Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities
Purchase Agreement (this “Agreement”) is dated as of October 18, 2022, between American Virtual Cloud Technologies,
Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including
its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities Act
(as defined below) as to the Shares and (ii) an exemption from the registration requirements of Section 5 of the Securities Act contained
in Section 4(a)(2) thereof and/or Regulation D thereunder as to the Warrants and the Warrant Shares, the Company desires to issue and
sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company
as more fully described in this Agreement.

 

NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions. In addition to
the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in
this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.5.

 

“Action” shall have the meaning ascribed to such term
in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday, or other day on which banking institutions in the State of New York are authorized
or required by law to remain closed.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount at the Closing and (ii)
the Company’s obligations to deliver the Securities, in each case, at the Closing have been satisfied or waived, but in no event
later than the second (2nd) Trading Day following the date hereof.

 

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

 

     

     

    

 

“Common Stock” means common stock of the
Company, par value $0.0001 per share.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company
Counsel” means Greenberg Traurig, LLP, with offices located at 1750 Tysons Blvd #1000, McLean, VA 22102.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and
before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date
hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof,
unless otherwise instructed as to an earlier time by the Placement Agent.

 

“DVP” shall have the
meaning ascribed to such term in Section 2.1(v).

 

“Evaluation Date” shall have the meaning ascribed to such term in
Section 3.1(r).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors or consultants of
the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the
Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services
rendered to the Company; provided that such securities issued to consultants are issued as “restricted securities” (as
defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith during the prohibition period in Section 4.10(a) herein, (b) securities upon the exercise or exchange of or conversion of
any Securities issued hereunder, warrants to the Placement Agent in connection with the transactions pursuant to this Agreement and
any securities upon exercise of warrants to the Placement Agent and/or other securities exercisable or exchangeable for or
convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not
been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange
price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of
such securities, and (c) securities issued pursuant to license, distribution, acquisitions or strategic transactions approved by a
majority of the disinterested directors of the Company, provided that such securities are issued as “restricted
securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration
statement in connection therewith during the prohibition period in Section 4.10(a) herein, and provided that any such issuance shall
only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an
owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in
addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for
the purpose of raising capital or to an entity whose primary business is investing in securities.

 

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“FCPA” means the Foreign Corrupt Practices
Act of 1977, as amended.

 

“GAAP” means generally accepted accounting principles in the United States.

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(z).

 

“Intellectual Property Rights”
shall have the meaning ascribed to such term in Section 3.1(o).

 

“Liens” means a lien,
charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Lock-Up
Agreements” means each Lock-Up Agreement, dated as of the date hereof, by and between the Company and each of the directors,
officers and greater than 10% stockholders of the Company, in the form of Exhibit B attached hereto.

 

“Material Adverse Effect”
shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permits” shall have the meaning ascribed
to such term in Section 3.1(m).

 

“Per Share
Purchase Price” equals $2.00, subject to adjustment for reverse and forward share splits, share dividends, share combinations
and other similar transactions of shares of Common Stock that occur between the date hereof and the Closing Date.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement
Agent” means A.G.P./Alliance Global Partners and Northland Capital Markets.

 

“Placement
Agent Counsel” means Sullivan & Worcester LLP with offices located at 1633 Broadway, 32nd Floor, New York, NY
10019.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Prospectus” means
the final base prospectus filed for the Registration Statement.

 

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“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission
and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration Statement” means the
effective registration statement with the Commission on Form S-3 (File No. 333-258136), as amended, which registers the sale of the
Shares.

 

“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“SEC Reports” shall
have the meaning ascribed to such term in Section 3.1(h).

 

“Securities” means the Shares, the Warrants, the Warrant
Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the shares of Common Stock issued and issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include locating and/or borrowing shares of Common Stock).

 

“Standard Settlement Period” shall the
meaning assigned to it in Section 4.1(c).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for shares of Common Stock purchased hereunder as specified
below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in
United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports (other than any subsidiary disposed of prior to the date hereof, provided
that such disposition has been disclosed in the SEC Reports) and shall, where applicable, also include any direct or indirect subsidiary
of the Company formed or acquired after the date hereof.

 

“Termination Date” shall have the meaning
ascribed to such term in Section 4.2.

 

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“Trading Day” means a day on which the
principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the shares of Common Stock are listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the
New York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Warrants, the Lock-Up Agreements and all exhibits and schedules thereto and hereto and
any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Continental Stock Transfer & Trust Company, and any successor transfer agent of the Company.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.10(b).

 

“Warrants”
means, collectively, the common warrants delivered to the Purchasers at Closing in accordance with Section 2.2(a) hereof, which Common
Warrants shall be exercisable forty-five days following their issuance and may be exercised during a period of two (2) years commencing
from their initial exercise date, in the form of Exhibit A attached hereto.

 

“Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1   Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and
delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree
to purchase, up to an aggregate of approximately $10 million of Shares and Warrants. Each Purchaser’s Subscription Amount as
set forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment”
settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares and a Warrant as
determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2
deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall
occur remotely via the exchange of documents and signatures or such other location as the parties shall mutually agree.
Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the Company
and an applicable Purchaser, through and including the time immediately prior to the Closing (the “Pre-Settlement
Period”), such Purchaser sells to any Person all, or any portion, of the Shares to be issued hereunder to such Purchaser
at the Closing (collectively, the “Pre- Settlement Shares”), such Purchaser shall, automatically hereunder
(without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, such
Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to deliver any
Pre-Settlement Shares to such Purchaser prior to the Company’s receipt of the purchase price of such Pre-Settlement Shares
hereunder; and provided further that the Company hereby acknowledges and agrees that the forgoing shall not constitute a
representation or covenant by such Purchaser as to whether or not during the Pre-Settlement Period such Purchaser shall sell any
Common Shares to any Person and that any such decision to sell any Common Shares by such Purchaser shall solely be made at the time
such Purchaser elects to effect any such sale, if any. Unless otherwise directed by the Placement Agent, settlement of the Shares
shall occur via “Delivery Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall issue
the Shares registered in the Purchasers’ names and addresses and released by the Transfer Agent directly to the account(s) at
the Placement Agent identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically
deliver such Shares to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by
wire transfer to the Company).

 

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 2.2 Deliveries.

 

		(a)	On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

		(i)	this Agreement duly executed by the Company;

 

		(ii)	a legal opinion of Company Counsel, in form and substance
reasonably satisfactory to the Purchasers and the Placement Agent;

 

		(iii)	the Company’s wire instructions, on Company letterhead
and executed by the Company’s Chief Executive Officer or Chief Financial Officer;

 

		(iv)	subject to the last sentence in Section 2.1, a copy of the
irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust
Company Deposit or Withdrawal at Custodian system shares of Common Stock equal to the portion of such Purchaser’s Subscription
Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser;

 

		(v)	the duly executed Lock-Up Agreements;

 

		(vi)	a Warrant registered in the name of such Purchaser to purchase
up to a number of shares of Common Stock equal to 200% of such Purchaser’s Shares with an exercise price equal to $1.80 per share,
subject to adjustment therein; and

 

		(vii)	the Prospectus and Prospectus Supplement (which may be delivered
in accordance with Rule 172 under the Securities Act).

 

		(b)	On or prior to the Closing Date, each Purchaser shall deliver
or cause to be delivered to the Company, the following:

 

		(i)	this Agreement duly executed by such Purchaser; and

 

		(ii)	such Purchaser’s Subscription Amount with respect to
the Securities purchased by such Purchaser, which shall be made available for DVP settlement with the Company or its designees.

 

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 2.3 Closing Conditions.

 

		(a)	The obligations of the Company hereunder in connection with
the Closing are subject to the following conditions being met:

 

		(i)	the accuracy in all material respects (or, to the extent
representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing
Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they
shall be accurate as of such date);

 

		(ii)	all obligations, covenants and agreements of each Purchaser
required to be performed at or prior to the Closing Date shall have been performed; and

 

		(iii)	the delivery by each Purchaser of the items set forth in
Section 2.2(b) of this Agreement.

 

		(b)	The respective obligations of the Purchasers hereunder in
connection with the Closing are subject to the following conditions being met:

 

		(i)	the accuracy in all material respects (or, to the extent
representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing
Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall
be accurate as of such date);

 

		(ii)	all obligations, covenants and agreements of the Company
required to be performed at or prior to the Closing Date shall have been performed;

 

		(iii)	the delivery by the Company of the items set forth in Section
2.2(a) of this Agreement;

 

		(iv)	there shall have been no Material Adverse Effect with respect
to the Company since the date hereof; and

 

		(v)	from the date hereof to the Closing Date, trading in the
Common Stock shall not have been suspended by the Commission or any Trading Market, and, at any time prior to the Closing Date, trading
in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, nor shall a banking moratorium have been
declared either by the United States or New York State nor shall there have occurred after the date of this Agreement any material outbreak
or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse
change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable
or inadvisable to purchase the Securities at the Closing.

 

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ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1   Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part
hereof and shall qualify any representation made herein, the Company hereby makes the following representations and warranties to each
Purchaser:

 

		(a)	Subsidiaries. The Company owns, directly or indirectly,
all of the capital shares or other equity interests of each Subsidiary, free and clear of any Liens, except as set forth in the SEC Reports,
and all of the issued and outstanding shares of capital shares of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references
to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

		(b)	Organization and Qualification. The Company and each
of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing, and, if applicable under the laws of the
jurisdiction in which they are formed, in good standing under the laws of the jurisdiction of its incorporation or organization, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither
the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective memorandum of association, articles
of association, certificate or articles of incorporation, bylaws, operating agreement, or other organizational or charter documents.
Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result
in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) material adverse effect
on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis
its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

		(c)	Authorization; Enforcement. The Company has the requisite
corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction
Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction
Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all
necessary action on the part of the Company and no further action is required by the Company, the Board of Directors, a committee of the
Board of Directors or the Company’s shareholders in connection herewith or therewith other than in connection with the Required
Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed
by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of
the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies
and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

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		(d)	No Conflicts. Except as set forth in Schedule 3.1(d),
the execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party,
the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will
not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s memorandum of association, articles of
association, certificate or articles of incorporation, bylaws, operating agreement, or other organizational or charter documents, or
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result
in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination,
amendment, anti-dilution or similar adjustments acceleration or cancellation (with or without notice, lapse of time or both) of, any
agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to
which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected,
or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal
and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except
in the case of each of clauses (ii) and (iii), such as could not have
or reasonably be expected to result in a Material Adverse Effect.

 

		(e)	Filings, Consents and Approvals. The Company is not
required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court
or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance
by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the
filing with the Commission of the Prospectus, (iii) notices
and/or application(s) to and approvals by each applicable Trading Market for the listing of the applicable Securities for trading thereon
in the time and manner required thereby, (iv) the filing of Form D with the Commission and such filings as are required to be made under
applicable state securities laws and (iv) filings required by the Financial Industry Regulatory Authority (“FINRA”)
(collectively, the “Required Approvals”).

 

		(f)	Issuance of the Securities; Registration. The Securities
are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued,
fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Warrant Shares, when issued in accordance with
the terms of the Warrants, will be duly authorized, and will be validly issued, fully paid and nonassessable, free and clear of all Liens
imposed by the Company. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock
issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration Statement in conformity with
the requirements of the Securities Act, which became effective on August 27, 2021 (the “Effective Date”), including
the Prospectus, and such amendments and supplements thereto as may have been required to the date of this Agreement. The Registration
Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement
or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been
instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations
of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time the Registration Statement and
any amendments thereto became effective, at the date of this Agreement and at the Closing Date, the Registration Statement and any amendments
thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or
supplement thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the
Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company was at
the time of the filing of the Registration Statement eligible to use Form S-3. The Company is eligible to use Form S-3 under the Securities
Act and it meets the transaction requirements with respect to the aggregate market value of securities being sold pursuant to this offering
and during the twelve (12) months prior to this offering as set forth in General Instruction I.B.6 of Form S-3.

 

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		(g)	Capitalization. The capitalization of the Company as
of the date hereof is as set forth on Schedule 3.1(g). The Company has not issued any shares since its most recently filed periodic report
under the Exchange Act. No Person has any right of first refusal, preemptive right, right
of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set forth
on Schedule 3.1(g) and as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or
exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of
Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue
shares of Common Stock or other securities to any Person (other than the Purchasers). There are no outstanding securities or instruments
of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or
instrument upon an issuance of securities by the Company or any Subsidiary. The issuance and sale of the Securities will not result in
a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions,
and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound
to redeem a security of the Company or such Subsidiary. The Company does not have any share appreciation rights or “phantom share”
plans or agreements or any similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly issued,
fully paid and non-assessable, have been issued in compliance with all federal and state securities laws where applicable, and none of
such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. Except
for the Required Approvals, no further approval or authorization of any shareholder, the Board of Directors or others is required for
the issuance and sale of the Securities. There are no shareholders agreements, voting agreements or other similar agreements with respect
to the Company’s share capital to which the Company is a party or, to the knowledge of the Company, between or among any of the
Company’s shareholders.

 

		(h)	SEC Reports; Financial Statements. The Company has
filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and
the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter
period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto
and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement, being collectively referred
to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has
filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all
material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial
statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the
rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited
financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position
of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. There are no financial
statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement, or
the Prospectus that are not included or incorporated by reference as required; the Company and the Subsidiaries do not have any material
liabilities or obligations, direct or contingent (including any off balance sheet obligations), not described in the Registration Statement,
and the Prospectus which are required to be described in the Registration Statement or Prospectus; and all disclosures contained or incorporated
by reference in the Registration Statement and the Prospectus, if any, regarding “non-GAAP financial measures” (as such term
is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and
Item 10 of Regulation S-K under the Securities Act, to the extent applicable.

 

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		(i)	Material Changes; Undisclosed Events, Liabilities or Developments.
Since the date of the latest audited financial statements included within the SEC Reports, except as set forth on Schedule 3.1(i),
(i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and strategic acquisitions and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii)
the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash
or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any of its shares and (v) the
Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company share option
plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the
issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance,
occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries
or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed
by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed
at least one (1) Trading Day prior to the date that this representation is made.

 

		(j)	Litigation. Except as set forth on Schedule 3.1(j),
there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents, the Shares or
the Warrant Shares (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse
Effect. Except as set forth on Schedule 3.1(j), neither the Company nor any Subsidiary, nor any director or officer thereof, is
or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim
of breach of fiduciary duty, which could result in a Material Adverse Effect. There has not been, and to the knowledge of the Company,
there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or
officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

		(k)	Labor Relations. No labor dispute exists or, to the
knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result
in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to
such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party
to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are
good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation
of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition
agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of
each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing
matters. The Company and its Subsidiaries are in compliance with all applicable U.S. federal, state, local and foreign laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to
be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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		(l)	Compliance. Neither the Company nor any Subsidiary:
(i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or
both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim
that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument
to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii)
is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in
violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal,
state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment
and labor matters, except in each case of (i), (ii) and (iii) as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

		(m)	Environmental Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state,
local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater,
land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters,
orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have
received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses;
and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii),
the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

		(n)	Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and
permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses
as described in the SEC Reports, except where the failure to possess such certificates, authorizations or permits could not reasonably
be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary
has received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

		(o)	Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple
to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business
of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value
of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries
and (ii) Liens for the payment of Greece, federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease
by the Company and the Subsidiaries are held by them under valid, subsisting and
enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

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		(p)	Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents,
patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and
other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as
described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any
of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned,
within two (2) years from the date of this Agreement except as would not reasonably be expected to have a Material Adverse Effect. Neither
the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports,
a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of
any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company,
all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual
Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and
value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

		(q)	Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount.
Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without
a significant increase in cost.

 

		(r)	Transactions with Affiliates and Employees. Except as set forth on Schedule 3.1(r), none
of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company
or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers
and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring
payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess
of $120,000 other than for (i) payment of salary or consulting fees or other compensation for services rendered (or severance obligations),
(ii) reimbursement for expenses incurred on behalf of the Company or a Subsidiary and (iii) other employee benefits, including share option
agreements under any share option plan of the Company.

 

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		(s)	Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in material
compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any
and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the
Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance
that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access
to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed
by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness
of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently
filed Form 10-K under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently
filed Form 10-K under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and
procedures based on their evaluations as of the Evaluation Date. Except as set forth on Schedule 3.1(r), since the Evaluation Date,
there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) that have materially
affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

		(t)	Certain Fees. Other than placement agent fees payable to the Placement Agent, no brokerage or finder’s
fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement
agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents Other than for
Persons engaged by any Purchaser, if any, the Purchasers shall have no obligation with respect to any fees or with respect to any claims
made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions
contemplated by the Transaction Documents.

 

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		(u)	Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt
of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

		(v)	Registration Rights. Except as set forth on Schedule 3.1(v), no Person has any right to
cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

		(w)	Listing and Maintenance Requirements. Except as set forth on Schedule 3.1(w), the shares of Common
Stock are registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which
to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the
Company received any notification that the Commission is contemplating terminating such registration. The shares of Common Stock are currently
eligible for electronic transfer through The Depository Trust Company or another established clearing corporation and the Company is current
in payment of the fees to The Depository Trust Company (or such other established clearing corporation) in connection with such electronic
transfer.

 

		(x)	Application of Takeover Protections. The Company and the Board of Directors have taken all necessary
action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or other similar anti-takeover provision under the Company’s articles of incorporation or the laws of
its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling
their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s
issuance of the Securities and the Purchasers’ ownership of the Securities.

 

		(y)	Disclosure. Except with respect to the material terms
and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person
acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it believes constitutes
or might constitute material, non-public information which is not otherwise disclosed in the Prospectus Supplement. The Company understands
and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company. All
of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective
businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct in all
material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The press releases
disseminated by the Company during the twelve (12) months preceding the date of this Agreement taken as a whole do not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made and when made, not misleading. The Company acknowledges and believes,
to its best knowledge, that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.2 hereof.

 

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		(z)	No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties
set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause
this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would
require the registration of the Warrants or Warrant Shares under the Securities Act, or (ii) any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

		(aa)	Solvency. Based on the consolidated financial condition
of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities
hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount that will be required to be paid on or in respect
of the Company’s existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company’s
assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including
its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and
projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds
the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would
be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not
intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable
on or in respect of its debt). Except as set forth on Schedule 3.1(aa), the Company has no knowledge of any facts or circumstances
which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction
within one year from the Closing Date. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured
Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments, other than any Indebtedness
disclosed on Schedule 3.1(aa). For the purposes of this Agreement, “Indebtedness” means (x) any liabilities
for borrowed money or amounts owed by the Company in excess of $50,000 (other than trade accounts payable incurred in the ordinary course
of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others to third parties,
whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties
by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z)
the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither
the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

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		(bb)	Tax Compliance. Except for matters that would not,
individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, or as set forth on Schedule
3.1(aa), the Company and its Subsidiaries each (i) has made or filed all federal, state and local income and all foreign income and
franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other
governmental assessments and charges, fines or penalties that are material in amount, shown or determined to be due on such returns,
reports and declarations and (iii) has set aside on its financial statements provision reasonably adequate for the payment of all material
tax liability of which has not been finally determined and all material taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction,
and the officers of the Company or of any Subsidiary know of no basis for any such claim.

 

		(cc)	Foreign Corrupt Practices. Neither the Company nor
any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any
Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses
related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees
or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made
by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of
law, or (iv) violated in any material respect any provision of FCPA.

 

		(dd)	Accountants. The Company’s independent registered
public accounting firm is as set forth in the Prospectus. To the knowledge and belief of the Company, such accounting firm (i) is a registered
public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to
be included in the Company’s Annual Report for the fiscal year ended December 31, 2022.

 

		(ee)	Acknowledgment Regarding Purchasers’ Purchase of
Securities. The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length
purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that
no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the
Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives
or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’
purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement
and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the
Company and its representatives.

 

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		(ff)	Acknowledgment Regarding Purchaser’s Trading Activity.
Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(f) and 4.12 hereof), it is understood
and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed,
to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities
issued by the Company or to hold the Shares for any specified term; (ii) past or future open market or other transactions by any Purchaser,
specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this
or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii)
any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly,
presently may have a “short” position in the shares of Common Stock, and (iv) each Purchaser shall not be deemed to have
any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company further
understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that
the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant Shares deliverable with
respect to Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing shareholders’
equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that
such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

		(gg)	Regulation M Compliance. The Company has not, and
to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the shares of Common
Stock, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the shares of Common Stock (other
than the Placement Agent), or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other
securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent
in connection with the placement of the shares of Common Stock.

 

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		(hh)	[Reserved]

 

		(ii)	Stock Option Plans. Each stock option granted by the
Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option
plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would
be considered granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated.
The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior
to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information
regarding the Company or its Subsidiaries or their financial results or prospects.

 

		(jj)	Cybersecurity. Except as would not, individually or
in the aggregate, have a Material Adverse Effect, (i) the Company and the Subsidiaries are presently in compliance with all applicable
laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of the Company’s or any Subsidiary’s information
technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers,
vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, “IT Systems and Data”)
and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification; (ii) the Company and
the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential
information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iii) the Company and the
Subsidiaries have implemented backup and disaster recovery technology consistent with commercially reasonable industry standards and
practices.

 

		(kk)	Office of Foreign Assets Control. Neither the Company
nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary
is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

		(ll)	U.S. Real Property Holding Corporation. The Company
is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of
1986, as amended, and the Company shall so certify upon Purchaser’s request.

