Document:

Exhibit 10.1

 

SHAREHOLDERS’ AGREEMENT 

	 

 

By
and Among

 

I-AM
CAPITAL ACQUISITION COMPANY

 

And

 

FW
METIS LIMITED

 

And

 

MITESH R GOWANI

 

And

 

PROMOTERS

 

And

 

SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

     

     

    

 

SHAREHOLDERS’ AGREEMENT

 

This SHAREHOLDERS’
AGREEMENT is executed on this 3rd day of May, 2018 at New Delhi;

 

By
and Amongst

 

I-AM Capital Acquisition Company,
a company incorporated in the United States of America and having its registered office at 1345 Avenue of the Americas, 11th
Floor, New York, NY 10105 (hereinafter referred to as the “Investor”, which expression shall, unless it be repugnant
to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the First
Part;

 

And

 

FW
Metis Limited, a company incorporated in Mauritius and having its registered office at IFS Court, Twenty Eight,
Cybercity, Ebene, Mauritius (hereinafter referred to as “Metis”, which expression shall, unless it be repugnant
to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the Second
Part;

 

And

 

Mitesh R Gowani, a Indian citizen,
presently residing at 511, Commerce House, 140, N.M. Road, Fort, Mumbai 400 023, Maharashtra, India (hereinafter referred to as
“MRG”, which expression shall, unless it be repugnant or contrary to the context thereof, mean and include his
heirs, legal representatives, successors and permitted assigns) of the Third Part;

 

And

 

The Persons listed in SCHEDULE
1 (hereinafter referred to collectively, as the “Promoters” and individually, as a “Promoter”,
which expression shall, unless it be repugnant or contrary to the context thereof, mean and include each of their respective heirs
and successors-in-interest, as the case may be) of the Fourth Part;

 

And

 

Smaaash Entertainment Private Limited,
a private limited company incorporated under the laws of India, having its office at 1st Floor, Ambience Mall, Plot
no. 2, Phase II, Nelson Mandela Marg, Delhi-110070, India (hereinafter referred to as the “Company”, which expression
shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) of the Fifth
Part.

 

The Company, the Investor, Metis, MRG and
the Promoters shall hereinafter be individually referred to as a “Party” and collectively referred to as the
“Parties”.

 

WHEREAS:

 

		A.	The Company is engaged in the Business (defined below).

 

		B.	As of the Effective Date (defined below), the shareholding pattern of the Company is as specified
in Part A of SCHEDULE 4 hereto.

 

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		C.	The Investor has agreed to make an investment in the Company on the terms and subject to the conditions
set out in the Share Subscription Agreement (defined below) and this Agreement.

 

		D.	In furtherance to the Share Subscription Agreement, the Parties have negotiated and agreed to execute
this Agreement to record their agreement on the governance, operation and management of the Company with respect to the Investor
and the Investor’s rights and obligations as a Shareholder (defined below) of the Company and certain rights of Metis. MRG
is executing this Agreement as a confirming party.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the sufficiency
of which is acknowledged by the Parties, the Parties hereby agree as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions:

 

In
this Agreement, the following words and expressions shall, except where the context otherwise requires, have the following meanings
respectively:

 

“Act”
means the (Indian) Companies Act, 1956, as substituted by the provisions of the (Indian) Companies Act, 2013 to the extent notified
as having become effective and any amendment thereto and, wherever applicable, the rules framed thereunder and any subsequent amendment
or re-enactment thereof for the time being in force;

 

“Affiliate”
of a Person (the “Subject Person”) means, (a) in the case of any Subject Person other than a natural person,
(i) any other Person that, either directly or indirectly through one or more intermediate Persons and whether alone or in combination
with one or more other Persons, Controls, is Controlled by or is under common Control with the Subject Person, and (ii) where the
Subject Person is the Investor, the term Affiliate, shall be deemed to include any fund, collective investment scheme, trust, partnership
(including any co-investment partnership), special purpose or other vehicle or any subsidiary or Affiliate (in accordance with
(a) above) of any of the foregoing, which is managed and/or advised by the Investor’s group or the Investor’s investment
manager and/or investment advisor and any sub-advisor to such investment advisor or an Affiliate (in accordance with (a) above)
of the investment manager and/or investment advisor and any sub-advisor to such investment advisor, or any other fund under the
management or advice of the Investor or any of its Affiliates (in accordance with (a) above) or companies/entities under the same
management as the Investor; (b) in the case of any Subject Person that is a natural person, (i) any other person that, either directly
or indirectly through one or more intermediate persons and whether alone or in combination with one or more other persons, is Controlled
by the Subject Person, or (ii) any other person who is a Relative of such Subject Person;

 

“Agreement”
means this Shareholders’ Agreement and shall include any schedules, annexures, or exhibits that may be annexed to this Agreement
now or at a later date and any amendments made to this Agreement in accordance with the terms of this Agreement;

 

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“AHA Holdings”
means AHA Holdings Private Limited, a company incorporated under the Companies Act, 1956 and having its registered office at 161,
Starcity Cinema, 2nd Floor, Manmala Tank Road, Mahim West, Mumbai – 400016, India;

 

“Applicable
Law(s)” means any statute, law, regulation, ordinance, rule, judgment, notification, order, decree, bye-law, permits,
licenses, approvals, consents, authorisations, government approvals, directive, guideline, requirement or other governmental restriction,
or any similar form of decision of, or determination by, or any interpretation, policy or administration, having the force of
law of any of the foregoing, by any Governmental Authority, whether in effect as of the date of this Agreement or thereafter;

 

“Approved
Auditor” means PricewaterhouseCoopers, Deloitte Haskins and Sells, Ernst & Young and KPMG (or their Affiliates or
associates as known in India) or any other auditor as acceptable to the Investor and the Promoters;

 

“Articles of Association”
or “Articles” means the articles of association of the Company as modified to reflect the terms of this Agreement
and the Share Subscription Agreement;

 

“Assets”
means all assets, properties, rights and interests of every kind, nature, specie or description whatsoever, whether movable or
immovable, tangible or intangible including without limitation Intellectual Property Rights, owned, leased and/or used by the Company
and its present and/or future subsidiaries;

 

“BCCL”
means Bennett Coleman and Company Limited, a public company having its registered office at Times of India Building, N Road, Mumbai
– 400001, Maharashtra, India;

 

“Board of Directors”
or “Board” means the board of directors of the Company, as constituted from time to time;

 

“Business”
means the business of the Company as described in SCHEDULE 2 to this Agreement;

 

“Business Day”
means a day (other than a Saturday or Sunday) on which banks are open for general business in India, Mauritius, Dubai and New York;

 

“Business Plan”
means the detailed business or operating plan for each Financial Year and the annual budget of the Company for each Financial Year
which includes a detailed financial plan providing head wise details of projected income, expenditure (including operating and
capital expenditure) and earnings by the Company, as approved by the Board in accordance with this Agreement;

 

“Buyback Notice”
shall mean a written notice by the Company to the Investor to buyback all or any of the SPAC Shares as provided in Clause 8.1(e);

 

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“Closing Date”
shall have the same meaning ascribed to it in the Share Subscription Agreement;

 

“Code”
means the U.S. Internal Revenue Code of 1986;

 

“Competitor”
means any Person engaged in a business or activity (on its own or together with an Affiliate or associate of such Person, or through
any franchise, license or agreement or in any other manner whatsoever), or having any interest in a business or activity, which
is, identical to, similar to, connected with or of the same nature as, the Business or is in competition with the Business or any
other business or activity being carried on by the Company at the relevant point in time;

 

“Contract”
shall have the same meaning as has been ascribed to it under the Share Subscription Agreement;

 

“Control”
(including the terms “Controlled” by or under common “Control” with), as used with respect
to any Person means the direct or indirect beneficial ownership of or the right to vote in respect of, directly or indirectly,
more than 50% (fifty percent) of the voting shares or securities of a Person and/or the power to control the majority of the composition
of the board of directors of a Person and/or the power to create or direct the management or otherwise or any or all of the above;

 

“Convertible Instruments”
means warrants, convertible preference shares, convertible debentures, bonds, options or any other financial instruments issued
by the Company convertible into Equity Shares at a later date;

 

“Deed of Adherence”
means the deed of adherence substantially in the form attached hereto as SCHEDULE 3;

 

“Director”
means a director appointed on the Board of Directors from time to time in accordance with the provisions of this Agreement;

 

“Effective Date”
means the date of execution of this Agreement;

 

“Eligible Employee”
means the employees, officers and Directors of the Company and its subsidiaries;

 

“Encumbrance”
means (including, the terms “Encumber” and “Encumbered”) with respect to any property or
Asset, any mortgage, lien, pledge, hypothecation, charge, interest, option, claim, prior interest, right of other Persons, security
interest, equitable interest, encumbrance, title retention agreement, voting trust agreement, commitment, restriction or limitation
of any nature whatsoever, including restriction on use, voting, non-disposal undertaking, rights of pre-emption, receipt of income
or exercise of any other attribute of ownership or any other adverse claim of any kind in respect of such property or Asset (excluding
any of the above restrictions created pursuant to this Agreement or the Articles);

 

“Equity Shares”
means equity shares of the Company having face value of INR 10 (Rupees Ten only) each;

 

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“ESOP”
means a bonafide employee stock option plan adopted by the Company for the issue of options/shares to any Eligible Employee, consisting
of 1,01,06,798 Equity Shares (out of which no options have been granted as of the Effective Date);

 

“Event of Default”
means:

		(i)	fraud, gross negligence, wilful misconduct committed by the Promoters, or
the finding of any audit or investigation which reveals that the affairs of the Company have been conducted in a fraudulent manner;

		(ii)	a petition for bankruptcy has been filed by a creditor for default in making
any payments due by the Company and such petition has not been dismissed, stayed or if admitted, not vacated within 6 (six) months
of such petition being filed;

 

“Fair Market Value”
means the fair market value of the Securities of the Company as computed in accordance with Clause 9.2 of this Agreement;

 

“Final Deadline
Date” means the date of expiry of 6 (six) months from the Investor Exit Date;

 

“Financial Year”
means the financial year of the Company, which begins on April 1st of a calendar year and ends on March 31st
of the next calendar year;

 

“Financial
Statements” includes a balance sheet, income statement, a statement of cash flows prepared in accordance with IFRS and
shall be accompanied by such other documents as may be required under Applicable Law;

 

“Fully Diluted
Basis” means that the total of Securities (after giving effect to any anti-dilution/valuation protection provisions)
on an “as if converted” basis, shall be included for the purposes of such calculation;

 

“Governmental Authority”
shall mean any international, national or federal governmental authority, city, provisional or statutory authority, regulatory
authority, government department, agency, commission, board, rule or regulation making entity/authority having or purporting to
have jurisdiction over any Party, or other subdivision thereof or any municipality, district or other subdivision thereof to the
extent that the rules, regulations, standards, requirements, procedures or orders of such authority, body or organisation have
the force of any Applicable Law or any court or tribunal having jurisdiction;

 

“Group Companies”
means a company which is a wholly owned subsidiary of one or more of AHA Holdings, Mr. Shripal Morakhia, Mrs. Kalpana Morakhia
and their Immediate Family Members;

 

“IFRS”
means the international financial reporting standards;

 

“Immediate Family Members”
for each individual, means his/her spouse and his/her natural and adopted children;

 

“Indebtedness”
means with respect to any Person, all indebtedness of such Person (whether present, future or contingent) and includes without
limitation (a) all obligations of such Person for borrowed money or with respect to advances of any kind, whether or not evidenced
by a Contract; (b) all obligations of such Person for the deferred purchase price of property, goods or services; (c) all indebtedness
of others secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured
by) any Encumbrance on property of such Person; (d) all guarantees by such Person;

 

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“Intellectual Property
Rights” means and includes collectively or individually, the following worldwide rights relating to intangible property,
whether or not filed, perfected, registered or recorded and whether now or hereafter existing, filed, issued or acquired: (a) rights
in trademarks, trademark registrations, and applications therefor, trade names, service marks, service names, logos, or trade dress;
(b) rights relating to the protection of confidential information; (c) internet domain names, Internet and World Wide Web (WWW)
URLs or addresses; and (d) all other intellectual, information or proprietary rights anywhere in the world including rights of
privacy and publicity, rights to publish information and content in any media;

 

“Investment Amount”
shall have the meaning ascribed to it in the Share Subscription Agreement;

 

“Investor Exit
Date” means March 31, 2022;

 

“Investor Exit
Price” means a price per SPAC Share, which for all of the SPAC Shares aggregates to the higher of (a) the sum of (i)
the Investment Amount; and (ii) an amount equal to an IRR of 20% (twenty percent) on the Investment Amount; and (b) the Fair Market
Value of the SPAC Shares;

 

“IRR”
means the annual rate of return which, when used as a discount rate for a series of cash flows (including dividends paid by the
Company), gives a net present value of zero;

 

“Key Employees”
mean Mr. Shripal Morakhia, chief executive officer, chief financial officer, chief operations officer, chief technical officer
or any other ‘CXO’ level employees/department/designated business heads, any key managerial personnel or any other
employee whose total annual remuneration is over INR 50,00,000 (Rupees Fifty Lakhs only) (inclusive of all perquisites, allowances
and withholdings);

 

“Liquidation Event”
means, in relation to the Company, winding up, liquidation, reconstruction, consolidation, reorganization, amalgamation, merger,
sale of assets or business of the Company;

 

“Memorandum”
means the memorandum of association of the Company as amended from time to time;

 

“Metis Exit Date”
means June 30, 2019;

 

“Metis SHA”
means the subscription and shareholders’ agreement dated April 30, 2014 entered into between Metis, Promoter, Company and
certain other Persons;

 

“Non-Transferring
Shareholder(s)” (a) in case of any Promoter proposing to Transfer any Promoter Shares under Clause 4.2(a), shall mean
the Investor, and (b) in case of the Investor proposing to Transfer SPAC Shares, shall mean only the Promoters;

 

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“Person”
means any natural person, limited or unlimited liability company, corporation, partnership (whether limited or unlimited), proprietorship,
Hindu undivided family, trust, union, association, government or any agency or political subdivision thereof or any other entity
that may be treated as a person under Applicable Law;

 

“Promoter Sale
Shares” means the number of Promoter Shares proposed to be Transferred by the Promoters under Clause 4.3;

 

“Promoter Shares”
shall mean Equity Shares, Convertible Instruments and other Securities held by the Promoters from time to time;

 

“QIPO”
means a public offering, listing of the Equity Shares of the Company and their admission to trading on Bombay Stock Exchange, National
Stock Exchange, New York Stock Exchange, NASDAQ, or any other recognised stock exchange;

 

“Qualified Investors”
shall mean a collective reference to the qualified investors (as defined under Part B of the Articles), the qualified investors
II (as defined under Part C of the Articles) and the qualified investors III (as defined under Part D of the Articles);

 

“Related Party”
shall have the meaning as defined under the Act;

 

“Relative”
shall have the meaning as defined under the Act;

 

“Reserved Matters”
mean the list of matters which require the consent of the Investor as set out in SCHEDULE 7;

 

“Restricted Person”
means (a) Competitor; and (b) any Person that (i) has been convicted of a criminal offence or an economic offence where the punishment
is not less than imprisonment of 6 (Six) months; and (ii) is the resident of North Korea, Iraq, Cuba, Iran, Myanmar, Libya or Sudan
or Persons that are the target of U.S. economic sanctions administered by the U.S. Treasury Department Oficce of Foreign Assets
Control;

 

“SEBI”
means the Securities and Exchange Board of India;

 

“Securities”
means any and all classes and series of shares, Equity Shares, options, warrants, preference shares, convertible securities of
all kinds, debentures or any other arrangement relating to the Company’s share capital;

 

“Share Subscription
Agreement” means the share subscription agreement of even date executed between the Investor, the Promoters and the Company
hereto for the subscription of the Subscription Shares by the Investor and shall include any schedules, annexures, or exhibits
that may be annexed to Share Subscription Agreement now or at a later date and any amendments made to Share Subscription Agreement
by all the parties thereto in writing;

 

“Shareholders”
means the holders of Securities in the Company (which are Equity Shares or convertible into Equity Shares);

 

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“SPAC Issue Price”
means INR 41.56 (Rupees forty one and fifty six paise only);

 

“SPAC Shares”
means collective reference to the Equity Shares held by the Investor and includes any other Securities of the Company held from
time to time by the Investor;

 

“SRT”
means Mr. Sachin Ramesh Tendulkar;

 

“Subscription Shares”
shall have the meaning ascribed to it in the Share Subscription Agreement;

 

“Transaction Documents”
means this Agreement, the Share Subscription Agreement, Restated Articles (as defined in the Share Subscription Agreement) and
any other agreement required to be executed and/or delivered pursuant to this Agreement and in respect of the transactions contemplated
in this Agreement and the Share Subscription Agreement;

 

“Transfer”
includes:

 

		(i)	any (direct or indirect) transfer or other disposition of the Securities
or voting interests or any interest therein, including, without limitation, by operation of law by court order, by judicial process,
or by foreclosure, levy or attachment;

 

		(ii)	any (direct or indirect) sale, assignment, gift, donation, redemption, conversion
or other disposition of such Securities or any interest therein, pursuant to an agreement, arrangement, instrument or understanding
by which legal title to or beneficial ownership of such Securities or any interest therein passes from one Person to another Person
or to the same Person in a different legal capacity, whether or not for value;

 

		(iii)	the granting of or extending any Encumbrance in such Securities or any interest
therein.

