement / Proxy Statement has been declared effective by the SEC, Seller shall execute and deliver to Sagaliam the Written Consent,
agreeing to adopt and approve the BCA, the Share Exchange, the Merger and the other transactions contemplated by the BCA, in accordance
with the Laws of the Republic of Cyprus and the Company Organizational Documents, which consent will become effective by its terms immediately
after the execution of the BCA by the parties thereto.

 

(b) During
the period commencing on the date hereof and ending on the earlier of the Closing and the valid termination of the BCA pursuant to Article
X thereof, Seller shall:

 

(i) not
form a group to vote against any directors nominated by the Company and/or Sponsor;

 

    	 

    	 

    

 

(ii) not
approve any measures that would materially impede the Transactions or any other transaction proposal;

 

(iii) take,
or cause to be taken, all actions necessary or advisable to consummate and make effective the transactions contemplated by the BCA, including
(A) consenting to the approval and adoption of the BCA and the transactions contemplated by the BCA, and in any action by written consent
of Seller in its capacity as the sole shareholder of the Company as described above in Section 1(a), (B) not consenting to any
Company Acquisition Proposal, or any merger agreement, merger, consolidation, combination, sale of substantial assets, reorganization
recapitalization, dissolution, liquidation or winding up of or by the Company (other than the BCA and the transactions contemplated thereby),
and (C) not consenting to any action, proposal, transaction, or agreement that could prevent, delay, or adversely affect, impede or interfere
with the consummation of the Share Exchange, the Merger or any of the other transactions contemplated by the BCA or the Ancillary Agreements,
the satisfaction of any conditions to Closing contained in the BCA or any provision of this Agreement; and

 

(iv) not
commit or agree to take any action inconsistent with any of the foregoing.

 

(c) Any
equity securities of Sagaliam or the Company that Seller acquires after the date of this Agreement, including by reason of any stock
split, stock dividend (including any dividend or distribution of securities convertible into capital stock), reorganization, recapitalization,
reclassification, combination, exchange of shares, or other similar transaction, shall be deemed to be Seller Shares for purposes of
this Agreement and shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted Seller Shares
on the date of this Agreement.

 

(d) Seller
acknowledges receipt and review of a copy of the BCA.

 

Section
2. Representations and Warranties of Sellers. Seller represents and warrants to Sagaliam as follows:

 

(a) Organization
and Authorization. Seller is validly existing and in good standing under the Laws of the Republic of Cyprus. Seller has all requisite
private limited company power and authority to execute, deliver, and perform this Agreement and to consummate the transactions contemplated
by this Agreement. The execution, delivery, and performance by Seller of this Agreement and the consummation by Seller of the transactions
contemplated by this Agreement have been validly authorized by all necessary action by Seller and, if applicable, the holders of its
equity securities. Seller has validly executed and delivered this Agreement. This Agreement constitutes a legal, valid, and binding obligation
of Seller, enforceable against Sponsor in accordance with its terms, subject to the Remedies Exceptions.

 

(b) Ownership
of Seller Shares. Seller owns, beneficially and of record, and has good and valid title to the Seller Shares held by Seller, free
and clear of any Lien (other than restrictions on transfer imposed under applicable securities Laws). Other than the Seller Shares, Seller
does not own any equity securities of the Company that provide Seller with any voting rights. Seller agrees that any equity securities
of the Company or Sagaliam acquired after the date hereof shall be deemed the Seller Shares for all purposes of this Agreement, and subject
to the terms of this Agreement, including the voting provisions contained in Section 1. There are no outstanding options, warrants,
rights, calls, convertible securities, or other Contracts obligating Seller to transfer or sell or redeem any equity securities of the
Company, including the Seller Shares. Except for this Agreement, there are no voting trusts, shareholder agreements, proxies, or other
Contracts or understandings in effect to which Seller is a party with respect to the voting or transfer of any of the stock of the Company.

 

    	 

    	 

    

 

(c) Governmental
Consents; No Conflicts.

 

(i) The
execution, delivery, and performance by Seller of this Agreement, and the consummation by Seller of the transactions contemplated by
this Agreement , do not and will not require any consent of or with any Governmental Authority, other than (x) any consent the failure
of which to be obtained would not prevent or delay the consummation by Seller of the transactions contemplated by this Agreement and
(y) any consent that is required as a result of any facts or circumstances relating solely to the Company or any of its affiliates (the
term affiliates as used herein has the meaning given to it in the BCA).

