Document:

Exhibit 10.8

 

[_____], 2021

 

Crescent Cove Acquisition Corp.

530 Bush Street, Suite 703

San Francisco, CA 94108

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among Crescent Cove Acquisition Corp., a Cayman Islands exempted company (the “Company”)
and Cantor Fitzgerald & Co. as representative (the “Representative”) of the several underwriters
named therein (the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”) of 23,000,000 of the Company’s units (including 3,000,000 units that may be purchased pursuant
to the Underwriters’ option to purchase additional units, the “Units”), each comprised of one of
the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”),
and one-half of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the
holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold
in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized
terms used herein are defined in paragraph 1 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Crescent Cove Acquisition Sponsor
LLC (the “Sponsor”) and each of the undersigned (each, an “Insider” and, collectively,
the “Insiders”) hereby agree with the Company as follows:

 

1. Definitions.
As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities;
(ii) “Founder Shares” shall mean the 5,750,000 Class B ordinary shares of the Company,
par value $0.0001 per share, outstanding prior to the consummation of the Public Offering (including Ordinary Shares
issuable upon conversion thereof); (iii) “Private Placement Warrants” shall mean the warrants
to purchase Ordinary Shares of the Company that will be acquired by the Sponsor for an aggregate purchase price of $6,000,000
(or up to $6,600,000 if the Underwriters’ exercise their option to purchase additional units in full), or $1.00 per
Warrant, in a private placement that shall close simultaneously with the consummation of the Public Offering; (iv) “Public
Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering;
(v) “Public Shares” shall mean the Ordinary Shares included in the Units issued in the Public
Offering; (vi) “Trust Account” shall mean the trust account into which a portion of the net
proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited;
(vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to
sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
announcement of any intention to effect any transaction specified in clause (a) or (b); and
(viii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles
of Association, as the same may be amended from time to time.

 

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2.
Representations and Warranties.

 

(a) The Sponsor and each
Insider, with respect to itself, herself or himself, represent and warrant to the Company that it, she or he has the full right
and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition
or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, and, as applicable, to
serve as an officer of the Company and/or a director on the Company’s Board of Directors (the “Board”),
as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer
and/or director of the Company, as applicable.

 

(b) Each Insider represents
and warrants, with respect to herself or himself, that such Insider’s biographical information furnished to the Company (including
any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information
with respect to such Insider’s background. The Insider’s questionnaire furnished to the Company is true and accurate
in all material respects. Each Insider represents and warrants that such Insider is not subject to or a respondent in any legal
action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating
to the offering of securities in any jurisdiction; such Insider has never been convicted of, or pleaded guilty to, any crime (i) involving
fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any
dealings in any securities and such Insider is not currently a defendant in any such criminal proceeding; and such Insider has
never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

 

3.
Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement
regarding a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect
to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares
and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination (including
any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it,
her or him, as applicable, in connection with such shareholder approval.

 

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4.
Failure to Consummate a Business Combination; Trust Account Waiver.

 

(a) The Sponsor and
each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate
its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all
reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as
promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption
will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in each case to the
Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other
requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that
would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to
have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the
Company does not complete an initial Business Combination within the required time period set forth in the Charter or
(ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its
Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the
funds held in the Trust Account and not previously released to the Company to pay income taxes, if any, divided by the number
of then-outstanding Public Shares.

 

(b) The Sponsor and each
Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right, title, interest or claim of
any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the
Company with respect to the Founder Shares held by it, her or him, if any. The Sponsor and each Insider hereby further waives,
with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he
may have in connection with (x) the completion of the Company’s initial Business Combination, and (y) a shareholder
vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation
to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination
or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period
set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although
the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company
fails to consummate a Business Combination within the required time period set forth in the Charter).

 

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5.
Lock-up; Transfer Restrictions.

 

(a) The Sponsor and the
Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the
earliest of (A) one year after the completion of the Company’s initial Business Combination and (B) the date following
the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization
or other similar transaction that results in all of the Public Shareholders having the right to exchange their Ordinary Shares
for cash, securities or other property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing,
if, subsequent to a Business Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted
for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares
shall be released from the Founder Shares Lock-up.

 

(b) Subject to the provisions
set forth in paragraph 5(c), the Sponsor and Insiders agree that they shall not effectuate any Transfer of Private
Placement Warrants or the Ordinary Shares underlying such Private Placement Warrants until 30 days after the completion of
an initial Business Combination.

 

(c) Notwithstanding the
provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants or Ordinary
Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliates
or family member of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates,
any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member
of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue
of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified
domestic relations order; (e) by private sales or transfers made in connection with the consummation of a Business Combination
at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable,
were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of
the Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of its initial Business
Combination, (h) in the event of the Company’s liquidation prior to the completion of its initial Business Combination;
or (i) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all
of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
subsequent to the completion of an initial Business Combination; provided, however, that in the case of clauses (a)
through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.