 

but excludes any transmission of Securities pursuant
to the Act;

 

“Transferring Shareholder”
shall mean the Promoter proposing to make a Transfer of Shares under Clause 4.2 or the Investor, as the case may be;

 

		1.2	In addition to the terms defined in Clause
1.1, any other terms that are capitalised but not specifically defined hereunder shall have the same meaning as assigned to such
term in the respective Clauses in this Agreement.

 

		1.3	Interpretation

 

		(a)	Heading and bold typeface are only for convenience and shall be ignored
for the purpose of interpretation.

 

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		(b)	Unless the context of this Agreement otherwise requires:

 

		(i)	words of any gender are deemed to include the other gender;

 

		(ii)	words using the singular or plural also include the plural or singular respectively;

 

		(iii)	the terms “hereof”, “herein”, “hereby”,
“hereto” and derivative or similar words refer to this entire Agreement or specified Clauses of this Agreement, as
the case may be;

 

		(iv)	the term “Clause” refers to the specified Clause of this Agreement
and paragraph refers to the specified paragraph of the Schedules to this Agreement;

 

		(v)	reference to any statute or statutory provision shall include (a) any subordinate
legislation, rules and regulations framed thereunder from time to time; and (b) such statute or provision as may be amended, modified,
repealed, re-enacted or consolidated;

 

		(vi)	reference to the term ‘pro-rata’ means on the basis of the proportionate
shareholding of a Shareholder on a Fully Diluted Basis unless otherwise indicated in this Agreement;

 

		(vii)	reference to the word “include” shall be construed without limitation;

 

		(viii)	the Recitals and Schedules annexed hereto shall constitute an integral part
of this Agreement;

 

		(ix)	time is of the essence in the performance of the Parties’ respective
obligations. If any time period specified herein is extended, such extended time shall also be of the essence;

 

		(x)	time taken for procuring regulatory approvals to consummate any transactions
contemplated in this Agreement shall be excluded from the calculation of time periods stated in this Agreement;

 

		(xi)	words and expressions used under this Agreement, but not specifically defined
in Clause 1.1 shall have the same meaning as assigned to them in the specific clause/ sub clause/ paragraph;

 

		(xii)	words and expressions used herein, but not defined shall have the same meaning
respectively assigned to them in the Act in so far as the context so admits;

 

		(xiii)	the shareholding of the Investor’s Affiliates shall be taken into
account to determine the shareholding percentage of the Investor in the Company on a Fully Diluted Basis;

 

		(xiv)	the term “as if converted” basis with respect to an instrument,
option or Security refers to a calculation assuming as if such instrument, option or Security has been issued and converted/exercised/exchanged
into Equity Shares in accordance with the prevailing terms; and

 

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		(xv)	capitalised terms used and not defined herein shall have the meaning set
forth in the Share Subscription Agreement.

 

		2.	CAPITAL STRUCTURE

 

		2.1	Shareholding Pattern

 

The shareholding pattern
of the Company on a Fully Diluted Basis immediately preceding the Closing Date is, and the shareholding pattern of the Company
as on the Closing Date on a Fully Diluted Basis shall be as set out in Part A and Part B of SCHEDULE
4 to this Agreement respectively.

 

		2.2	Use of Proceeds

 

The Company agrees and undertakes
that it shall and the Promoters jointly and severally undertake that they shall, exercise all rights and powers available to them
to procure that the Company shall utilise the proceeds of the Investment Amount solely for the purposes identified in the Share
Subscription Agreement.

 

Other than as specifically
set out above, the Company shall be prohibited from using the proceeds of the Investment Amount without the prior written consent
of the Investor.

 

		3.	FURTHER ISSUE OF SHARES

 

		3.1	Issue of Further Shares

 

Subject
to the terms of this Agreement (including without limitation the provisions of Clause 5.15 (Reserved Matters)), the Board
may, from time to time, determine the additional capital contributions of the Company from existing Shareholders or from third
parties (other than a Restricted Person), which shall be in the nature of Equity Shares, preference shares or any other Security.
The terms of such issue, including the valuation in respect of any fresh issue of Securities, shall be as determined by the Board
subject to Clause 5.15 (Reserved Matters) (“New Securities”). Nothing in this Clause 3.1 shall apply
to (i) issuance of Equity Shares in accordance with the ESOP plan, and/or (ii) issuance of Equity Shares upon conversion of the
Convertible Instruments in accordance with the terms set out in the Articles, and/or (iii) issuance of Securities pursuant to the
QIPO; and/or (iv) issuance of additional Equity Shares in order to give effect to the provisions of Clause 3.7 (Valuation Protection);
and/or (v) issuance of bonus Shares.

 

		3.2	Issuances

 

		(a)	In the event the Board approves any fresh capital contributions in accordance
with Clause 3.1 (“New Investment”), the Investor shall have the right (but not the obligation) to subscribe
(simultaneous with the investment by the proposed subscriber in the New Investment) to such number of the New Securities, in order
to maintain its shareholding in the Company on a Fully Diluted Basis, (i) at the same price; and (ii) on terms and conditions no
less favourable than as offered by the Company to such proposed subscriber; to such number of New Securities required to maintain
its shareholding on a Fully Diluted Basis (as of immediately prior to the New Investment) immediately following the New Investment
(“Entitlement”), subject to the valuation protection of the Investor contained in Clause 3.7 and Applicable
Law.

 

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		(b)	The Company shall give the Investor a written notice (the “Offer
Notice”) of its intention, describing the New Securities proposed to be so issued, the name, identity and beneficial
ownership of the proposed subscriber of such New Securities, the price per New Security, nature of the instrument, total quantum
of such proposed investment and the general terms upon which the Company proposes to issue such New Securities.

 

		(c)	Upon receipt of such Offer Notice, the Investor shall have the right to
purchase from or subscribe to its Entitlement of such New Securities of the Company (whether in full or in part), on the same terms
and conditions as offered by the Company to the proposed subscriber and at such rate per New Security offered to such proposed
subscriber.

 

		(d)	The Investor shall have 30 (thirty) days from delivery of the Offer Notice
(“Notice Acceptance Period”) to agree to purchase all or any part of its Entitlement to such New Securities,
by giving a written notice to the Company setting forth the number of New Securities that it wishes to purchase.

 

		(e)	If the Investor so elects to purchase or subscribe to its Entitlement to
the New Securities, whether in full or in part, such New Securities shall be sold or issued to the Investor in accordance with
its election.

 

		(f)	If any of the other Shareholders (other than the Investor) fail to exercise
in full or expressly waives its entitlement rights as set out in the Articles, such Shareholder’s Entitlement to the New
Securities or the concerned portion thereof not exercised by such Shareholder shall automatically devolve upon the Investor who
shall be entitled to also accept and exercise such devolved entitlement in terms of this Clause 3.2 along with its original Entitlement.
If the Investor chooses not to subscribe to any or all of the New Securities, the Company shall be entitled to issue and allot
such New Securities to the proposed subscriber.

 

		(g)	The Company shall have 60 (sixty) days from the expiry of the Notice Acceptance
Period to issue the unsubscribed portion of the New Securities to the proposed subscriber specified in the Offer Notice, at a price
and upon general terms no more favorable to such proposed subscriber thereof than specified in the Offer Notice. Upon such issuance,
subject to the provisions of Clause 3.7 (Valuation Protection) below, the shareholding of the Investor shall stand diluted
accordingly.

 

		(h)	If the Company has not issued the New Securities within the said 60 (sixty)
day period, the Company shall not thereafter issue any New Securities without first offering such New Securities to the Investor
in the manner and as per the procedure provided in this Clause 3.2.

 

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		3.3	The Promoters shall, jointly and severally, cause all of the
actions to be taken in accordance with this Clause 3 to ensure strict compliance herewith. 

 

		3.4	Any issuance of Securities by the Company in violation of the
provisions of this Clause 3 shall be invalid and void ab initio.

 

		3.5	Notwithstanding anything to the contrary contained elsewhere,
the Investor shall be entitled to subscribe to any fresh issue by itself or through its Affiliates. 

 

		3.6	The right of the Investor to subscribe to any Securities shall
extend to such other alternative instrument as may be issued in the event of any restriction under Applicable Law barring the Investor
from subscribing to the Securities so offered as part of the New Investment. 

 

		3.7	Valuation Protection

 

If
at any time after the Closing Date, the Company issues to any Person any New Securities or undertakes any action, including effecting
any changes in the capital structure of the Company, at a price per Security that is lower than the SPAC Issue Price, then the
Investor shall be entitled to broad based weighted average anti-dilution protection in accordance with SCHEDULE 6 hereto.
In such an event, the Company and the Promoters shall be bound to co-operate with the Investor to ensure that the Company forthwith
takes all necessary steps, subject to Applicable Law, to issue additional Equity Shares to the Investor or its Affiliates (whereby
such holders or its Affiliates (as the case may be) are not required to pay any additional amounts for the issuance of the additional
Equity Shares or if so required under Applicable Law, pay the lowest price required to be paid under Applicable Law) in accordance
with the formula provided in SCHEDULE 6 or the Promoters shall transfer Equity Shares to the Investor at the lowest price
permissible under Applicable Law, in accordance with the formula provided in SCHEDULE 6. Nothing in this Clause 3.7 shall
apply to (i) issuance of Equity Shares in accordance with the ESOP plan, and/or (ii) issuance of Equity Shares upon conversion
of Convertible Instruments in accordance with the terms set out in the Articles, and/or (iii) issuance of Securities pursuant to
the QIPO; and/or (iv) issuance of bonus Shares.

 

		4.	RESTRICTIONS ON TRANSFERABILITY OF SHARES

 

		4.1	Transfer Restrictions

 

		(a)	Transfer by the Investor

 

Subject to Clause 4.1(e) (Execution
of a Deed of Adherence), the Investor is entitled to freely Transfer all or any of the SPAC Shares at any time in the following
manner:

 

		(i)	to any of its Affiliates without any restriction;

 

    13 

     

    

 

		(ii)	till such date as Metis holds the minimum shareholding prescribed under Clause 22 of the Metis
SHA (“Metis Fall Away Date”), to any Person who is not a Restricted Person, together with any or all of the
rights of the Investor, subject to the rights of the Promoters in Clause 4.2 (Right of First Offer) below; and

 

		(iii)	after the Metis Fall Away Date or upon the occurrence of an Event of Default (whichever is earlier),
to any Person, including a Restricted Person but other than a Person who has been convicted of a criminal or an economic offence
where the punishment is not less than imprisonment of 6 (six) months, without any restriction whatsoever or any obligation to make
an offer to the Promoters, together with any or all of the rights of the Investor. It is hereby clarified that without prejudice
to the generality of the foregoing, any Transfer of the SPAC Shares by the Investor after the Metis Fall Away Date or an Event
of Default shall not be subject to restrictions under Clause 4.1(e) (Execution of a Deed of Adherence) and Clause 4.2 (Right
of First Offer),

 

		(aa)	Nothwithstanding anything contained in Clause 8.3.3 of
the Metis SHA, in case of an Event of Default, Metis shall have the right to freely Transfer its securities to any Person including
a Restricted Person but other than a Person who has been convicted of a criminal or an economic offence where the punishment is
not less than imprisonment of 6 (six) months, without any restriction whatsoever or any obligation including the obligation to
(A) to make an offer to the Promoters under Clause 8.4.1 of the Metis SHA; or (B) require the transferee to execute a deed of
adherence, together with any or all of the rights of Metis under this Agreement, Metis SHA and the Articles.

 

		(b)	Transfer by Promoters

 

The Promoters shall not Transfer
any Promoter Shares to any Person, in any manner whatsoever, without the prior approval of the Investor and the Promoter Shares
shall stand locked-in till such time as the Investor holds any Shares in the Company subject to Clause 13 of this Agreement; provided
however that each of the Promoters shall be entitled to Transfer their shareholding in the Company to 1 (one) or more of the Group
Companies or Immediate Family Members (“Permitted Promoter Transferees”); subject to Clause 4.1(e) (Execution
of a Deed of Adherence). In the event the Investor provides such approval in accordance with this Clause 4.1(b), then the Promoters
shall be entitled to Transfer the Promoter Shares subject to the provisions of Clause 4.1(e) (Execution of a Deed of Adherence),
Clause 4.1(f) (Transfer to Restricted Person), Clause 4.2 (Right of First Offer) and Clause 4.3 (Tag Along Right)
below. It is clarified that the transferees of Shares Transferred by the Promoters shall be bound by all obligations of the Promoters
under this Agreement. For the avoidance of doubt, it is hereby clarified that any Transfer of the Promoter Shares or issuance of
shares by the Company to give effect to any (i) full rachet adjustement under Clause 8.1. of the Metis SHA; (ii) broad based weighted
average adjustement under Clause 3.7 (Valuation Protection) of this Agreement; or (iii) drag along right of the Investor
and Metis under this Agreement, the Metis SHA and the Articles, shall not be subject to any (i) transfer restrictions on the Promoter
Shares under this Agreement, Metis SHA and the Articles, (ii) pre-emptive right to subscribe to securities and veto right of the
Investor and/or Metis under this Agreement and/or the Metis SHA and the Articles.

 

    14 

     

    

 

		(c)	Covenants by Mr. Shripal Morakhia and AHA Holdings

 

Notwithstanding anything to the
contrary in this Agreement, Mr. Shripal Morakhia hereby expressly agrees that:

 

		(i)	Mr. Shripal Morakhia shall not, and Mr. Shripal Morakhia shall ensure that his Immediate Family
Members shall not, Transfer any ownership interests in AHA Holdings or any of the Group Companies that hold any of the Securities
to any Person other than Permitted Promoter Transferees, without the prior approval of the Investor;

 

		(ii)	he shall ensure that neither AHA Holdings nor any of the Group Companies that hold any of the Securities,
issue any securities to any Person other than the Permitted Promoter Transferees, without the prior approval of the Investor;

 

		(iii)	he shall ensure that he (together with the Permitted Promoter Transferees) shall at all points
of time during the term of this Agreement, continue to own, legally and beneficially, all the ownership interests of AHA Holdings
and the Group Companies that hold any of the Securities of the Company, free and clear from all Encumbrances and shall continue
to have total control over and exercise all voting rights over AHA Holdings and each of the Group Companies that hold any of the
Securities of the Company;

 

		(iv)	the Promoters shall ensure that each Permitted Promoter Transferee executes a Deed of Adherence
acceptable to the Investor, simultaneously with becoming a shareholder of AHA Holdings.

 

		(d)	Transfer in violation of this Agreement

 

Any Transfer of Securities which
is not in compliance with the provisions of this Clause 4 shall be void ab initio and the Company shall not:

 

		(i)	record or register any Transfer of Securities in violation of this Clause 4; and

 

		(ii)	treat the Person to whom the Securities have been Transferred in violation of this Clause 4 as
the owner of Securities of the Company or accord any rights to vote or pay dividend or otherwise to such Person, to which he may
otherwise be entitled to, as the owner of the Securities.