 

		(mm)	Bank Holding Company Act. Neither the Company nor
any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company
nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares
of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to
the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling
influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

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		(nn)	Money Laundering. The operations of the Company and
its Subsidiaries are and have been conducted at all times in compliance with applicable financial record- keeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules
and regulations thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money
Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

		(oo)	Private Placement. Assuming the accuracy of the Purchasers’
representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale
of the Warrants or the Warrant Shares by the Company to the Purchasers as contemplated hereby.

 

		(pp)	No General Solicitation. Neither the Company nor any
Person acting on behalf of the Company has offered or sold any of the Warrant or Warrant Shares by any form of general solicitation or
general advertising. The Company has offered the Warrants and Warrant Shares for sale only to the Purchasers and certain other “accredited
investors” within the meaning of Rule 501 under the Securities Act.

 

		(qq)	No Disqualification Events. With respect to the Warrant
and Warrant Shares to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its
predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder,
any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power,
nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time
of sale (each, an “Issuer Covered Person”) is subject to any of the “Bad Actor” disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is
subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e),
and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

		(rr)	Other Covered Persons. Other than the Placement Agent,
the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly)
remuneration for solicitation of purchasers in connection with the sale of any Securities.

 

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		(ss)	Notice of Disqualification Events. The Company will
notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and
(ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer
Covered Person, in each case of which it is aware.

 

3.2   Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the
date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate
as of such date):

 

		(a)	Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated
or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right,
corporate, partnership limited liability company or similar power and authority to enter into and to consummate the transactions contemplated
by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction
Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by
all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each
Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance
with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

 

		(b)	Understandings or Arrangements. Such Purchaser is acquiring the Securities
                                                                                                                                                  as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or
                                                                                                                                                  regarding the distribution of such Securities (this representation and warranty not limiting such Purchaser’s right to sell
                                                                                                                                                  the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws).
                                                                                                                                                  Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business. Such Purchaser understands that the
                                                                                                                                                  Warrants and the Warrant Shares are “restricted securities” and have not been registered under the Securities Act or any
                                                                                                                                                  applicable state securities law and is acquiring such Securities as principal for his, her or its own account and not with a view to
                                                                                                                                                  or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state
                                                                                                                                                  securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable
                                                                                                                                                  state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding
                                                                                                                                                  the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this
representation and warranty not limiting such Purchaser’s right to sell such Securities pursuant to a registration statement or
otherwise in compliance with applicable federal and state securities laws).

 

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		(c)	Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the
date hereof it is, and on each date on which it exercises any Warrants, it will be either (i) an “accredited investor” as
defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act, or (ii) a “qualified institutional buyer”
as defined in Rule 144A(a) under the Securities Act.

 

		(d)	Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives,
has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks
of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able
to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

		(e)	Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the
Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to
ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and
conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about
the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it
to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such
Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser
with any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement
Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent
and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided
to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has
acted as a financial advisor or fiduciary to such Purchaser.

 

		(f)	Certain Transactions and Confidentiality. Other than consummating the transactions contemplated
hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly
or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as
of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company
setting forth the material terms, which terms include definitive pricing terms,
of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the
case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by
the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons
party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors, partners,
legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made
to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for
the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect
to locating or borrowing shares order to effect Short Sales or similar transactions in the future.

 

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		(g)	Independent Advice. Each Purchaser understands that nothing in this Agreement or any other materials
presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Securities constitutes legal, tax or
investment advice.

 

		(h)	General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement,
article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over
television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

The Company acknowledges
and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely
on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation
of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty, or preclude any actions, except as set forth in this Agreement, with respect to locating or borrowing shares
in order to effect Short Sales or similar transactions in the future.

 

Each Purchaser understands
and confirms that the Company will rely on the representations contained in this Section 3.2 in consummating the transactions contemplated
by this Agreement and the other Transaction Documents. Such Purchaser acknowledges and agrees that the Company does not make and has not
made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in
the Transaction Documents.

 

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ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

 4.1 Legends.

 

(a)   The
Warrants and Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer
of Warrants or Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate
of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide
to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which
opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
Warrant under the Securities Act.

 

(b)   The
Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Warrants or Warrant Shares in
the following form:

 

NEITHER THIS SECURITY
NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The Company acknowledges and agrees that
a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security
interest in some or all of the Warrants or Warrant Shares to a financial institution that is an “accredited investor” as defined
in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured
Warrants or Warrant Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company
and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no
notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable
documentation as a pledgee or secured party of Warrants and Warrant Shares may reasonably request in connection with a pledge or transfer
of the Warrants or Warrant Shares.

 

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(c)   Certificates
evidencing the Warrant Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof): (i) while a registration
statement covering the resale of such security is effective
under the Securities Act, or (ii) following any sale of such Warrant Shares pursuant to Rule 144, or (iii) if such Warrant Shares are
eligible for sale under Rule 144, or (iv) if such legend is not required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal
opinion to the Transfer Agent or the Purchaser promptly if required by the Transfer Agent to effect the removal of the legend hereunder,
or if requested by a Purchaser, respectively. If all or any portion of a Warrant is exercised at a time when there is an effective registration
statement to cover the resale of the Warrant Shares, or if such Warrant Shares may be sold under Rule 144 or if such legend is not otherwise
required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff
of the Commission) then such Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend
is no longer required under this Section 4.1(c) and until the Termination Date, the Company will, no later than the earlier of (i) two
(2) Business Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery
by a Purchaser to the Company or the Transfer Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive
legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing
such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions
to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Warrant Shares subject to legend removal
hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with
the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period” means the
standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common
Shares as in effect on the date of delivery of a certificate representing Warrant Shares issued with a restrictive legend.

 

(d) In
addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares (based on the VWAP of the Common Shares on the date such
Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10
per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading
Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue
and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so
delivered to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal
Date such Purchaser purchases (in an open market transaction or otherwise) Common Shares to deliver in satisfaction of a sale by
such Purchaser of all or any portion of the number of Common Shares, or a sale of a number of Common Shares equal to all or any
portion of the number of Common Shares, that such Purchaser anticipated receiving from the Company without any restrictive legend,
then an amount equal to the excess of such Purchaser’s total purchase price (including brokerage commissions and other
out-of-pocket expenses, if any) for the Common Shares so purchased (including brokerage commissions and other out-of-pocket
expenses, if any) (the “Buy-In Price”) over the product of (A) such number of Warrant Shares that the Company was
required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common
Shares on any Trading Day during the period commencing on the date of the delivery by such Purchaser to the Company of the
applicable Warrant Shares (as the case may be) and ending on the date of such delivery and payment under this Section 4.1(d). The
liquidated damages amount set forth in this Section 4.1(e) shall not be duplicative of an identical liquidated damages amount set
forth in Section 2(d)(iv) of the Warrant.

 

 (e) The Shares shall be issued free of legends.

 

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4.2 Furnishing of Information; Public Information.

 

(a)   Until
the earliest of the time that (i) no Purchaser owns Securities, (ii) the Warrants have expired and (iii) such date on which the Company
is acquired, is liquidated or completes a going private transaction in a transaction where the Common Stock is no longer outstanding (the
“Termination Date”), the Company covenants to timely file (or obtain extensions in respect thereof and file within
the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act.

 

(b)   At
any time during the period commencing from the six (6) month anniversary of the date hereof and ending on the earlier of the Termination
Date and such time that all of the Warrant Shares may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1)
and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current
public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in
the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”)
then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated
damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Warrant Shares, an amount in cash
equal to two percent (2.0%) of the aggregate Exercise Price of such Purchaser’s Warrants on the day of a Public Information Failure
and on every thirtieth (30th) day (pro rated for periods totaling less than thirty days) thereafter until the earlier of (a)
the date such Public Information Failure is cured and (b) such time that such public information is no longer required for the Purchasers
to transfer the Warrant Shares pursuant to Rule 144. The payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b)
are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments shall be paid
on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the
third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the
event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall
bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s
right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available
to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

4.3 Integration. The Company shall
not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the
Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration
under the Securities Act of the sale of the Warrants or Warrant Shares or that would be integrated with the offer or sale of the
Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to
the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

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4.4 Securities Laws Disclosure;
Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms of the transactions
contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the
Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents
to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by
the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the
transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company
acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral,
between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the
one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company understands and
confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. The
Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions
contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public
statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent
of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed,
except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior
notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of
any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market,
without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing
of final Transaction Documents with the Commission, and (b) to the extent such disclosure is required by law or Trading Market
regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause
(b).

 

4.5   Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser
is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser
could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents
or under any other agreement between the Company and the Purchasers.

 

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4.6 Non-Public Information. Except
with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be
disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will
provide any Purchaser or its agents or counsel with any information that constitutes or the Company reasonably believes constitutes
material non-public information, unless prior thereto such Purchaser shall have entered into a written agreement with the Company
regarding the confidentiality and use of such information. The Company understands and confirms that each Purchaser shall be relying
on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company delivers any
material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that
such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective
officers, directors, agents, employees or Affiliates, or a duty to the Company, and of its Subsidiaries or any of their respective
officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided
that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction
Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms
that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.7   Use
of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes and general
corporate procedures, including the purchase of any pending or future acquisitions, and shall not use such proceeds: (a) for the satisfaction
of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business
or repayment of obligations outstanding as of the date of this Agreement consistent with prior practices), (b) for the redemption of any
shares of Common Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or
OFAC regulations or similar applicable regulations.

 

4.8 Indemnification of Purchasers.
Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors, officers,
shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members,
partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a
lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all
losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in
settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or
incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the
Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any
capacity (including a Purchaser Party’s status as an investor), or any of them or their respective Affiliates, by the Company
or any stockholder of the Company who is not an Affiliate of such Purchaser Party, arising out of or relating to any of the
transactions contemplated by the Transaction Documents. For the avoidance of doubt, the indemnification provided herein is intended
to, and shall also cover, direct claims brought by the Company against the Purchaser Parties; provided, however, that such
indemnification shall not cover any loss, claim, damage or liability to the extent it is finally judicially determined to be
attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such
Purchaser Party in any Transaction Document or any conduct by a Purchaser Party which is finally judicially determined to constitute
fraud, gross negligence or willful misconduct. If any action shall be brought against any Purchaser Party in respect of which
indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and, except
with respect to direct claims brought by the Company, the Company shall have the right to assume the defense thereof with counsel of
its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel
in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such
Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing,
(ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action
there is, in the reasonable opinion of counsel to the applicable Purchaser Party (which may be internal counsel), a material
conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be
liable to any Purchaser Party under this Agreement for any settlement by a Purchaser Party effected without the Company’s
prior written consent, which shall not be unreasonably withheld or delayed. In addition, if any Purchaser Party takes actions to
collect amounts due under any Transaction Documents or to enforce the provisions of any Transaction Documents, then the Company
shall pay the costs incurred by such Purchaser Party for such collection, enforcement or action, including, but not limited to,
attorneys’ fees and disbursements. The indemnification and other payment obligations required by this Section 4.8 shall be made by
periodic payments of the amount thereof during the course of the investigation, defense, collection, enforcement or action, as and
when bills are received or are incurred; provided, that if any Purchaser Party is finally judicially determined not to be entitled
to indemnification or payment under this Section 4.8, such Purchaser Party shall promptly reimburse the Company for any payments
that are advanced under this sentence. The indemnity agreements contained herein shall be in addition to any cause of action or
similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to
law.

 

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4.9   Listing
of Shares. The Company hereby agrees to use commercially reasonable best efforts to maintain, until the Termination Date, the listing
or quotation of the shares of Common Stock on each Trading Market on which each is currently listed, and concurrently with the Closing,
the Company shall apply to list or quote all of the shares of Common Stock on such Trading Markets and promptly secure the listing of
all of the shares of Common Stock on such Trading Markets. The Company further agrees, if the Company applies to have the Common Stock
traded on any other Trading Market, it will then include in such application all of the shares of Common Stock and Warrant Shares, and
will take such other action as is necessary to cause all of the shares of Common Stock and Warrant Shares to be listed or quoted on such
other Trading Market as promptly as possible. The Company will then take all action reasonably necessary, until the Termination Date,
to continue the listing and trading of the Common Stock on a Trading Market and will comply in all material respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to use commercially reasonable
efforts to maintain, until the Termination Date, the eligibility of the for electronic transfer through the Depository Trust Company or
another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or
such other established clearing corporation in connection with such electronic transfer.

 

4.10 Subsequent Equity Sales.

 

		(a)	From the date hereof until the later of (i) ninety (90) days
after the Closing Date or (ii) the date on which the Resale Registration Statement (as hereinafter defined) registering for resale all
of the Warrant Shares is declared effective by the Commission, neither the Company nor any Subsidiary shall (i) issue, enter into any
agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents or (ii) file
any registration statement or amendment or supplement thereto, other than the Prospectus Supplement, the Resale Registration Statement
or filing a registration statement on Form S-8 in connection with any employee benefit plan.

 

		(b)	From the date hereof until the twelve (12) month anniversary of the Closing Date, the Company shall be
prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of shares of
Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction; provided, however
that such restriction shall only apply from the date hereof until the later of (i) the six (6) month anniversary of the Closing Date or
(ii) the date on which the Resale Registration Statement (as hereinafter defined) registering for resale all of the Warrant Shares is
declared effective by the Commission, with respect to an “at the market offering.” “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or
exercisable for, or include the right to receive additional shares of Common Stock either (A) at a conversion price, exercise price or
exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at any time
after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to
being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for shares of Common Stock or (ii) enters into, or
effects a transaction under, any agreement, including, but not limited to, an equity line of credit or an “at the market offering”,
whereby the Company may issue securities at a future determined price regardless of whether shares pursuant to such agreement have actually
been issued and regardless of whether such agreement is subsequently canceled. Any Purchaser shall be entitled to obtain injunctive relief
against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

		(c)	Notwithstanding the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance, except
that no Variable Rate Transaction shall be an Exempt Issuance.

 

4.11 Equal Treatment of Purchasers.
No consideration (including any modification of the Transaction Documents) shall be offered or paid to any Person to amend or
consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to
all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to
each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers
as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase,
disposition or voting of the shares of Common Stock or otherwise.

 

    29

     

    

 

4.12   Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor
any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales
of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that
the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section
4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated
by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser
will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules.
Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges
and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions
in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant
to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions
in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser
shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after
the issuance of the initial press release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that
is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and
the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of
such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio
manager that made the investment decision to purchase the Securities covered by this Agreement.

 

4.13   Exercise
Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the Purchasers
in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required of the Purchasers
to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required in order to exercise the
Warrants. The Company shall honor exercises of the Warrants and shall deliver shares of Common Stock and/or Warrant Shares in accordance
with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.14 Reservations of Shares. As of
the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of
preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue shares of Common
Stock pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

 

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4.15   Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Warrant and Warrant Shares as required under Regulation
D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for, or to qualify the Warrant and Warrant Shares for, sale to the Purchasers at
the Closing under applicable securities or “Blue Sky” laws of the states of the United States and shall provide evidence of
such actions promptly upon request of any Purchaser.

 

4.16   Registration
Statement. As soon as practicable (and in any event within 30 calendar days of the date of this Agreement), the Company shall file
a registration statement on Form S-1 (or Form S-3, if available) providing for the resale by the Purchasers of the Warrant Shares issued
and issuable upon exercise of the Warrants (the “Resale Registration Statement”). The Company shall use commercially
reasonable efforts to cause such Resale Registration Statement to become effective within sixty (60) calendar days (or ninety (90) calendar
days in the event the Commission elects to review such Resale Registration Statement) following the Closing Date and to keep such Resale
Registration Statement effective at all times until the earlier of the Termination Date and such date as no Purchaser owns any Warrants
or Warrant Shares issuable upon exercise thereof.

 

4.17   Lock-Up
Agreements. The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend
the term of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any party to
a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its best efforts to seek specific performance
of the terms of such Lock-Up Agreement.

 

ARTICLE V.

MISCELLANEOUS

 

5.1   Termination.
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever
on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated
on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect
the right of any party to sue for any breach by any other party (or parties).

 

5.2   Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without
limitation, any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered
by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

 

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5.3   Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement,
contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

5.4   Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30
p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading
Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party
to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages
attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-
public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K.

 

5.5   Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in
the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial
Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought,
provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers),
the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any
party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the
other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with
this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

5.6   Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any
of the provisions hereof.

 

5.7 Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may
not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by
merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or
transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities,
by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

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5.8   No
Third-Party Beneficiaries. The Placement Agent shall be the third-party beneficiary of the representations and warranties of the Company
in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended for the benefit of
the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

5.9   Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action, suit or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations
of the Company under Section 4.8, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding.

 

5.10   Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities for the applicable statute
of limitations.

 

5.11 Execution. This Agreement may be
executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page was an original thereof.

 

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5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by
a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same
or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and
restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13 Rescission and Withdrawal Right. Notwithstanding
anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever
any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its
related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time
to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future
actions and rights; provided, however, that in the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be
required to return any shares of Common Stock subject to any such rescinded exercise notice concurrently with the return to such Purchaser
of the aggregate exercise price paid to the Company for such shares and the restoration of such Purchaser’s right to acquire such
shares pursuant to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing such restored
right).

 

5.14   Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of
and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of
such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable
third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.15   Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may
not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby
agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would
be adequate.

 

5.16 Payment Set Aside. To the extent
that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or
exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof
are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to
be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without
limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such
restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and
effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

    34

     

    

 

5.17   Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several and
not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non- performance
of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently
protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.
Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For
reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through
Placement Agent Counsel, the legal counsel of the Placement Agent. Placement Agent Counsel does not represent any of the Purchasers and
only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for
the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood
and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser,
solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

5.18   Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

5.19   Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents
is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been
paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due
and payable shall have been canceled.

 

5.20   Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to
share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward share splits,
share dividends, share combinations and other similar transactions relating to shares of Common Stock that occur after the date of this
Agreement.

 

5.21 WAIVER OF JURY TRIAL. IN ANY ACTION,
SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY,
TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER
TRIAL BY JURY.

 

(Signature Pages Follow)

 

    35

     

    

 

 

IN WITNESS WHEREOF, the parties
hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

 

	American Virtual Cloud Technologies, Inc.	 	Address for Notice:
	 	 	 
	By:	/s/ Kevin Keough          	 	 
	Name: 	Kevin Keough	 	Email:
	Title:	CEO	 	Fax:
	 	 	 
	With a copy to (which shall not constitute notice):	 	 
	 	 	 
	 	 	Email:
	 	 	Fax:

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

 

36EX-10.21

 Exhibit 10.21 

Execution Version 

16 October 2022 

FOSUN FASHION GROUP (CAYMAN) LIMITED 

LANVIN GROUP HOLDINGS LTD 

MERITZ SECURITIES CO., LTD. 
  

 
  

SHARE SUBSCRIPTION AGREEMENT 

in relation to the shares of 

FOSUN FASHION GROUP (CAYMAN) LIMITED 
  

 
  

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 PREAMBLE
	  	 	1	 
	 1.
	 	 SUBSCRIPTION
	  	 	1	 
	 2.
	 	 PRICE
	  	 	1	 
	 3.
	 	 CLOSING
	  	 	2	 
	 4.
	 	 WARRANTIES
	  	 	3	 
	 5.
	 	 UNDERTAKINGS
	  	 	4	 
	 6.
	 	 CONDITIONS TO CLOSING
	  	 	10	 
	 7.
	 	 INVESTOR PUT OPTION
	  	 	11	 
	 8.
	 	 COMPANY CALL OPTION
	  	 	13	 
	 9.
	 	 MANDATORY PUT OPTION
	  	 	15	 
	 10.
	 	 EVENT OF DEFAULT; DEFAULT
INTEREST
	  	 	15	 
	 11.
	 	 SECURITY
	  	 	16	 
	 12.
	 	 TERMINATION
	  	 	18	 
	 13.
	 	 COSTS
	  	 	19	 
	 14.
	 	 ANNOUNCEMENTS
	  	 	19	 
	 15.
	 	 CONFIDENTIALITY
	  	 	19	 
	 16.
	 	 ASSIGNMENT
	  	 	20	 
	 17.
	 	 FURTHER ASSURANCES
	  	 	20	 
	 18.
	 	 NOTICES
	  	 	20	 
	 19.
	 	 WHOLE AGREEMENT
	  	 	21	 
	 20.
	 	 WAIVERS, RIGHTS AND
REMEDIES
	  	 	21	 
	 21.
	 	 COUNTERPARTS
	  	 	21	 
	 22.
	 	 VARIATIONS
	  	 	22	 
	 23.
	 	 INVALIDITY AND CONFLICTS
	  	 	22	 
	 24.
	 	 THIRD PARTY ENFORCEMENT
RIGHTS
	  	 	22	 
	 25.
	 	 INDEMNIFICATION
	  	 	22	 
	 26.
	 	 GOVERNING LAW AND
JURISDICTION
	  	 	23	 
	 SCHEDULE 1 CLOSING ARRANGEMENTS
	  	 	24	 
	 SCHEDULE 2 COMPANY AND
PUBCO WARRANTIES
	  	 	26	 
	 SCHEDULE 3 INVESTOR WARRANTIES
	  	 	29	 
	 SCHEDULE 4 AMENDED AND
RESTATED MAA
	  			
	 SCHEDULE 5 SUBORDINATION
AGREEMENT
	  			
	 SCHEDULE 6 DEED OF
ADHERENCE
	  			
	 SCHEDULE 7
PRE-LIQUIDITY SECURITY DOCUMENTS
	  			
	 SCHEDULE 8 DISCLOSURE SCHEDULE
	  			
	 SCHEDULE 9 AMENDED MAA
	  			
	 SCHEDULE 10 FINANCIAL INDEBTEDNESS
AND REPAYMENT SCHEDULE
	  			
	 SCHEDULE 11 INVESTOR REGISTRATION
RIGHTS
	  	 	31	 
	 SCHEDULE 12 DEFINITIONS AND
INTERPRETATION
	  	 	48	 

 This Agreement is dated 16 October 2022 

Parties 
  

	1.	 Fosun Fashion Group (Cayman) Limited, an exempted company incorporated in the Cayman Islands with
company number 333622 and its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the Company); 

 

	2.	 Lanvin Group Holdings Limited, an exempted company incorporated in the Cayman Islands with company
number 382280 and its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (PubCo); and 

 

	3.	 Meritz Securities Co., Ltd., a corporation incorporated under the laws of the Republic of Korea having
its principal office at Three IFC, 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea 07326 (Investor), 

(each a Party in this Agreement and together, the Parties) 

Words and expressions used in this Agreement shall be interpreted in accordance with Schedule 12 (Definitions and Interpretation). 