 

(d) During the period
commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider
shall not, without the prior written consent of the Representative, Transfer any Units, Ordinary Shares, Warrants or any other
securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable, subject
to certain exceptions enumerated in Section [6(h)] of the Underwriting Agreement.

 

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6.
Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters
and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations,
as applicable under paragraphs 3, 4, 5, 7, 10 and 11, (ii) monetary damages
may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in
addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

7.
Payments by the Company. Except as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the Sponsor
nor any director or officer of the Company nor any affiliate of the directors and officers shall receive from the Company any finder’s
fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to, or in connection
with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless
of the type of transaction that it is).

 

8.
Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’
and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or
their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

9.
Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares
Lock-up Period and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall
terminate in the event that the Public Offering is not consummated and closed by [_____], 20[__]; provided further that
paragraph 10 of this Letter Agreement shall survive such liquidation.

 

10.
Indemnification. In the event of the liquidation of the Trust Account upon the failure of the Company to consummate
its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”)
agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third
party for services rendered or products sold to the Company (except for the Company’s independent auditors) or (ii) any
prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”);
provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent
necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not
reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the
actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per
Public Share due to reductions in the value of the trust assets, in each case net of interest that may be withdrawn to pay the
Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any
and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply
to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under
the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its
choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor,
the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

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11.
Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their option to purchase additional
Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees
to automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares
so that the number of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding
at such time. The Sponsor and Insiders further agree that to the extent that the size of the Public Offering is increased or decreased,
the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately
prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of
the total number of Ordinary Shares and Founder Shares outstanding at such time.

 

12.
Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as
to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such change,
amendment, modification or waiver and (2) the Sponsor.

 

13.
Assignment. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall
be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter
Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives
and assigns and permitted transferees.

 

14.
Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but
one and the same instrument.

 

15.
Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement
and shall not affect the interpretation thereof.

 

16.
Severability. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term
or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision
hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall
be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be
possible and be valid and enforceable.

 

17.
Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of,
or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State
of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waive
any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

18.
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt
requested), by hand delivery or facsimile or other electronic transmission.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	 
	 	Crescent Cove Acquisition Sponsor LLC

 

	 	By:	   
	 	Name:
	 	Title:

 

	 	[Director]

 

	 	By:	   

 

	Acknowledge and Agreed:	 
	 	 
	Crescent Cove Acquisition Corp.	 

 

	By:	   	 
	Name:	 
	Title:	 

 

 

8Exhibit
10.9

 

FORM
OF

 

CODE
OF ETHICS AND BUSINESS CONDUCT

OF

CRESCENT
COVE ACQUISITION CORP.

 

		1.	Introduction

 

The
Board of Directors (the “Board”) of Crescent Cove Acquisition Corp. (the “Company”)
has adopted this Code of Ethics and Business Conduct (this “Code”), as amended from time to time by
the Board and which is applicable to all of the Company’s directors, officers and employees (to the extent that employees
are hired in the future) to:

 

		●	promote
                                         honest and ethical conduct, including the ethical handling of actual or apparent conflicts
                                         of interest between personal and professional relationships;

 

		●	promote
                                         the full, fair, accurate, timely and understandable disclosure in reports and documents
                                         that the Company files with, or submits to, the U.S. Securities and Exchange Commission
                                         (the “SEC”), as well as in other public communications made
                                         by or on behalf of the Company;

 

		●	promote
                                         compliance with applicable governmental laws, rules and regulations;

 

		●	deter
                                         wrongdoing; and

 

		●	require
                                         prompt internal reporting of breaches of, and accountability for adherence to, this Code.

 

This
Code may be amended or modified by the Board. In this Code, references to the “Company” mean Crescent Cove Acquisition
Corp. and, in appropriate context, the Company’s subsidiaries, if any.

 

		2.	Honest,
Ethical and Fair Conduct

 

Each
person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair and candid.
Deceit, dishonesty and subordinating one’s principles are inconsistent with integrity. Service to the Company should never
be subordinated to personal gain or advantage.