 

    15 

     

    

 

		(e)	Execution of Deed of Adherence

 

Subject to the provisions of this
Agreement, all Transfers by the Shareholders will be subject to the transferee entering into a Deed of Adherence. Upon execution
of the Deed of Adherence, the Parties agree that this Agreement shall stand automatically novated to the extent of making the transferee
a party to this Agreement. Provided that, any Transfer by the Investor to a transferee, after the Metis Fall Away Date or upon
the occurrence of an Event of Default or at any time thereafter, will not require such transferee to enter into a Deed of Adherence.

 

		(f)	Transfer to Restriced Person

 

Notwithstanding the terms of this
Clause 4 or any other provision of this Agreement or the Articles, no Shareholder (except (i) the Investor who is bound only to
the extent provided in Clause 4.1(a) and (ii) Metis who is bound only to the extent provided in Clause 8.3 of the Metis SHA ) shall
be entitled to Transfer (whether in the form of gift, sale or otherwise) or Encumber or otherwise dispose of any Securities held
by them or any interest in such Securities (including any form of options, warrants, derivatives or arrangements relating to such
Securities), to a Restricted Person.

 

		(g)	The Company and the Promoters shall ensure that the provisions of this Clause 4 shall be honored
to the fullest extent permissible under Applicable Law and shall ensure that the terms of this Clause 4 are expressly stated in
the Articles.

 

		4.2	Right of First Offer

 

		(a)	If any Promoter Shares are sought to be Transferred, or if the Investor seeks to Transfer any Securities
held by it (such Shares sought to be Transferred, referred to as “ROFO Shares”), then the Transferring Shareholder
shall provide to the Non-Transferring Shareholder(s) the right of first offer with respect to the Securities that are proposed
to be Transferred by the Transferring Shareholder.

 

		(b)	The Transferring Shareholder shall provide a written notice to the Non-Transferring Shareholder(s)
of its intention to Transfer the ROFO Shares (“ROFO Sale Notice”).

 

		(c)	The Non-Transferring Shareholder(s) shall provide a written notice to the Transferring Shareholder
within 30 (thirty) days of its receipt of the ROFO Sale Notice (“ROFO Exercise Period”) setting out (“ROFO
Exercise Notice”):

 

		(i)	its intention to purchase all but not less than all of the ROFO Shares;

		(ii)	the price that the Non-Transferring Shareholder is willing to pay for the ROFO Shares.

 

Once issued, a ROFO Exercise Notice
shall be irrevocable and shall constitute a binding offer by the Non-Transferring Shareholder(s) to purchase the ROFO Shares as
per the terms set out in the ROFO Exercise Notice.

 

		(d)	Within 10 (ten) days from the date of receipt of the ROFO Exercise Notice (“ROFO Acceptance
Period”), and in the event that the terms set out under the ROFO Exercise Notice are acceptable to it, the Transferring
Shareholder shall confirm its acceptance to the ROFO Exercise Notice to the Non-Transferring Shareholder by way of issue of an
acceptance notice (“ROFO Acceptance Notice”). The Transferring Shareholder and the Non-Transferring Shareholder
shall, within 30 (thirty) days from the date of the ROFO Acceptance Notice, consummate the Transfer of the ROFO Shares on the terms
and conditions set out in the ROFO Exercise Notice.

 

    16 

     

    

 

		(e)	If, within the ROFO Exercise Period, the Non-Transferring Shareholder(s) have communicated that
it does not wish to exercise the right under this Clause 4.2 or has failed to respond to the ROFO Sale Notice, then the Transferring
Shareholder shall have the right to Transfer the ROFO Shares to a third party (other than a Restricted Person) within 90 (ninety)
days from the end of the ROFO Exercise Period; provided the terms and price of such sale is commercially superior to those offered
by the Non-Transferring Shareholder under the ROFO Exercise Notice.

 

		(f)	In the event a Transfer of the ROFO Shares has not been compeleted within the said 90 (ninety)
day period, then any Transfer of the ROFO Shares shall again be subject to the provisions of this Clause 4.2.

 

		(g)	However, if the Non-Transferring Shareholder, being the Investor, has communicated that it wishes
to exercise its Tag Right, then the Transferring Shareholder and the Non-Transferring Shareholder(s) shall follow the process set
out in Clause 4.3 below.

 

		(h)	It is hereby clarified that nothing in this Clause shall be deemed to grant an inter-se right of
first offer between the Shareholders of the Company, other than the Promoter, in the event of Transfer of Shares by any of them.

 

		4.3	Tag Along Right

 

		(a)	In case any or all Promoters, individually or collectively, propose to Transfer any Shares held
by them in the Company, then the Investor shall, in addition to its right under Clause 4.2, be entitled to exercise its Tag Right
(as defined below), along with Metis and the other Shareholders of the Company (“Tag Shareholders”). All references
to “Transferring Shareholder” in this Clause 4.3 mean a reference to such Promoter(s) who propose to Transfer
the Promoter Sale Shares.

 

		(b)	The Transferring Shareholder shall provide a written notice to the Tag Shareholders setting out
the price at which the Promoter Sale Shares are proposed to be sold to the third party purchaser (“Third Party Transferee”)
and other terms and conditions of such sale to the Third Party Transferee (“Tag Offer Notice”).

 

    17 

     

    

 

		(c)	The Tag Shareholders shall be entitled to issue a written notice to the Transferring Shareholder(s)
within 30 (thirty) days of the receipt of the Tag Offer Notice to exercise their respective Tag Right. The Transferring Shareholder
shall ensure that the Third Party Transferee purchases from the Tag Shareholders, the Tag Securities (as defined below) at the
price and on terms and conditions mentioned in the Tag Offer Notice (“Tag Right”) simultaneously with the purchase
of the Promoter Sale Shares. The “Tag Securities” shall mean (i) where the Promoters propose to Transfer less
than 10% (ten percent) of the Promoter Shares in aggregate either in a single or a series of transactions, all or any part of pro
rata number of the Securities held by the relevant Tag Shareholder on an “as if converted” basis; and (ii) where
the Promoters propose to Transfer equal to or more than 10% (ten percent) of the Promoter Shares in aggregate either in a single
or a series of transactions, all of the Securities held by the relevant Tag Shareholder in the Company. To the extent that a Tag
Shareholder exercise its Tag Right in accordance with the terms and conditions of this Clause 4.3, the number of Securities that
the Transferring Shareholder may sell as part of the total Securities in the Transfer to a Third Party Transferee shall be correspondingly
reduced.

 

		(d)	If
                                         all or any of the Tag Shareholders exercise their Tag Right, the Transfer of the Promoter
                                         Sale Shares by the Transferring Shareholder to the Third Party Transferee shall be conditional
                                         upon such Third Party Transferee acquiring the Tag Securities simultaneously with the
                                         acquisition of the Promoter Sale Shares in accordance with this Clause 4.3 (Tag Along
                                         Right), on the same terms and conditions set forth in the Tag Offer Notice provided
                                         that: (a) the Tag Shareholders shall not be required to give any representations and
                                         warranties for such Transfer, except those relating to title and the legal standing of
                                         the Tag Shareholders; and, (b) the Tag Shareholders shall be entitled to receive the
                                         cash equivalent of any non-cash component of the consideration received by the Transferring
                                         Shareholder.

 

		4.4	Notwithstanding anything to the contrary contained elsewhere,
the Parties agree that the Transfer restrictions in this Agreement and/or in the constitutional documents of the Company shall
not be capable of being avoided by the holding of Securities indirectly through a company or other entity that can itself be sold
in order to dispose of an interest in Securities free of such restrictions. 

 

		5.	BOARD, MANAGEMENT AND RELATED MATTERS

 

		5.1	Appointment of Directors

 

Directors will be nominated by
the Shareholders in the manner set out in the Articles and shall be appointed in the manner prescribed under the Act and this Agreement.
Subject to Clause 5.2 (Number of Directors) below, the Board may also appoint additional Directors from time to time, who
will hold office until the next annual general meeting of the Company.

 

		5.2	Number of Directors

 

		(a)	The Board shall comprise of a maximum of 10 (ten) Directors.

 

		(b)	Metis shall have the right to nominate 2 (two) Directors on the Board.

 

		(c)	The Investor shall, on and from the Closing Date, have the right to nominate
2 (two) Directors on the Board (“Investor Directors”).

 

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		(d)	The Promoters shall have the right to nominate 2 (two) Directors on the
Board (“Promoter Directors”), out of which 1 (one) Promoter Director shall at all times be Mr. Shripal Morakhia
and MRG shall have the right to nominate 1 (one) Director on the Board.

 

		(e)	The directorship of a Promoter Director shall stand vacated from the Board
at the option of Metis and the Investor upon any of the following events:

 

		(i)	If such Promoter Director ceases to be in the employment of the Company;
or

 

		(ii)	If such Promoter Director ceases to hold any Securities in the Company (where
such Promoter Director holds Securities in the Company); or

 

		(iii)	Upon the occurrence of an Event of Default arising from any act or omission
of such Promoter Director.

 

Mr.
Shripal Morakhia shall not resign from full time employment of the Company till such time as the Investor hold any Securities.

 

		(f)	The Board shall appoint and remove (as the case may be) by Notice to the
Company, 3 (three) individuals as independent directors to the Board of the Company at the instance of and upon procuring the consent
of the Promoters, the Investor and Metis, provided however that the Parties agree that Mr. Vijayendar Tulla shall continue to be
on the Board of the Company as an independent Director. Any person appointed as an independent Director pursuant to the resignation/
termination of Mr. Vijayendar Tulla shall be appointed with the consent of the Promoters, Investor and Metis.

 

		(g)	The Investor shall have the right to appoint 1 (one) observer to the Board
at all times. The Person appointed by the Investor as observer on the Board pursuant to this Clause shall hereinafter be referred
to as the “Investor Observer”. The Investor Observer shall be entitled to attend all meetings of the Board and
all committees thereof, provided that the Investor Observer will not be entitled to vote at any such meetings.

 

The
Promoters agree, undertake and covenant that they shall not veto nor otherwise obstruct the appointment of the Investor Observer
in accordance with this Clause 5.2(g). The Investor Observer will be entitled to receive all documents, communication and information
as received by a Director and will be entitled to attend all meetings of the Board and its committee as an observer, without exercising
any voting rights.

 

		(h)	The removal and re-appointment of the Investor Director(s) and the Investor
Observer shall be subject to the prior written consent of the Investor.

 

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		(i)	Subject to the other provisions of this Clause 5.2, the Investor Directors
may be removed by the Investor by giving a written notice to the Company. Subject to the other provisions of this Clause 5.2, the
Investor shall be entitled to nominate another Director in its place for appointment by giving notice in writing to the Company.
Any such removal shall take effect upon receipt of such notice by the Company subject to approval of the Investor and any appointment
shall take effect from the date the nominee is appointed by a resolution of the Board or the Shareholders, as the case may be.

 

		5.3	Qualification Shares and Rotation

 

The
Investor Directors shall not be required to hold any qualification shares and shall not be liable to retire by rotation.

 

		5.4	Quorum

 

		(a)	The mandatory quorum for the meetings of the Board, or of any committee
of the Board of Directors, shall be the presence, in person, of at least 2 (two) Directors or alternate Directors (as the case
may be) (or such higher number as required under Applicable Law) throughout each meeting of the Board, provided that no quorum
shall be constituted unless at least 1 (one) Promoter Director and 1 (one) Investor Director are present throughout each meeting
of the Board. Provided, however, that so long as the Investor Directors have not been appointed to the Board, the presence of such
Investor Directors shall not be required to constitute quorum, and in such circumstances, the presence, in person, of any 2 (two)
Directors (which shall include 1 (one) Promoter Director) shall be required throughout each meeting of the Board to constitute
quorum. Subject to Clause 5.4(b) below, if the Investor expressly in writing waives the presence of the Investor Director(s) (or
the alternate Director) at a meeting of the Board, it shall be deemed that the Directors present at such meeting shall constitute
a valid quorum (subject to Applicable Law).

 

		(b)	In the event there is no valid quorum at a meeting of the Board or its committee
and such absence of valid quorum subsists for up to 30 (thirty) minutes after the scheduled time of commencement of the meeting,
that meeting (“Initial Board Meeting”) will be re-scheduled to a day that falls at least 7 (seven) days after
the Initial Board Meeting (“Subsequent Board Meeting”), unless at least 1 (one) Investor Director consents to
an earlier date in which case the Subsequent Board Meeting shall take place on such earlier day. If there is no valid quorum at
such Subsequent Board Meeting and such absence of valid quorum subsists for up to 30 (thirty) minutes after the scheduled time
of commencement of such Subsequent Board Meeting, then, the Directors present at such Subsequent Board Meeting shall be deemed
to constitute a valid quorum and subject to Clause 5.4(c) below, the Board may proceed to discuss and decide on the matters on
the same agenda as the Initial Board Meeting and nothing other than such agenda. Subject to Clause 5.4(c) below, any decisions
so taken in the Subsequent Board Meeting shall be binding.

 

		(c)	Notwithstanding anything contained in this Agreement, no resolution shall
be passed or modified or decision be taken in relation to a Reserved Matter in any Board meeting, or in any adjourned meetings
without the consent of the Investor.

 

    20 

     

    

 

		5.5	Alternate Director and Casual Vacancy

 

In
the event of any Investor Director(s) (“Original Director”) being likely to be absent from India for a period
of not less than 3 (three) months, the Board may at a meeting or by a circular resolution appoint an alternate Director for such
Original Director. The Original Director in whose place such alternate Director is to be appointed or the Investor shall designate
the Person to be appointed as an alternate Director to the Board.

 

In
the event of a casual vacancy arising on account of the resignation of an Investor Director(s) or the office of the Investor Director(s)
becoming vacant for any reason, the Investor shall be entitled to designate a Director to fill the vacancy.

 

		5.6	Chairman

 

Unless
otherwise agreed by a simple majority of the Directors in attendance at any duly convened meeting of the Board, one of the Promoter
Directors shall be the chairman of the Board. The chairman shall not have a casting vote.

 

		5.7	Meetings of the Board

 

		(a)	The Board shall meet at least once in every calendar quarter during regular business hours on Business
Days and at least 4 (four) such meetings shall be held in every year.

 

		(b)	Subject to Applicable Law, the Directors or members of any committee of the Board of Directors
may participate in meetings of the Board or committee of the Board through video or telephonic conference.

 

		5.8	Notice of Meeting

 

		(a)	At least 7 (seven) days’ clear written notice shall be given for any
meeting of the Board, whether in India or outside India. In the case of an Investor Director(s) residing outside India, notice
of such meeting shall be sent to him either by registered air mail or by electronic mail or by facsimile transmission. In case
of an alternate Director, notice shall be sent to the alternate Director as well as the Original Director. A meeting of the Board
may be called by shorter notice with the written consent of the majority of the Directors including at all times, an Investor Director.

 

		(b)	Every such notice convening a Board meeting shall have a schedule containing
the agenda for the Board meeting identifying in sufficient detail, each business to be transacted at the Board meeting together
with all relevant supporting documents in relation thereto and the conference details to enable any Investor Director(s)/alternate
Director to participate in such meeting by video/ telephone conference. No matter which has not been detailed in the agenda,
shall be transacted at any meeting of the Board, provided however that with the written consent of the majority of the Directors
including at all times, the consent of the Investor or at least 1 (one) Investor Director, a matter not included in the agenda
may be transacted at the meeting, subject to Clause 5.15 (Reserved Matters).

 

    21 

     

    

 

		5.9	Circular Resolution

 

		(a)	Subject to relevant provisions of the Act, a written resolution (circulated
in draft form, along with all the relevant supporting documents) signed (either in favour of or against the resolution) by the
majority of the Directors (whether in India or abroad) entitled to vote thereon shall be as valid and effectual as a resolution
duly passed at a meeting of the Board and may consist of several documents in the like form each signed by one or more Directors.

 

		(b)	Notwithstanding anything contained in Clause 5.9(a) above, no Reserved Matter
shall be resolved by circular resolution without the consent of the Investor.