Preamble 
  

	(A)	 The Company wishes to allot and issue to Investor, and Investor wishes to subscribe from the Company, the
Subscription Shares and the Collateral Share on and subject to the terms of this Agreement. 

  

	(B)	 The Parties wishes to enter into this Agreement to set out the rights and obligations that they will have in
connection with the issuance and subscription of the Subscription Shares and the Collateral Share. 

 IT IS NOW AGREED: 

 

	1.	 Subscription 

Subject to the terms of this Agreement, the Company shall allot and issue to Investor, and Investor shall subscribe for 18,569,282 Ordinary Shares (the
Subscription Shares) and one (1) Collateral Share to be newly issued by the Company free and clear from any Encumbrance upon Closing and with rights and restrictions attached to them as set out in the MAA (Subject to Clause 3, the
Transaction). The Company shall ensure that the Subscription Shares allotted and issued to Investor shall be issued as fully paid and rank pari passu in all respects with all other Ordinary Shares in issue or to be issued by the
Company as at the Closing Date. 
  

	2.	 Price 

  

	2.1	 The subscription price for the Subscription Shares shall be US$49,999,999 and the subscription price for the
Collateral Share shall be US$1 (collectively the Subscription Price). 

  
 1 

	2.2	 Subject to Closing taking place in accordance with this Agreement: 

 

	 	(a)	 Investor will pay US$25,000,000 out of the Subscription Price to the Company Bank Account on the Closing Date
with the remainder of the Subscription Price withheld by the Investor for the purposes of securing the Company’s obligations under this Agreement; and 

  

	 	(b)	 provided that no Event of Default has occurred and is subsisting on the Liquidity Date, Investor will release
US$25,000,000 out of the Subscription Price to the Company Bank Account within 5 Business Days of receipt of a written notice from the Company or PubCo of the Liquidity Date (Release Amount) and for the avoidance of doubt,
notwithstanding anything else in this Agreement, if an Event of Default has occurred and is subsisting on the Liquidity Date, the Release Amount will not be released by Investor under this clause 2.2(b). 

 

	2.3	 If the Release Amount is not released to the Company Bank Account in accordance with clause 2.2, Investor shall
immediately surrender those ordinary shares of Pubco that is converted from 9,284,641 Ordinary Shares of the Company in the De-SPAC Transaction to Pubco at nil consideration. If the Release Amount is not
released by Investor to the Company Bank Account due to the occurrence of an Event of Default in accordance with clause 2.2, the Parties agree that Investor shall not bear any additional liability in respect of those ordinary shares of Pubco
surrendered in accordance with this clause 2.3. 

  

	3.	 Closing 

  

	3.1	 Subject to the satisfaction or waiver (by the applicable Party) in writing of the conditions precedent set
forth in Clause 6 (other than conditions that by their nature are to be satisfied on the Closing Date, but subject to the satisfaction or waiver (by the applicable Party) of those conditions on the Closing Date), Closing shall take place on the
Business Day after the last condition precedent set forth in Clause 6 is satisfied or waived or a later date mutually agreed by the Company and Investor in writing (the Closing Date). 

 

	3.2	 At or prior to the Closing Date, each of the Company, PubCo, Investor shall deliver or perform (or ensure that
there is delivered or performed) all those documents, items and actions respectively listed in relation to that Party in Schedule 1 (Closing Arrangements). 

 

	3.3	 Neither the Company or PubCo (on the one hand) nor Investor (on the other) is obliged to complete the
Transaction in accordance with this Agreement (or the payment of Subscription Price) unless the other Party has complied with all of its relevant obligations in Schedule 1 (Closing Arrangements). 

 

	3.4	 If on Closing either the Company or PubCo (on the one hand) or Investor (on the other) fails to comply with any
of its obligations as set out in Schedule 1 (Closing Arrangements), then the non-defaulting Party shall be entitled (in addition to and without prejudice to other rights and remedies available) by
written notice to the Party in default on the date Closing would otherwise have taken place, to: 

  

	 	(a)	 require Closing to take place so far as practicable having regard to the defaults which have occurred;

  
 2 

	 	(b)	 notify the Party in default of a new date for Closing in which case the provisions of this clause 3 (other than
this clause 3.4) and Schedule 1 (Closing Arrangements) shall apply to Closing as so deferred; or 

  

	 	(c)	 terminate this Agreement (other than the Surviving Provisions), provided that such termination shall not affect
any accrued rights or liabilities of any Party in respect of damages for non-performance of any obligation falling due for performance prior to such termination. 

 

	3.5	 If, in accordance with clause 3.4(b), Closing is deferred and at such deferred Closing a Party fails to comply
with its obligations in Schedule 1 (Closing Arrangements), the non-defaulting Party shall have the right as set out in clauses 3.4(a) to 3.4(c) (inclusive) as if references to “Closing” were
references to the deferred Closing, but in any event, any Closing shall not be deferred more than twice under clause 3.4(b). 

  

	3.6	 If Closing does not take place on or before 31 October 2022 (or such later date as the Parties may agree
in writing), this Agreement shall automatically terminate (other than in respect of the Surviving Provisions) provided that such termination shall not affect any accrued rights or liabilities of any Party in respect of damages for non-performance of any obligation falling due for performance prior to such termination. 

  

	4.	 Warranties 

  

	4.1	 Subject to the matters as disclosed in the Disclosure Schedule, the Company represents and warrants to Investor
as at the date of this Agreement and at the Closing Date in the terms of the Company Warranties. Each of Company Warranties shall be construed as a separate and independent warranty. 

 

	4.2	 The Company shall immediately disclose to Investor any matter or thing which arises or of which it becomes
aware after entering into this Agreement which is inconsistent with or a breach of any of the Company Warranties or which will or may be a breach of any Company Warranty when they are repeated at Closing. 

 

	4.3	 Subject to the matters as disclosed in the Disclosure Schedule, Investor may claim that any of the Company
Warranties is or was untrue or misleading or has or had been breached even if Investor discovered on or before entering into this Agreement or before Closing that the Company Warranty in question was untrue, misleading or had been breached.

  

	4.4	 Subject to the matters as disclosed in the Disclosure Schedule, PubCo represents and warrants to Investor as at
the date of this Agreement and at the Closing Date in the terms of the PubCo Warranties. Each of PubCo Warranties shall be construed as a separate and independent warranty. 

 

	4.5	 The PubCo shall immediately disclose to Investor any matter or thing which arises or of which it becomes aware
after entering into this Agreement which is inconsistent with or a breach of any of the PubCo Warranties or which will or may be a breach of any PubCo Warranty when they are repeated at Closing. 

 

	4.6	 Subject to the matters as disclosed in the Disclosure Schedule, Investor may claim that any of the PubCo
Warranties is or was untrue or misleading or has or had been breached even if Investor discovered on or before entering into this Agreement or before Closing that the PubCo Warranty in question was untrue, misleading or had been breached.

  
 3 

	4.7	 Investor represents and warrants to the Company as at the date of this Agreement and at the Closing Date in the
terms of the Investor Warranties. Each of Investor Warranties shall be construed as a separate and independent warranty. 

  

	5.	 Undertakings 

  

	5.1	 Subject to clauses 7, 8 and 9, 

 

	 	(a)	 at any time before the completion of the IPO and within six (6) months after the completion of the IPO,
Investor shall not Transfer any Subscription Shares, Additional Shares or any shares of PubCo (if applicable, excluding any shares of PubCo which Investor acquires after the IPO); 

 

	 	(b)	 after an Event of Default has occurred before the Liquidity Date, Investor shall Transfer and should only
Transfer its shares in PubCo (excluding any shares of PubCo which Investor acquires after the IPO) pursuant to clause 11.2, provided that the transfer restriction under clause 5.1(a) shall immediately cease to apply; 

 

	 	(c)	 after an Event of Default has occurred on or after the Liquidity Date, Investor shall only Transfer any shares
of Pubco (excluding any shares of Pubco which Investor acquires after the IPO) through on-market transaction via a reputable broker on the stock exchange on which such ordinary shares of Pubco are traded,
provided that the transfer restriction under clause 5.1(a) shall immediately cease to apply; and 

  

	 	(d)	 subject to the above paragraphs (a), (b) and (c), after six (6) months of the completion of the IPO,
Investor shall only Transfer any shares of PubCo (excluding any shares of PubCo which Investor acquires after the IPO): 

  

	 	(i)	 through on-market transactions via a reputable broker on the stock
exchange on which such ordinary shares of PubCo are traded; or 

  

	 	(ii)	 through any off-market transactions provided that prior to any of such
transfer, Investor shall promptly deliver a written notice (the ROFR Transfer Notice) to PubCo, which ROFR Transfer Notice shall include (i) the number of the shares of PubCo proposed to be Transferred by Investor,
and (ii) the amount of the proposed consideration for the proposed Transfer and any other material terms and conditions upon which the proposed Transfer is to be made. For a period of three (3) Business Days following receipt of the ROFR
Transfer Notice, PubCo shall have the right, either by itself or by one or more third party investors as nominated by PubCo, to purchase all or a portion of the shares of PubCo subject to the ROFR Transfer Notice on the same terms and conditions as
set forth therein, by delivering a written notice to Investor within such three (3) Business Days period specifying the number of the shares of PubCo that PubCo intends to acquire from Investor (the ROFR Purchase Notice). PubCo
shall effect the purchase of the number of the shares of PubCo as specified in the ROFR Purchase Notice, including payment of the full purchase price, not more than two (2) Business Days after delivery of the ROFR Purchase Notice (the date of
payment, the ROFR Completion Date), and at the ROFR Completion Date Investor shall deliver to PubCo all necessary certificates representing valid title to the shares of PubCo that are subject to the ROFR Purchase Notice and such other
documents as may be necessary or appropriate to effect the transfer of the shares of PubCo that are subject to the ROFR Purchase Notice. Failure by PubCo or any of its nominee to provide its ROFR Purchase Notice within the three (3) Business
Days or pay the relevant full purchase price within two (2) Business Days after the delivery of ROFR Purchase Notice shall be deemed as a waiver to its rights under this clause 5.1(d)(ii), and Investor shall be permitted to Transfer any shares
of PubCo through any off-market transactions. 

  
 4 

	5.2	 At any time after the date of this Agreement and before the completion of IPO, unless with the prior written
consent of Investor, the Company shall not and shall procure none of its subsidiaries shall: 

  

	 	(a)	 create or permit to subsist any Encumbrance over any of its Material IP Rights or over any material property or
assets of the Company or its subsidiaries, other than for the purpose of securing any Financial Indebtedness that the Company and/or its subsidiaries are permitted to incur under clause 5.2(b); 

 

	 	(b)	 incur or repay any Financial Indebtedness, provided that: 

 

	 	(i)	 any Group Members (other than the Company) shall not be restricted from incurring any Financial Indebtedness as
long as the total Financial Indebtedness of the Group Members as reflected in the consolidated balance sheet of the Company does not exceed US$50,000,000; 

  

	 	(ii)	 no Group Members shall be restricted from repaying (x) any principal of any of the Financial Indebtedness
as set out in Part I of Schedule 10 in accordance with the respective repayment schedule thereunder; or (y) any interest of such Financial Indebtedness in relation to Part I of Schedule 10 that falls due, in each case provided that such
repayment is at all times subject to the terms and conditions set forth in the Subordination Agreement (to the extent applicable); 

  

	 	(iii)	 no Group Members shall be restricted from repaying (x) any principal of any revolving credit facility as
set out in Part II of Schedule 10; or (y) any interest of such revolving credit facility that falls due; 

  

	 	(iv)	 no Group Members shall be restricted from incurring or repaying any trading debt in its ordinary course of
business or any Permitted Financial Indebtedness; and 

  

	 	(v)	 the Company shall not be restricted from incurring any Financial Indebtedness from FIL or any of its Affiliates
as long as such Financial Indebtedness falls within the definition of Junior Debt under the Subordination Agreement. 

  
 5 

	 	(c)	 other than in relation to the IPO, acquire or agree to acquire an interest in a corporate body or merge or
consolidate with a corporate body or any other person, enter into any demerger transaction or participate in any other type of corporate reconstruction; 

  

	 	(d)	 other than in relation to the IPO, acquire or dispose of, or agree to acquire or dispose of, any material
assets, businesses or undertakings or any material revenues; 

  

	 	(e)	 make any amendments to the MAA, other than any amendments to the MAA necessary to effect the IPO;

  

	 	(f)	 declare, make or pay any dividend or other distribution; 

 

	 	(g)	 modify or terminate any rights under any of its contracts which are material to the businesses of any Group
Members; 

  

	 	(h)	 create, allot or issue any of its shares or agree, arrange or undertake to create, allot or issue any of its
shares; 

  

	 	(i)	 give or agree to give any option, right to acquire or call (whether by conversion, subscription or otherwise)
in respect of any of its share or loan capital; or 

  

	 	(j)	 enter into any contract, liability or commitment involve expenditure or liability which exceeds US$10,000,000.

  

	5.3	 The Parties agree that following the Closing, Investor shall have the right, at its sole and absolute
discretion, to nominate one (1) candidate to be elected as an Observer to the board of directors of the Company and to remove such Observer and nominate a replacement candidate from time to time for so long as Investor holds at least seventy
per cent. (70%) of the total number of Subscription Shares that are issued to Investor according to this Agreement (subject to any adjustment as a result of conversion of Subscription Shares into ordinary shares of PubCo in any De-SPAC Transaction and any share split or consolidation of ordinary shares of PubCo after the IPO, and Investor shall retain such right of appointment in PubCo provided that it holds the equivalent number of
ordinary shares of PubCo). The Company or PubCo, as the case may be, agrees and undertakes to take all necessary actions to effect the nomination, removal or replacement of such Observer proposed by Investor in accordance with this clause 5.2 to the
extent permissible under applicable law and listing rules. Investor shall cause such Observer to resign with immediate effect if and upon Investor ceases to hold at least seventy per cent. (70%) of the total number of Subscription Shares that are
issued to Investor according to this Agreement (subject to any adjustment as a result of conversion of Subscription Shares into ordinary shares of PubCo in any De-SPAC Transaction and any share split or
consolidation of ordinary shares of PubCo after the IPO, and Investor shall retain such right of appointment in PubCo provided that it holds the equivalent number of ordinary shares of PubCo). 

  
 6 

	5.4	 At the closing of the De-SPAC Transaction, the Company, PubCo and
Investor shall ensure: 

  

	 	(a)	 the conversion of the Subscription Shares into ordinary shares of PubCo whose rights and restrictions will be
set out in the Amended MAA, and 

  

	 	(b)	 the conversion of the Collateral Share into a certain class of a share of PubCo (the Superclass
Share) whose rights and restrictions will be set out in the Amended MAA, 

  

	 	 each of the Company and Investor shall exercise its voting rights and shall procure the amendment and adoption
of the Amended MAA as soon as practicable at the closing of the De-SPAC Transaction and PubCo shall provide (i) PubCo’s shareholders’ resolution to adopt the Amended MAA; and (ii) a stamped
copy of the Amended MAA duly filed with the Registrar of Companies in the Cayman Islands, in each case, as soon as practicable of the same becoming available. 

 

	5.5	 Subject to clause 5.4, Investor agrees to provide all assistance as the Company and PubCo may reasonably
require in connection with the consummation of the IPO including without limitation: 

  

	 	(a)	 agreeing to and voting for the IPO and transferring the Subscription Shares and the Collateral Share to PubCo
in exchange for the ordinary shares in PubCo that carry the same rights and restrictions as those rights and restrictions attached to the Subscription Shares as set out in the MAA and the Superclass Share; 

 

	 	(b)	 irrevocably waiving and agreeing not to exercise or assert, any and all rights, actions or claims under
Section 238 of the Companies Act of the Cayman Islands (as amended) (the Act) (including but not limited to the right to dissent from the merger, and the rights in s.238(12) and/or s.238(16) of the Act), and any other similar
statute in connection with the Second Merger (as defined in the Business Combination Agreement) and the Business Combination Agreement; and 

  

	 	(c)	 agreeing that the Shareholders Agreement shall be terminated upon the consummation of the IPO.

  

	5.6	 Subject to Investor’s final investment committee approval, Investor shall have the right (exercisable in
its sole and absolute discretion) to subscribe for, and upon receipt of Investor’s notice of such intention, PubCo shall agree to promptly issue and allot, up to a maximum number of 1,500,000 ordinary shares to be newly issued by PubCo (the
Additional Shares) at US$10 per share for a total maximum additional investment amount of US$15,000,000 (the Additional Price) on the date of completion of IPO (the Additional Closing Date).

  
 7 

	5.7	 The Parties agree that after the completion of the IPO, as long as Investor owns any shares of PubCo, PubCo, at
all times while it shall be reporting under the Securities Exchange Act of 1934, as amended, shall timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by PubCo after the
date hereof pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and shall promptly furnish Investor with true and complete copies of all such filings, unless filed through the SEC’s EDGAR system. PubCo
further covenants that it shall take such further action as Investor may reasonably request, all to the extent required from time to time, to enable Investor to sell the shares of PubCo held by Investor without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any customary legal opinions as to the availability of Rule 144. The Parties further agree that, following the expiration of the
transfer restrictions set forth in clause 5.1(a), if the shares in PubCo held by Investor are eligible to be sold without restriction under, and without PubCo being in compliance with the current public information requirements of, Rule 144 under
the Securities Act, or there is an effective registration statement covering the resale of such shares in PubCo, then at Investor’s request, PubCo will cause PubCo’s transfer agent to promptly remove any restrictive legend or notation set
forth in each register and book entry for such share, and each certificate (if any) evidencing such share. In connection therewith, if required by PubCo’s transfer agent, PubCo will promptly cause an opinion of counsel to be delivered to and
maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent to transfer such shares without any such legend or notation in any
relevant register and book entry. Upon the request of Investor, PubCo shall deliver to Investor a written certification of a duly authorized officer of PubCo as to whether it has complied with such requirements. 

 

	5.8	 If the Superclass Share Conversion takes place, the Parties agree that after the Superclass Share Conversion
Date: 

  

	 	(a)	 Investor shall only Transfer the shares of PubCo converted from the Superclass Share and any other shares of
PubCo then held by Investor (excluding any shares of PubCo which Investor acquires after the IPO) through on-market transactions via a reputable broker on the stock exchange on which the shares of PubCo are
traded (Share Disposal) and shall not Transfer any of these shares through any off-market transactions; 

  

	 	(b)	 immediately after Investor has realised the Agreed Return from the Share Disposal pursuant to clause 5.8(a)
above, Investor shall surrender to PubCo any remaining shares of PubCo converted from the Superclass Share and any other shares of PubCo then held by Investor (excluding any shares of PubCo which Investor acquires after the IPO) at nil
consideration; 

  

	 	(c)	 Investor shall have three (3) months after the later of (i) the Superclass Share Conversion Date and
(ii) all of the shares of PubCo received upon conversion of the Superclass Share are eligible to be sold without restriction under Rule 144 under the Securities Act, or there is an effective registration statement covering the resale of such
shares to complete the Share Disposal. If Investor continues to hold any remaining shares of PubCo converted from the Superclass Share and any other shares of PubCo (excluding any shares of PubCo Investor acquires after the IPO) after the expiration
of such three (3) month period, Investor shall surrender any such remaining shares of PubCo to PubCo at nil consideration. 

  
 8 

	5.9	 Subject to applicable law, attorney-client privilege and confidentiality obligations that bind the Group
Members, pending and following the Closing but before the completion of IPO, the Company shall procure that Investor and its Representatives: 

  

	 	(a)	 are given full access to all the books and records, documents, information, data and financial affairs,
including the statutory books, minute books, contracts, customer lists, supplier lists and leases of the Group Members; and 

  

	 	(b)	 may visit and inspect any premises of the Group Members and discuss the affairs, finances and accounts of the
Group Member with its officers and employees, 

  

	 	 in each case, at reasonable office hours with reasonable advance notice by Investor to the Company.

  

	5.10	 Following the date hereof, 

 

	 	(a)	 the Company shall prepare and deliver to Investor a certificate duly executed by the chief financial officer
(or its authorized signatory) of the Company, at month end of each calendar month before the completion of IPO, certifying that no Credit Event with respect to the Company has taken place on or prior to such date; 

 

	 	(b)	 PubCo shall be obliged to inform Investor, after the completion of IPO, occurrence of any Credit Event with
respect to PubCo promptly after the occurrence of such Credit Event and such notification shall include supporting documents and other relevant information for Investor to assess the occurrence of such Credit Event; and 

 

	 	(c)	 the Company or PubCo (as the case may be) shall procure that FIL to inform Investor occurrence of any Credit
Event with respect to FIL promptly after the occurrence of such Credit Event and occurrence of any Credit Event with respect to FTG as soon as practicable after such information becomes available to FIL and such notification shall include supporting
documents and other relevant information for Investor to assess the occurrence of such Credit Event. 