 

(ii) The
execution, delivery, and performance by Seller of this Agreement, and the consummation by Seller of the transactions contemplated by
this Agreement, do not and will not violate, conflict with, result in a breach, cancellation, or termination of, constitute a default
under, result in the creation of any Lien on any of the Seller Shares under, or result in a circumstance that, with or without notice
or lapse of time or both, would constitute any of the foregoing under (A) any Law or order applicable to or binding on Seller or Seller’s
properties or assets, including the Seller Shares, (B) any Contract to which any Seller is a party or by which Seller or any of Seller’s
properties or assets, including the Seller Shares, is bound, (C) any Permit held by Seller, or (D) any of the organizational documents
of Seller, except, in the case of each of clauses (A), (B) and (C), where such violation, conflict, breach, cancellation,
termination, or default would not, individually or in the aggregate, prevent or delay the consummation by Seller of the transactions
contemplated by this Agreement.

 

(d) Proceedings.
There are no actions, proceedings or investigations pending or, to Seller’s knowledge, threatened by or against Seller or any of
its affiliates with respect to this Agreement or the transactions contemplated by this Agreement or that, if determined adversely to
Seller, would prevent or delay the consummation by Seller of the transactions contemplated by this Agreement.

 

(e) Informed
Consent; Reliance. Seller has received and reviewed the BCA and this Agreement, has had an opportunity to obtain the advice of counsel
prior to executing this Agreement, and fully understands, accepts, and agrees to comply with all of the provisions of this Agreement.
Seller acknowledges that Supraeon is entering into the BCA in reliance upon Seller’s execution, delivery, and performance of this
Agreement.

 

    	 

    	 

    

 

Section
3. Additional Agreements Relating to BCA and the Merger.

 

(a) Restrictions
Regarding the Seller Shares. From the date of this Agreement until the Merger Effective Time, without the prior written consent of
Sagaliam, Seller shall not, directly or indirectly, (i) offer to sell, sell, assign, transfer (including by operation of law), or otherwise
dispose of, or incur any Lien on, any of the Seller Shares, (ii) deposit any of the Seller Shares into a voting trust, enter into any
voting agreement, shareholder agreement, or other Contract or understanding with respect to any of the Seller Shares, or grant any proxy
or power of attorney with respect thereto, (iii) enter into any Contract, option, or other arrangement or undertaking with respect to
the direct or indirect sale, assignment, transfer (including by operation of law), or other disposition of, transfer of any interest
in, or the voting of any of the Seller Shares, or (iv) agree to do, approve, or authorize any of the foregoing.

 

(b) Trading
Standstill. Seller agrees that it shall not, without Sagaliam’s prior written consent, directly or indirectly, sell, assign,
transfer or otherwise dispose of any shares of Sagaliam Class A Common Stock at any time between the date of this Agreement and the earlier
of (a) the expiration of the Redemption Rights pursuant to the Sagaliam Certificate of Incorporation, or (b) the termination of this
Agreement in accordance with its terms.

 

(c) Exclusivity.
From the date of this Agreement until the earlier to occur of the Merger Effective Time and the termination of the BCA, Seller shall
not, and shall cause its Representatives not to, (i) initiate, solicit, knowingly facilitate or knowingly encourage the submission of
any proposal or offer from any other Person relating to a Company Acquisition Proposal, (ii) participate in or continue any activities,
discussions, or negotiations regarding a Company Acquisition Proposal, or (iii) provide Confidential Information regarding the Company
or the Company’s business to, or enter into or agree to enter into any Contract with, any Person, other than Sagaliam and its Representatives,
relating to a Company Acquisition Proposal. The Company shall, and shall instruct and cause each of its Representatives, to immediately
cease any solicitations, discussions or negotiations with any person (other than the Parties and their respective Representatives) in
connection with a Company Acquisition Proposal. The Company shall notify Sagaliam promptly (but in no event later than one (1) Business
Day) after receipt of any Company Acquisition Proposal or any proposal, offer or inquiry regarding a Company Acquisition Proposal, and
describe the material terms and conditions of any such proposal, offer or inquiry.

 

(d) Publicity.
Seller will not make any press release or other public disclosure or announcement related to or regarding this Agreement, the BCA or
the transactions contemplated in the BCA, its or their contents, or the transactions contemplated by this Agreement or the BCA without
the written consent of Sagaliam, in any case, as to the form, content, and timing and manner of distribution or publication of such press
release or other public disclosure. Except as may otherwise be required by Law, including any court order or legal process, or the rules
of a national securities exchange, Seller shall hold confidential the terms and provisions of this Agreement, the BCA and the terms of
the transactions contemplated by this Agreement and the BCA until such information is otherwise publicly disclosed without a breach by
Seller of the terms of this Section 3(d).