 

		5.10	Day to Day Management

 

Subject
to the provisions of Clause 5.11 (Decision making by the Board) and 5.15 (Reserved Matters) below and except as may
be otherwise determined by the Board with approval of the Investor:

 

		(a)	The day to day management of the Company shall be conducted by the Promoters,
who shall exercise such powers subject to the overall supervision and control of the Board.

 

		(b)	The Board may establish separate audit committee, compensation committee
and such other committees as may be decided by the Board to manage the affairs of the Company. The composition of all committees
as may be established by the Company and the Board from time to time shall be such as may be agreed by the Board provided that
the Investor shall at all times have a right to nominate 1 (one) member having voting rights on such committees (including any
committees that are established at present). The nominees of the Investor and 1 (one) of the Promoters shall be required to be
present to form a valid quorum at any meeting of such committees and the provisions of quorum for Board meetings shall apply, mutatis
mutandis, for meetings of all committees of the Board. The Promoters agree, undertake and covenant that neither of them shall
veto nor otherwise obstruct the appointment of the nominee of the Investor on the committees, in accordance with this Clause 5.10.
No Reserved Matter can be resolved upon by a committee except with the prior written consent of the Investor in accordance with
the provisions of Clause 5.15 (Reserved Matters).

 

		(c)	The Investor Directors shall be non-executive Directors and shall not be
liable to retire by rotation. The Investor Directors shall not be responsible for the day-to-day management of the Company and
shall not be considered (unless otherwise specified under Applicable Law) as a “person-in-charge” “officer in
default” or “occupier of premises” or “assessee in default” or “employer” or such similar
positions. The Investor Directors being non-executive Directors shall not be liable for any default or failure of the Company in
complying with the provisions of any Applicable Law.

 

    22 

     

    

 

		5.11	Decision making by the Board

 

Subject
to Clause 5.15 (Reserved Matters) below, resolutions of the Board shall be passed by a simple majority of votes of the Directors
entitled to vote thereon and each Director shall be entitled to 1 (one) vote.

 

		5.12	Insurance for the Board

 

The Company shall procure and
maintain a directors and officers insurance policy for the Directors on the Board consistent with insurances obtained generally
by companies operating in the same or similar industry and line of business as the Company and as acceptable to the Investor. The
Company shall get the limits for the directors’ and officers’ insurance policy approved by the Investor Director(s)
or the Investor (if the Investor has not appointed Investor Directors).

 

		5.13	Indemnity

 

The Company shall indemnify and
keep indemnified all the Investor Directors to the maximum extent permitted by Applicable Law and the Articles shall contain a
provision for providing the broadest permissible indemnification by the Company to the Investor Directors.

 

		5.14	Decision making principles of the Shareholders

 

		(a)	At least 21 (twenty one) days clear written notice shall be given for any
meeting of the Shareholders, whether in India or outside India. In the case of a Shareholder residing outside India, notice of
such meeting shall be sent to it either by registered air mail or by electronic mail or by post at its address outside India, if
any. A meeting of the Shareholders may be called upon at shorter notice in accordance with the Applicable Law, and subject to prior
written consent of the Investor, having been obtained. Subject to Applicable Law, the Shareholders may participate in the meetings
through video or telephonic conferencing.

 

		(b)	Every such notice convening a meeting of the Shareholders shall contain
an agenda for the meeting identifying in sufficient detail, each business to be transacted at the general meeting together with
an explanatory statement, all relevant documents in relation thereto and the conference details to enable any Shareholder to
participate in such meeting by video conference/telephone conference.

 

		(c)	Voting on all matters to be considered at a general meeting of the Shareholders
shall be by way of a poll unless otherwise agreed upon in writing between the Parties.

 

		(d)	Any Shareholder may appoint another person as his proxy, and in case of
a corporate Shareholder, an authorised representative, to attend a Shareholders’ meeting and vote thereat on such Shareholder’s
behalf; provided however that, the power given to such proxy or representative must be in writing. Any person possessing a proxy
or other such written authorisation with respect to any shares shall be able to vote on such shares and participate in meetings
as if such person were a Shareholder.

 

    23 

     

    

 

		(e)	The quorum for a meeting of the Shareholders shall be as per Applicable
Law, provided always that the presence of the representatives of one of the Promoters and the Investor shall be required to constitute
quorum.

 

		(f)	Subject to Clause 5.14(g) below, if any Shareholder expressly in writing
waives its presence at a Shareholders’ meeting, it shall be deemed that the Shareholders present at such Meeting shall constitute
a valid quorum (subject to Applicable Law) and the other requirements of Clause 5.14(e).

 

		(g)	In the event there is no valid quorum at a Shareholders’ meeting and
such absence of valid quorum subsists for up to 30 (thirty) minutes after the scheduled time of commencement of the meeting, the
meeting (“Initial Shareholders’ Meeting”) will be re-scheduled to a day that falls at least 7 (seven)
days after the Initial Shareholders’ Meeting (“Subsequent Shareholders’ Meeting”) in which case
the Subsequent Shareholders’ Meeting shall take place on such earlier day. If there is no valid quorum at such Subsequent
Shareholders’ Meeting and such absence of valid quorum subsists for up to 30 (thirty) minutes after the scheduled time of
commencement of such Subsequent Shareholders’ Meeting, then, the Shareholders present at such Subsequent Shareholders’
Meeting shall be deemed to constitute a valid quorum (subject to minimum quorum requirements under Applicable Law) and subject
to Clause 5.14(h) below, the Shareholders may proceed to discuss and decide on the matters on the same agenda as the Initial Shareholders’
Meeting and nothing other than such agenda. Subject to Clause 5.14(h) below, any decisions so taken in the Subsequent Shareholders’
Meeting shall be binding.

 

		(h)	Notwithstanding anything contained in this Agreement, no resolution shall
be passed or modified or decision be taken in relation to a Reserved Matter at any Shareholders’ meeting, or in any adjourned
meetings thereof, without the consent of the Investor.

 

		5.15	Reserved Matters

 

		(a)	Notwithstanding anything to the contrary contained in this Agreement or
the other Transaction Documents but subject to Clause 5.15(c), the Company and Promoters confirm that no action shall be taken
by the Company or resolution be passed by the Board, or committees of the Board or by the Shareholders, except with the affirmative
vote (in person or in writing) of the Investor, or the prior written consent of the Investor or such Person(s) as may be nominated
by the Investor in this regard, in respect of the matters listed in Schedule 7 (“Reserved Matters”).

 

		(b)	If any decision and/or resolution is effected without complying with the
provisions of this Clause 5.15 (Reserved Matters), (a) such decision or resolution shall not be valid or binding on any
Person including the Company; and (b) the Company shall not take any action pursuant to such decision or resolution unless consent
of the Investor is obtained for the same.

 

    24 

     

    

 

		(c)	Nothwithstanding anything contained in this Clause 5.15, any corporate action
undertaken to give effect to the exit right of Metis under Clause 9 of the Metis SHA, Clauses 8.1(a) and 8.2(a) of this Agreement
shall not be subject to the Reserved Matters.

 

		5.16	Covenants in relation to meetings

 

		(a)	The Parties agree that no action shall be taken by or on behalf of the Company,
whether at a committee meeting, Board meeting or Shareholders’ meeting or otherwise, in respect of any of the matters which
are Reserved Matters, unless such matter has been approved in accordance with this Clause 5 (Board, Management and Related Matters).

 

		(b)	The Promoters shall not act in any matter that is prejudicial to the rights
of the Investor.

 

		6.	FINANCIAL ACCOUNTING, AUDIT & INSPECTION

 

		6.1	An annual audit of the books of accounts, records and affairs
of the Company shall be made by one of the Approved Auditors, immediately following the close of the Financial Year within a period
of 120 (one hundred and twenty) days after the end of each Financial Year. The Company shall maintain a system of accounting adequate
to identify its material Assets, liabilities and transactions and to permit the preparation of Financial Statements in accordance
with IFRS.

 

		6.2	The Company and the Promoters jointly and severally covenant
that the Company shall deliver to the Investor the following information:

 

		(a)	Unaudited annual Financial Statements including cash flow statements certified
by the CEO, within 60 (sixty) days from the end of each Financial Year;

 

		(b)	Unaudited quarterly Financial Statements certified by the CEO or chief financial
officer of the Company within 45 (forty five) days after the end of each quarter;

 

		(c)	Audited annual Financial Statements within 120 (one hundred and twenty)
days after the end of each Financial Year;

 

		(d)	Business Plan and headcount (in a form and manner acceptable to the Investor),
no later than 45 (forty five) days prior to the commencement of the following Financial Year;

 

		(e)	Certified true copies of the minutes of the meetings of the committees,
Board as well as the Shareholders within 7 (seven) Business Days from the date of such meetings;

 

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		(f)	Management Information System (“MIS”) (in a form and
manner acceptable to the Investor) for every calendar month, within 15 (fifteen) days of the end of such month;

 

		(g)	Half yearly capitalisation table (in a form and manner acceptable to the
Investor) signed by the CEO or chief financial officer of the Company no later than 30 (thirty) days from the end of that period;

 

		(h)	Copies of any specific reports filed by the Company with any Governmental
Authority including copies of all filings (including Tax returns) made with any Governmental Authority as may be requested by the
Investor;

 

		(i)	A written notification setting out sufficient details of any litigation
which may be made or threatened by or against the Company or any Promoters, or any circumstances which may give rise to the same.
Such notification shall be provided forthwith to the Investor but in no event later than 7 (seven) Business Days from the date
on which either the Company or any of the Promoters becomes aware of the same;

 

		(j)	A written notification of any event that in the CEOs’ reasonable opinion
is likely to have a material impact on the Business. Such notification shall be provided forthwith to the Investor but in no event
later than 7 (seven) Business Days from the date on which either the Company or any of the Promoters becomes aware of the same;

 

		(k)	Information relating to the termination of employment/ resignation of Key
Employees within 15 (fifteen) Business Days of the occurrence of such event; and

 

		(l)	All other information/documents/certificates as may be reasonably required
by the Investor. Such information/documents/certificates shall be forthwith provided to the Investor but in no event later than
15 (fifteen) days from the date of receipt by the Company of the request for such information from the Investor.

 

		6.3	The Investor and its designated officers, employees, accountants,
attorneys, advisors and agents shall have the right, at any time and from time to time during normal business hours and upon written
notice of at least 48 (forty eight) hours to (i) inspect the books, records and other documents of the Company; (ii) conduct an
audit of the Business; and (iii) consult with the Promoters, auditors and attorneys of the Company. Such investigations and/or
audit, however, shall not affect the representations and warranties made by the Company and the Promoters pursuant to this Agreement
and/or the Transaction Documents.

 

		6.4	A copy of all notices, circulars, minutes
of meetings and such other information, which is available to the Board or the Shareholders, shall be provided to the Investor
promptly at the same time as is provided to the Directors/other Shareholders.

 

		7.	COVENANTS OF THE COMPANY

 

		7.1	The Company shall comply with the following
covenants:

 

		(a)	All Contracts with any Affiliate or Related Party of the Company and the Promoters shall be at
an arm’s length basis with full disclosures to the Board.

 

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		(b)	The Company shall use commercially reasonable efforts to avoid being a passive foreign investment
company (“PFIC”). The Company shall make due inquiry with its U.S. tax advisors at least annually regarding
the Company’s status as a PFIC and if the Company becomes a PFIC, or if there is a likelihood of the Company being a PFIC
for any taxable year, the Company shall promptly notify the Investor of such status or risk, as the case may be. The Company shall,
as soon as reasonably practicable following the end of each taxable year of the Company (but in no event later than 60 (sixty)
days following the end of each taxable year) provide the Investor with an accurate and complete PFIC Annual Information Statement
in the form set out in Schedule 5.

 

		(c)	The Company shall make or refrain from making (and shall cause its subsidiaries to make or refrain
from making) any U.S. tax election that the Investor requests the Company or its subsidiaries to make or refrain from making.

 

		(d)	If the tax advisors of the Investor or its Partners determine that it is subject to U.S. information
and reporting requirements that require the disclosure of information about the Company or Company transactions not readily available
to the Investor or its Partners, the Company agrees to provide such information to the Investor and its Partners as may be necessary
to allow the Investor and its Partners to fulfill their U.S. tax reporting obligations.

 

The term “Partner”
means each shareholder, partner, member or other equity holder of the Investor and any person holding an option to acquire a share,
partnership interest, membership interest or other equity interest in the Investor and any direct or indirect equity owner of such
shareholder, partner, member, other equity holder or option holder.

 

		(e)	To the extent any consent, affirmative vote, or other action is required by the Company, its officers
or Directors, or any of the Shareholders to implement the provisions of this Clause 7, such consent, vote or other action is hereby
given or will be given at the applicable time and the Company, its officers and Directors, and each Shareholder shall fully cooperate
in carrying out the provisions of this Clause 7 as required.

 

		7.2	The Company and the Promoters agree and
undertake to ensure that, unless otherwise approved by the Investor, the business and activities of the Company at all times are
such that all investments in the Company are under the automatic route as per the exchange control laws of India, and do not require
the prior approval of any Governmental Authority.

 

		7.3	Intellectual Property

 

The Promoters hereby agree
and acknowledge that all intellectual property that is developed by, (a) the Promoters, (b) any Group Companies, (c) Immediate
Family Members; and (d) employees of the Company, AHA Holdings and the Group Companies, in relation to or in connection with the
business of the Company, shall be registered in the name of the Company and the Promoters shall ensure that all such intellectual
property shall be registered in the name of the Company.

 

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		7.4	AML/FCPA

 

The
Company and the Promoters shall provide the Investor with a certificate of compliance, on a quarterly basis, and within 15 (fifteen)
days from the end of the quarter, in relation to compliance with money laundering laws of India and the United States of America,
in a form and substance to be intimated by the Investor.

 

		8.	EXIT RIGHTS

 

		8.1	Exit by the Company. The Company and the
Promoters agree and covenant to endeavour to provide an exit to the Investor (at the option and with the approval of the Investor)
by way of a QIPO or secondary sale), at any time after the Investor Exit Date, but prior to the Final Deadline Date, on terms and
conditions set out in this Clause 8.

 

		(a)	QIPO triggered by Metis. The Company shall not file the draft red herring prospectus with
respect to the QIPO at any time prior to the expiry of 3 (three) months from the Closing Date. Subject to the aforesaid, the Investor
shall have the right to participate in a QIPO. It is clarified that the Investor shall not have the right to block any QIPO till
the earlier of an exit being provided to Metis in accordance with the terms of the Metis SHA or the Investor Exit Date. Further,
where the QIPO is effected by way of an offer for sale of all or any of the existing Securities, the Investor shall have the right
(but not an obligation) to offer the Securities held by them, in priority to the Promoters and any other Shareholders of the Company
but after Metis and the Qualified Investors have offered all or any of their Securities in such an offer for sale. The provisions
of Clause 8.1(b)(vii) to Clause 8.1(b)(x) shall apply mutatis mutandis to a QIPO triggered by Metis.

 

		(b)	QIPO by the Investor. Any exit proposed to be provided to the Investor by way of a QIPO
after the Investor Exit Date, shall be subject to the following conditions:

 

		(i)	The Investor has provided its consent to the price and other terms of the
QIPO. The price or price band shall not be disclosed in any offer document or disclosed to any third party or governmental authority
unless the approval as mentioned above has been granted by the Investor;

 

		(ii)	The QIPO shall be effected through the issue of new Securities; and/or at
the option of the Investor, an offer for sale of all or any of the existing Securities;

 

		(iii)	The Equity Shares representing at least 25% (twenty five percent) of the
issued and outstanding share capital of the Company on a Fully Diluted Basis, or such higher number of Equity Shares as may be
required by Applicable Law to be held by the public investors, are offered to the public investors in the QIPO;

 

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		(iv)	All advisors/consultants to the QIPO including the book running lead managers,
underwriters, bankers, counsels and transfer agents shall be appointed only after obtaining the consent of the Investor. The appointment
of such advisors/consultants shall be at the cost of the Company;

 

		(v)	The QIPO will be underwritten at least to the extent required under Applicable
Law;

 

		(vi)	Subject to Applicable Law, the Investor shall have the right to offer the
Securities held by it in a QIPO, in priority to all other Shareholders of the Company;

 

		(vii)	The Company and the Promoters hereby agree and undertake that they shall,
without any recourse to the Investor whatsoever, at their own cost (i) obtain all the relevant permits and approvals, statutory
or otherwise that are necessary to provide for a QIPO, and (ii) complete the process of the QIPO, in accordance with the terms
of this Agreement. All costs related to such listing shall be borne by the Company in accordance with Applicable Law;

 

		(viii)	Upon the Investor offering the Securities held by them for sale at the time
of QIPO, the Company and the Promoters hereby undertake that they shall comply with and complete all necessary formalities to ensure
such listing;

 

		(ix)	For the purposes of a QIPO and any filings to be made by the Company under
any Applicable Law whether in relation to a QIPO or thereafter, the Investor shall not be deemed to be a sponsor and/or a promoter
of the Company and shall not be required to offer or make available their Securities for the purpose of mandatory lock-in applicable
to promoters under the SEBI regulations in respect of public offerings or otherwise.