  

	5.11	 At any time after the date of this Agreement and before the Closing Date, the Company shall procure that each
Group Member continues to carry on business in the normal course in compliance with all laws and regulations applicable to it in all material respects and in substantially the same manner as its businesses have been carried on before the date of
this Agreement other than in relation to the IPO. 

  

	5.12	 At any time after the date of this Agreement and before the Closing Date, the Company shall procure each Group
Members takes all reasonable steps to preserve and protect its business and the Company shall notify Investor in writing promptly of any material adverse change in such business. 

 

	5.13	 After Investor delivers the Conversion Notice pursuant to the terms of this Agreement, PubCo undertakes to
Investor to prepare and deliver the Instruction Letter and Legal Opinion to the transfer agent pursuant to the Schedule 9. 

  

	5.14	 After Pubco delivers the Instruction Letter and Legal Opinion to the transfer agent of PubCo pursuant to the
terms of this Agreement, Pubco undertakes to Investor that it shall procure the completion of the Superclass Share Conversion pursuant to the Schedule 9. 

  
 9 

	5.15	 Within 30 days from Closing, the Company or PubCo undertakes to set up a bank account for the purposes of the Pre-Liquidity Cash Top Up pursuant to Clause 11.6(a) or Post-Liquidity Cash Top Up pursuant to Clause 11.7(a) and shall have security granted over such bank account in favour of Investor on terms and conditions
reasonably acceptable by Investor. 

  

	6.	 Conditions to Closing 

 

	6.1	 Conditions to Each Party’s Obligations. The obligations of each Party to consummate the Transaction
shall be subject to the fulfilment, at or prior to the Closing, of the following conditions: 

  

	 	(a)	 there shall not be in effect on the Closing Date any Law restraining, enjoining or otherwise prohibiting or
making illegal the consummation of the Transaction; 

  

	 	(b)	 the Subordination Agreement has been duly executed by the parties thereto; 

 

	 	(c)	 the Relationship Agreement has been duly executed by Investor and PubCo that: (i) imposes on Investor and
PubCo the same rights and obligations as those rights and obligations under clauses 2.2, 2.3, 5.1, 5.3, 5.4, 5.7, 5.8, 5.10(b) and 5.10(c), 5.13, 5.14, 5.15, 7, 8, 10, 11, 25, Schedule 9 and Schedule 11 of this Agreement (only to the extent they are
still applicable after the IPO) as if (x) any reference to the Company therein is a reference to PubCo, (y) any reference to the Subscription Shares is a reference to ordinary shares of PubCo, and (z) any reference to the Collateral
Share is a reference to the Superclass Share; and (ii) set out the agreed form of Amended MAA to be adopted on IPO (including the rights and privileges of the Superclass Share pursuant to Schedule 9) (the Relationship Agreement);

  

	 	(d)	 no existing shareholder in the Company has exercised its pre-emptive
right pursuant to clause 7 of the Shareholders Agreement and article 5.2 of the MAA in relation to the Transaction that would result in Investor not being able to subscribe for and receive the full amount of the Subscription Shares and the
Collateral Share on the Closing Date. 

  

	6.2	 Conditions to the Obligations of Investor. The obligations of Investor to consummate the Transaction
shall be subject to the fulfilment, at or prior to the Closing, of the following conditions: 

  

	 	(a)	 subject to the matters as disclosed in the Disclosure Schedule, each of the representations and warranties in
Schedule 2 shall be true and correct in all material respects as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specific date, which shall
be true and correct in all material respects as of that specific date); and 

  

	 	(b)	 the Company shall have duly performed and complied with, in all material respects, all covenants required by
this Agreement to be performed or complied with by it prior to or on the Closing Date. 

  
 10 

	6.3	 Conditions to the Obligations of the Company. The obligations of the Company to consummate the
Transaction shall be subject to the fulfilment, at or prior to the Closing, of the following conditions: 

  

	 	(a)	 each of the representations and warranties in Schedule 3 shall be true and correct in all material respects as
of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specific date, which shall be true and correct in all material respects as of that specific
date); and 

  

	 	(b)	 Investor shall have duly performed and complied with, in all material respects, all covenants required by this
Agreement to be performed or complied with by it prior to or on the Closing Date. 

  

	6.4	 Each Party shall use its all best efforts to cooperate and ensure that the conditions as specified in clause
6.1 shall be fulfilled as soon as practicable after the date of this Agreement. 

  

	7.	 Investor Put Option 

 

	7.1	 Investor shall have the right to sell all (and not only some) of the Subscription Shares then held by Investor
(prior to the occurrence of the IPO), or the ordinary shares of PubCo then held by Investor (after the occurrence of the IPO), to the Company or to PubCo (as the case may be), free and clear from any Encumbrance and with all rights attaching
thereto, upon the occurrence of any of the following events (each a Put Option Trigger Event) in accordance with this clause 7.1: 

  

	 	(a)	 the occurrence of any Credit Event in respect of the Company or PubCo; 

 

	 	(b)	 the occurrence of any Credit Event in respect of FIL or FTG before the Security Account Charge lapses in
accordance with its terms; 

  

	 	(c)	 Call Option 2 has lapsed in accordance with clause 8.6 or clause 8.7; or 

 

	 	(d)	 the third (3rd) anniversary of the Closing Date.

  

	 	 Pre-IPO Put Option 

 

	7.2	 If any Put Option Trigger Event under clauses 7.1(a) and 7.1(b) takes place before completion of the IPO,
Investor shall have the right to exercise the put option (the Pre- IPO Put Option) by serving the Company with a written notice (the Pre-IPO Put
Option Exercise Notice) within ninety (90) days from the date of occurrence of the applicable Put Option Trigger Event (the Pre-IPO Put Option Exercise Period). The Pre-IPO Put Option can only be exercised once in relation to all of the Subscription Shares then held by Investor on the date of the Pre-IPO Put Option Exercise Notice.

  

	7.3	 After receipt of the Pre-IPO Put Option Exercise Notice from Investor,
the Company shall be obliged to, within thirty (30) days of receipt, acquire the Subscription Shares (the date for such acquisition the Pre-IPO Put Option Completion Date) at a price equal
to the Agreed Return rounded to the nearest dollar (the Pre-IPO Put Option Price). 

  
 11 

	7.4	 On the Pre-IPO Put Option Completion Date, (a) the Company shall
procure the payment of the Pre-IPO Put Option Price to Investor; and (b) Investor shall deliver to the Company all necessary certificates representing valid title to the Subscription Shares that are
subject to the Pre-IPO Put Option and such other documents as may be necessary or appropriate to effect the transfer of the Subscription Shares that are subject to the
Pre-IPO Put Option to the Company, and (c) Investor shall surrender the Collateral Share by returning to the Company all necessary certificates representing the Collateral Share. The Company agrees to
provide all assistance as Investor may reasonably require in connection with the sale of Subscription Shares to the Company. In the event the Company fails to (x) procure the payment of the Pre-IPO Put
Option Price to Investor, or (y) complete the purchase of the Subscription Shares by the Company, within thirty (30) days of receiving the Pre-IPO Put Option Exercise Notice in accordance with this clause
7.4, Investor shall have recourse to the Pre-Liquidity Security pursuant to clause 11 below. 

  

	 	 Post-IPO Put Option 

 

	7.5	 If any Put Option Trigger Events under clauses 7.1 takes place after completion of the IPO, Investor shall have
the right to exercise the put option (the Post-IPO Put Option) by serving PubCo with a written notice (the Post-IPO Put Option Exercise
Notice, together with the Pre-IPO Put Option Exercise Notice, the Put Option Exercise Notice) and/ or Conversion Notice (at the sole discretion of Investor) within ninety (90) days
from the date of occurrence of the applicable Put Option Trigger Event (the Post-IPO Put Option Exercise Period together with the Pre-IPO Put Option
Exercise Period, the Put Option Exercise Period). The Post-IPO Put Option can only be exercised once in relation to all of the ordinary shares of PubCo then held by Investor on the date of the Post-IPO Put Option Exercise Notice. 

  

	7.6	 After receipt of the Post-IPO Put Option Exercise Notice from Investor,
PubCo shall be obliged to, within thirty (30) days of receipt, either (a) acquire all the ordinary shares of PubCo held by Investor (the date for such acquisition, the Post-IPO Put Option
Completion Date) at a price equal to the Agreed Return rounded to the nearest dollar (the Post-IPO Put Option Price); or (b) if Schedule 9 shall apply, and subsequent to the
Superclass Share Conversion and Share Disposal, pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal. 

  

	7.7	 On the Post-IPO Put Option Completion Date, (a) PubCo shall
procure the payment of the Post-IPO Put Option Price to Investor; (b) Investor shall deliver to PubCo all necessary certificates representing valid title to the ordinary shares of PubCo that are subject
to the Post-IPO Put Option and such other documents as may be necessary or appropriate to effect the transfer of the shares of PubCo that are subject to the Post-IPO Put
Option to PubCo, and (c) Investor shall surrender the Superclass Share by returning to PubCo all necessary certificates representing the Superclass Share. PubCo agrees to provide all assistance as Investor may reasonably require in connection
with the sale of ordinary shares of PubCo to PubCo. In the event PubCo fails to (x) procure the payment of the Post-IPO Put Option Price to Investor, (y) complete the purchase of the ordinary shares
of PubCo by PubCo, or (z) if Schedule 9 shall apply, and subsequent to the Superclass Share Conversion and Share Disposal, pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal, within thirty
(30) days of receiving the Post-IPO Put Option Exercise Notice in accordance with this clause 7.7, Investor shall have the recourse as set out in clause 11 below. 

  
 12 

	7.8	 The Put Option shall lapse after either of the following: 

 

	 	(a)	 in relation to the relevant Put Option Trigger Event, Investor fails to serve the Put Option Exercise Notice
within the applicable Put Option Exercise Period; or 

  

	 	(b)	 Investor has not exercised the Put Option by serving the Put Option Exercise Notice to the Company by the date
that falls ninety (90) days after the third (3rd) anniversary of the Closing Date. 

  

	7.9	 The Parties agree that the Company or PubCo, each as applicable, shall have the right to nominate one or more
third party investors to acquire the Subscription Shares or ordinary shares of PubCo (as the case may be) to be sold by Investor in accordance with this clause 7, subject to the applicable sanctions and anti-bribery laws or regulations. In the event
that such third party investors as nominated by the Company or PubCo (as the case may be) fails to (x) make the payment of the Pre-IPO Put Option Price or Post-IPO
Put Option Price (as the case may be) to Investor, or (y) complete the acquisition of the Subscription Shares or ordinary shares of PubCo (as the case may be) from Investor, within thirty (30) days of receiving the Pre-IPO Put Option Exercise Notice in accordance with clause 7.4 or the Post-IPO Put Option Exercise Notice in accordance with clause 7.7, Investor shall have the recourse as
set out in clause 11 below. 

  

	7.10	 Investor shall be responsible for its own Tax arising from its sale of the Subscription Shares or ordinary
shares of PubCo (as the case may be) to the Company or PubCo, or any third party investors nominated by the Company or PubCo (as the case may be) contemplated in any Put Option in accordance with this clause 7. 

 

	8.	 Company Call Option 

 

	8.1	 Subject to and after the completion of the IPO, PubCo shall have the right to acquire up to seventy per cent.
(70%) of all of the ordinary shares of PubCo then held by Investor from Investor, free and clear from any Encumbrance and with all rights attaching thereto (Call Option 1) after the date on which the Closing Price has been less than
fifty per cent. (50%) of the IPO Price for three (3) consecutive trading days (excluding any Disrupted Trading Days) on the stock exchange on which such ordinary shares of PubCo are traded (Call Option Trigger Event 1). In
exercising Call Option 1, PubCo shall acquire such number of ordinary shares of PubCo that is specified in the Call Option Exercise Notice in accordance with clause 8.3 at a price equal to the Agreed Return multiplied by a fraction, the numerator of
which is the total number of ordinary shares of PubCo that is subject to Call Option 1 and the denominator of which is the total number of Subscription Shares and Additional Shares that are issued to Investor according to this Agreement rounded to
the nearest dollar (subject to any adjustment as a result of conversion of Subscription Shares into ordinary shares of PubCo in any De-SPAC Transaction and any share split or consolidation of ordinary shares
of PubCo after the IPO) (Call Option Price 1). 

  
 13 

	8.2	 Provided that Call Option 1 has not been exercised, PubCo shall have the right to acquire from Investor all
(and not only some) of the ordinary shares of PubCo then held by Investor, free and clear from any Encumbrance and with all rights attaching thereto (Call Option 2, collectively with Call Option 1, the Call Options) after
the expiry of the eighteen (18) month period after the completion of the IPO (Call Option Trigger Event 2, collectively with the Call Option Trigger Event 1, each, a Call Option Trigger Event and together, the
Call Option Trigger Events). In exercising Call Option 2, PubCo shall acquire all of the ordinary shares of PubCo then held by Investor at a price equal to the higher of (a) the Agreed Return; or (b) the Market Price
multiplied by the number of ordinary shares of PubCo subject to the Call Option 2, rounded to the nearest dollar (Call Option Price 2, collectively with the Call Option Price 1, the Call Option Prices).

  

	8.3	 PubCo may exercise any of the Call Options by serving Investor with a written notice (the Call Option
Exercise Notice) within ninety (90) days from the date of occurrence of a Call Option Trigger Event. PubCo shall specify in the Call Option Exercise Notice a date that is no later than thirty (30) days after the date of the Call
Option Exercise Notice on which PubCo shall acquire and Investor shall sell the ordinary shares of PubCo subject to the Call Option at the applicable Call Option Price (the Call Option Completion Date). In exercising Call Option 1,
PubCo shall also specify in such Call Option Exercise Notice the number of ordinary shares of PubCo that PubCo intends to acquire from Investor. 

  

	8.4	 On the Call Option Completion Date, (a) PubCo shall procure the payment of the applicable Call Option
Price to Investor; (b) Investor shall deliver to PubCo all necessary certificates representing valid title to the ordinary shares of PubCo that are subject to the Call Option and such other documents as may be necessary or appropriate to effect
the transfer of the ordinary shares of PubCo that are subject to the Call Option to PubCo; and (c) only in the event the exercise of Call Option 2 is completed, Investor shall surrender the Superclass Share by returning to PubCo all necessary
certificates representing the Superclass Share. 

  

	8.5	 Call Option 1 in relation to the Call Option Trigger Event 1 shall lapse on the date that falls ninety
(90) days after the first occurrence of the Call Option Trigger Event 1 if PubCo has not exercised it before then. 

  

	8.6	 Call Option 2 shall lapse on the date that falls ninety (90) days after the end of the eighteen
(18) month period after the completion of the IPO if PubCo has not exercised it before then. 

  

	8.7	 The Parties may mutually agree in writing to cancel Call Option 2 at any time before the completion of the IPO.
And in the event of such, the Put Option of Investor under clause 7.1(c) shall lapse immediately on the date of such written agreement. 

  

	8.8	 The Parties agree that PubCo shall have the right to nominate one or more third party investors to acquire the
ordinary shares of PubCo to be purchased from Investor in accordance with this clause 8, subject to the applicable sanctions and anti-bribery laws or regulations. 

  
 14 

	8.9	 Investor shall be responsible for its own Tax arising from its sale of the ordinary shares of PubCo to PubCo or
any third party investors nominated by PubCo contemplated in any Call Option in accordance with this clause 8. 

  

	9.	 Mandatory Put Option 

 

	9.1	 If the Company fails to complete the IPO on or before January 26, 2023, Investor shall sell all (and not
only some) of the Subscription Shares to the Company free and clear from any Encumbrance and with all rights attaching thereto and the Company shall purchase all the Subscription Shares from Investor at a price equal to the Agreed Return rounded to
the nearest dollar (the Mandatory Put Option, and the price to be paid by the Company to Investor, the Mandatory Put Option Price) on a date that is specified by Investor (the Mandatory Put Option Completion
Date) by way of written notice to the Company thirty (30) days in advance. If Investor does not serve any written notice to the Company for such purpose before 26 June 2023, then the Mandatory Put Option Completion Date shall be on
26 July 2023. 

  

	9.2	 On the Mandatory Put Option Completion Date, (a) the Company shall procure the payment of the Mandatory
Put Option Price to Investor; and (b) Investor shall deliver to the Company all necessary certificates representing valid title to the Subscription Shares and such other documents as may be necessary or appropriate to effect the transfer of the
Subscription Shares to the Company, and (c) Investor shall surrender the Collateral Share by returning to the Company all necessary certificates representing the Collateral Share. The Company agrees to provide all assistance as Investor may
reasonably require in connection with the sale of Subscription Shares to the Company. In the event the Company fails to (x) procure the payment of Mandatory Put Option Price to Investor, or (y) complete the purchase of the Subscription
Shares by the Company, on the Mandatory Put Option Completion Date, Investor shall have the recourse as set out in clause 11 below. 

  

	9.3	 The Parties agree that the Company shall have the right to nominate one or more third party investors to
acquire the Subscription Shares to be sold by Investor in accordance with this clause 9, subject to the applicable sanctions and anti-bribery laws or regulations. In the event that such third party investors nominated by the Company fails to
(x) make the payment of Mandatory Put Option Price to Investor, or (y) complete the acquisition of the Subscription Shares from Investor, Investor shall have the recourse as set out in clause 11 below. 

 

	9.4	 Investor shall be responsible for its own Tax arising from its sale of the Subscription Shares to the Company
or any third party investors nominated by the Company in accordance with this clause 9. 

  

	10.	 Event of Default; Default Interest 

 

	10.1	 An event of default (the Event of Default) shall be deemed to have occurred:

  

	 	(a)	 if Investor exercises the Put Option and the Company or PubCo or any third party investors nominated by the
Company or PubCo (as the case may be) fails to: (i) purchase the Subscription Shares or the ordinary shares of PubCo (as the case may be) and pay Investor the Put Option Price; or (ii) pay Investor the shortfall amount if Investor has not
realised the Agreed Return from the Share Disposal, in each case, in accordance with clause 7 within thirty (30) days after receipt of the relevant Put Option Exercise Notice; 

  
 15 

	 	(b)	 In case of the Mandatory Put Option, the Company or any third party investors nominated by the Company (as the
case may be) fails to purchase the Subscription Shares and pay Investor the Mandatory Put Option Price on the Mandatory Put Option Completion Date; 

  

	 	(c)	 if Investor delivers a Top Up Exercise Notice to the Company or PubCo (as the case may be) upon the occurrence
of a Top Up Trigger Event and the Company or PubCo fails to: (i) fulfil its Top Up Obligation; (ii) purchase the Subscription Shares or the ordinary shares of PubCo then held by Investor (as the case may be); or (iii) pay Investor the
shortfall amount if Investor has not realised the Agreed Return from the Share Disposal, in each case, in accordance with clause 11.6 or clause 11.7 within three (3) Business Days after receipt of the Top Up Exercise Notice; or

  

	 	(d)	 if any existing shareholder of the Company challenges the issuance of the Subscription Shares and the
Collateral Share or the issuance of the Subscription Shares and the Collateral Share is declared to be void pursuant to any Governmental Order or by any Governmental Entity at any time after the Closing but before the completion of IPO which affects
Investor’s title to any of the Subscription Shares and the Collateral Share. 

  

	10.2	 If any Event of Default under clause 10.1 takes place before completion of the IPO, Investor shall be entitled
to a default interest at (24/365)% per day on any outstanding Put Option Price (the Default Interest) until the date when the Put Option Price is paid in full by the Company to Investor. 

 

	11.	 Security 

  

	11.1	 The Company shall ensure the creation and perfection of the
Pre-Liquidity Security in accordance with the terms of such Pre-Liquidity Security Documents to secure the Company’s performance of its obligation under clause 7
and clause 9 including any payment of Default Interest, if applicable, and any indemnity given by the Company to Investor under clause 25 (collectively the Secured Obligations). 

 

	11.2	 If an Event of Default occurs before the Liquidity Date, Investor shall have the right to enforce the Pre-Liquidity Security, to the extent there is any shortfall amount between the gross proceeds that Investor has realised from enforcement of the Pre-Liquidity Security and
the Agreed Return, the Company or PubCo (as the case may be) shall remain liable to pay any such shortfall amount to Investor by: 

  

	 	(a)	 acquiring all the Subscription Shares or the ordinary shares of PubCo then held by Investor (as the case may
be, excluding any shares of PubCo which Investor acquires after the IPO) at a price equal to such shortfall amount, rounded to the nearest dollar; and/or 

  
 16 

	 	(b)	 requiring Investor to sell, at the reasonable request of the Company or Pubco (as the case may be) and on terms
reasonably acceptable to the Investor (on the one hand) and the Company or Pubco (as the case may be) (on the other) , any or all of the Subscription Shares or the ordinary shares of PubCo then held by Investor (as the case may be) to any third
party investor(s), by delivering a written instruction to Investor setting out (i) the number of the Subscription Shares or the ordinary shares of PubC to be Transferred by Investor, and (ii) the amount of the consideration for such
Transfer. 

  

	11.3	 Immediately after Investor has realised the Agreed Return in accordance with this clause 11.2, Investor shall
surrender to PubCo any remaining Subscription Shares or the ordinary shares of PubCo then held by Investor (as the case may be, excluding any shares of PubCo which Investor acquires after the IPO) or any excess return beyond the Shortfall Amount
under 11.2(b) at nil consideration. 

  

	11.4	 Investor agrees to take the reasonable instructions from the Company or Pubco (as the case may be) and provide
all reasonable support in order for the Company or Pubco (as the case may be) to effect the transaction under 11.2(a) or 11.2(b) (to the extent applicable). 