 

    	 

    	 

    

 

Section
4. Termination. This Agreement will automatically terminate if the BCA is terminated for any reason in accordance with its terms;
provided, however, that (a) Section 3(e), this Section 4, Section 5, Section 6 and Section
7 will survive such termination and (b) no such termination shall relieve Seller from liability for any fraud, intentional misrepresentation,
or intentional or willful breach of this Agreement by a Seller prior to such termination.

 

Section
5. Remedies. Seller acknowledges that (a) money damages may be an insufficient remedy for any actual or threatened breach of this
Agreement by Seller, (b) any such breach may cause Sagaliam irreparable harm, and (c) in addition to any other remedies available at
law or in equity, Sagaliam will be entitled to seek equitable relief by way of injunction, specific performance, or otherwise, without
posting any bond or other undertaking, for any actual or threatened breach of this Agreement by Seller.

 

Section
6. Claims Against Trust Account. Seller agrees that, notwithstanding any other provision contained in this Agreement, Seller does
not now have, and shall not at any time prior to the Merger Effective Time have, any claim to, or make any claim against, the Trust Fund,
regardless of whether such claim arises as a result of, in connection with or relating in any way to, the business relationship between
Seller on the one hand, and Sagaliam on the other hand, this Agreement, or any other agreement or any other matter, and regardless of
whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively
referred to in this Section 6 as the “Claims”). Notwithstanding any other provision contained in this Agreement,
Seller hereby irrevocably waives any Claim it may have, now or in the future and will not seek recourse against the Trust Fund for any
reason whatsoever in respect thereof; provided, however, that the foregoing waiver will not limit or prohibit Seller from
pursuing a claim against Sagaliam or any other person (a) for legal relief against monies or other assets of Sagaliam held outside of
the Trust Account or for specific performance or other equitable relief in connection with the Transactions or (b) for damages for breach
of this Agreement against Sagaliam (or any successor entity) in the event this Agreement is terminated for any reason and Sagaliam consummates
a business combination transaction with another party. In the event that Seller commences any action or proceeding against or involving
the Trust Fund in violation of the foregoing, Sagaliam shall be entitled to recover from Seller the associated reasonable legal fees
and costs in connection with any such action, in the event Sagaliam prevails in such action or proceeding.

 

Section
7. Miscellaneous.

 

(a) Further
Assurances. Upon the request of Sagaliam or the Company, Seller shall execute and deliver such further documents and other instruments
as may be reasonably requested by Sagaliam or the Company in order to evidence and effectuate the transactions contemplated by this Agreement.

 

    	 

    	 

    

 

(b) Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid, return receipt
requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice
given in accordance with this Section 7(b)):

 

If
to Sagaliam, to:

 

Sagaliam
Acquisition Corp.

1800
Avenue of the Stars, Suite 1475

Los
Angeles, California 90067

Attention:
Barry Kostiner; Thomas W. Neukranz

Email:
bkostiner@fintecham.com; tneukranz@gldlp.com

 

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

 

Mayer
Brown LLP

71
South Wacker Drive

Chicago,
Illinois 60606

Attention:
Esther Chang

Email:
echang@mayerbrown.com

 

and

 

Mayer
Brown LLP

16th
– 19th Floors, Prince’s Building

10
Chater Road, Central

Hong
Kong

Attention:
Thomas Kollar

Email:
thomas.kollar@mayerbrown.com

 

If
to the Company, to:

 

Arabian
Entertainment Company Limited

Jeddah
Street, PO Box 51994

Jeddah
21553, Saudi Arabia

Attention:
Kamran Khan, Chief Operating Officer

Email:
kamrank@tarfeehksa.com

 

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

 

King
& Spalding LLP

1180
Peachtree Street, NE

Suite
1600

Atlanta,
Georgia 30309

Attention:
Keith M. Townsend

Email:
ktownsend@kslaw.com

 

    	 

    	 

    

 

If
to Seller, to:

 

GLD
Partners, LP

1800
Avenue of the Stars

Suite
1475

Los
Angeles, California 90067

Attention:
Brett Rosen, Esq.