 

		(x)	The Investor shall not give any representation, warranty or indemnity whatsoever
in connection with the QIPO, including to the QIPO investment bank(s), other than that the Securities, if any, offered for sale
by the Investor in the QIPO, have clear title.

 

		(xi)	Clear Market Obligation: In the event the Company undertakes a QIPO,
then

 

		I.	No fresh issuance of Equity Securities shall be undertaken for a period
of 18 (eighteen) months from the date of listing of the Equity Shares on a recognized stock exchange at a price which is lower
than the price at which the QIPO was undertaken;

 

		II.	The Promoters shall not sell any Equity Shares held by them for a period
of 18 (eighteen) months from the date of listing of the Equity Shares on a recognized stock exchange at a price which is lower
than the price at which the QIPO was undertaken, provided that, subject to Applicable Law, the Promoters shall not be restricted
by this Clause to sell up to Permitted Promoter Sale Shares in the Company as on the date of listing of the Equity Shares on the
recognized stock exchange.

 

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		(c)	Registration Rights

 

The Investor shall be provided
customary registration rights in case of a public offering of its Securities in the USA.

 

		(d)	Secondary Sale

 

		(i)	In the event the Company intends to provide an exit by way of a secondary
sale (as approved by the Investor), the Company shall deliver a notice to the Investor (the “Secondary Sale Notice”),
setting out the following: (A) the identity of the proposed acquirer or transferee, as the case may be; (B) the salient terms of
the transaction including the price and other terms on which the Securities are proposed to be sold; (C) the estimated time for
completion of the secondary sale; and (D) any other material terms of the proposed secondary sale. Provided however that
the consideration to be received by the Investor pursuant to such secondary sale shall not be less than the sum of the Investment
Amount and an IRR of 20% (twenty percent).

 

		(ii)	In the event that the Investor approves the secondary sale (the “Approved
Secondary Sale”), the Investor shall indicate the number of Securities that the Investor proposes to offer in such Approved
Secondary Sale and the Company and the Promoters shall take all steps necessary to complete the Approved Secondary Sale on the
terms set out in the Secondary Sale Notice, within a period of 90 (ninety) days from the date on which the Investor consents to
the Approved Secondary Sale, as extended by any additional time required to obtain any governmental approvals, and providing representations,
warranties, covenants and indemnities customary to such transactions. All costs and expenses relating to the Approved Secondary
Sale shall be borne entirely by the Company. The Investor shall not be required to provide any guarantees or indemnities, or be
subject to any restrictive covenants pursuant to, or be required to bear any costs and expenses related to an Approved Secondary
Sale. The Investor shall not be responsible for obtaining government approvals, permits or consents, or for providing any representations,
warranties or covenants for effecting the Approved Secondary Sale.

 

		(iii)	In the event that the Approved Secondary Sale has not been completed within
90 (ninety) days from the date of consent of the terms contained in the Secondary Sale Notice, the Company and the Promoters shall
seek the written consent of the Investor to continue with the Approved Secondary Sale by sending a fresh Secondary Sale Notice.

 

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		(iv)	The Company and the Promoters shall, in good faith, consider all opportunities
relating to a secondary sale that are brought to its notice by the Investor.

 

		(e)	Buy-back of Shares/ Promoter Purchase

 

		(i)	In the event the Company fails to provide a complete exit to the Investor
on or prior to the Final Deadline Date, then without prejudice to the provisions of Clause 8.2, the Investor may require the Company
by delivering a Buyback Notice, to buyback all or any of the SPAC Shares in one or more tranches, subject to Applicable Law; and/or
require the Promoters by way of a Notice, to purchase all or any of the SPAC Shares, in each case, at a price not less than the
sum of the Investment Amount and an IRR of 20% (twenty percent).

 

		(ii)	The Company and the Promoters shall take all steps to expeditiously complete
the buy-back within 30 (thirty) days from the issuance of the Buyback Notice, including obtaining required consents and government
approvals, and providing representations, warranties, covenants and indemnities customary to such transactions. All costs and expenses
relating to such exit shall be borne entirely by the Company. The Investor shall not be required to provide any guarantees or indemnities,
or be subject to any restrictive covenants pursuant to, or be required to bear any costs and expenses related to the transactions
contemplated in Clause 8.1(e)(i).

 

		8.2	Drag Along

 

		(a)	Drag Along Right of Metis.

 

		(i)	Metis shall have the right, at any time after the Metis Exit Date but prior to the Investor Exit
Date, to require the Investor, by way of a written notice in this regard, to undertake a sale of any or all of their shareholding
in the Company on the same terms and conditions as have been offered to Metis as part of such drag sale.

 

		(ii)	It is hereby agreed between the Promoters and the Investor that the Investor shall be entitled
to receive, as consideration for such drag sale, at least the Investor Drag Entitlement. For the purposes of this Clause, “Investor
Drag Entitlement” shall mean the Investment Amount, along with 20% IRR. The Promoters hereby agree to undertake all such
acts and deeds as may be necessary to ensure that the Investor receives its Investor Drag Entitlement pursuant to such sale, including
but not limited to (a) an issue of additional Shares to the Investor at the lowest price permissible under Applicable Law; (b)
Transfer of Shares held by the Promoter to the Investor at the lowest permissible price under Applicable Law; (c) reduction of
the sale proceeds receivable by the Promoters.

 

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		(iii)	Without prejudice to the generality of the provisions of Clause 8.2(a)(ii), if the consideration
proposed to be received by the Investor is less than the Investor Drag Entitlement, then Promoters shall open a cash escrow account
which cash escrow account shall be used for receiving the consideration from the sale of the Promoter Shares (“Promoter
Drag Sale Consideration”). The amount of deficit between Investor Drag Entitlement and the actual consideration received
by the Investor pursuant to the sale of shares in accordance with Clause 8.2(a)(i) shall be transferred to the bank account of
the Investor directly from the escrow account without any further consent of/ action on the part of the Promoters or Metis or any
other Person. For the avoidance of doubt, it is hereby clarified that the sale of shares by the Investor pursuant this Clause 8.2(a)(i)
and the receipt of the sale consideration into the account of the Investor from the transferee and/or the Promoters/ escrow account
shall be simulatenous. For the avoidance of doubt, it is hereby clarified that nothing contained in Clauses 8.2(a)(ii) and 8.2(a)(iii)
shall preclude the ability of Metis to exercise and give effect to its drag along right in accordance with Clause 8.2(a)(i).

 

		(b)	Drag Along Right of the Investor. In case (i) the Company and the Promoters fail to provide
a complete exit to the Investor on or prior to the Final Deadline Date or (ii) in case the Promoters have committed fraud or embezzlement
in relation to the affairs of the Company, then in case of (i), the Investor solely, and in case of (ii), the Investor, jointly
with Metis, shall have the right but not the obligation to require the Promoters (including Group Companies or the Immediate Family
Members) to and cause the Promoters to require BCCL, SRT and Mr. Samir Patel (“Drag Shareholders”), by way of
a written notice in this regard (“Sale Notice”) to undertake a sale of all or a part of their shareholding of
the Company (“Sale”). The Promoters agree that, if so required under Applicable Law to consummate a Sale, within
a period of 30 (thirty) days from receipt of the Sale Notice, a meeting of the Board and the Shareholders shall be convened and
at all such meetings of the Shareholders and the Board, the Drag Shareholders shall, and the Promoters shall cause such Drag Shareholders
to, consent to the Sale of the Company in a manner and on the terms and conditions determined by the Investor. Each Promoter agrees
to employ best efforts to procure that each Shareholder agrees to vote for, consent to, and raise no objections against and take
all actions necessary or advisable in order to effect such Sale of the Company and the distributions on such Sale.

 

		(i)	In the event of a Sale as set out in this Clause 8.2(b) (Drag Along Right
of the Investor), the Investor shall issue a Sale Notice to the Drag Shareholders stating the intention of the Investor to
sell all or part of the Securities held by them and all or part of the Securities of the Drag Shareholders (“Drag Along
Shares”) to a bona fide third party purchaser (“Drag-Along Purchaser”). The Investor shall provide
the Drag Shareholders with the terms and conditions on which the Drag-Along Purchaser is willing to purchase the Drag Along Shares
and the Drag Shareholders will be bound to sell along with the Investor, on the same terms and conditions and price (subject to
sub-clause (iii) below), such number of their Securities as may be required to enable the Investor to complete the transaction
as agreed with the Drag-Along Purchaser. It is further clarified that all the other Shareholders would also be required to undertake
a sale of all or a part of their shareholding of the Company, as may be required.

 

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		(ii)	The Investor shall deliver the share certificates in respect of the Drag
Along Shares, to the Company within 15 (fifteen) days of receipt of the Sale Notice, along with the transfer forms duly filled
in, and if the Shares have been dematerialized, the Drag Shareholders shall issue appropriate instructions to their depository
participant to give effect to the Transfer in accordance with the Sale Notice.

 

		(iii)	All costs and expenses incurred in relation to the Sale shall be borne entirely
by the Company. The Company and all the Shareholders shall co-operate and take all necessary and desirable actions in connection
with the consummation of the Sale including without limitation, timely execution and delivery of any agreements and instruments
to complete the Sale, providing access and information as may be requested by any potential purchaser and co-operating in any due
diligence conducted by the potential purchaser. The Company and the Promoters shall, and the Promoters shall cause the other Shareholders
to, provide such customary representations and warranties, indemnities and covenants as may be required by any potential purchaser
in connection with the completion of the Sale. The Investor shall not be required to provide any representations, warranties, guarantees
or indemnities, or be subject to any restrictive covenants pursuant to or in relation to the Sale, except in relation to the title
and transferability of the shares held by the Investor.

 

		(iv)	If a Drag Shareholder fails, refuses or is otherwise unable to comply with
its obligations in this Clause, the Company shall have the authority and be obliged to designate a Person to execute and perform
the necessary Transfer on behalf of such Drag Shareholder. The Company may receive and hold the purchase consideration in trust
for the Drag Shareholder and cause the Drag-Along Purchaser to be registered as the holder of the Drag Along Shares being sold
by the relevant Drag Shareholder. The receipt by the Company of the purchase consideration shall be a good discharge to the Drag
Along Purchaser. Further, the relevant Drag Shareholder shall also entitled to designate a Person who shall be deemed to be appointed
as the attorney-in-fact of the Drag Shareholder, and shall take all necessary actions on their behalf to cause the consummation
of such transaction.

 

		(v)	Further, if any Drag Shareholder fails or refuses to Transfer any Drag Along
Shares, after the Company has received the entire purchase money in respect of the Drag Along Shares in trust for the Drag Shareholder
in accordance with sub-clause (iv) above, the Drag-Along Purchaser may serve a default notice on the relevant defaulting Drag Shareholder
and the defaulting Drag Shareholder shall not be entitled to exercise any of its powers or rights in relation to the Drag Along
Shares, including voting rights attached thereto or the right to participate in the profits of the Company.

 

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		(vi)	If the Company or the Promoters have, before the Final Deadline Date, (a)
made an offer to the Investor for buyback or purchase of SPAC Shares pursuant to Clause 8.1(e), which fulfills the conditions set
out in Clause 8.1(e); or (b) provided an offer for secondary sale to the Investor under Clause 8.1(d), which fulfills all the conditions
set out in Clause 8.1(d) and the Investor has declined to accept such offer, then the obligation of the Company and the Promoters
to provide an exit to the Investor under this Agreement shall fall away.

 

		(c)	Exemption of Rights. Notwithstanding anything contained in this Agreement, in case of the
exercise of the exit rights pursuant to, and in accordance with Clause 8 (Exit Rights) (as applicable) including a secondary
sale and Sale (each, an “Exempted Exercise”), the provisions of Clause 4 (Restrictions on Transferability
of Shares) (as the case may be) shall, to the extent of Shares required to be Transferred by the Promoters and/or the Shareholders
(other than the Investor), ceases to be applicable to such Exempted Exercise.

 

		9.	LIQUIDATION PREFERENCE AND COMPUTATION OF FAIR MARKET VALUE

 

		9.1	Liquidation Preference

 

		(a)	Upon the occurrence of a Liquidation Event, the Investor shall
be entitled to be paid an amount equal to the Investor Exit Price pari passu and simultaneously with the payment of liquidation
preference amounts to Metis, Qualified Investors, BCCL and SRT, as set out in the Articles. 

 

		(b)	It is clarified that if a Liquidation Event is effected by way
of sale of Shares, the Company and the Promoters shall ensure that the purchaser or transferee(s) distribute the consideration
under such transaction to the Shareholders who are participating in such transaction, in proportion to the Shares that are being
transferred by each such Shareholder as part of such transaction, in accordance with their respective entitlement as set out in
this Clause 9 (Liquidation Preference) and further nothing in this Clause 9 (Liquidation Preference) and the definition
of ‘Liquidation Event’ shall be deemed to entitle any Shareholder a right to participate in such transaction or to
a tag along right in such transaction, unless such right is expressly provided for and exercised in accordance with this Agreement.

 

		9.2	Computation of Fair Market Value

 

		(a)	The Investor and the Promoters shall each appoint 1 (one) independent valuer to conduct a valuation
of the Company in order to arrive at the fair market value of the Securities, within 30 (thirty) days from the appointment. Each
independent valuer shall submit their report setting out the fair market value computed by such independent valuer to the Party
that has appointed such independent valuer. The Investor and the Promoters shall, on a mutually agreed date and in any case, within
7 (seven) days from the end of the 30 (thirty) day period set out above, share the fair market value computed by the independent
valuer appointed by it with the other Party. In the event that (i) the fair market value computed by one of the two independent
valuers is acceptable to the Investor and the Promoters, then such acceptable fair market value shall be the “Fair Market
Value”; or (ii) there is a variance of not more than 10% (ten percent) between the fair market value computed by the
two independent valuers, then the average of the two fair market values shall be the “Fair Market Value”.

 

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		(b)	In the event that there is a variance of more than 10% (ten percent) (computed on the lower valuation),
in the fair market value of the securities of the Company, as computed by the two independent valuers, then either of the Investor
or the Promoters may issue a notice to the other setting out in reasonable detail, the grounds on which such Party disagrees with
the computation of the fair market value by the valuer appointed by the other Party (“Variance Notice”).

 

		(c)	Upon the issue of a Variance Notice, Mr. Shirpal Morakhia and an authorized representative of the
Investor shall use all commercially reasonable efforts to resolve their disagreements as soon as practicable, and in any case within
15 (fifteen) days from the date of receipt of the Variance Notice by the other Party (“Resolution Period”).
In the event Mr. Shripal Morakhia and the authorized representative of the Investor are unable to resolve the disagreements within
the Resolution Period, then the Investor and Promoters shall take the steps set out in Clause 9.2(d) below.

 

		(d)	Within 10 (ten) days from the end of the Resolution Period, the Investor and the Promoters shall
appoint a mutually acceptable accounting firm selected from the following Persons (acting as an expert and not as a statutory auditor)
(“Accounting Firm”):

 

		(i)	Pricewaterhouse Coopers or their respective affiliates in India;

		(ii)	Deloitte Touche Tohmatsu India Private Limited or their respect affiliates in India;

		(iii)	KPMG or their respect affiliates in India;

		(iv)	Ernst and Young or their respect affiliates in India;

		(v)	Grant Thorton or their respect affiliates in India;

		(vi)	Kotak Group;

		(vii)	Lazard;

		(viii)	JM Financial;

		(ix)	JP Morgan Chase and Co.; and

		(x)	Goldman Sachs Group Inc.