  

	11.5	 If an Event of Default occurs after the Liquidity Date, Investor shall have the right to convert the Superclass
Share into the shares of PubCo upon the Event of Default and to the extent there is any shortfall amount between the gross proceeds that Investor has realised from the Share Disposal in accordance with clause 5.8 and the Agreed Return, PubCo shall
remain liable to pay any such shortfall amount to Investor. 

  

	11.6	 If a Pre-Liquidity Top Up Trigger Event occurs, Investor may deliver a
written notice (the Pre-Liquidity Top Up Exercise Notice) to the Company or PubCo, each as applicable, within fifteen (15) days after the date of the occurrence of the Pre-Liquidity Top Up Trigger Event requiring the Company or PubCo, each as applicable, to perform its Pre-Liquidity Top Up Obligation. The Company or PubCo, each as
applicable, shall, at its sole discretion, within three (3) Business Days after the receipt of the Pre- Liquidity Top Up Exercise Notice: 

 

	 	(a)	 perform its Pre-Liquidity Top Up Obligation by: 

 

	 	(i)	 depositing additional cash in US$ by way of cash account charge in favour of Investor (a Pre-Liquidity Cash Top Up); 

  

	 	(ii)	 procuring that FIL deposits in the Charged Securities Account additional shares of FTG (a Pre-Liquidity Share Top Up); or 

  

	 	(iii)	 making a combination of Pre-Liquidity Cash Top Up and Pre-Liquidity Share Top Up, 

  

	 	 	 to the extent that the value of the additional security provided to Investor in accordance with paragraph (i),
(ii) or (iii) above would increase the Pre- Liquidity Coverage Ratio to be no less than 200% (the Pre-Liquidity Top Up Obligation). For purposes of
this clause 11.6, the value of the additional shares of FTG in a Pre-Liquidity Share Top Up shall be determined by referring to the average closing price of the shares of FTG in three (3) consecutive
trading days period (excluding any Disrupted Trading Days) immediately before the date when FIL completes the Pre-Liquidity Share Top Up, in its equivalent US$ based on exchange rate published by Bloomberg
L.P. as at the Business Day immediately preceding the date when FIL completes the Pre-Liquidity Share Top Up; or 

  
 17 

	 	(b)	 acquire all the Subscription Shares or the ordinary shares of PubCo then held by Investor (as the case may be)
at a price equal to the Agreed Return rounded to the nearest dollar. 

  

	11.7	 If a Post-Liquidity Top Up Trigger Event occurs, Investor may deliver a written notice (the
Post-Liquidity Top Up Exercise Notice) and/or the Conversion Notice (at the sole discretion of Investor) to PubCo within fifteen (15) Business Days after the date of the occurrence of the Post-Liquidity Top Up Trigger Event
requiring PubCo to perform its Post-Liquidity Top Up Obligation. PubCo shall, at its sole discretion, within three (3) Business Days after the receipt of the Post-Liquidity Top Up Exercise Notice: 

 

	 	(a)	 perform its Post-Liquidity Top Up Obligation by: 

 

	 	(i)	 depositing additional cash in US$ by way of cash account charge in favour of Investor (a Post-Liquidity
Cash Top Up); or 

  

	 	(ii)	 procuring the pledge of additional ordinary shares of PubCo in favour of Investor (subject to being registered
under the Securities Act and such ordinary shares shall be included in an effective resale registration statement covering the resale of such shares by Investor upon Investor acquiring the power of sale or otherwise the power to dispose of such
shares pursuant to the relevant security agreement) (a Post-Liquidity Share Top Up), 

  

	 	 	 to the extent that the value of the additional security provided to Investor in accordance with paragraph
(i) and (ii) above together would increase the Post- Liquidity Coverage Ratio to be no less than 200% (the Post-Liquidity Top Up Obligation). For purposes of this clause 11.7, the value of the additional shares of PubCo in a
Post-Liquidity Share Top Up shall be determined by referring to the average closing price of the shares of PubCo in three (3) consecutive trading days period (excluding any Disrupted Trading Days) immediately preceding the date when PubCo
completes the Post-Liquidity Share Top Up; 

  

	 	(b)	 if Schedule 9 shall apply, and subsequent to the Superclass Share Conversion and Share Disposal, pay Investor
the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal; or 

  

	 	(c)	 acquire all of the ordinary shares of PubCo then held by Investor at a price equal to the Agreed Return rounded
to the nearest dollar. 

  

	12.	 Termination 

  

	12.1	 Other than in accordance with clauses 3.4(c), 3.5, 3.6 or 12.2, no Party shall be entitled to rescind or
terminate this Agreement in any circumstances whatsoever (whether before or after any Closing). This shall not exclude any liability for (or remedy in respect of) fraud or fraudulent misrepresentation. 

  
 18 

	12.2	 This Agreement shall terminate upon completion of the IPO and the terms of clauses 2.2, 2.3, 5.1, 5.3, 5.4,
5.7, 5.8, 5.10(b) and 5.10(c), 5.13, 5.14, 5.15, 7, 8, 10, 11, 25, Schedule 9 and Schedule 11 of this Agreement (only to the extent they are still applicable after the IPO) shall be replicated in the Relationship Agreement as if any reference to the
Company therein is a reference to PubCo, any reference to the Subscription Shares is a reference to the ordinary shares of PubCo, and any reference to the Collateral Share is a reference to the Superclass Share. 

 

	13.	 Costs 

  

	 	 Except as otherwise provided in this Agreement (or any other Transaction Documents), each Party shall be
responsible for its own Costs incurred in connection with the Proposed Transaction, other than that upon consummation of the Closing, the Company shall reimburse expenses (including legal costs and attorney’s fees) reasonably incurred by
Investor with respect to the negotiation and execution of the Transaction Documents not exceeding US$600,000 in aggregate, including any Tax and disbursements applicable to such expenses (Cost Reimbursement). 

 

	14.	 Announcements 

 

	14.1	 No Party (nor any of their respective Affiliates) shall release or despatch any announcement or circular in
connection with the existence or subject matter of this Agreement without the prior written consent of the other Party (such consent not to be unreasonably withheld or delayed). 

 

	14.2	 The restriction in clause 14.1 shall not apply to the extent that the announcement or circular is required by
applicable law or the rules of any stock exchange or regulatory or other supervisory body or authority of competent jurisdiction (including in connection with the IPO) provided that the Party (or its Affiliates) making the announcement, circular or
issuing the communication shall first inform the other Party of its intention to do so and take into account the reasonable comments of the other Party (provided that no prior notification to the other Party shall be required in relation to a
disclosure of interests filing required to be made by a Party in accordance with Part XV of the Securities and Futures Ordinance of Hong Kong (Chapter 571 of the Laws of Hong Kong)). 

 

	15.	 Confidentiality 

 

	15.1	 Each Party shall (and shall ensure that each of its Representatives shall) maintain information relating to the
provisions and subject matter of, and negotiations leading to, this Agreement in confidence and not disclose such information to any person except: 

  

	 	(a)	 as permitted by clause 14.2 (Announcements) or this clause 15 (Confidentiality); or

  

	 	(b)	 as the other Party approve in writing. 

 

	15.2	 Clause 15.1 shall not prevent disclosure (i) by a Party to its Representatives; or (ii) by a Party or
any of its Representatives to the extent it can demonstrate that: 

  

	 	(a)	 disclosure is required by applicable Law or by any stock exchange or any regulatory, governmental or antitrust
body having applicable jurisdiction (provided that the disclosing party shall first inform the other Party of its intention to disclose such information and take into account the reasonable comments of the other Party); 

  
 19 

	 	(b)	 disclosure is necessary in connection with the management of the Tax affairs of a Party or its Affiliates;

  

	 	(c)	 disclosure is of information which was lawfully in the possession of that Party or any of its Representatives
(in either case as evidenced by written records) without any obligation of secrecy before its being received or held; 

  

	 	(d)	 disclosure is of information which has previously become publicly available other than through that
Party’s action or failure to act (or that of its Representatives); 

  

	 	(e)	 disclosure is required for the purposes of facilitating the IPO or the Proposed Transaction; or

  

	 	(f)	 disclosure is required for the purpose of any arbitral or judicial proceedings to which the disclosing Party is
a party in a case where such disclosure is required by such proceedings. 

  

	16.	 Assignment 

  

	 	 Unless the Parties specifically agree in writing, no person shall assign, transfer, hold on trust or encumber
all or any of its rights under this Agreement nor grant, declare, create or dispose of any right or interest in any of them. Any purported assignment in contravention of this clause 16 (Assignment) shall be void. 

 

	17.	 Further Assurances 

 

	17.1	 Each Party shall execute, or procure the execution of, such further documents as may be required by applicable
law or be necessary to implement and give effect to this Agreement. 

  

	17.2	 Each Party shall procure that its Representatives comply with all obligations under this Agreement that are
expressed to apply to any such Representatives. 

  

	18.	 Notices 

  

	18.1	 Any notice to be given by one Party to the other Party in connection with this Agreement shall be in writing in
English and signed by or on behalf of the Party giving it. It shall be delivered by hand, email, registered post or courier using an internationally recognised courier company. 

 

	18.2	 A notice shall be effective upon receipt and shall be deemed to have been received: (a) at the time of
delivery, if delivered by hand, registered post or courier; or (b) at the time of transmission, if delivered by email. Where delivery occurs outside Working Hours, notice shall be deemed to have been received at the start of Working Hours on
the next following Business Day. 

  
 20 

	18.3	 The addresses and email addresses of the Parties for the purpose of clause 18.1 are: 

 

					
	Company	  	Address:	  	Email:
			
	 For the attention of:
  

Gong CHENG
	  	 Building S2, Bund Finance Center, No. 600 Zhongshan Rd East

No. 2, Shanghai, 200010, China
	  	roy.cheng@lanvin-group.com
			
	 PubCo
	  	Address:	  	Email:
			
	 For the attention of:
  

Yun CHENG
	  	 Building S2, Bund Finance Center, No. 600 Zhongshan Rd East

No. 2, Shanghai, 200010, China
	  	joann.cheng@lanvin-group.com
			
	Investor	  	Address:	  	Email:
			
	 For the attention of:
  

Ethan Lee
 Yuri Jung

Hobin Whang
	  	 Three IFC, 10 Gukjegeumyung-ro,

Yeongdeungpo-gu, Seoul, 07326, Republic of Korea
	  	 sanghwan.lee@meritz.co.kr

yuri.jung@meritz.co.kr
 hobin.whang@meritz.co.kr

  

	18.4	 Each Party shall notify the other Party in writing of a change to its details in clause 18.3 from time to time.

  

	19.	 Whole Agreement 

 

	19.1	 This Agreement and the other Transaction Documents together set out the whole agreement between the Parties in
respect of the subscription of the Subscription Shares and supersede any previous draft, agreement, arrangement or understanding, whether in writing or not, relating to the Proposed Transaction. 

 

	19.2	 Nothing in this clause 19 (Whole Agreement) shall limit any liability for (or remedy in respect of)
fraud or fraudulent misrepresentation. 

  

	20.	 Waivers, Rights and Remedies 

 

	 	 Except as expressly provided in this Agreement, no failure or delay by any Party in exercising any right or
remedy relating to this Agreement shall affect or operate as a waiver or variation of that right or remedy or preclude its exercise at any subsequent time. No single or partial exercise of any such right or remedy shall preclude any further exercise
of it or the exercise of any other remedy. 

  

	21.	 Counterparts 

  

	 	 This Agreement may be executed in any number of counterparts, and by each Party on separate counterparts. Each
counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective mode
of delivery. 

  
 21 

	22.	 Variations 

  

	 	 No variation, deletion, supplement, amendment or replacement of this Agreement shall be valid unless it is in
writing and duly executed by or on behalf of both Parties. 

  

	23.	 Invalidity and Conflicts 

 

	 	(a)	 Each of the provisions of this Agreement is severable. If any such provision is held to be or becomes invalid
or unenforceable under the applicable law of any jurisdiction, the Parties shall use all reasonable efforts to replace it with a valid and enforceable substitute provision the effect of which is as close to its intended effect as possible.

  

	 	(b)	 In the event of any conflict or inconsistency between this Agreement and the Shareholders Agreement, each of
the Company and the PubCo shall undertake to do and perform or procure such third party to do and perform such further acts and things and shall execute and deliver all required documentations to give effect to this Agreement. 

 

	24.	 Third Party Enforcement Rights 

 

	 	 Except as expressly stipulated in this Agreement, this Agreement shall not grant any right to persons who are
not a party to this Agreement. 

  

	25.	 Indemnification 

 

	 	 Prior to the completion of the IPO, the Company irrevocably and unconditionally undertakes to and agrees with
Investor, and subsequent to the completion of the IPO, the PubCo irrevocably and unconditionally undertakes to and agrees with Investor, that if, 

  

	 	(a)	 the Company or any third-party investors nominated by the Company fails to either: (i) pay any Put Option
Price (or any Default Interest); or (ii) pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal, in each case, in accordance with this Agreement; 

 

	 	(b)	 any of the Put Option is or becomes unenforceable, invalid or unlawful under any applicable law;

  

	 	(c)	 the issuance and allotment of the Subscription Shares and the Collateral Share to Investor is or becomes
unenforceable, invalid, void, nullified, or unlawful under any applicable law before the completion of IPO; or 

  

	 	(d)	 subject to the Disclosure Schedule, Investor is unable to enforce its rights under the Shareholders Agreement
against the parties that have duly signed the Shareholders Agreement; 

  
 22 

	 	 the Company or the PubCo (as applicable) shall, as an independent and primary obligation, jointly and
severally, fully and effectively indemnify, keep indemnified and hold harmless Investor immediately from and against any loss, liability and reasonable Costs (including reasonable costs, suffered or incurred in investigating, settling or disputing
any such claim and in any way relating to or in connection with the indemnities) which Investor suffers or incurs arising, directly or indirectly out of, in respect of, in connection with or as a result of the matters set out in the above paragraph
(a), (b), (c) or (d), provided that, in the absence of any fraud from the Company or the PubCo (as applicable), the aggregate liability of the Company or the PubCo (as applicable) to Investor under this clause 25 shall in no event exceed the Agreed
Return plus any applicable Default Interest on such Agreed Return and any reasonable Costs actually incurred by Investor under this clause 25. 

  

	26.	 Governing Law and Jurisdiction 

 

	26.1	 This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of New York,
without giving effect to the principles of conflicts of laws that would otherwise require the application of the laws of any other jurisdiction. 

  

	26.2	 In the event of any dispute, controversy, difference or claim arising out of or relating to this Agreement,
including the existence, validity, interpretation, performance, breach or termination thereof, or any dispute regarding non-contractual obligations arising out of or relating to it, the Parties shall use best
efforts to resolve such dispute, controversy or claim amicably through discussions in good faith. If the Parties fail to resolve such dispute, controversy or claim amicably within thirty (30) days of the occurrence thereof, the Parties shall
submit to arbitration. Any such dispute shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre under the Arbitration Rules of the Singapore International Arbitration Centre (SIAC
Rules) for the time being in force. For the purpose of such arbitration, there shall be three (3) arbitrators appointed, and each of the claimant and the respondent shall appoint one (1) arbitrator and each such appointed
arbitrator shall agree upon and appoint the third (3rd) arbitrator. If the two (2) appointed arbitrators are unable to agree on a third
(3rd) arbitrator, the third (3rd) arbitrator shall be appointed in accordance with the SIAC Rules. The seat of arbitration shall be in
Singapore and the language of the arbitration shall be English. The arbitration shall be the sole and exclusive forum for resolution of any such dispute, controversy or claim and a decision rendered by the arbitral tribunal in such proceedings shall
be final and binding on the parties, without right of appeal. No Party shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by another Party in the arbitration proceedings or about the
existence, contents or results of the proceeding except as may be required by a Governmental Entity or as required in an action in aid of arbitration or for enforcement of an arbitral award. 

  
 23 

 Schedule 1 

Closing Arrangements 
 Part A : Company
Closing Obligations 
  

	1.	 At Closing, the Company shall deliver or ensure that there is delivered to Investor a copy of (to the extent
not delivered prior to Closing): 

  

	 	(a)	 the Company’s board resolution and shareholder general meeting resolution having approved the Proposed
Transaction, issuance of the Subscription Shares and Collateral Share, and the Transaction Documents to which the Company is a party; 

  

	 	(b)	 written consent from the shareholders of the Company in respect of waiver of the
pre-emption rights under the Shareholders Agreement and the MAA, i.e., Fosun Fashion Holdings (Cayman) Limited, Brilliant Fashion Holdings Limited, Yujing Fashion (BVI) Limited, Talent Insight Project Company
Limited, Lucky Palm Investments Limited, Baozun Hongkong Investment Limited, Stella International Limited, Stephenson Management Inc, ITOCHU Corporation, Target Gain International Limited, Fantasy Gamma Limited, Marco Ceccarelli and Paris Hilton
Enterprises, Inc.; 

  

	 	(c)	 the Company’s shareholder resolution to adopt the MAA provided that a stamped copy of the MAA duly filed
with the Registrar of Companies in the Cayman Islands shall be delivered by the Company to Investor promptly following the date on which it is received back from the Registrar of Companies; 

 

	 	(d)	 the resolutions of FIL’s executive committee of the board of directors to approve the Transaction
Documents to which FIL is a party; 

  

	 	(e)	 certificate of incorporation, memorandum and articles of association, register of directors, register of
members, certificate of incumbency and certificate of good standing for the Company; 

  

	 	(f)	 the share certificate representing the Subscription Shares and the share certificate representing the
Collateral Share being issued to Investor (with the original share certificate to be delivered to Investor as soon as practicable but in any event within ten (10) Business Days following the Closing Date); 

 

	 	(g)	 the updated register of members of the Company reflecting Investor as the owner of the Subscription Shares and
the Collateral Share; 

  

	 	(h)	 the Subordination Agreement duly entered into by FIL; 

 

	 	(i)	 the Deed of Adherence duly executed by the Company; 

 

	 	(j)	 the Pre-Liquidity Security Documents duly executed by FIL, together
with: 

  

	 	(i)	 notice of charge duly executed by FIL and delivered to Citibank, N.A., Hong Kong Branch in accordance with the
terms of the Security Account Charge; and 

  
 24 

	 	(ii)	 conditions of consent to account charge duly executed by FIL and Citibank, N.A., Hong Kong Branch in accordance
with the terms of the Security Account Charge; 

 Part B Investor Closing Obligations 

 

	1.	 At Closing, Investor shall: 

 

	 	(a)	 pay to the Company US$24,000,000 out of the Subscription Price by wire transfer of immediately available funds
in US$ to the Company Bank Account (after deducting the first Annual Cash Distribution payable from the Company to Investor on the Closing Date pursuant to the MAA, being US$1,000,000); 

 

	 	(b)	 deliver to the Company a copy of Investor’s corporate authorization document evidencing the due and valid
approval by Investor of the Proposed Transaction and the Transaction Documents to which Investor is a party (to the extent not delivered prior to Closing); and 

 

	 	(c)	 deliver to the Company a copy of the Subordination Agreement, the Pre-
Liquidity Security Documents, the Relationship Agreement and the Deed of Adherence duly executed by Investor (to the extent not delivered prior to Closing). 

Part C PubCo Closing Obligations 
  

	1.	 At Closing, Pubco shall deliver or ensure that there is delivered to Investor a copy of (to the extent not
delivered prior to Closing): 

  

	 	(a)	 the Relationship Agreement duly executed by PubCo; 

 

	 	(b)	 PubCo’s board resolution and shareholders resolution having approved the Transaction Documents to which
PubCo is a party; and 

  

	 	(c)	 certificate of incorporation, memorandum and articles of association, register of directors, register of
members, certificate of incumbency and certificate of good standing for PubCo. 

  
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 Schedule 2 

Company and PubCo Warranties 

Part A Company Warranties 
  

	1.	 The Company is validly incorporated, in existence, in good standing and duly registered under the laws of its
jurisdiction and has full power to conduct its business as conducted at the date of this Agreement. 

  

	2.	 The Company has obtained all corporate authorisations and all other governmental, statutory, regulatory or
other consents, licences and authorisations required to empower it to enter into and perform its obligations under this Agreement. 

  

	3.	 Entry into and performance by the Company of this Agreement will not: (i) breach any provision of its
constitutional documents; or (ii) result in a breach of any applicable laws or regulations in its jurisdiction of incorporation, any order, decree or judgment of any court or any Governmental Entity. 

 

	4.	 This Agreement will, when executed, constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy insolvency, reorganization, moratorium, and similar laws affecting creditors generally and by the availability of equitable remedies.

  

	5.	 No bankruptcy, insolvency or judicial composition proceedings concerning the Company has been applied for. So
far as the Company is aware, no circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition proceedings concerning the Company nor do any circumstances exist according to any applicable bankruptcy or
insolvency laws which would justify the avoidance of this Agreement. 

  

	6.	 Neither the Company nor any of its Representatives are Sanctions Targets, or act directly or indirectly on
behalf of any Sanctions Target. The Company is not incorporated, located, resident or carrying on a trade or business in a Sanctioned Country. So far as the Company is aware, the Company is in compliance with all applicable Sanctions and is not
engaged in any activities that would reasonably be expected to result in it being designated as a Sanctions Target. 

  

	7.	 None of the Company, any of its affiliates (as defined in Rule 405 under the Securities Act) or any person
acting on its or their behalf has engaged or will engage in any “directed selling efforts” (within the meaning of Regulation S), with respect to the Subscription Shares or the Collateral Share, and the Company is a “foreign
issuer” as defined in Regulation S. 

  

	8.	 Except as disclosed in Section 2.8 of the Disclosure Schedule, the information in relation to the Company
as disclosed in the registration statement on Form F-4 (File No. 333-266095) filed by Lanvin Group Holdings Limited, as latest amended on 27 September 2022
(“Form F-4”), to the Company’s knowledge, is true and accurate in all material respects. 