Email:
brosen@gldlp.com

 

(c)
Nonsurvival of Representations, Warranties and Covenants. None of the representations, warranties, covenants, obligations
or other agreements in this Agreement or in any certificate, statement or instrument delivered pursuant to this Agreement, including
any rights arising out of any breach of such representations, warranties, covenants, obligations, agreements and other provisions, shall
survive the Closing and all such representations, warranties, covenants, obligations or other agreements shall terminate and expire upon
the occurrence of the Closing (and there shall be no liability after the Closing in respect thereof), except for (a) those covenants
and agreements contained herein that by their terms expressly apply in whole or in part after the Closing and then only with respect
to any breaches occurring after the Closing and (b) this Section 7.

 

(d) Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the Transactions is not affected in any manner materially adverse to any Party. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the Transactions
be consummated as originally contemplated to the fullest extent possible.

 

(e) Entire
Agreement; Assignment. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof
and supersede all prior agreements and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject
matter hereof, except for the Confidentiality Agreement. This Agreement shall not be assigned (whether pursuant to a merger, by operation
of law or otherwise) by any Party without the prior express written consent of the other Parties.

 

(f) Parties
in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express
or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.

 

    	 

    	 

    

 

(g) Governing
Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to Contracts
executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to this Agreement shall be
heard and determined exclusively in any Delaware Chancery Court; provided, however, that if jurisdiction is not then available
in the Delaware Chancery Court, then any such legal Action may be brought in any federal court located in the State of Delaware or any
other Delaware state court. The Parties hereby (a) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves
and with respect to their respective properties for the purpose of any Action arising out of or relating to this Agreement brought by
any Party, and (b) agree not to commence any Action relating thereto except in the courts described above in Delaware, other than Actions
in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described herein.
Each of the Parties further agrees that notice as provided herein shall constitute sufficient service of process and the Parties further
waive any argument that such service is insufficient. Each of the Parties hereby irrevocably and unconditionally waives, and agrees not
to assert, by way of motion or as a defense, counterclaim or otherwise, in any Action arising out of or relating to this Agreement or
the Transactions, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for
any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in
such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise) and (c) that (i) the Action in any such court is brought in an inconvenient forum, (ii) the venue of such Action
is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

(h) WAIVER
OF TRIAL BY JURY. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS. EACH OF THE PARTIES (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 7(h).

 

(i) Headings.
The descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any way the
meaning or interpretation of this Agreement.

 

(j) Counterparts.
This Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in counterparts,
and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which
taken together shall constitute one and the same agreement.

 

    	 

    	 

    

 

(k) Specific
Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with the terms hereof, and, accordingly, that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this
Agreement or to enforce specifically the performance of the terms and provisions hereof in the Court of Chancery of the State of Delaware
or, if that court does not have jurisdiction, any court of the United States located in the State of Delaware without proof of actual
damages or otherwise, in addition to any other remedy to which they are entitled at law or in equity as expressly permitted in this Agreement.
Each of the Parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate
and (b) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief.

 

(l) Amendments.
This Agreement may be amended in writing by the Parties at any time prior to the Merger Effective Time. This Agreement may not be amended
except by an instrument in writing signed by each of the Parties.

 

(m) Waiver.
At any time prior to the Merger Effective Time, (a) Sagaliam may (i) extend the time for the performance of any obligation or other act
of Seller, (ii) waive any inaccuracy in the representations and warranties of Seller contained herein or in any document delivered by
Seller pursuant hereto, and (iii) waive compliance with any agreement of Seller or any condition to its own obligations contained herein
and (b) Seller may (i) extend the time for the performance of any obligation or other act of Sagaliam, (ii) waive any inaccuracy in the
representations and warranties of Sagaliam contained herein or in any document delivered by Sagaliam pursuant hereto, and (iii) waive
compliance with any agreement of Sagaliam or any condition to its own obligations contained herein. Any such extension or waiver shall
be valid if set forth in an instrument in writing signed by the Party or Parties to be bound thereby.

 

[Remainder
of page intentionally left blank; signature page follows.]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered as of the date first written above.

 

	 	SUPRAEON
    INVESTMENTS LTD 
	 	 	 
	 	By:	/s/ Brett Rosen
	 	Name:	Brett
    Rosen
	 	Title:	Director
    

 

	 	GLD
                                            PARTNERS, LP

	                               	 
	 	By:	/s/
    Eric Andrews
	 	Name:	Eric
                                            Andrews

	 	Title:	Chief Financial
                                            Officer

 

[Signature
Page to Seller Support Agreement]

 

    	 

    	 

    

 

	 	SAGALIAM
ACQUISITION CORP. 
	 	 
	 	By:	/s/ Barry Kostiner
	 	Name:	Barry
    Kostiner
	 	Title:	Chief
    Executive Officer 

 

[Signature Page to Seller Support Agreement]

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