 

to compute the fair market value
of the Securities. The Accounting Firm shall compute the fair market value of the Securities within 30 (thirty) days from the date
of its appointment (“Fair Market Value”). The Fair Market Value arrived at by the Accounting Firm shall be finally
and conclusively binding on the Investor and the Promoters.

 

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		(e)	The fees and expenses of the independent valuers appointed by the Investor and the Promoters pursuant
to Clause 9.2(a) and the fees and expenses of the Accounting Firm, shall be borne by the Company.

 

		10.	COVENANTS

 

		10.1	Non-compete, Non Solicitation

 

		(a)	Each Promoter covenants and agrees that, so long as the Investor holds any Securities, the Promoter
shall not, directly or indirectly, in any capacity, whether through partnership or as a shareholder, joint venture partner, collaborator,
consultant or agent or in any other manner whatsoever, whether for profit or otherwise:

 

		(i)	carry on or participate (whether as a partner, shareholder, principal, agent, director, employee
or consultant) in any business and/or activity which is the same as or substantially similar to the Business other than through
the Company including in the business of any Competitor;

 

		(ii)	render any services to a Competitor or enter into employment with any of the Competitors;

 

		(iii)	solicit or influence or attempt to influence any client, customer or other Person to direct its
purchase of the products and/or services of the Company to itself or any Competitor; and/or

 

		(iv)	solicit or attempt to influence any Person, employed or engaged by the Company (whether as an employee
consultant, advisor or distributor or in any other manner) to terminate or otherwise cease such employment or engagement with the
Company or become the employee of or directly or indirectly offer services in any form or manner to himself or any other Person
including a Competitor.

 

		(b)	Each Promoter covenants and agrees that, so long as the Investor holds any Securities, the Promoter
shall not, directly or indirectly:

 

		(i)	attempt in any manner to contact any client/customer/business associate or solicit from any client/customer/
business associate, except on behalf of the Company, business of the type carried on by the Company or to persuade any Person,
which is a client/customer/ business associate of the Company to cease doing business or to reduce the amount of business which
any such client/customer has customarily done or might propose doing with the Company and/or its Subsidiaries or damage in any
way the business relationship that the Company has with any customer/client/business associate, whether or not the relationship
between the Company and such client/customer/ business associate was originally established in whole or in part through his efforts;
or

 

    36 

     

    

 

		(ii)	employ or attempt to employ or assist anyone else to employ or otherwise associate any person who
is in the employment of the Company or associated with the Company, or was in the employment of the Company or otherwise associated
with the Company at any time during the preceding 12 (twelve) months.

 

		(c)	Further covenants

 

		(i)	The Promoters agree and acknowledge that the restrictions contained in this Clause 10.1 are considered
reasonable for the legitimate protection of the Business and goodwill of the Company. However, in the event that such restrictions
shall be found to be void, but would be valid if some part thereof was deleted or the scope, period or area of application were
reduced, the above restrictions shall apply with the deletion of such words or such reduction of scope, period or area of application
as may be required to make the restrictions contained in this Clause 10.1 valid and effective. For the purposes of this Clause
10.1, the term ‘Company’ shall include its subsidiaries.

 

		(ii)	Notwithstanding the limitation of this provision by any law for the time being in force, the Promoters
undertake to, at all times, observe and be bound by the spirit of this Clause 10.1 provided, however, that on the revocation, removal
or diminution of the law or provisions, as the case may be, by virtue of which the restrictions contained in this Clause 10.1 were
limited as provided hereinabove, the original restrictions would stand renewed and be effective to their original extent, as if
they had not been limited by the law or provisions revoked.

 

		(iii)	The Promoters undertake to ensure that all business opportunities known to him or made known to
him at any time, with respect to and/or connected with the Business are referred to the Company.

 

		(iv)	The Promoters shall make full and true disclosure in writing to the Investor of any direct or indirect
interest or benefit that they are likely to derive through or in connection with any contractual arrangements, dealings, transactions
or affairs of the Company.

 

		(d)	Mr. Shripal Morakhia hereby agrees to be appointed on the board of directors of the Investor on
and from the Closing Date and shall continue on the board for a period of not less than 3 (three) years from the Closing Date.

 

		11.	REPRESENTATIONS, WARRANTIES, COVENANTS AND INDEMNIFICATION

 

		11.1	The Promoters jointly and severally represent and warrant to
the other Parties that:

 

		(a)	This Agreement has been duly executed
and delivered by each of them and constitutes a legal, valid and binding obligation of each of them enforceable against each of
them in accordance with its terms;

 

    37 

     

    

 

		(b)	The execution, delivery and performance
of this Agreement and all instruments or agreements required hereunder by each of them does not contravene, violate or constitute
a default of or require any consent under the provisions of any other agreement or instrument to which each of them is bound including
any order, judgment, decree or injunction of any court of law; and 

 

		(c)	Each of them have the full power and authority
to enter into this Agreement, to execute this Agreement and to perform its obligations and observe the terms and conditions hereof.
No legal proceedings are pending or threatened against any of them before any court, tribunal or authority which do or may restrain
any of the Promoters’ ability to perform or observe the terms and conditions of this Agreement or which do or may in any
other manner question the validity, binding effect or enforceability of this Agreement.

 

		11.2	The Company, Investor, MRG and Metis severally (solely with respect
to itself) represent and warrant to the other Parties that:

 

		(a)	This Agreement has been duly executed
and delivered by its duly authorised representatives and constitutes a legal, valid and binding obligation on it, enforceable against
it in accordance with its terms;

 

		(b)	It is duly organised and validly existing
under the laws of the country of its incorporation (where applicable);

 

		(c)	The execution, delivery and performance
of this Agreement and all instruments or agreements required hereunder by it does not contravene, violate or constitute a default
of or require any consent under the provisions of any other agreement or instrument to which it is bound, including the constitutional
documents thereof, or any order, judgment, decree or injunction of any court of law; and

 

		(d)	It has the full power and authority to
enter into this Agreement to execute this Agreement and to perform its obligations and observe the terms and conditions hereof.

 

		11.3	The Company and the Promoters jointly and severally agree with,
undertake to and covenant to the Investor as follows:

 

		(a)	Business of the Company

 

The business
of the Company shall be restricted to the Business (as defined in this Agreement). The Promoters shall assist the Company in the
procurement of necessary permits, licenses, consents, approvals, financing and guarantees necessary for the Business and operations
of the Company.

 

		(b)	Borrowings by the Company

 

The financing
requirements including working capital requirements of the Company shall be met in the first instance by internal accruals and
any external financing shall be availed of only in accordance with the Business Plan or otherwise with the prior consent of the
Investor. In the event of any future borrowings or Indebtedness, the Investor shall not be required to provide any guarantees/collaterals
or any other security. The Investor shall not be required to pledge their Securities or provide any other support or a negative
lien to any third Person, including without limitation the lenders of the Company. The Promoters shall provide all support including
without limitation guarantees or any other security in respect of the borrowings and Indebtedness by the Company subject to the
provisions of this Agreement.

 

    38 

     

    

 

		(c)	Related Party Transactions

 

The Company
shall maintain and update all statutory registers required to be maintained under Applicable Laws for disclosing Related Party
transactions.

 

		(d)	The Company covenants that it shall not,
and shall not permit any of its directors, officers, managers, employees, independent contractors, representatives or agents to
promise, authorise or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third party,
in each case, in violation of the Foreign Corrupt Practices Act, 1977 (“FCPA”)
or any other applicable anti-bribery or anti-corruption law. The Company further undertakes that it shall cause to cease all of
its activities, as well as remediate any actions taken by the Company or any of its directors, officers, managers, employees, independent
contractors, representatives or agents in violation of the FCPA or any other applicable anti-bribery or anti-corruption law. The
Company further undertakes that it shall maintain systems of internal controls (including, but not limited to, accounting systems,
purchasing systems and billing systems) to ensure compliance with FCPA or any other applicable anti-bribery or anti-corruption
law. Upon request by a Principal Investor, the Company agrees to provide responsive information and/or certifications concerning
its compliance with applicable anti-corruption laws.

 

		(e)	The Company is the sole entity through
which the Business shall be carried out at all times and the Promoters undertake to carry on the Business only through the Company
and no other entity.

 

		12.	EFFECTIVE DATE AND TERMINATION

 

		12.1	Effective Date

 

This Agreement shall come into
effect on the Closing Date and shall remain valid so long as the Investor holds any Securities unless terminated earlier in accordance
with Clause 12.2 (Termination).

 

		12.2	Termination

 

		(a)	Automatic termination

 

The
Agreement shall automatically terminate vis-à-vis a Shareholder, upon such Shareholder ceasing to hold any Securities.

 

    39 

     

    

 

		(b)	Termination by the Investor

 

The Investor shall be entitled
to terminate this Agreement forthwith, by giving a notice in writing, upon the occurrence of one or more Events of Default.

 

		12.3	Consequences on Event of Default

 

		(a)	Upon the occurrence of an Event of Default, it is hereby agreed that the Board shall determine
the defaulting Promoter and the impugned Promoter shall not have the right to participate in such determination by the Board. After
the determination by the Board, the Investor shall, at its option and subject to Applicable Law, be entitled to exercise the Drag
Along Right, jointly with Metis, under Clause 8.2 of this Agreement, and the provisions of Clause 8.2 shall mutatis mutandis
apply to this Clause. Provided that the expiry of any time period or any other criteria for the drag along otherwise applicable
under Clause 8.2 shall not apply in the case of an occurrence of an Event of Default.

 

		(b)	All costs and expenses incurred in relation to the Sale or Transfer of Securities pursuant to this
Clause 12.3 shall be borne entirely by the Company. The Company and the Promoters shall co-operate and take all necessary and desirable
actions in connection with the consummation of such Sale or Transfer of Securities pursuant to this Clause 12.3 including without
limitation, timely execution and delivery of any agreements and instruments to complete such Sale or Transfer of Securities pursuant
to this Clause 12.3, providing access and information as may be requested by any potential purchaser and co-operating in any due
diligence conducted by the potential purchaser. The Company and such defaulting Promoter(s) shall provide customary representations
and warranties, indemnities and covenants as may be required by any potential purchaser in connection with the completion of the
Sale or Transfer of Securities pursuant to this Clause 12.3. The Investor shall not be required to provide any representations,
warranties, guarantees or indemnities, or be subject to any restrictive covenants pursuant to or in relation to the Sale or Transfer
of Securities pursuant to this Clause 12.3, except in relation to the title and transferability of the Securities held by the Investor.

 

		(c)	All rights of the Promoters under this Agreement and the Transaction Documents shall cease and
the directorships of the Promoters shall stand vacated, immediately and automatically upon the occurrence of an Event of Default.

 

		(d)	The termination of this Agreement shall be without prejudice to any claim or rights of action,
including but not limited to the right to seek damages, previously accrued to any party hereto against the other party.

 

		(e)	Except for provisions of this Agreement that expressly or by their nature survive termination,
all rights and obligations of the Parties shall cease upon termination of this Agreement. The rights and obligations of the Parties
under this Agreement pursuant to Clauses which by their nature survive the termination of this Agreement shall not be extinguished
by termination of this Agreement.

 

    40 

     

    

 

		13.	FALL AWAY OF RIGHTS AND OBLIGATIONS

 

		13.1	The rights and obligations of the Investor under this Agreement:

 

		(a)	shall cease and no longer be applicable, on the Investor (along with its Affiliates) having ceased
to hold 10% (ten percent) of the equity share capital of the Company on a Fully Diluted Basis at the relevant point of time, other
than with respect to the following limited rights:

 

		(i)	Clause 5.2 (Number of Directors);

		(ii)	Clause 4.3 (Tag Along Right);

		(iii)	Clause 8.1(b) (vi) (right of the Investor to offer its shares in case of a QIPO);

		(iv)	Clause 8.1(d) (Secondary Sale);

		(v)	Clause 6 (Financial Accounting, Audit & Inspection);

		(vi)	Clause 10.1 (Non-compete, Non-solicitation), which shall continue to apply for a period
of 18 (eighteen) months from the date of listing of the Equity Shares; and

		(vii)	Clause 7.3 (Intellectual Property).

 

		(b)	shall cease and no longer be applicable, upon the successful completion of a QIPO (or such earlier
time as may be required by SEBI or any Applicable Law for conducting the QIPO); provided however that, in the event of QIPO, the
following Clauses shall continue to apply, subject to Applicable Law, and the Investor holding at least 5% (five percent) of the
equity share capital of the Company on a Fully Diluted Basis, at the relevant point of time:

 

		(i)	Clause 5.2 (Number of Directors);

		(ii)	Clause 8.1(b)(xi) (Clear Market Obligation);

		(iii)	Clause 6 (Financial Accounting, Audit & Inspection);

		(iv)	Clause 10.1 (Non-compete, Non-solicitation), which shall continue to apply for a period
of 18 (eighteen) months from the date of listing of the Equity Shares; and

		(v)	Clause 7.3 (Intellectual Property).

 

		13.2	Notwithstanding anything to the contrary set out in Clause 13.1
above, in the event that the shareholding of the Investor falls below any of the thresholds set out in Clause 13.1 above as a result
of a partial exit provided by the Promoters or the Company under Clause 8, then all the rights of the Investor shall continue till
such time as a complete exit is provided to the Investor by the Promoters or the Company. 

 

		13.3	Notwithstanding anything to the contrary set out in Clause 13.1
above, the obligation of the Investor under Clause 8.2(a) shall continue to apply till the Investor Exit Date. Metis shall not
have the right to transfer the right under Clause 8.2(a) to any other party which is not its Affiliate. 

 

		14.	MEMORANDUM AND ARTICLES OF ASSOCIATION

 

		14.1	The Memorandum and Articles of the Company shall be amended to
reflect all the terms of the Share Subscription Agreement, this Agreement and other consequential amendments, in a manner satisfactory
to the Investor.

 

    41 

     

    

 

		14.2	The Company hereby undertakes to and the Promoters agree, undertake
and confirm to cause the Company to, amend and alter the Memorandum and/or the Articles of Association from time to time to reflect
any changes made to this Agreement from time to time.

 

		15.	NOTICES

 

		15.1	Notices, demands or other communication required or permitted
to be given or made under this Agreement shall be in writing and shall be given by email (provided that it is supplemented by a
registered mail/internationally recognised courier service within 2 (two) days), addressed/sent to the intended recipient at its
address number set forth below, or to such other address number as either Party may from time to time duly notify to the others:

 

If to Metis:

 

	Address: 	IFS Court, Twenty Eight, Cybercity, Ebene, Mauritius

	E-mail:	ifs@ifsmauritius.com

	Tel:	+230 467 4000 

 

If to the Investor:

 

	Address: 	1345 Avenue of the Americas, 11th Floor, New York, NY 10105

	E-mail:	sk@i-amcapital.com

	Tel:	+1 347 748 8147  

 

If to the Company:

 

	Address:	Mr. Vishwanath Kotian, 2nd Floor, Trade View Building, Oasis
Complex, PB Marg, Lower Parel, Mumbai – 400013, Maharashtra

	E-mail:	vishwanath.kotian@smaaash.in

	Tel:	9821772971 

 

If to Shripal Morakhia

 

	Address:	2nd Floor, Trade View Building, Oasis Complex, PB Marg, Lower
Parel, Mumbai – 400013, Maharashtra

	E-mail:	shripal@smaaash.in

	Tel:	022-67400900 

 

If to AHA Holdings Pvt.
Ltd.

 

	Attention	Mr. Santosh Apraj

	Address:	2nd Floor, Trade View Building, Oasis Complex, PB Marg, Lower
Parel, Mumbai – 400013, Maharashtra

	E-mail:	santoshapraj@ahaholdings.co.in

	Tel:	022-67400900 

 

    42 

     

    

 

If to MRG:

 

	Address:	511, Commerce House, 140, N.M. Road, Fort, Mumbai 400 023, Maharashtra,
India

	E-mail:	mitesh.gowani@kamala.co.in

	Tel:	+91 (22) 24982428  

 

		15.2	All notices shall be deemed to have been validly given on (i)
the business date immediately after the date of transmission with confirmed answer back, if transmitted by facsimile transmission
(subject to a confirming copy being sent by registered mail), or (ii) the expiry of 7 (seven) days after posting if sent by registered
mail, or (iii) the business date of receipt, if sent by courier, or (iv) date of receipt, if sent by email.