  
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	9.	 Except as disclosed in Section 2.9 of the Disclosure Schedule, the Shareholders Agreement has been duly
executed and entered into between the Company, FFH and other shareholders of the Company who have duly signed the Shareholders Agreement and constitutes valid and binding obligations of the Company in accordance with its terms and the Company has
the right to execute the Deed of Adherence for itself and as agent for and on behalf of all those shareholders who have duly signed the Shareholders Agreement. 

 

	10.	 The capitalization table of the Company immediately prior to Closing is set out in Section 2.10 of the
Disclosure Schedule and is true and accurate immediately prior to Closing. 

  

	11.	 Except for the SH Loan and those Financial Indebtedness set out in Schedule 10, (i) the Company has no
Financial Indebtedness as of 30 June 2022; and (ii) there are no other shareholders’ loan or intragroup borrowings of any Group Member that is not subject to subordination pursuant to the Subordination Agreement.

  

	12.	 The shareholder meeting minutes provided by the Company to Investor are true and correct copies of the
shareholder meeting minutes for the shareholder meeting which took place on 7 October 2022. 

  

	13.	 Except for the comfort letters that the Company has given in favour of the Group Members during audit process,
the Company has no recourse, obligation or liability to repay, perform, support or observe any of the obligations or liability pursuant to the Financial Indebtedness of any of the Group Members (other than the Company), and such Financial
Indebtedness is only enforceable against, and any claim or cause of action based upon, arising out of, or related to the Group Members (other than the Company). 

 

	14.	 The information contained in the Disclosed Information is true, complete, and accurate in all material
respects, except for those documents and information by their nature are forward-looking in connection with any performance forecast, business plan, industry developments or market trends of any business of any Group Member. 

 

	15.	 Except as set out in Schedule 10, none of the Group Member has any repayment obligations involving any credit
facility, loans or any other borrowings. 

 Part B PubCo Warranties 

 

	1.	 PubCo is validly incorporated, in existence, in good standing and duly registered under the laws of its
jurisdiction and has full power to conduct its business as conducted at the date of this Agreement. 

  

	2.	 PubCo has obtained all corporate authorisations and all other governmental, statutory, regulatory or other
consents, licences and authorisations required to empower it to enter into and perform its obligations under this Agreement. 

  

	3.	 Entry into and performance by the PubCo of this Agreement will not: (i) breach any provision of its
constitutional documents; or (ii) result in a breach of any applicable laws or regulations in its jurisdiction of incorporation, any order, decree or judgment of any court or any Governmental Entity. 

  
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	4.	 This Agreement will, when executed, constitute valid and binding obligations of PubCo, enforceable against
PubCo in accordance with its terms, except as such enforceability may be limited by bankruptcy insolvency, reorganization, moratorium, and similar laws affecting creditors generally and by the availability of equitable remedies.

  

	5.	 No bankruptcy, insolvency or judicial composition proceedings concerning PubCo has been applied for. So far as
PubCo is aware, no circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition proceedings concerning PubCo nor do any circumstances exist according to any applicable bankruptcy or insolvency laws
which would justify the avoidance of this Agreement. 

  

	6.	 Neither PubCo nor any of its Representatives are Sanctions Targets, or act directly or indirectly on behalf of
any Sanctions Target. PubCo is not incorporated, located, resident or carrying on a trade or business in a Sanctioned Country. So far as PubCo is aware, PubCo is in compliance with all applicable Sanctions and is not engaged in any activities that
would reasonably be expected to result in it being designated as a Sanctions Target. 

  

	7.	 None of PubCo, any of its affiliates (as defined in Rule 405 under the Securities Act) or any person acting on
its or their behalf has engaged or will engage in any “directed selling efforts” (within the meaning of Regulation S), with respect to the Subscription Shares or the Collateral Share, and PubCo is a “foreign issuer” as defined in
Regulation S. 

  

	8.	 Except as disclosed in Section 2.8 of the Disclosure Schedule, the information in relation to PubCo as
disclosed in the registration statement on Form F-4 (File No. 333- 266095) filed by Lanvin Group Holdings Limited, as latest amended on 27 September 2022 , to
PubCo’s knowledge, is true and accurate in all material respects. 

  
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 Schedule 3 

Investor Warranties 
  

	1.	 Investor is validly incorporated, in existence, in good standing and duly registered under the laws of its
jurisdiction of incorporation and has full power to conduct its business as conducted at the date of this Agreement. 

  

	2.	 Investor has obtained all corporate authorisations and all other governmental, statutory, regulatory or other
consents, licences and authorisations required to empower it to enter into and perform its obligations under this Agreement. 

  

	3.	 Entry into and performance by Investor of this Agreement will not: (i) breach any provision of its
constitutional documents; or (ii) result in a breach of any applicable laws or regulations in its jurisdiction of incorporation, or any order, decree or judgment of any court or any Governmental Entity to which it is a party or by which it is
bound. 

  

	4.	 This Agreement will, when executed, constitute valid and binding obligations of Investor, enforceable against
Investor in accordance with its terms, except as such enforceability may be limited by bankruptcy insolvency, reorganization, moratorium, and similar laws affecting creditors generally and by the availability of equitable remedies.

  

	5.	 No bankruptcy, insolvency or judicial composition proceedings concerning Investor has been applied for. So far
as Investor is aware, no circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition proceedings concerning Investor nor do any circumstances exist according to any applicable bankruptcy or
insolvency laws which would justify the avoidance of this Agreement. 

  

	6.	 Neither Investor nor any of its Representatives are Sanctions Targets, or act directly or indirectly on behalf
of any Sanctions Target. Investor is not incorporated, located, resident or carrying on a trade or business in a Sanctioned Country. So far as Investor is aware, Investor is in compliance with all applicable Sanctions and is not engaged in any
activities that would reasonably be expected to result in it being designated as a Sanctions Target. 

  

	7.	 Investor: 

  

	 	(a)	 is located outside the United States and is not a U.S. person (as defined in Rule 902 of Regulation S under the
Securities Act of 1933, as amended (the “Securities Act”)): 

  

	 	(b)	 is acquiring the Subscription Shares and the Collateral Share in an “offshore transaction” meeting
the requirements of Rule 903 of Regulation S under the Securities Act; 

  

	 	(c)	 understands that the offering meets the exemptions from filing under FINRA Rule 5123(c); 

 

	 	(d)	 is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating
investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; 

  
 29 

	 	(e)	 is aware that the sale to them is being made in reliance on a private placement exemption from, or in a
transaction not subject to, registration under the Securities Act, and the purchaser and the person, if any, for whose account or benefit the purchaser is acquiring the Subscription Shares and the Collateral Share offered pursuant to this Agreement,
was located outside of the United States and was not a U.S. person at the time (x) the offer was made to it and (y) when the buy order for such Subscription Shares and the Collateral Share was originated, and continues to be located
outside of the United States and not to be a U.S. person and has not purchased such Subscription Shares or the Collateral Share for the account or benefit of any person located in the United States or who is a U.S. person, or entered into any
arrangement for the transfer of such Subscription Shares or the Collateral Share or any economic interest therein to any person located in the United States or any U.S. person; 

 

	 	(f)	 is authorized to consummate the purchase of the Subscription Shares and the Collateral Share offered pursuant
to this Agreement in compliance with all applicable laws and regulations of the jurisdiction where such sales are to be made; 

  

	 	(g)	 has not acquired the Subscription Shares or the Collateral Share as a result of, and will not itself engage in,
any “directed selling efforts” (as defined in Rule 902 of Regulation S under the Securities Act) in the United States in respect of the Subscription Shares and the Collateral Share; and 

 

	 	(h)	 has not undertaken or carried out any activities for the purpose of, or that could reasonably be expected to
have the effect of, conditioning the market in the United States for the resale of any of the Subscription Shares or the Collateral Share. 

  
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 Schedule 11 

Investor Registration Rights 
  

	1.	 Registration Rights 

 

	1.1.	 Resale Registration Rights  

 

	 	1.1.1.	 Registration Statement Covering Resale of Registrable Securities. Within thirty (30) days after the
closing of the IPO, PubCo shall prepare and file or cause to be prepared and filed with the U.S. Securities and Exchange Commission (the Commission), a Registration Statement for an offering to be made on a continuous basis pursuant to
Rule 415 of the Securities Act or any successor thereto registering the resale from time to time by Investor of all of the Registrable Securities held by Investor (the Resale Registration Statement). The Resale Registration Statement
shall be on Form F-1 or another appropriate form permitting Registration of such Registrable Securities for resale. PubCo shall use commercially reasonable efforts to cause the Resale Registration Statement to
be declared effective as soon as possible after filing but in no event later than sixty (60) days thereafter, or one hundred and twenty (120) days thereafter if the Resale Registration Statement is reviewed by and receives comments from
the Commission; provided, however, that PubCo’s obligations to include the Registrable Securities held by Investor in the Resale Registration Statement are contingent upon Investor furnishing in writing to PubCo such information regarding
Investor, the securities of PubCo held by Investor and the intended method of disposition of the Registrable Securities as shall be reasonably requested by PubCo to effect the registration of the Registrable Securities, and Investor shall execute
such documents in connection with such registration as PubCo may reasonably request that are customary of a selling shareholder in similar situations. Once effective, PubCo shall use commercially reasonable efforts to keep the Resale Registration
Statement and prospectus included therein continuously effective and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, to ensure that another Registration Statement
is available, under the Securities Act at all times until the earliest of (i) the date on which all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended
method(s) of distribution set forth in such Registration Statement and (ii) the date on which all Registrable Securities and other securities covered by such Registration Statement have ceased to be Registrable Securities. The Registration
Statement filed with the Commission pursuant to this Section 1.1.1 shall contain a prospectus in such form as to permit Investor to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar
provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration Statement, and shall provide that such Registrable Securities may be sold pursuant to any method or combination of methods legally
available to, and requested by, Investor. 

  
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	 	1.1.2.	 Notification and Distribution of Materials. PubCo shall notify Investor in writing of the effectiveness of the
Resale Registration Statement as soon as practicable, and in any event within five (5) Business Days after the Resale Registration Statement becomes effective and shall furnish to them, without charge, such number of copies of the Resale
Registration Statement (including any amendments, supplements and exhibits), the prospectus contained therein (including each preliminary prospectus and all related amendments and supplements) and any documents incorporated by reference in the
Resale Registration Statement or such other documents as Investor may reasonably request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Registration Statement. 

 

	 	1.1.3.	 Amendments and Supplements. Subject to the provisions of Section 1.1.1, PubCo shall promptly prepare and
file with the Commission from time to time such amendments and supplements to the Resale Registration Statement and prospectus used in connection therewith as may be necessary to keep the Resale Registration Statement effective and to comply with
the provisions of the Securities Act with respect to the disposition of all the Registrable Securities during the Effectiveness Period. 

  

	 	1.1.4.	 SEC Cutback. Notwithstanding the registration obligations set forth in this Section 1.1, in the event the
Commission informs PubCo that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, PubCo agrees to promptly (i) inform
Investor thereof and use its commercially reasonable efforts to file amendments to the Resale Registration Statement as required by the Commission and/or (ii) withdraw the Resale Registration Statement and file a new registration statement (a
New Registration Statement), in either case covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form F-1; provided, however, that prior to
filing such amendment or New Registration Statement, PubCo shall be obligated to use its commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with any
publicly-available written or oral guidance, comments, requirements or requests of the Commission staff (the SEC Guidance), including without limitation, the Manual of Publicly Available Telephone Interpretations D.29. In the event
PubCo amends the Resale Registration Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, PubCo will use its commercially reasonable efforts to file with the Commission, as promptly as allowed by
the Commission or SEC Guidance provided to PubCo or to registrants of securities in general, one or more registration statements on Form F-1 or such other form available to register for resale those
Registrable Securities that were not registered for resale on the Resale Registration Statement, as amended, or the New Registration Statement. 

  

	 	1.1.5.	 Notice of Certain Events. PubCo shall promptly notify Investor in writing of any request by the Commission for
any amendment or supplement to, or additional information in connection with, the Resale Registration Statement required to be prepared and filed hereunder (or prospectus relating thereto). PubCo shall promptly notify Investor in writing of the
filing of the Resale Registration Statement or any prospectus, amendment or supplement related thereto or any post-effective amendment to the Resale Registration Statement and the effectiveness of any post-effective amendment. 

  
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	 	1.1.6.	 Selection of Underwriters. Investor shall have the right to select an Underwriter or Underwriters in connection
with an Underwritten Offering pursuant to the Resale Registration Statement, which Underwriter or Underwriters shall be reasonably acceptable to PubCo and shall consist of one or more reputable nationally recognized investment banks. In connection
with an Underwritten Offering, PubCo shall enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of the
Registrable Securities in such Underwritten Offering, including, if necessary, the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with the Financial Industry
Regulatory Authority, Inc. 

  

	 	1.1.7.	 Registrations effected pursuant to this Section 1.1 shall not be counted as Demand Registrations effected
pursuant to Section 1.2. 

  

	 	1.1.8.	 Block Trades. 

  

	 	(a)	 If a Demanding Holder (as defined below) wishes to consummate a Block Trade (on either a Commission registered
or non-registered basis), then notwithstanding the time periods and piggyback rights otherwise provided herein, such Demanding Holder shall, if it would like the assistance of PubCo, endeavor to give PubCo
sufficient advance notice in order to prepare the appropriate documentation for such transaction. Such Demanding Holder, if requesting a Commission registered underwritten Block Trade (1) shall give PubCo written notice of the transaction and
the anticipated launch date of the transaction at least five (5) Business Days prior to the anticipated launch date of the transaction, (2) PubCo shall be required to only notify the other Demanding Holders of the transaction and none of
the other Holders, (3) the other Demanding Holders shall have one (1) Business Day prior to the launch of the transaction to determine if they wish to participate in the Block Trade, and (4) PubCo shall include in the Block Trade only
shares held by the Demanding Holders. Any Registration effected pursuant to this Section 1.1.8 shall not be counted as Demand Registrations effected pursuant to Section 1.2. 

 

	 	(b)	 Investor in a Block Trade shall have the right to select the Underwriters for such Block Trade (which shall
consist of one or more reputable nationally recognized investment banks). 

  
 33 

	 	1.2.1.	 Request for Registration. At any time and from time to time after the closing of the IPO, expiration of a lock-up to which such shares are subject, if any, the Company Investors who hold US$50,000,000 of the Registrable Securities held by all the Company Investors, as the case may be, may make a written demand for
Registration under the Securities Act of all or any portion of their Registrable Securities on Form F-1 (or Form F-3 if it is available to be used by PubCo at such time,
or another appropriate form permitting Registration of the Registrable Securities for resale by such Holder). The registration requested pursuant to this Section 1.2.1 is referred to herein as a Demand Registration. Demand for a
Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. PubCo will notify all Holders of the demand, and each such Holder who wishes to include all or a
portion of such Holder’s Registrable Securities in the Demand Registration (each such Holder including shares of Registrable Securities in such registration, a Demanding Holder) shall so notify PubCo within fifteen (15) days
after the receipt by the Holder of the notice from PubCo. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 1.2.4 and the provisos set
forth in Section 2.1.1. PubCo shall not be obligated to effect: (a) more than one (1) Demand Registration during any six-month period; (b) any Demand Registration at any time there is an
effective Resale Registration Statement on file with the Commission pursuant to Section 1.1; or (c) more than two (2) Underwritten Demand Registrations in respect of all Registrable Securities held by the Company Investors, which, for the
avoidance of doubt, shall include any Underwritten Demand Registration made in pursuant to the Investor Rights Agreement. 

  

	 	1.2.2.	 Effective Registration. A Registration will not count as a Demand Registration unless and until (i) the
Registration Statement filed with the Commission with respect to such Demand Registration has been declared effective by the Commission and (ii) PubCo has complied with all of its obligations under this Schedule 11 with respect thereto;
provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other
governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further, that PubCo shall not be obligated
to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated. 

  

	 	1.2.3.	 Underwritten Offering. If the Demanding Holders so elect and such holders so advise PubCo as part of their
written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering with an estimated market value of at least US$50,000,000. In such event, the
right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the
extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such
underwriting by the Holders initiating the Demand Registration, and subject to the approval of PubCo. 

  
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	 	1.2.4.	 Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an
Underwritten Offering advises PubCo and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding Holders desire to sell, taken together with all other ordinary shares of PubCo
(PubCo Ordinary Shares) or other securities which PubCo desires to sell and PubCo Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other
shareholders of PubCo who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the Maximum Number of Shares), then PubCo shall include in such registration: (i) first, the Registrable Securities as
to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such person has requested be included in such registration, regardless of the number of shares held by each such
person (such proportion is referred to herein as Pro Rata)) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (i), PubCo Ordinary Shares or other securities that PubCo desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i) and (ii), PubCo Ordinary Shares or other securities for the account of other persons that PubCo is obligated to register pursuant to written contractual arrangements with such persons, as to which “piggy-back”
registration has been requested by the Holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares. 

  

	 	1.2.5.	 Withdrawal. If a
majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities in any
offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written notice to PubCo and the Underwriter or
Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the
majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then either the Demanding Holders shall reimburse
PubCo for the costs associated with the withdrawn registration (in which case such registration shall not count as a Demand Registration provided for in Section 1.2) or the withdrawn registration shall count as a Demand Registration provided
for in Section 1.2. Notwithstanding anything to the contrary in this Schedule 11, (i) PubCo may effect any Underwritten Registration pursuant to any then effective Registration Statement, that is then available for such offering, and
(ii) PubCo shall be responsible for the registration expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this Section 1.2.5. 

  
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	1.3.	 Piggy-Back Registration 

 

	 	1.3.1.	 Piggy-Back Rights. If PubCo proposes to file a Registration Statement under the Securities Act with respect to
an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by PubCo for its own account or for shareholders of PubCo for their account (or by PubCo and by
shareholders of PubCo including, without limitation, pursuant to Section 1.1), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or offering of
securities solely to PubCo’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of PubCo, (iv) filed on Form F-4 or
S-4 (or any successor form thereto) related to any merger, acquisition or business combination, (v) for a dividend reinvestment plan or (vi) filed in connection with a Block Trade by one or more
Holders in accordance with Section 1.1.8, then PubCo shall (x) give written notice of such proposed filing to Investor as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice
shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to Investor in
such notice the opportunity to register the sale of such number of shares of Registrable Securities that are not subject to any transfer restrictions under any applicable lock-up, as Investor may request in
writing within five (5) days following receipt of such notice (a Piggy-Back Registration). PubCo shall cause such Registrable Securities to be included in such Piggy-Back Registration and shall use its reasonable efforts to cause
the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of PubCo and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. Investor and all other Holders proposing to distribute their securities through a Piggy-Back Registration that involves
an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration. 

  
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	 	1.3.2.	 Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be
an Underwritten Offering advises PubCo and Investor in writing that the dollar amount or number of PubCo Ordinary Shares which PubCo desires to sell, taken together with PubCo Ordinary Shares, if any, as to which registration has been demanded
pursuant to written contractual arrangements with persons other than Investor hereunder and the Registrable Securities as to which registration has been requested under this Section 1.3, exceeds the Maximum Number of Shares, then PubCo shall
include in any such registration: 

  

	 	(a)	 If the Registration is undertaken for PubCo’s account: (A) first, PubCo Ordinary Shares or other
securities that PubCo desires to sell that can be sold without exceeding the Maximum Number of Shares; and (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), PubCo Ordinary Shares or
other securities, if any, comprised of Registrable Securities, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares, Pro Rata; and (C) third, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), PubCo Ordinary Shares or other securities for the account of other persons that PubCo is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and 

  

	 	(b)	 If the Registration is a “demand” registration undertaken at the demand of persons other than the
Holders, (A) first, PubCo Ordinary Shares or other securities for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (A), PubCo Ordinary Shares or other securities that PubCo desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clauses (A) and (B), PubCo Ordinary Shares or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be
sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), PubCo Ordinary Shares or other securities for the account of
other persons that PubCo is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares. 

 

	 	1.3.3.	 Withdrawal. Investor may elect to withdraw its request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to PubCo of such request to withdraw prior to the effectiveness of the Registration Statement. PubCo (whether on its own determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding any such withdrawal, PubCo shall pay all expenses incurred by Investor in
connection with such Piggy-Back Registration as provided in Section 2.3. 

  

	 	1.3.4.	 Unlimited Piggy-Back Rights. For purposes of clarity, any Registration effected pursuant to Section 1.3
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 1.2, and there shall be no limit on the number of Piggy-Back Registrations. 

  
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	1.4.	 Termination of PubCo’s Obligations  

 

	 	 Notwithstanding the foregoing, PubCo shall have no obligations pursuant to Sections 1.1, 1.2 or 1.3 with
respect to any Registrable Securities proposed to be sold by Investor in a registered public offering if, in the opinion of counsel to PubCo, all such Registrable Securities proposed to be sold by Investor may then be sold under Rule 144 (or similar
provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale. 

  

	2.	 Registration Procedures 

 

	2.1.	 Filings; Information. Whenever PubCo is required to effect the registration of any Registrable Securities
pursuant to Section 1 or an underwritten Block Trade, PubCo shall use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as
expeditiously as practicable, and in connection with any such request: 

  

	 	2.1.1.	 Filing Registration Statement. PubCo shall use its commercially reasonable efforts to, as expeditiously as
possible after receipt of a request for a Demand Registration pursuant to Section 1.2, prepare and file with the Commission a Registration Statement on any form for which PubCo then qualifies or which counsel for PubCo shall deem appropriate
and which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its commercially reasonable efforts to cause such Registration
Statement to become effective and use its commercially reasonable efforts to keep it effective for the Effectiveness Period (as defined below); provided, however, that PubCo shall have the right to defer any Demand Registration for up to sixty
(60) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any Demand Registration to which such Piggy-Back Registration relates, in each case if PubCo shall furnish to Investor a certificate signed by the
Chief Executive Officer or Chairman of PubCo stating that, in the good faith judgment of the board of directors of PubCo, it would be materially detrimental to PubCo and its shareholders for such Registration Statement to be effected at such time;
provided, however, PubCo shall have the right to defer such filing for a period of not more than ninety (90) days and that PubCo shall not defer its obligation in this manner more than twice in any twelve (12)-month period.