 

Each
person must:

 

		●	act
                                         with integrity, including being honest and candid while still maintaining the confidentiality
                                         of the Company’s information where required or when in the Company’s interests;

 

		●	observe
                                         all applicable governmental laws, rules and regulations;

 

		●	comply
                                         with the requirements of applicable accounting and auditing standards, as well as Company
                                         policies, in order to maintain a high standard of accuracy and completeness in the Company’s
                                         financial records and other business-related information and data;

 

     

     

    

 

		●	adhere
                                         to a high standard of business ethics and not seek a competitive advantage through unlawful
                                         or unethical business practices;

 

		●	deal
                                         fairly with any customers, suppliers, competitors, employees and independent contractors
                                         of the Company;

 

		●	refrain
                                         from taking advantage of anyone through manipulation, concealment, abuse of privileged
                                         information, misrepresentation of material facts or any other unfair-dealing practice;

 

		●	protect
                                         the assets of the Company and ensure their proper use;

 

		●	subject
                                         to, and except as permitted by, the Company’s Amended and Restated Memorandum and
                                         Articles of Association as it may be amended from time to time (the “Articles”),
                                         not (i) take for themselves corporate or business opportunities that are discovered through
                                         the use of corporate property, information or position or by using corporate assets,
                                         information or position, (ii) use corporate property, information or position for personal
                                         gain, and (iii) compete with the Company; and

 

		●	avoid
                                         conflicts of interest, wherever possible, except as may be allowed under guidelines or
                                         resolutions approved by the Board (or the appropriate committee of the Board) or as disclosed
                                         in the Company’s public filings with the SEC or as permitted by the Articles. Anything
                                         that would be a conflict for a person subject to this Code also will be a conflict for
                                         a member of his or her immediate family or any other close relative. Examples of conflict
                                         of interest situations include, but are not limited to, the following, all of which must
                                         be disclosed to the Company:

 

		●	any
                                         significant ownership interest in any target in a potential business combination, supplier
                                         or customer of the Company;

 

		●	any
                                         consulting or employment relationship with any target in a potential business combination,
                                         supplier or customer of the Company;

 

		●	the
                                         receipt of any money, non-nominal gifts or excessive entertainment from any entity with
                                         which the Company has current or prospective business dealings;

 

		●	selling
                                         anything to the Company or buying anything from the Company, except on the same terms
                                         and conditions as comparable officers or directors are permitted to so purchase or sell
                                         (and, in the absence of any such comparable officer or director, on the same terms and
                                         conditions as a third party would buy or sell a comparable item in an arm’s-length
                                         transaction);

 

		●	any
                                         other financial transaction, arrangement or relationship (including any indebtedness
                                         or guarantee of indebtedness) involving the Company; and

 

		●	any
                                         other circumstance, event, relationship or situation in which the personal interest of
                                         a person subject to this Code interferes — or even appears to interfere —
                                         with the interests of the Company as a whole.

 

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		3.	Disclosure

 

The
Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the
SEC and other public communications shall be full, fair, accurate, timely and understandable in accordance with applicable disclosure
standards, including standards of materiality, where appropriate. Each person must:

 

		●	not
                                         knowingly misrepresent, or cause others to misrepresent, facts about the Company to others,
                                         whether within or outside the Company, including to the Company’s independent registered
                                         public accountants, governmental regulators, self-regulating organizations and other
                                         governmental officials, as appropriate; and

 

		●	in
                                         relation to his or her area of responsibility, properly review and critically analyze
                                         proposed disclosure for accuracy and completeness.

 

In
addition to the foregoing, the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) of
the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically
is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable
to the Company as well as the business and financial operations of the Company.

 

Each
person must promptly bring to the attention of the Chair of the Board any information he or she may have concerning (a) significant
deficiencies in the design or operation of internal and/or disclosure controls that could adversely affect the Company’s
ability to record, process, summarize and report financial data or (b) any fraud that involves management or other employees who
have a significant role in the Company’s financial reporting, disclosures or internal controls.

 

		4.	Compliance

 

It
is the Company’s obligation and policy to comply with all applicable governmental laws, rules and regulations. All directors,
officers and employees of the Company are expected to understand, respect and comply with all of the laws, regulations, policies
and procedures that apply to them in their positions with the Company. Employees are responsible for talking to their supervisors
to determine which laws, regulations and Company policies apply to their position and what training is necessary to understand
and comply with them.

 

Directors,
officers and employees are directed to specific policies and procedures available to persons they supervise.

 

		5.	Reporting
and Accountability

 

The
Audit Committee of the Company is responsible for applying this Code to specific situations in which questions are presented to
it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential
breach of this Code is required to notify the Chair of the Audit Committee promptly. Failure to do so is, in and of itself, a
breach of this Code.

 

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Specifically,
each person must:

 

		●	notify
                                         the Chair of the Audit Committee promptly of any existing or potential violation of this
                                         Code; and

 

		●	not
                                         retaliate against any other person for reports of potential violations that are made
                                         in good faith.

 

The
Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code:

 

		●	The
                                         Audit Committee will take all appropriate action to investigate any potential or actual
                                         breaches reported to it; and

 

		●	If
                                         the Audit Committee determines (by majority decision) that a breach has occurred, it
                                         will inform the Board of Directors. Upon being notified that a breach has occurred, the
                                         Board (by majority decision) will take or authorize such disciplinary or preventive action
                                         as it deems appropriate, after consultation with the Audit Committee, up to and including
                                         dismissal or, in the event of criminal or other serious violations of law, notification
                                         of the SEC or other appropriate law enforcement authorities.