 

		15.3	Parties may, from time to time, change their address or representative
for receipt of notices provided for in this Agreement by giving to the other not less than 10 (ten) days prior written notice in
the same manner provided for in this Clause.

 

		16.	CONFIDENTIALITY

 

		16.1	Each of the Parties shall and shall ensure to their best efforts
that their respective employees, directors, successors, assigns, shareholders, officers, partners, and representatives and agents
maintain utmost confidentiality, regarding the contents of this Agreement and information pertaining to the affairs of the Company
at all times. The Parties shall be permitted to disclose all aspects of the financing to (a) the Company’s other investors,
(b) the Parties’ investors, (c) Parties’ investment bankers, (d) Parties’ lenders, (e) Parties’ accountants,
(f) Parties’ legal or financial advisors, (g) Parties’ and their Affiliates’ employees involved in the monitoring
of such Parties’ investment in the Company and (h) bona fide prospective investor of the Company or of any Party,
in each case only where such Persons are under appropriate non-disclosure obligations imposed by professional ethics, law or contracts
and where they have been specifically informed about the confidential nature of the information disclosed to them. The Company
shall ensure that all the Directors are bound by confidentiality and non-disclosure obligations as set forth in this Clause. Nothing
contained herein shall affect the ability of the Parties to make disclosure to any Governmental Authority or any arbitration tribunal
(including a sole arbitrator) in India or otherwise or to any other Person under the provisions of any Applicable Law, provided,
however, that in all such circumstances, the disclosing Party shall give prior Notice to the other Parties before making the disclosure,
indicating the nature of information that is proposed to be disclosed and in sufficient time to allow the other Parties as soon
as possible to seek confidentiality of the information being disclosed, to the extent permitted by Applicable Law. 

 

		16.2	Further, none of the Parties shall make any announcements to the public or to any third party regarding
the arrangements contemplated by this Agreement, other than in accordance with Clause 19.6 of this Agreement. Parties shall be
permitted to make announcements regarding the arrangements contemplated by this Agreement if such announcements are required to
be made pursuant to and in compliance with, Applicable Law or valid legal process subject to the disclosing Party using reasonable
efforts thereby allowing other Parties to be able to review and provide comments prior to publication of such announcements.

 

    43 

     

    

 

		17.	GOVERNING LAW

 

This Agreement shall be
governed and interpreted by, and construed in accordance with the laws of India. Subject to the provisions of Clause 18 (Arbitration)
hereof, the courts of New Delhi shall have jurisdiction in respect of all matters relating to or arising out of this Agreement.

 

		18.	ARBITRATION

 

		18.1	If any controversies, conflicts, disputes and/or differences (“Dispute”) arises
between the disputing Parties hereto during the subsistence of this Agreement or thereafter, the disputing Parties shall endeavour
to settle such Dispute amicably and attempt to reach a resolution of the matter.

 

		18.2	If amicable settlement is not arrived at as above, within 30 (thirty) days of the date of Dispute,
the Dispute shall be resolved and settled exclusively and finally by arbitration and either disputing Party may issue a notice
of Dispute (“Notice of Dispute”) to the other disputing Parties.

 

		18.3	Within 30 (thirty) days of the issue of a Notice of Dispute, the disputing Parties shall mutually
agree on the appointment of a sole arbitrator. If such mutual agreement is not arrived at within the aforesaid 30 (thirty) days’
period, the disputing Parties shall refer the appointment of the sole arbitrator to Singapore International Arbitration Centre
(“SIAC”).

 

		18.4	All pertinent evidence on the subject matter in Dispute shall be made available to the arbitrator
appointed as above and each Party shall have the right to present both orally and in writing its arguments and views on the Dispute.
The arbitrator shall also decide on the costs of the arbitration proceedings. The decision of the arbitrator shall be rendered
in writing and shall be binding upon the Parties. The costs, charges and expenses of the arbitration shall be the discretion of
the arbitrator. Such arbitration shall be governed by the SIAC arbitration rules (in force at such time when the Dispute is referred
to arbitration), which rules are deemed to be incorporated by reference in this Clause. The seat and venue of arbitration shall
be Singapore and the arbitration proceedings shall be conducted in English language.

 

		18.5	The award rendered by the arbitrator shall be final and binding on all Parties hereto and judgment
thereon may be entered in any court of competent jurisdiction.

 

		18.6	Parties hereto agree that their consent for resolution of Disputes through arbitration shall not
preclude or restrain either of them from seeking suitable injunctive relief in appropriate circumstances from the competent courts.

 

		19.	MISCELLANEOUS

 

		19.1	Costs

 

The Company shall bear all
stamp duty payable in connection with this Agreement. Further, all costs related to the transactions contemplated under the Transaction
Documents, unless specifically stated in this Agreement, shall be borne in accordance with the provisions of the Share Subscription
Agreement.

 

    44 

     

    

 

		19.2	Assignment

 

Except
as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
permitted assigns, heirs, executors and administrators of the Parties hereto whose rights or obligations hereunder are affected
by such amendments.

 

		19.3	Modification

 

Any or all provisions of this
Agreement may be amended, restated or waived (either generally or in a particular instance and either retroactively or prospectively)
with the written consent of the Parties. Any such amendment, waiver or restatement shall be binding on all Parties to this Agreement.

 

		19.4	Entire Agreement

 

This
Agreement, supersedes all prior discussions and agreements (whether oral or written, including all correspondence) if any, between
the Parties with respect to the right and obligations of the Investor as a Shareholder in the Company and this Agreement (together
with the Schedules and any amendments or modifications thereof) together with the other Transaction Documents
contain the sole and entire agreement between the Parties hereto with respect to the subject matter hereof. 

 

		19.5	Invalidity and Severability

 

Any provision of this Agreement,
which is invalid or unenforceable, shall be ineffective to the extent of such invalidity or unenforceability, without affecting
in any way the remaining provisions hereof. The illegality, unenforceability or invalidity of any provision of this Agreement shall
not affect the enforceability, legality or validity of the remaining provisions of this Agreement which shall remain in full force
and effect to the maximum extent permitted by law. Any invalid or unenforceable provision of this Agreement shall be replaced with
a provision, which is valid and enforceable and most nearly reflects the original intent of the unenforceable provision.

 

		19.6	Publicity

 

It is agreed between the Parties
hereto that no publicity or dissemination of information in any manner with regard to the transactions contemplated herein shall
be made without the prior written consent of the Investor and the Promoters.

 

		19.7	Conflict with the Articles of Association

 

		(a)	All the provisions of this Agreement, to the extent relevant, shall be incorporated into the Articles.
If and to the extent that there are inconsistencies between the provisions of this Agreement, Metis SHA and those of the Articles,
the Articles will prevail.

 

    45 

     

    

 

		(b)	Nothwithstanding anything contained in this Agreement or the Share Subscription Agreement or any
other document but subject to Clause 19.7(a):

 

		(i)	the rights and obligation of the parties under the Metis SHA shall survive unless terminated in
accordance with the terms thereof; and

		(ii)	in case of any inconsistency in the rights of Metis as contained in this Agreement and those contained
in the Metis SHA, the rights of Metis under the Metis SHA shall prevail except as specifically provided below and unless expressly
provided elsewhere in this Agreement. Without prejudice to the generality of the above, (A) Clause 8.1(b)(xi) (Clear Market
Obligation) and Clause 4.3 (Tag Along) of this Agreement shall prevail over Clause 9.3 and Clause 8.4.2 of the Metis
SHA respectively in case of a conflict; and (B) the rights of Metis under Clause 8.1(a) of this Agreement, Clause 9.2.2 of the
Metis SHA and Clause 9.7 of the Metis SHA shall survive even if Metis ceases to hold the minimum shareholding prescribed under
Clause 22 of the Metis SHA; and (C) Clause 19.15 (Amendment to the Metis SHA) shall prevail over any other conflicting provision
of the Metis SHA.

 

		19.8	Adjustment for Share Splits etc.

 

Wherever in this Agreement there
is a reference to a specific number of the Subscription Shares or any other shares/Securities, then, upon the occurrence of any
subdivision, combination, etc. of the Securities, the specific number of Securities so referenced in this Agreement shall automatically
be proportionally adjusted to reflect the effect on the outstanding Securities of such class or series of Securities by such subdivision,
combination, etc. All Securities held or acquired by the relevant Affiliated entities or Persons shall be aggregated together for
the purpose of determining the availability of any rights of the Investor under this Agreement.

 

		19.9	Further Assurances

 

Each
Party shall from time to time and at all times hereafter make, do, execute, or cause or procure to be made, done and executed such
further acts, deeds, conveyances, consents, documents and assurances without further consideration, which may be required to effect
the transactions contemplated by this Agreement.

 

		19.10	Co-operation

 

The
Parties shall use their best efforts to cause the transactions contemplated by this Agreement to be consummated, including without
limitation, obtaining, making and causing to become effective all approvals of Governmental Authorities and other Persons as may
be necessary or reasonably requested by the Investor in order to achieve the objectives of this Agreement.

 

		19.11	Remedies

 

		(a)	The Parties acknowledge and agree that the Investor would suffer irreparable damages in the event
any provision of this Agreement is not performed in accordance with its specific terms or otherwise is breached, so that the Investor
shall be entitled to injunctive relief to prevent breaches of this Agreement and to enforce specifically this Agreement and the
terms and provisions hereof in addition to any other remedy to which the Investor may be entitled, at law or in equity.

 

    46 

     

    

 

		(b)	All remedies of the Principal Investors under this Agreement whether provided herein or conferred
by statute, civil law, common law, custom, trade, or usage are cumulative and not alternative and may be enforced successively
or concurrently.

 

		19.12	Counterparts

 

This Agreement may be executed
in any number of counterparts, all of which, taken together, shall constitute one and the same instrument, and any Party (including
any duly authorised representative of a Party) may enter into this Agreement by executing a counterpart. The delivery of signed
counterparts by facsimile transmission or electronic mail in “portable document format” (“.pdf”) shall be as
effective as signing and delivering the document in person.

 

		19.13	Independent Contractors

 

The Parties are independent contractors.
None of the Parties shall have any right, power or authority to enter into any agreement for or on behalf of, or incur any obligation
or liability of, or to otherwise bind, the other Parties except as specifically provided by this Agreement. Nothing in this Agreement
shall be interpreted or construed to create an association or partnership between the Parties, deem them to be persons acting in
concert or to impose any liability attributable to such relationship upon any of the Parties nor, unless expressly provided otherwise,
to constitute any Party as the agent of any of the other Parties for any purpose.

 

		19.14	Authorisation

 

The persons executing this Agreement
on behalf of the respective Parties represent and covenant that they have the authority to sign and execute this document on behalf
of the Parties for whom they are signing.

 

		19.15	Amendment to the Metis SHA

 

It is hereby agreed between the
Parties and the Promoters and Metis specifically undertake not to amend the Metis SHA without the prior written consent of the
Investor. Any such amendment to the Metis SHA without the prior written consent of the Investor shall be void ab initio. In case
of any conflict between this Clause 19.15 of this Agreement and any provision in the Metis SHA, this Clause 19.15 shall prevail.

 

    47 

     

    

 

IN WITNESS WHEREOF, the Parties
have entered into and executed this Shareholders’ Agreement as of the day and year first above written.

 

THIS
SIGNATURE PAGE FORMS AN INTEGRAL PART OF THE SHAREHOLDERS’ AGREEMENT EXECUTED AMONG (1) I-AM CAPITAL
ACQUISITION COMPANY; (2) FW METIS LIMITED; (3) MITESH R. GOWANI; (4) MR.SHRIPAL MORAKHIA; (5) AHA HOLDINGS PRIVATE LIMITED; AND
(6) SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

Signed and delivered for an on behalf of
SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

	/s/
Vishwanath Kohan	 
	Name:   Vishwanath Kohan	 
	Designation:    CFO	 

 

    48 

     

    

 

IN WITNESS WHEREOF, the Parties
have entered into and executed this Shareholders’ Agreement as of the day and year first above written.

 

THIS
SIGNATURE PAGE FORMS AN INTEGRAL PART OF THE SHAREHOLDERS’ AGREEMENT EXECUTED AMONG (1) I-AM CAPITAL
ACQUISITION COMPANY; (2) FW METIS LIMITED; (3) MITESH R. GOWANI; (4) MR. SHRIPAL MORAKHIA; (5) AHA HOLDINGS PRIVATE LIMITED; AND
(6) SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

Signed and delivered for an on behalf of
AHA HOLDINGS PRIVATE LIMITED

 

	/s/ SHRIPAL MORAKHIA	 
	Name:   SHRIPAL MORAKHIA	 
	Designation:    Director	 

 

    49 

     

    

 

IN WITNESS WHEREOF, the Parties
have entered into and executed this Shareholders’ Agreement as of the day and year first above written.

 

THIS
SIGNATURE PAGE FORMS AN INTEGRAL PART OF THE SHAREHOLDERS’ AGREEMENT EXECUTED AMONG (1) I-AM CAPITAL
ACQUISITION COMPANY; (2) FW METIS LIMITED; (3) MITESH R. GOWANI; (4) MR. SHRIPAL MORAKHIA; (5) AHA HOLDINGS PRIVATE LIMITED; AND
(6) SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

Signed and delivered by MR.
SHRIPAL MORAKHIA

 

	/s/ SHRIPAL MORAKHIA	 
	Name:   SHRIPAL MORAKHIA	 

 

    50 

     

    

 

IN WITNESS WHEREOF, the Parties
have entered into and executed this Shareholders’ Agreement as of the day and year first above written.

 

THIS
SIGNATURE PAGE FORMS AN INTEGRAL PART OF THE SHAREHOLDERS’ AGREEMENT EXECUTED AMONG (1) I-AM CAPITAL
ACQUISITION COMPANY; (2) FW METIS LIMITED; (3) MITESH R. GOWANI; (4) MR. SHRIPAL MORAKHIA; (5) AHA HOLDINGS PRIVATE LIMITED; AND
(6) SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

Signed
and delivered for an on behalf of I-AM CAPITAL
ACQUISITION COMPANY

 

	/s/ F. Jacob Cherian	 
	Name:   F. Jacob Cherian	 
	Designation:    CEO	 

 

    51 

     

    

 

IN WITNESS WHEREOF, the Parties
have entered into and executed this Shareholders’ Agreement as of the day and year first above written.

 

THIS
SIGNATURE PAGE FORMS AN INTEGRAL PART OF THE SHAREHOLDERS’ AGREEMENT EXECUTED AMONG (1) I-AM CAPITAL
ACQUISITION COMPANY; (2) FW METIS LIMITED; (3) MITESH R. GOWANI; (4) MR. SHRIPAL MORAKHIA; (5) AHA HOLDINGS PRIVATE LIMITED; AND
(6) SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

Signed
and delivered for an on behalf of I-AM CAPITAL
ACQUISITION COMPANY

 

	/s/ Suhel Kanuga	 
	Name:   Suhel Kanuga	 
	Designation:    CFO	 

 

    52 

     

    

 

IN WITNESS WHEREOF, the Parties
have entered into and executed this Shareholders’ Agreement as of the day and year first above written.

 

THIS
SIGNATURE PAGE FORMS AN INTEGRAL PART OF THE SHAREHOLDERS’ AGREEMENT EXECUTED AMONG (1) I-AM CAPITAL
ACQUISITION COMPANY; (2) FW METIS LIMITED; (3) MITESH R. GOWANI; (4) MR. SHRIPAL MORAKHIA; (5) AHA HOLDINGS PRIVATE LIMITED; AND
(6) SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

Signed and delivered for an on behalf of
FW METIS LIMITED

 

	/s/ Thiromagen Vaitilingon	 
	Name:   Thiromagen Vaitilingon	 
	Designation:    Director	 

 

    53 

     

    

 

IN WITNESS WHEREOF, the Parties
have entered into and executed this Shareholders’ Agreement as of the day and year first above written.