  

	 	2.1.2.	 Copies. PubCo shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement
thereto, furnish without charge to Investor, if included in such registration, and Investor’s legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each
case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus), and such other documents as Investor, if included in such
registration, or legal counsel for Investor may request in order to facilitate the disposition of the Registrable Securities owned by Investor. 

  
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	 	2.1.3.	 Amendments and Supplements. PubCo shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act
until all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement or such securities have been
withdrawn (the Effectiveness Period). 

  

	 	2.1.4.	 Notification. After the filing of a Registration Statement, PubCo shall promptly, and in no event more than
five (5) Business Days after such filing, notify Investor, if included in such Registration Statement of such filing, and shall further notify Investor promptly and confirm such advice in writing in all events within five (5) Business Days
of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by
the Commission of any stop order (and PubCo shall take all actions reasonably required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement to such
Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of
the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading, and promptly make available to Investor, if included in such Registration Statement, any such supplement or amendment; except that before filing with the Commission a Registration Statement or prospectus or any amendment or supplement
thereto, including documents incorporated by reference, PubCo shall furnish to Investor, if included in such Registration Statement, and to the legal counsel for Investor, copies of all such documents proposed to be filed sufficiently in advance of
filing to provide Investor and legal counsel with a reasonable opportunity to review such documents and comment thereon. 

  

	 	2.1.5.	 Securities Laws Compliance. PubCo shall use its reasonable best efforts to (i) register or qualify the
Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as Investor, if included in such Registration Statement, (in light of its intended plan of
distribution) may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by
virtue of the business and operations of PubCo and do any and all other acts and things that may be reasonably necessary or advisable to enable Investor, if included in such Registration Statement, to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that PubCo shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or subject itself to taxation in
any such jurisdiction. 

  
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	 	2.1.6.	 Agreements for Disposition. PubCo shall enter into customary agreements (including, if applicable, an
underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The representations, warranties and covenants of PubCo in any
underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of Investor, if included in such registration statement, and the representations, warranties and
covenants of Investor, if included in such registration statement, in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of PubCo.

  

	 	2.1.7.	 Comfort Letter. PubCo shall obtain a “cold comfort” letter from PubCo’s independent registered
public accountants in the event of an Underwritten Offering, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably
satisfactory to a majority-in-interest of the participating Holders. 

  

	 	2.1.8.	 Opinions. On the date the Registrable Securities are delivered for sale pursuant to any Registration, PubCo
shall obtain an opinion, dated such date, of one (1) counsel representing PubCo for the purposes of such Registration, addressed to Investor as a participating Holder, the placement agent or sales agent, if any, and the Underwriters, if any,
covering such legal matters with respect to the Registration in respect of which such opinion is being given as Investor, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions, and
reasonably satisfactory to a majority-in-interest of the participating Holders. 

 

	 	2.1.9.	 Cooperation. The principal executive officer of PubCo, the principal financial officer of PubCo, the principal
accounting officer of PubCo and all other officers and members of the management of PubCo shall use their reasonable efforts to cooperate fully in any offering of Registrable Securities hereunder, which cooperation shall include, without limitation,
the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential investors.

  

	 	2.1.10.	 Records. Upon execution of confidentiality agreements (in forms and substance that are reasonably satisfactory
to PubCo), PubCo shall make available for inspection by Investor, if included in such Registration Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional
retained by Investor, if included in such Registration Statement, or any Underwriter, all financial and other records, pertinent corporate documents and properties of PubCo, as shall be necessary to enable them to exercise their due diligence
responsibility, and cause PubCo’s officers, directors and employees to supply all information requested by any of them in connection with such Registration Statement. 

  
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	 	2.1.11.	 Earnings Statement. PubCo shall comply with all applicable rules and regulations of the Commission and the
Securities Act, and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder. 

  

	 	2.1.12.	 Listing. PubCo shall use its commercially reasonable efforts to cause all Registrable Securities included in
any Registration Statement to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by PubCo are then listed or designated. 

 

	 	2.1.13.	 Market Stand-Off. In connection with any Underwritten Offering of
equity securities of PubCo (other than a Block Trade) in which Investor participates, Investor agrees that it shall not Transfer any PubCo Ordinary Shares or other equity securities of PubCo (other than those included in such offering pursuant to
this Schedule 11), without the prior written consent of PubCo, during the ninety (90)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such offering,
except as expressly permitted by such lock-up agreement or in the event the managing Underwriters otherwise agree by written consent. Investor agrees to execute a customary
lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and conditions as all participating Holders); provided, that such agreement shall not be materially
more restrictive than any similar agreement entered into by the directors and executive officers of PubCo participating in such Underwritten Offering; provided, further, that such agreement shall provide that any early release of any participating
Holder from the provisions of the terms of such agreement shall be on a pro rata basis among all participating Holders. 

  

	2.2.	 Obligation to Suspend Distribution. Upon receipt of any notice from PubCo of the happening of any event of the
kind described in Section 2.1.4, or, upon any suspension by PubCo, pursuant to a written insider trading compliance program adopted by the board of directors of PubCo, of the ability of all “insiders” covered by such program to
transact in PubCo’s securities because of the existence of material non-public information, Investor, if included in any registration, shall immediately discontinue disposition of such Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until Investor receives the supplemented or amended prospectus contemplated by Section 2.1.4 or the restriction on the ability of “insiders” to
transact in PubCo’s securities is removed, as applicable, and, if so directed by PubCo, Investor will deliver to PubCo all copies, other than permanent file copies then in Investor’s possession, of the most recent prospectus covering such
Registrable Securities at the time of receipt of such notice. 

  
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	2.3.	 Registration Expenses. Except as set forth in Section 1.2.5, PubCo shall bear all costs and expenses
incurred in connection with the Resale Registration Statement pursuant to Section 1.1, any Demand Registration pursuant to Section 1.2 any Piggy-Back Registration pursuant to Section 1.3, and all expenses incurred in performing or
complying with its other obligations under this Schedule 11, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with
securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) PubCo’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required by Section 2.1.12; (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for PubCo and fees and expenses for independent certified public accountants retained by PubCo; (viii) the fees and expenses of any special experts retained by PubCo in connection
with such registration and (ix) the reasonable fees and expenses of one (1) legal counsel selected by the Holders of a majority-in-interest of the Registrable
Securities included in such registration. PubCo shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by Investor thereof, which underwriting discounts or selling
commissions shall be borne by Investor. Additionally, in an Underwritten Offering, all selling shareholders and PubCo shall bear the expenses of the Underwriter pro rata in proportion to the respective amount of shares each is selling in such
offering. 

  

	2.4.	 Information. Investor shall promptly provide such information as may reasonably be requested by PubCo, or the
managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act and in
connection with PubCo’s obligation to comply with Federal and applicable state securities laws. 

  

	3.	 Indemnification and Contribution. 

 

	3.1.	 Indemnification by PubCo. PubCo agrees to indemnify and hold harmless Investor, and each of its officers,
employees, Affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an Investor
Indemnified Party), from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly untrue statement) of a material fact contained in
any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to such
Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by PubCo of the Securities
Act or any rule or regulation promulgated thereunder applicable to PubCo and relating to action or inaction required of PubCo in connection with any such registration; and PubCo shall promptly reimburse Investor Indemnified Party for any legal and
any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that PubCo will not be liable in any
such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged omission of any material fact made in such Registration
Statement, preliminary prospectus, or final prospectus or any such amendment or supplement, in reliance upon and in conformity with information furnished to PubCo, in writing, by Investor expressly for use therein, or is based on Investor’s
violation of the federal securities laws (including Regulation M) or failure to sell the Registrable Securities in accordance with the plan of distribution contained in the prospectus. 

  
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	3.2.	 Indemnification by Investor. Investor will, in the event that any registration is being effected under the
Securities Act pursuant to this Schedule 11 of any Registrable Securities held by Investor, indemnify and hold harmless PubCo, each of its officers, employees, Affiliates, directors, partners, members, attorneys and agents, and each person, if any,
who controls PubCo (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an PubCo Indemnified Party), against any losses, claims, judgments, damages or liabilities, whether joint or
several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or
arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon and in
conformity with information furnished in writing to PubCo by Investor expressly for use therein, or is based on Investor’s violation of the federal securities laws (including Regulation M) or failure to sell the Registrable Securities in
accordance with the plan of distribution contained in the prospectus, and shall reimburse the PubCo Indemnified Parties for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss,
claim, damage, liability or action. Investor’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by Investor. 

 

	3.3.	 Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim,
damage or liability or any action in respect of which indemnity may be sought pursuant to Sections 3.1 or 3.2, such person (the Indemnified Party) shall, if a claim in respect thereof is to be made against any other person for
indemnification hereunder, notify such other person (the Indemnifying Party) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying
Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the
Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly
with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of
such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of
investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such separate
counsel, which such counsel is reasonably acceptable to the Indemnifying Party) to represent the Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by
the Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any
claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such claim or proceeding. 

  
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	3.4.	 Contribution. 

  

	 	3.4.1.	 If the indemnification provided for in the foregoing Sections 3.1, 3.2 and 3.3 is judicially determined to be
unavailable to any Indemnified Party in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or
omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  

	 	3.4.2.	 the Parties agree that it would not be just and equitable if contribution pursuant to this Section 3.4
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section 3.4.1. 

 

	 	3.4.3.	 The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action
referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 3.4, Investor shall not be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes)
actually received by Investor from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

  
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	4.	 Underwriting and Distribution 

 

	4.1.	 Rule 144. PubCo shall use commercially reasonable efforts to file any reports required to be filed by it under
the Securities Act and the Exchange Act (or, if PubCo is not required to file such reports, it will, upon the reasonable request of Investor, make publicly available such necessary information for so long as reasonably necessary to permit sales that
would otherwise be permitted by this Schedule 11 pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time or any similar rule or regulation hereafter adopted by the Commission) and take
such further action as Investor may reasonably request, all to the extent required from time to time to enable Investor to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 

For purpose of this Schedule 11 only, 

Block Trade means an offering and/or sale of Registrable Securities by any Holder on a block trade or underwritten basis (whether
firm commitment or otherwise) without substantial marketing efforts by PubCo, including, without limitation, a same day trade, overnight trade or similar transaction; 

Business Combination Agreement means certain business combination agreement dated as of 23 March 2022 (as may be amended,
supplemented, modified or varied from time to time) entered into by and among PubCo, Primavera Capital Acquisition Corporation, the Company and certain other parties; 

Company Investors means each of Investor, Baozun Hongkong Investment Limited, Fosun Fashion Holdings (Cayman) Limited, ITOCHU
Corporation, Talent Insight Project Company Limited, Marco Ceccarelli, Great Pacific Enterprises Ltd, Stephenson Management Inc., Stella International Limited, Lux Regency (International) Holdings Limited, Yujing Fashion (BVI) Limited, Target Gain
International Limited, Fantasy Gamma Limited and Brilliant Fashion Holdings Limited; 
 Exchange Act means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time; 

Form F-1 means a Registration Statement on Form
F-1 or any comparable successor form or forms thereto; 
 Holder means a holder of
Registrable Securities; 

  
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 Investor Rights Agreement means the investor rights agreement dated
March 23, 2022, by and among PubCo, Primavera Capital Acquisition Corporation, the Company and certain investors of PubCo named therein. 

Registrable Securities means (a) PubCo Ordinary Shares issued or issuable upon the conversion of any shares of SPAC
Class B Ordinary Shares (as defined in the Business Combination Agreement), (b) the PubCo Warrants (as defined in the Business Combination Agreement) (including any PubCo Ordinary Shares issued or issuable upon the exercise of any such PubCo
Warrants), (c) any outstanding PubCo Ordinary Shares or any other equity security (including PubCo Ordinary Shares issued or issuable upon the exercise of any other equity security) of PubCo held by a Company Investor or SPAC Investor as of the
Initial Merger Effective Time (as defined in the Business Combination Agreement) (including PubCo Ordinary Shares issued pursuant to the transactions contemplated by the Business Combination Agreement), (d) any other equity security of PubCo or any
of its subsidiaries, or any successor, issued or issuable with respect to any such PubCo Ordinary Shares by way of a share dividend or share split or other distribution or in connection with a combination of shares, contractual control arrangement,
recapitalization, merger, consolidation, spin-off or reorganization and (e) any Non-Voting Shares of PubCo and ordinary shares of PubCo issued or issuable upon
conversion of the Superclass Share; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, and
new certificates for such securities not bearing a legend (other than legend imposed as a result of the restrictions contemplated by the Memorandum and Articles of PubCo or any lock-up agreement by and among
PubCo and any Holders) restricting further transfer shall have been delivered by PubCo to the transferee; (C) such securities shall have ceased to be outstanding; (D) such securities have been sold without registration pursuant to
Section 4(a)(1) of the Securities Act or Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission); or (E) such securities shall have been sold to, or through, a broker, dealer or
underwriter in a public distribution or other public securities transaction; 
 Registration means a registration effected by
preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective; 

Registration Statement means a registration statement filed by PubCo with the Commission in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement
on Form F-4, Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be
issued in exchange for securities or assets of another entity); 

  
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 Securities Act means the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time; 
 SPAC Investors means
Primavera Capital Acquisition LLC; 
 Transfer means to (i) lend, sell, offer to sell, contract or agree to sell,
hypothecate, pledge or otherwise encumber, grant any option or warrant to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder, with respect to any Ordinary Shares, (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any PubCo Ordinary Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any
intention to effect any transaction, including the filing of a registration statement specified in clause (i) or (ii). Notwithstanding the foregoing, a Transfer shall not be deemed to include any transfer for no consideration if the donee,
trustee, heir or other transferee has agreed in writing to be bound by the same terms under this Schedule 11 to the extent and for the duration that such terms remain in effect at the time of the Transfer; 

Underwriter means a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not
as part of such dealer’s market-making activities; 
 Underwritten Demand Registrations means an underwritten public
offering of Registrable Securities pursuant to a Demand Registration, as amended or supplemented; and 
 Underwritten Registration or
Underwritten Offering means shall mean a Registration in which securities of PubCo are sold to an Underwriter in a firm commitment underwriting for distribution to the public 

  
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 Schedule 12 

Definitions and Interpretation 
  

	1.	 Definitions. In this Agreement, the following words and expressions shall have the following meanings:

 Additional Closing Date has the meaning given in clause 5.6;  

Additional Price has the meaning given in clause 5.6;  

Additional Shares has the meaning given in clause 5.6; 

Affiliate means, in relation to any Party, any subsidiary or Parent Company of that Party and any subsidiary of any such Parent
Company, in each case from time to time; 
 Agreed Return means the higher of an amount that: 

(a) provides Investor with an eleven and a half per cent. (11.5%) XIRR, compounding every 12 months, of: (i) US$50,000,000 calculated for
the period between the Closing Date and the date of realisation; and (ii) Additional Price Investor paid on Additional Closing Date (if applicable) calculated for the period between the Additional Closing Date and the date of realisation; or

 (b) equals to 1.115 times the sum of US$50,000,000, 

in each case, less any Interim Return received by Investor and (only applicable if Investor has not paid the Release Amount in accordance with
clause 2.3 by the date when the XIRR is calculated) less US$25,000,000, 
 where, XIRR means the internal rate of return
calculated using the XIRR function in Microsoft Excel software, using actual dates of cash flows (taking into account any Interim Return) and based on annual compounding; 

Annual Cash Distribution has the meaning given in the MAA; 

Amended MAA means the articles of PubCo that will become effective upon IPO under which the rights attached to Superclass Share
shall include those rights set out in Schedule 9; 
 Business Combination Agreement means the business combination agreement
entered into between the Company, PubCo and certain other parties thereto on 23 March 2022 (as amended from time to time); 

Business Day means a day (excluding Saturday or Sunday and public holidays in Republic of Korea, the PRC, Hong Kong and Cayman
Islands) on which commercial banks in Republic of Korea, the PRC, Hong Kong and Cayman Islands are generally open for business; 
 Call
Option has the meaning given in clause 8.2;  
 Call Option 1 has the meaning given in clause 8.1; 

 Call Option 2 has the meaning given in clause 8.2; 

  
 48 

 Call Option Completion Date has the meaning given in clause 8.3; 

 Call Option Exercise Notice has the meaning given in clause 8.3;  

Call Option Price has the meaning given in clause 8.2;  

Call Option Price 1 has the meaning given in clause 8.1;  

Call Option Price 2 has the meaning given in clause 8.2;  

Call Option Trigger Event has the meaning given in clause 8.2;  

Call Option Trigger Event 1 has the meaning given in clause 8.1;  

Call Option Trigger Event 2 has the meaning given in clause 8.2; 

Cash Account Charge has the meaning given in the definition of Pre-Liquidity Security
Documents; 
 Cash Top Up means the Pre-Liquidity Cash Top Up or the Post-Liquidity
Cash Top Up, as the case may be; 
 Charged Cash Account means the HKD account in the name of FIL held with Citibank, N.A.,
Hong Kong Branch with account number 1506483006 over which the Company has granted Investor security pursuant to the terms of the Security Account Charge; 

Charged Securities Account means the securities account in the name of FIL held with Citibank, N.A., Hong Kong Branch with
account number 5064830000 over which FIL has granted Investor security pursuant to the terms of the Security Account Charge; 

Closing means completion of the Transaction in accordance with the provisions of this Agreement; 

Closing Date means the date on which Closing takes place, as decided in Clause 3.1; 

Closing Price means the last reported publicly traded price of the shares of PubCo at the closing of trading during a trading day
on the stock exchange on which the shares of PubCo are traded. 
 Collateral Share has the meaning given in the MAA; 

Company Bank Account means the following account of the Company: 

Beneficiary: Fosun Fashion Group (Cayman) Limited 

Beneficiary Bank: Standard Chartered Bank (Hong Kong) Limited 

Swift Code: SCBLHKHHXXX 
 Account
No: 44719099032 
 Beneficiary Bank Address: 7th Floor, Standard Chartered Tower, 388 Kwun Tong Road, Kwun Tong, Hong Kong 

Company Warranties means the warranties given by the Company as set out in Part A of Schedule 2; 

  
 49 

 Control of a given person means the power or authority, whether exercised or
not, to direct the business, management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that, such power or authority shall conclusively be presumed to
exist upon possession of beneficial ownership or power to direct the vote of fifty per cent (50%) or more of the votes entitled to be cast at a meeting of the members or shareholders of such person or its parent company or power to control the
composition of a majority of the board of directors (or equivalent governing body) of such person; 
 Conversion Notice has the
meaning given in Schedule 9; 
 Cost Reimbursement has the meaning given in clause 13; 

Costs means costs (including reasonable legal costs), expenses and Taxes (including stamp duty); 

Credit Event means: 
  

	 	(a)	 in respect of the Company, PubCo, FIL and FTG: 

 

	 	(i)	 Mr. Guo Guangchang ceases to have Control; or 

 

	 	(ii)	 any occurrence of any insolvency event, bankruptcy, liquidation, dissolution or winding up or similar event,
whether voluntary or involuntary, or a filing for bankruptcy or similar proceedings. 

  

	 	(b)	 in respect of FIL and FTG, delisting, or suspension to trading for consecutive period of fifteen
(15) Trading Days; 

  

	 	(c)	 in respect of Pubco, delisting, or suspension to trading for consecutive period of five (5) Trading Days;

  

	 	(d)	 in respect of FTG, any of the following events: 

 

	 	(i)	 the ordinary shares in the capital of FTG, the shareholders of FTG pass a shareholder resolution for delisting
the ordinary shares in the capital of FTG from the main board of the Stock Exchange; 

  

	 	(ii)	 any of its Financial Indebtedness with an aggregate amount borrowed or raised being in excess of US$60,000,000
is not paid when due nor within any originally applicable grace period, or is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of any event of default (however described); 

 

	 	(e)	 in respect of FIL, any of its Financial Indebtedness with an aggregate amount borrower or raised in excess of
US$100,000,000 is not paid when due nor within any originally applicable grace period, or is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of any event of default (however described);

  
 50 

	 	(f)	 in respect of the Company or PubCo: 

 

	 	(i)	 any of its Financial Indebtedness with an aggregate amount borrowed or raised in excess of US$5,000,000 is not
paid when due nor within any originally applicable grace period, or is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of any event of default (however described); 

 

	 	(ii)	 any of its creditors declares or becomes entitled to declare any of its Financial Indebtedness with an
aggregate amount borrowed or raised in excess of US$5,000,000 due and payable prior to its specified maturity as a result of an event of default (however described); 

 

	 	(iii)	 it is unable or admits inability to pay its debt as they fall due, is deemed or declared (in each case,
pursuant to applicable law) to be unable to pay its debt as they fall due; or by reason of actual or anticipated financial difficulties: 

  

	 	(A)	 suspends or threatens to suspend making payments on any of its debts; or 

 

	 	(B)	 commence negotiations with one or more of its creditors generally with a view to rescheduling its debts;

  

	 	 	 provided that any failure of repayment and/or any rescheduling or extension of the SH Loan does not fall into
the definition of Credit Event. 