 

No
person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer
or employee thereof to discharge, demotion, suspension, threat, harassment or, in any manner, discrimination against such person
in terms and conditions of employment.

 

		6.	Waivers
and Amendments

 

Any
waiver (as defined below) or implicit waiver (as defined below) from a provision of this Code for the principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions or any amendment
(as defined below) to this Code is required to be disclosed in a Current Report on Form 8-K filed with the SEC. In lieu of filing
a Current Report on Form 8-K to report any such waivers or amendments, the Company may provide such information on its website
and if it keeps such information on such website for at least 12 months and discloses the website address as well as any intention
to provide such disclosures in this manner in its most recently filed Annual Report on Form 10-K.

 

A
“waiver” means the approval by the Board of a material departure from a provision of this Code. An “implicit
waiver” means the Company’s failure to take action within a reasonable period of time regarding a material departure
from a provision of this Code that has been made known to an executive officer of the Company. An “amendment” means
any amendment to this Code other than minor technical, administrative or other non-substantive amendments hereto.

 

All
persons should note that it is not the Company’s intention to grant or to permit waivers from the requirements of this Code.
The Company expects full compliance with this Code.

 

    4

     

    

 

		7.	Insider
Information and Securities Trading

 

The
Company’s directors, officers or employees who have access to material, non-public information are not permitted to use
that information for securities trading purposes or for any purpose unrelated to the Company’s business. It is also against
the law to trade or to “tip” others who might make an investment decision based on material, non-public information.
For example, using material, non-public information to buy or sell the Company securities, options in the Company securities or
the securities of any Company supplier, customer, competitor, potential business partner or potential target is prohibited. The
consequences of insider trading violations can be severe. These rules also apply to the use of material, nonpublic information
about other companies (including, for example, the Company’s customers, competitors, potential business partners and potential
targets). In addition to directors, officers or employees, these rules apply to such person’s spouse, children, parents
and siblings, as well as any other family members living in such person’s home. The Company’s directors, officers
and employees should familiarize themselves with the Company’s policy on insider trading.

 

		8.	Financial
Statements and Other Records

 

All
of the Company’s books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately
reflect the Company’s transactions and must both conform to applicable legal requirements and to the Company’s system
of internal controls. Unrecorded or “off the books” funds or assets should not be maintained unless permitted by applicable
law or regulation.

 

Records
should always be retained or destroyed according to the Company’s record retention policies. In accordance with those policies,
in the event of litigation or governmental investigation, please consult the Board or the Company’s internal or external
legal counsel.

 

		9.	Improper
Influence on Conduct of Audits

 

No
director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action
to coerce, manipulate, mislead or fraudulently influence any public or certified public accountant engaged in the performance
of an audit or review of the financial statements of the Company or take any action that such person knows or should know that
if successful could result in rendering the Company’s financial statements materially misleading. Any person who believes
such improper influence is being exerted should report such action to such person’s supervisor, or if that is impractical
under the circumstances, to any of the Company’s directors.

 

Types
of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

 

		●	offering
                                         or paying bribes or other financial incentives, including future employment or contracts
                                         for non-audit services;

 

		●	providing
                                         an auditor with an inaccurate or misleading legal analysis;

 

		●	threatening
                                         to cancel or canceling existing non-audit or audit engagements if the auditor objects
                                         to the Company’s accounting;

 

		●	seeking
                                         to have a partner removed from the audit engagement because the partner objects to the
                                         Company’s accounting;

 

		●	blackmailing;
                                         and

 

		●	making
                                         physical threats.

 

    5

     

    

 

		10.	Anti-Corruption
Laws

 

The
Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt
Practices Act of 1977 (“FCPA”). Directors, officers, employees and agents, such as third party sales representatives,
shall not take or cause to be taken any action that would reasonably result in the Company not complying with such anti-corruption
laws, including the FCPA, and the Company’s Anti-Corruption Policy. If you are authorized to engage agents on the Company’s
behalf, you are responsible for ensuring they are reputable and for obtaining a written agreement for them to uphold the Company’s
standards in this area.

 

		11.	Violations

 

Violation
of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any
civil or criminal liability which might be imposed by any court or regulatory agency.

 

		12.	Other
Policies and Procedures

 

Any
other policy or procedure set out by the Company in writing or made generally known to employees, officers or directors of the
Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

 

		13.	Inquiries

 

All
inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to
the Chair of the Board, or such other compliance officers as shall be designated from time to time by the Company.

 

 

6

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