 

THIS
SIGNATURE PAGE FORMS AN INTEGRAL PART OF THE SHAREHOLDERS’ AGREEMENT EXECUTED AMONG (1) I-AM CAPITAL
ACQUISITION COMPANY; (2) FW METIS LIMITED; (3) MITESH R. GOWANI; (4) MR. SHRIPAL MORAKHIA; (5) AHA HOLDINGS PRIVATE LIMITED; AND
(6) SMAAASH ENTERTAINMENT PRIVATE LIMITED

 

Signed and delivered by MR.
MITESH R. GOWANI

 

	/s/ MITESH R. GOWANI	 
	Name:   MITESH R. GOWANI	 

 

54Form of Medium-Term Notes, Series S

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

	 CUSIP NO. 95001B3H5 
	 FACE AMOUNT: $                

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES S 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the Lowest Performing of the 

S&P 500® Index, the Russell 2000® Index and 
 the Dow Jones Industrial Average® due May 9, 2023 
 WELLS FARGO & COMPANY, a
corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is automatically called prior to the Stated
Maturity Date as provided below under “Automatic Call,” and to pay Contingent Coupon Payments (as defined below) on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified herein at
the Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Call Settlement Date (as defined below), if any. The “Initial Stated Maturity Date” shall be May 9, 2023. If the Final
Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of
(i) the Initial Stated Maturity Date and (ii) three Business Days (as defined below) after the last Final Calculation Day as postponed. 

“Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this
Security as its “Face Amount.” 

 Automatic Call 

If the Closing Level (as defined below) of the Lowest Performing Index (as defined below) on any of the quarterly Calculation
Days (as defined below) from May 2019 to February 2023, inclusive, is greater than or equal to its Starting Level (as defined below), this Security will be automatically called by the Company, and on the related Call Settlement Date the Holder
hereof will receive the Call Price (as defined below) plus a final Contingent Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Contingent Coupon Payment, this Security will cease to be outstanding on such
Call Settlement Date, no additional Contingent Coupon Payments will be payable on this Security and the Holder hereof will have no further rights under this Security after such Call Settlement Date. The Holder hereof will not receive any notice from
the Company in the event this Security is automatically called pursuant to the terms hereof. The “Call Price” is equal to the Face Amount of this Security. The “Call Settlement Date” for a Calculation Day shall be
three Business Days after such Calculation Day, as such Calculation Day may be postponed as provided herein. If a Calculation Day is postponed with respect to one or more Indices, the related Call Settlement Date will be three Business Days after
the last Calculation Day as postponed. 
 Payment of Contingent Coupon Payments, the Maturity Payment Amount and the Call Price 

On each quarterly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the
Closing Level of the Lowest Performing Index on the related Calculation Day is greater than or equal to its Coupon Threshold Level (as defined below). A “Contingent Coupon Payment,” if payable as provided herein, shall be equal to
the product of (i) the Face Amount of this Security, (ii) the Contingent Coupon Rate, and (iii) 90/360. The “Contingent Coupon Payment Dates” shall be the third Business Day following each Calculation Day, as each
such Calculation Day may be postponed as herein provided, provided that the Contingent Coupon Payment Date with respect to the Final Calculation Day will be the Stated Maturity Date. If a Calculation Day is postponed with respect to one or more
Indices, the related Contingent Coupon Payment Date will be three Business Days after the last Calculation Day as postponed. The “Contingent Coupon Rate” is 6.25% per annum. Any Contingent Coupon Payments will be rounded to the
nearest cent, with one-half cent rounded upward. 
 Any Contingent Coupon Payment so payable, and punctually paid or duly
provided for, on any Contingent Coupon Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such Contingent Coupon Payment next preceding such Contingent Coupon Payment Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent Coupon Payment Date. 

Any Contingent Coupon Payment not punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not

  
 2 

 
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture. 
 Payment of any Contingent Coupon Payment on this Security will be made in immediately
available funds at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota; provided, however, that, at the option of the Company, payment of any Contingent Coupon Payment may be paid by check mailed to
the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Payments of any Contingent Coupon Payment and the Maturity Payment
Amount or the Call Price, as applicable, on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office
or agency maintained by the Company for such purpose. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this Security will be made to the Depositary by wire
transfer of immediately available funds. 
 Payment of the Maturity Payment Amount or the Call Price, as applicable, and any
Contingent Coupon Payments on this Security will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Definitions Relating to Maturity Payment Amount, the Call Price and Contingent Coupon Payments 

If this Security is not automatically called prior to the Stated Maturity Date as provided above under “Automatic
Call,” the “Maturity Payment Amount” of this Security will equal: 
  

	 	•	 	 if the Ending Level of the Lowest Performing Index on the Final Calculation Day (as defined below) is greater
than or equal to its Downside Threshold Level: the Face Amount; or 

  

	 	•	 	 if the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Downside
Threshold Level: 

  

																											
		 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	 	 	Face Amount	 	  ×        	 	Performance Factor of the Lowest Performing	 	 	 		 		 		 		 	
		 		 		 		 	 	 	 	 	Index on the Final Calculation Day	 	 	 		 		 		 		 	

 All calculations with respect to the Maturity Payment Amount will be rounded to the nearest one
hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Maturity Payment Amount will be rounded to the nearest cent, with one-half cent rounded upward. 

“Index” shall mean each of the S&P 500 Index, the Russell 2000 Index and the Dow Jones Industrial
Average. 
 The “Pricing Date” shall mean May 4, 2018. 

  
 3 

 The “Lowest Performing Index” for any Calculation Day will
be the Index with the lowest Performance Factor on that Calculation Day (as such Calculation Day may be postponed for one or more Indices as provided herein). 

The “Performance Factor” with respect to an Index on any Calculation Day is its Closing Level on such
Calculation Day divided by its Starting Level (expressed as a percentage). 
 The “Starting Level” with
respect to the S&P 500 Index is 2663.42, its Closing Level on the Pricing Date, with respect to the Russell 2000 Index is 1565.603, its Closing Level on the Pricing Date, and with respect to the Dow Jones Industrial Average is 24262.51, its
Closing Level on the Pricing Date. 
 The “Ending Level” of an Index will be its Closing Level on the Final
Calculation Day. 
 The “Coupon Threshold Level” with respect to the S&P 500 Index is 1997.565, which
is equal to 75% of its Starting Level, with respect to the Russell 2000 Index is 1174.20225, which is equal to 75% of its Starting Level, and with respect to the Dow Jones Industrial Average is 18196.8825, which is equal to 75% of its Starting
Level. 
 The “Downside Threshold Level” with respect to the S&P 500 Index is 1598.052, which is equal
to 60% of its Starting Level, with respect to the Russell 2000 Index is 939.3618, which is equal to 60% of its Starting Level, and with respect to the Dow Jones Industrial Average is 14557.506, which is equal to 60% of its Starting Level. 

The “Closing Level” with respect to each Index on any Trading Day means the official closing level of that
Index reported by the relevant Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into
account the decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “—Market Disruption Events,” “—Adjustments to an
Index” and “—Discontinuance of an Index.” 
 “Index Sponsor” shall mean the sponsor or
publisher of an Index. 
 “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither
a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York. 

The “Calculation Days” shall be the 4th day of each
February, May, August and November, commencing August 2018 and ending February 2023, and the Final Calculation Day. If any such day is not a Trading Day with respect to any Index, such Calculation Day for each Index will be postponed to the next
succeeding day that is a Trading Day with respect to each Index. A Calculation Day for an Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with respect to such Index on such Calculation Day.
The “Final Calculation Day” is May 4, 2023. If a Market Disruption Event occurs or is continuing with respect to an Index on any Calculation Day, then such Calculation Day for such Index will be postponed to the first
succeeding Trading Day for such Index on which a Market Disruption Event for such Index has not occurred and is not continuing; however, if such first 

  
 4 

 
succeeding Trading Day has not occurred as of the eighth Trading Day for such Index after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation
Day for such Index. If a Calculation Day has been postponed eight Trading Days for an Index after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to such Index on such eighth Trading Day,
the Calculation Agent will determine the Closing Level of such Index on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of such Index last in effect prior to commencement of the Market
Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time of the
Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on that day of each security included in such Index. As used herein, “closing price”
means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the
regular trading session of such Relevant Stock Exchange. Notwithstanding the postponement of a Calculation Day for an Index due to a Market Disruption Event with respect to such Index on such Calculation Day, the originally scheduled Calculation Day
will remain the Calculation Day for any Index not affected by a Market Disruption Event on such day. 
 “Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and the Calculation Agent, as amended from time to time. 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the
Company providing for, among other things, the determination of whether this Security will be automatically called prior to stated maturity and whether a Contingent Coupon Payment will be made, the Call Price, if any, and the Maturity Payment
Amount, if any, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement,
the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

Certain Definitions 
 A
“Trading Day” with respect to an Index means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying such Index are scheduled to be open for trading for
their respective regular trading sessions and (ii) each Related Futures or Options Exchange with respect to such Index is scheduled to be open for trading for its regular trading session. 

The “Relevant Stock Exchange” for any security underlying an Index means the primary exchange or quotation
system on which such security is traded, as determined by the Calculation Agent. 

  
 5 

 The “Related Futures or Options Exchange” for an Index
means an exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to such Index. 

Adjustments to an Index 

If at any time the method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a
material respect, or if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of the Calculation Agent, fairly represent the level of such index had those changes or modifications not been
made, then the Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to be calculated, make such calculations and adjustments as, in the good faith judgment of the Calculation
Agent, may be necessary in order to arrive at a level of an index comparable to such Index or Successor Equity Index as if those changes or modifications had not been made, and the Calculation Agent will calculate the closing level of such Index or
Successor Equity Index with reference to such index, as so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of such index is a fraction or a multiple of what it would have been if
it had not been modified (e.g., due to a split or reverse split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive at a level of such index as if it had not been modified
(e.g., as if the split or reverse split had not occurred). 
 Discontinuance of an Index 

If an Index Sponsor discontinues publication of an Index, and such Index Sponsor or another entity publishes a successor or
substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to such Index (a “Successor Equity Index”), then, upon the Calculation Agent’s notification of that determination to the
Trustee and the Company, the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity for purposes of calculating the Closing Level of such Index on any date of determination. Upon
any selection by the Calculation Agent of a Successor Equity Index, the Company will cause notice to be given to the Holder of this Security. 

In the event that an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a
Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a substitute Closing Level for such Index in accordance with the formula for and method of
calculating such Index last in effect prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a
level as a substitute for such Index, the Successor Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether a Market Disruption Event exists. 

If on a Calculation Day an Index Sponsor fails to calculate and announce the level of an Index, the Calculation Agent will
calculate a substitute Closing Level of such Index in accordance with the formula for and method of calculating such Index last in effect prior to the failure, but using only those securities that comprised such Index immediately prior to that

  
 6 

 
failure; provided that, if a Market Disruption Event occurs or is continuing on such day with respect to such Index, then the provisions set forth above under the definition of
“Calculation Days” shall apply in lieu of the foregoing. 
 Market Disruption Events 

A “Market Disruption Event” with respect to an Index means any of the following events as determined by the
Calculation Agent in its sole discretion: 
  

	 	(A)	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock
Exchanges or otherwise relating to securities which then comprise 20% or more of the level of such Index or any Successor Equity Index at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of
movements in price exceeding limits permitted by those Relevant Stock Exchanges or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related
Futures or Options Exchange or otherwise in futures or options contracts relating to such Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that
day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise. 

  

	 	(C)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the
ability of market participants in general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of such Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during
the one-hour period that ends at the Close of Trading on that day. 

  

	 	(D)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the
ability of market participants in general to effect transactions in, or obtain market values for, futures or options contracts relating to such Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the
one-hour period that ends at the Close of Trading on that day. 

  

	 	(E)	 The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then
comprise 20% or more of the level of such Index or any Successor Equity Index are traded or any Related Futures or Options Exchange with respect to such Index or any Successor Equity Index prior to its Scheduled Closing Time unless the earlier
closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock
Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered 

  
 7 

	 	 
into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that day. 

 

	 	(F)	 The Relevant Stock Exchange for any security underlying such Index or Successor Equity Index or any Related
Futures or Options Exchange with respect to such Index or Successor Equity Index fails to open for trading during its regular trading session. 

For purposes of determining whether a Market Disruption Event has occurred with respect to an Index: 

 

	 	(1)	 the relevant percentage contribution of a security to the level of such Index or any Successor Equity Index
will be based on a comparison of (x) the portion of the level of such Index attributable to that security and (y) the overall level of such Index or Successor Equity Index, in each case immediately before the occurrence of the Market
Disruption Event; 

  

	 	(2)	 the “Close of Trading” on any Trading Day for such Index or any Successor Equity Index means
the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities underlying such Index or Successor Equity Index on such Trading Day; provided that, if the actual closing time of the regular trading session of any such
Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market Disruption Event” above, with respect to any security
underlying such Index or Successor Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes of clauses (B) and (D) of the
definition of “Market Disruption Event” above, with respect to any futures or options contract relating to such Index or Successor Equity Index, the “Close of Trading” means the latest actual closing time of the regular trading
session of any of the Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges; 

  

	 	(3)	 the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options
Exchange on any Trading Day for such Index or any Successor Equity Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other
trading outside the regular trading session hours; and 

  

	 	(4)	 an “Exchange Business Day” means any Trading Day for such Index or any Successor Equity Index
on which each Relevant Stock Exchange for the securities underlying such Index or any Successor Equity Index and each Related Futures or Options Exchange with respect to such Index or any Successor Equity Index are open for trading during their
respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to its Scheduled Closing Time. 

  
 8 

 Calculation Agent 

The Calculation Agent will determine whether this Security will be automatically called prior to stated maturity and whether a
Contingent Coupon Payment will be made, the Call Price, if any, and the Maturity Payment Amount, if any. In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of an Index under the circumstances
described in this Security, (ii) if publication of an Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of such Index under the circumstances described in this
Security, and (iii) determine whether a Market Disruption Event has occurred. 
 The Company covenants that, so long as
this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the
Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. 

Redemption and Repayment 

This Security is not subject to repayment at the option of the Holder hereof prior to May 9, 2023. Except as set forth
above under “Automatic Call,” this Security is not subject to redemption prior to May 9, 2023. This Security is not entitled to any sinking fund. 

Acceleration 
 If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment Amount (calculated as set forth in the next two sentences) of this Security may be declared due and payable in the
manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment Amount hereof calculated as provided herein, plus a portion of a
final Contingent Coupon Payment, if any. The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated as though the date of acceleration were the Final Calculation Day. The final Contingent Coupon Payment, if any, will be
prorated from and including the immediately preceding Contingent Coupon Payment Date to but excluding the date of acceleration. 
  

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 

  
 9 

 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 10 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed. 
 DATED: 
  

					
	WELLS FARGO & COMPANY

 
					
		
	By:	 	 
		 	
		 	Its:	 	

  

					
	Attest:	 	 
		 	
		 	Its:	 	

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 11 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES S 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the Lowest Performing of the 

S&P 500® Index, the Russell
2000® Index and 
 the Dow Jones Industrial Average® due May 9, 2023 
 This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to time (herein called
the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series S, of the Company. The amount payable on the Securities of this series may be determined by reference to the
performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing,
or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different
times or not at all and be denominated in different currencies. 
 The Securities are issuable only in registered form
without coupons and will be either (a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the
Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious
rates of interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at

  
 12 

 
the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or
taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon compliance by the Company with certain conditions set forth therein, shall not apply to this
Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof
which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

  
 13 

 This Security may not be transferred except as a whole by the Depositary to
a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above,
owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the Contingent Coupon Payments, if any, and the Maturity Payment Amount or the Call Price, as applicable, on this Security at the times, place and rate, and in the coin or currency, herein
prescribed, except as otherwise provided in this Security. 
 No Personal Recourse 

No recourse shall be had for the payment of any Contingent Coupon Payments or the Maturity Payment Amount or the Call Price,
as applicable, on this Security or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such,
past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof
and as part of the consideration for the issuance hereof, expressly waived and released. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 14 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

							
	 UNIF GIFT MIN ACT -- 
	 	 	 	 Custodian
	 	 
		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 15 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute
and appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 16

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