  

	 	(g)	 failure by the Company to pay any Annual Cash Distribution to Investor pursuant to the MAA;

  

	 	(h)	 the Company passes a resolution or otherwise makes a formal decision not to undergo the De-SPAC Transaction as contemplated; 

  

	 	(i)	 any breach by the Company or its subsidiaries of clause 5.2; or 

 

	 	(j)	 any breach by the Company or PubCo of clause 5.4. 

Custodian means Citibank, N.A., Hong Kong Branch; 

Custody Agreement means the securities safekeeping agreement dated on or around the date of this Agreement between the Custodian
and FIL in respect of the Charged Securities Account and the Charged Cash Account; 
 Deed of Adherence means the deed of
adherence to the Shareholders Agreement to be executed by Investor and the Company on Closing Date in the form set out in Schedule 6; 

Default Interest has the meaning given in clause 10.1; 

De-SPAC Transaction means a business combination transaction or series of transactions
whereby the Company is acquired by or combined with any special purpose acquisition company that is listed or will upon completion of such transaction be listed on the New York Stock Exchange or NASDAQ Stock Market of the U.S. (or such other
international stock exchange as agreed between the Company and Investor) or with an affiliate of such special purpose acquisition company; 

  
 51 

 Disclosed Information means the document fairly disclosed by the Company to
Investor as listed in Annex A of the Disclosure Schedule; 
 Disclosure Schedule means the disclosures set out in Schedule 8;

 Disrupted Trading Day means a trading day in which any of the following events occurs: 

 

	 	(a)	 any event that prohibits or otherwise makes impossible any market participants in general to effect
transactions in, or obtain market values for, the shares of PubCo or FTG (as the case may be); 

  

	 	(b)	 any material suspension of trading by the relevant stock exchange on which the shares of PubCo or FTG (as the
case may be) are traded, whether by reason of movements in price exceeding limits permitted by that stock exchange or otherwise; or 

  

	 	(c)	 a closure of the stock exchange on which the shares of PubCo or FTG (as the case may be) are traded prior to
its regular trading time. 

 Encumbrance means a mortgage, charge, pledge, lien, option, restriction, right
of first offer, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind, or another type of agreement or arrangement having similar effect; 

Event of Default has the meaning given in clause 10.1; 

FFH means Fosun Fashion Holdings (Cayman) Limited, a company incorporated in the Cayman Islands with its registered address at
Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands; 

FIL means Fosun International Limited, a company incorporated in Hong Kong with its registered address at Room 808, ICBC Tower, 3
Garden Road, Central, Hong Kong; 
 Financial Indebtedness means (without double counting) any indebtedness in respect of: 

 

	 	(a)	 moneys borrowed; or 

  

	 	(b)	 any moneys raised under or pursuant to any debenture, bond (other than a performance bond or advance payment
bond), note or loan stock or other similar debt instrument (but, in each case, excluding Trade Instruments), 

 but
excluding all indebtedness for or in respect of pension or post-employment benefit related liabilities or any indebtedness owing between the Group Members; 

Form F-4 has the meaning given in Schedule 2; 

FTG means Fosun Tourism Group, an exempted company incorporated in the Cayman Islands with company number 315519 and its
registered address at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands; 

  
 52 

 FTG Security Shares means 81,542,487 shares in FTG over which FIL has granted
Investor security pursuant to the terms of Security Account Charge; 
 Governmental Entity means any supra-national, national,
state, municipal or local government (including any subdivision, court, administrative agency or commission or other authority thereof) or any quasi-governmental or private body exercising any regulatory, importing or other governmental or
quasi-governmental authority; 
 Group Members means the Company and its subsidiaries; 

Governmental Order means any judgment, decision, ruling, decree, order, settlement, injunction, writ, stipulation, determination
or award of any Governmental Entity; 
 Hong Kong means the Hong Kong Special Administrative Region of the People’s
Republic of China; 
 Instruction Letter has the meaning given in Schedule 9; 

Interim Return means any gross proceeds that Investor has realised from the Subscription Shares and Additional Shares (if
applicable) (including any dividends received from the Company (e.g., Annual Cash Distribution), any sale proceeds from disposal of any Subscription Shares or any Additional Shares (if applicable) by Investor and any compensation, indemnification,
payment or damages received by Investor under any of the Transaction Documents (other than Cost Reimbursement); 
 Investor
Warranties means the warranties given by Investor as set out in Schedule 3; 
 IPO means the initial public offering in
connection with the listing of the shares (or depositary receipts or depositary shares therefor) of the Company on the New York Stock Exchange or NASDAQ Stock Market of the U.S. (or such other international stock exchange as agreed between the
Company and Investor) or a De-SPAC Transaction; 
 IPO Price means US$10.00; 

Law means any law, statute, ordinance, rule, regulation, listing rules, stock exchange rules and regulations, code, Governmental
Order or other requirement as enacted, issued, promulgated, enforced or entered by a Governmental Entity and having a legally binding effect; 

Legal Opinion has the meaning given in Schedule 9; 

Liquidity Date means to the extent applicable, the earlier of (i) the date falling twelve (12) months after filing of a
Form 20-F containing Form 10 type information by Lanvin Group Holdings Limited following the completion of De-SPAC Transaction, provided that PubCo has filed all reports
and other materials required to be filed by section 13 or 15(d) of the Exchange Act, as applicable, including an annual report on Form 20-F, during the preceding twelve (12) months; and (ii) the date
when all the ordinary shares of PubCo held by Investor and Non-Voting Shares of PubCo to be converted from the Superclass Share have been registered and can be sold pursuant to an effective resale registration
statement on Form F-1 or Form F-3 (including any successor registration statement covering the resale of such securities); 

  
 53 

 Listing Rules means the Rules Governing the Listing of Securities of the Stock
Exchange; 
 MAA means the third amended and restated memorandum and articles of association of the Company to be adopted by
the Company on Closing in the form set out in Schedule 4; 
 Mandatory Put Option has the meaning given in clause 9.1; 

Mandatory Put Option Completion Date has the meaning given in clause 9.1; 

Mandatory Put Option Price has the meaning given in clause 9.1; 

Market Price means the amount equal to the average Closing Price of the shares of PubCo for the three (3) trading days
(excluding any Disrupted Trading Days) prior to the date of the Call Option Exercise Notice in relation to Call Option 2; 
 Market
Value of FTG Security Shares means the average closing price of the shares of FTG in any three (3) consecutive trading days period (excluding any Disrupted Trading Days) multiplied by the number of the shares of FTG in the Charged
Securities Account as at the last trading day in such period, in its equivalent US$ based on exchange rate published by Bloomberg L.P. as at the last trading day in such period. 

Market Value of PubCo Non-Voting Shares means the average Closing Price of the shares of
PubCo in any three (3) consecutive trading days period (excluding any Disrupted Trading Days) multiplied by 15,000,000; 
 Market
Value of PubCo Ordinary Shares means the average Closing Price of the shares of PubCo in any three (3) consecutive trading days period (excluding any Disrupted Trading Days) multiplied by the number of ordinary shares of PubCo then held
by Investor as at the last trading day in such period (excluding any shares of PubCo Investor acquires after the IPO); 
 Material IP
Rights means any registered intellectual property rights that are material to the business of the Company or its subsidiaries; 

Non-Voting Share mean ordinary share of PubCo that has no voting right but otherwise rank
pari passu with ordinary shares of PubCo that carries voting right; 
 Observer has the meaning given in the MAA; 

Ordinary Shares has the meaning given in the MAA; 

parent company means any company that in relation to another company (its subsidiary): 

 

	 	(a)	 holds a majority of the voting rights in the subsidiary; 

 

	 	(b)	 is a member of the subsidiary and has the right to appoint or remove a majority of its board of directors;

  

	 	(c)	 is a member of the subsidiary and controls a majority of the voting rights in it under an agreement with the
other members; or 

  
 54 

	 	(d)	 has the right to exercise a dominant influence over the subsidiary under the subsidiary’s articles or a
contract authorised by them, 

 in each case whether directly or indirectly through one or more companies; 

Permitted Financial Indebtedness means: 
  

	 	(a)	 any Financial Indebtedness arising under any of the Transaction Documents; and 

 

	 	(b)	 any Financial Indebtedness which constitutes Financial Indebtedness that is otherwise subordinated to the
claims of Investor under this Agreement in accordance with the Subordination Agreement, 

 but excluding all indebtedness
for or in respect of the granting of any guarantees or financial support by the Company to any of its Group Members (other than any comfort letters that may be provided by the Company in favour of any of its Group Members during audit process); 

Post-IPO Put Option has the meaning given in clause 7.5; 

Post-IPO Put Option Completion Date has the meaning given in clause 7.6; 

 Post-IPO Put Option Exercise Notice has the meaning given in clause 7.5;
 
 Post-IPO Put Option Exercise Period has the meaning given in clause
7.5; 
 Post-IPO Put Option Price has the meaning given in clause 7.6; 

Post-Liquidity Cash Top Up has the meaning given in clause 11.7; 

Post-Liquidity Coverage Ratio means a ratio, in which the numerator is the sum of (a) the Market Value of PubCo Ordinary
Shares; (b) the Market Value of PubCo Non-Voting Shares; and (c) the value of any additional security provided by PubCo to Investor from time to time in accordance with clause 11.7 (such value shall
be the market value as determined at the time such ratio is calculated), and the denominator is the sum of the number of ordinary shares of PubCo then held by Investor (excluding any shares of PubCo Investor acquires after the IPO) multiplied by the
IPO Price; 
 Post-Liquidity Share Top Up has the meaning given in clause 11.7; 

Post-Liquidity Top Up Exercise Notice has the meaning given in clause 11.7; 

Post-Liquidity Top Up Obligation has the meaning given in clause 11.7; 

Post-Liquidity Top Up Trigger Event means Post-Liquidity Coverage Ratio having fallen below 150% at any date on or after the
Liquidity Date; 
 PRC means the People’s Republic of China, for the sole purpose of this Agreement, excluding Hong Kong,
Macau, and Taiwan; 
 Pre-IPO Put Option has the meaning given in clause 7.2; 

Pre-IPO Put Option Completion Date has the meaning given in clause 7.3; 

  
 55 

 Pre-IPO Put Option Exercise Notice has
the meaning given in clause 7.2; 
 Pre-IPO Put Option Exercise Period has the meaning
given in clause 7.2; 
 Pre-IPO Put Option Price has the meaning given in
clause 7.3; 
 Pre-Liquidity Cash Top Up has the meaning given in clause 11.6; 

Pre-Liquidity Coverage Ratio means: 

 

	 	(a)	 at any day before the completion of IPO, a ratio, in which the numerator is the sum of (a) the Market
Value of FTG Security Shares; (b) US$25,000,000; and (c) the value of any additional security provided by the Company to Investor from time to time in accordance with clause 11.6 (such value shall be the market value as determined at the
time such ratio is calculated), and the denominator is US$50,000,000; or 

  

	 	(b)	 at any day after the completion of IPO but before the Liquidity Date, means a ratio, in which the numerator is
the sum of (a) the Market Value of FTG Security Shares; (b) US$25,000,000 and (c) the value of any additional security provided by PubCo to Investor from time to time in accordance with clause 11.6 (such value shall be the market
value as determined at the time such ratio is calculated), and the denominator is the sum of the number of ordinary shares of PubCo then held by Investor (excluding any shares of PubCo Investor acquires after the IPO) multiplied by the IPO Price;

 Pre-Liquidity Security means the security granted under any Pre-Liquidity Security Documents; 
 Pre-Liquidity Security
Documents means an account security agreement under Hong Kong law to be granted by FIL in favour of Investor over FIL’s rights under the Custody Agreement and all of FIL’s rights, titles and interests from time to time in and to
the Charged Cash Account, the Charged Securities Account, the FTG Security Shares, any other securities from time to time standing to the credit of the Charged Securities Account (including any additional shares of FTG that FIL may deposit in any Pre-Liquidity Share Top Up) and any cash or money from time to time standing to the credit of the Charged Cash Account (the Security Account Charge), substantially in the form set out in Schedule 7 and
to be entered into by the parties thereto on the Closing Date; 
 Pre-Liquidity Share Top
Up has the meaning given in clause 11.6; 
 Pre-Liquidity Top Up Exercise Notice has the meaning given in clause 11.6;

 Pre-Liquidity Top Up Obligation has the meaning given in clause 11.6; 

Pre-Liquidity Top Up Trigger Event means at any day before the Liquidity Date, the Pre-Liquidity Coverage Ratio having fallen below one hundred and twenty per cent. (120%); 
 Proposed
Transaction means the transaction contemplated by the Transaction Documents; 

  
 56 

 PubCo means the entity whose shares are admitted to public trading upon
completion of the IPO; 
 PubCo Warranties means the warranties given by the PubCo as set out in Part B of Schedule 2; 

Put Option means the Pre-IPO Put Option, the
Post-IPO Put Option or the Mandatory Put Option, as the case may be; 
 Put Option Completion
Date means the Pre-IPO Put Option Completion Date, the Post-IPO Put Option Completion Date or the Mandatory Put Option Completion Date, as the case may be; 

Put Option Exercise Notice has the meaning given in clause 7.5; 

Put Option Exercise Period has the meaning given in clause 7.5; 

Put Option Price means the Pre-IPO Put Option Price, the
Post-IPO Put Option Price or the Mandatory Put Option Price, as the case may be; 
 Put Option
Trigger Event has the meaning given in clause 7.1;  
 Regulation D has the meaning given in paragraph 7
of Schedule 2;  
 Relationship Agreement has the meaning given in clause 6.1;  

Release Amount has the meaning given in clause 2.2(b); 

Representatives means, in relation to a Party, its respective Affiliates and advisors;  

ROFR Completion Date has the meaning given in clause 5.1;  

ROFR Purchase Notice has the meaning given in clause 5.1;  

ROFR Transfer Notice has the meaning given in clause 5.1; 

Sanctioned Country means any country or territory that is, or whose government is, the subject or target of comprehensive
territorial based Sanctions; 
 Sanctions means any trade or economic sanctions, laws, regulations, embargoes or restrictive
measures administered, enacted or enforced by a Sanctions Authority; 
 Sanctions Authority means: 

 

	 	(a)	 the United Nations (as a whole and not its individual members), including the United Nations Security Council;

  

	 	(b)	 the United States, including the United States Department of Treasury Office of Foreign Assets Control, the
United States Department of Commerce Bureau of Industry and Security and the United States Department of State, 

  

	 	(c)	 the European Union (as a whole and not its individual member states); 

 

	 	(d)	 the United Kingdom, including the Office of Financial Sanctions Implementation of Her Majesty’s Treasury;
or 

  
 57 

	 	(e)	 any other relevant national or supra-national Governmental Entity with jurisdiction over the relevant Party,

 in each case, including the respective governmental institutions, departments and agencies of any of the foregoing which
administers or enforces Sanctions with jurisdiction over the relevant Party and its Representatives;  
 Sanctions Target
means any person, vessel or aircraft with which dealings are restricted or prohibited by any Sanctions; 
 Secured
Obligations has the meaning given in clause 11.1; 
 Securities Act has the meaning given in Schedule 3; 

Security Account Charge has the meaning given in the definition of Pre-Liquidity Security
Documents; 
 Share Disposal has the meaning given in clause 5.8; 

Shareholders Agreement means the shareholders’ agreement of the Company dated 31 May 2021 entered into between the
Company, FFH and certain other parties thereto; 
 SH Loan has the meaning given in the Subordination Agreement; 

Stock Exchange means The Stock Exchange of Hong Kong Limited; 

Subordination Agreement means the subordination agreement to be entered into between FIL, Investor and the Company on or prior to
the Closing Date in the form set out in Schedule 5; 
 Subscription Price has the meaning given in clause 2; 

Subscription Shares means 18,569,282 Ordinary Shares to be newly issued by the Company to Investor on the Closing Date; 

Superclass Share has the meaning given in clause 5.4(a); 

Superclass Share Conversion has the meaning given in Schedule 9; 

Superclass Share Conversion Date has the meaning given in Schedule 9; 

Surviving Provisions means clauses 13 (Costs), 14 (Announcements), 15 (Confidentiality), 16
(Assignment), 18 (Notices), 19 (Whole Agreement), 20 (Waivers, Rights and Remedies), 21 (Variations), 22 (Invalidity), 24 (Third Party Enforcement Rights) and 26 (Governing Law and
Jurisdiction), and Schedule 12 (Definitions and Interpretation); 
 Tax or Taxation means:
(i) taxes on income, profits and gains; and (ii) all other taxies, levies, duties, imposts, charges and withholdings of any fiscal nature, including any excise, property, capital, value added, sales, use, occupation, transfer, franchise
and payroll taxes and any social security or social fund contributions, and any payment which the relevant person may be or become bound to make to any person as a result of the discharge by that person of any tax which the relevant person has
failed to discharge, together with all penalties, charges and interest relating to any of the foregoing or to any late or incorrect return in respect of any of them, and regardless of whether such taxes, levies, duties, imposts, charges,
withholdings, penalties and interest are chargeable directly or primarily against or attributable directly or primarily to the relevant person or any other person and of whether any amount in respect of them is recoverable from any other person;

  
 58 

 Top Up Exercise Notice means the
Pre-Liquidity Top Up Exercise Notice or the Post- Liquidity Top Up Exercise Notice, as the case may be; 

Top Up Obligation means the Pre-Liquidity Top Up Obligation or the Post-Liquidity Top Up
Obligation; 
 Top Up Trigger Event means the Pre-Liquidity Top Up Trigger Event or the
Post- Liquidity Top Up Trigger Event, as the case may be; 
 Trade Instruments means any performance bonds or advance payment
bonds or documentary letters of credit issued in respect of the obligations of any Group Member arising in the ordinary course of trading of that Group Member; 

Trading Day means any day on which the Stock Exchange is scheduled to open for trading for its regular trading sessions; 

Transaction Documents means this Agreement, the Deed of Adherence, the Pre- Liquidity
Security Documents, the Subordination Agreement and the MAA; 
 Transfer means, in relation to any share in the Company, to:

  

	 	(a)	 sell, assign, transfer or otherwise dispose of it (or any interest therein) (including the grant of any option
over or in respect of it); 

  

	 	(b)	 create or permit to subsist any Encumbrances over it; 

 

	 	(c)	 direct (by way of renunciation or otherwise) that another person should, or assign any right to, receive it;

  

	 	(d)	 enter into any agreement in respect of the votes or any other rights attached to it (other than by way of proxy
for a particular shareholder meeting); or 

  

	 	(e)	 agree, whether or not subject to any condition precedent or subsequent, to do any of the foregoing; and

 Working Hours means 9.30 a.m. to 5.30 p.m. on a Business Day in the place of receipt of a notice. 

 

	2.	 Interpretation. In this Agreement, unless the context otherwise requires: 

 

	 	(a)	 references to a person include any individual, firm, body corporate (wherever incorporated),
government, state or agency of a state or any joint venture, association, partnership, works council or employee representative body (whether or not having separate legal personality); 

 

	 	(b)	 references to a paragraph, clause or Schedule shall refer to those of this Agreement unless stated otherwise;

  
 59 

	 	(c)	 headings do not affect the interpretation of this Agreement; the singular shall include the plural and vice
versa; and references to one gender include all genders; 

  

	 	(d)	 references to Hong Kong dollars, HKD or HK$, United States dollars, USD or US$ and RMB are references to the
lawful currency from time to time of Hong Kong, the United States of America and the PRC, respectively; 

  

	 	(e)	 reference to amount in certain currency includes its equivalent in other currencies based on exchange rate
published by Bloomberg L.P. on the relevant date (which shall be the date when the warranty is given or the undertaking or obligation needs to be complied with); 

 

	 	(f)	 the Event of Default is continuing if it has not been remedied or waived; and 

 

	 	(g)	 any phrase introduced by the terms including, include, in particular or any similar expression shall be
construed as illustrative and shall not limit the sense of the words preceding those terms. 

  

	3.	 Enactments. Except as otherwise expressly provided in this Agreement, any express reference to an
enactment (which includes any legislation in any jurisdiction) includes references to: (i) that enactment as amended, consolidated or re-enacted by or under any other enactment before or after the date of
this Agreement; (ii) any enactment which that enactment re-enacts (with or without modification); and (iii) any subordinate legislation (including regulations) made (before or after the date of this
Agreement) under that enactment, as amended, consolidated or re-enacted as described at (i) or (ii) above, except to the extent that any of the matters referred to in (i) to (iii) occurs after the
date of this Agreement and increases or alters the liability of the Company or Investor under this Agreement. 

  

	4.	 Schedules. The Schedules comprise schedules to this Agreement and form part of this Agreement.

  

	5.	 Inconsistencies. Where there is any inconsistency between the definitions set out in this Schedule 12
(Definitions and Interpretation) and the definitions set out in any clause or any other Schedule, then, for the purposes of construing such clause or Schedule, the definitions set out in such clause or Schedule shall prevail.

  
 60 

 SIGNATURE 

This Agreement is signed by duly authorised representatives of the Parties: 
  

									
	SIGNED	 	)	 		 	SIGNATURE:	 	 /s/ CHENG Yun

	for and on behalf of	 	)	 		 		 	
	FOSUN FASHION GROUP	 	)	 		 		 	
	(CAYMAN) LIMITED	 	)	 		 	NAME:	 	 CHENG Yun

									
	SIGNED	 	)	 		 	SIGNATURE:	 	 /s/ CHENG Yun

	for and on behalf of	 	)	 		 		 	
	LANVIN GROUP	 	)	 		 		 	
	HOLDINGS LIMITED	 	)	 		 	NAME:	 	 CHENG Yun

									
	SIGNED	 	)	 		 	SIGNATURE:	 	 /s/ CHOI Alexander Himoon

	for and on behalf of	 	)	 		 		 	
	MERITZ SECURITIES	 	)	 		 		 	
	CO., LTD.	 	)	 		 	NAME:	 	CHOI Alexander Himoon

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