Document:

Document

GUESS?, INC.

															
					Exhibit 10.26

        

January 26, 2022

Mr. Paul Marciano

    Re:    Secondment and Tax Protection

Dear Paul:
 
This letter confirms the terms of your secondment arrangement with Guess?, Inc., a Delaware corporation (the “Company”), and Guess Europe Sagl, a Swiss limited liability company and an indirect wholly-owned subsidiary of the Company (the “Subsidiary”).  

During the period of secondment (as set forth below), you will provide all or a substantial portion of your services to and for the benefit of the Subsidiary (the “secondment arrangement”).  The “period of secondment” commenced on October 31, 2021 (the “Effective Date”) and will end on the first to occur of (1) the date you are no longer employed by the Company, (2) the day that is the day before the fifth annual anniversary of the Effective Date, or (3) such earlier date as the Company may determine.  The end of the period of secondment determined pursuant to clause (2) of the preceding sentence may be extended only by agreement of you, the Company and the Subsidiary.

While the secondment arrangement is in effect, you will continue to be employed by the Company (and not by the Subsidiary) and you will be compensated by the Company.  You will not be entitled to any additional compensation or benefits from the Subsidiary.

You and the Company acknowledge that you are a tax resident of the State of California for state and local tax purposes and of the United States for federal tax purposes (the combined U.S. and California jurisdictions referred to herein as the “Home Jurisdictions”).  If you become subject to tax in Switzerland during the period the secondment arrangement is in effect and solely as a result of having performed services for the Subsidiary in Switzerland during the period of secondment, then the Company shall (so that you are not tax disadvantaged as a result of the secondment) pay you an additional amount (“tax protection payment”) as necessary so that your after-tax compensation from the Company for a particular year during which the secondment arrangement is in effect is approximately equal to the after-tax compensation from the Company you would have received for such year if such compensation was subject to tax only in the Home Jurisdictions (taking into account taxes due on the tax protection payment itself, which payment shall be subject to applicable withholding requirements).  Whether any such tax protection payment is due for such a year, and the amount of any such payment, shall be calculated and/or confirmed by a recognized international or national accounting firm selected and paid by the Company (the “Accounting Firm”), and such calculation shall be made not later than reasonably promptly after the preparation and submission of your individual tax returns for such year.  You and your tax advisors will reasonably cooperate with the Company, and with the Accounting Firm, in connection with such determinations (including, without limitation, by providing a copy of your tax returns for all relevant years to the Accounting Firm).  Any tax protection payment due to you for a particular year shall be paid to you not later than the end of your tax year next following your tax year in which you remit the related taxes to the applicable taxing authority.  In the event the tax protection payments actually made with respect to a particular year exceed the amounts that should have actually been paid, you shall promptly remit the excess to the Company following the determination of any such excess by the Accounting Firm.  For the avoidance of doubt, no amounts shall  
EXECUTIVE OFFICES  1444 South Alameda Street, Los Angeles, CA  90021  213.765.3100

be payable to you pursuant to this paragraph if and to the extent you are or become subject to tax outside the Home Jurisdictions as a result of your voluntary actions (other than providing services to the Subsidiary as contemplated by this letter agreement during the period of secondment) or other investments.

The Company shall also pay you an additional $15,000 for each calendar during which the secondment arrangement is in effect (regardless of whether the secondment arrangement is in effect for the entire year or any portion of such year), with such amount intended to help cover your incremental financial and tax planning expenses as a result of the secondment arrangement.  Any such payment due to you with respect to a particular calendar year shall be paid to you not later than the end of that year, and shall be subject to applicable withholding requirements.

Nothing in this letter agreement changes the “at will” nature of your employment, meaning that either you or the Company may terminate your employment at any time and for any reason (or for no reason), with or without cause, and with or without prior notice.

Please indicate your acceptance of these terms by signing at the end of this letter agreement. 
 
Sincerely,
 
 

						
	/s/ Jason T. Miller	
	Name: Jason T. Miller	
	Title: General Counsel	

AGREED & ACCEPTED

						
	/s/ Paul Marciano	
	Paul Marciano	

- 2 -Exhibit 4.5

 

DESCRIPTION OF SECURITIES

 

We are a Cayman Islands exempted company and
our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the
Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 550,000,000 ordinary
shares, including 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares, as well as 5,000,000 preference
shares, $0.0001 par value each. The following description summarizes the material terms of our shares as set out more particularly in
our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information
that is important to you.

 

Units

 

Each unit consists of one Class A ordinary share
and one-fourth of one warrant. Each whole warrant (a “public warrant”) entitles the holder thereof to purchase one Class A
ordinary share at a price of $11.50 per share, subject to adjustment as described below. Pursuant to the warrant agreement, a warrantholder
may exercise its warrants only for a whole number of Class A ordinary shares. This means that only a whole warrant may be exercised at
any given time by a warrantholder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

 

The Class A ordinary shares and warrants comprising
the units commenced separate trading on March 30, 2021. Holders have the option to continue to hold units or separate their units into
the component securities. Holders need to have their brokers contact Continental Stock Transfer & Trust Company, our transfer agent,
in order to separate the units into Class A ordinary shares and warrants. Additionally, the units will automatically separate into their
component parts and will not be traded after completion of our initial business combination.

 

Class A Ordinary Shares

 

Ordinary shareholders of record are entitled to
one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary
shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders
except as required by law. Unless specified in our amended and restated memorandum and articles of association, or as required by applicable
provisions of the Companies Act or applicable stock exchange rules, an ordinary resolution under Cayman Islands law, which requires the
affirmative vote of the shareholders who attend and vote at a general meeting of the company, is required to approve any such matter voted
on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative
vote of at least two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles
of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory
merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve
for a term of three years with only one class of directors being appointed in each year. There is no cumulative voting with respect to
the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can
appoint all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares will have the right
to vote on the appointment of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during
such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove
a member of the board of directors for any reason. The provisions of our amended and restated memorandum and articles of association governing
the appointment or removal of directors prior to our initial business combination may only be amended by a special resolution passed by
not less than two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote
of a simple majority of our Class B ordinary shares.

 

Because our amended and restated memorandum and
articles of association will authorize the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into a business
combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary
shares which we will be authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek
shareholder approval in connection with our initial business combination.

 

     

    

    

 

Our board of directors is divided into three classes
with only one class of directors being appointed in each year and each class (except for those directors appointed prior to our first
annual general meeting) serving a three-year term. In accordance with the Nasdaq corporate governance requirements, we are not required
to hold an annual general meeting until one year after our first fiscal year end following our listing on the Nasdaq. There is no requirement
under the Companies Act for us to hold annual or general meetings to elect directors. We may not hold an annual general meeting to appoint
new directors prior to the consummation of our initial business combination. Prior to the completion of an initial business combination,
any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior
to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of
directors for any reason.

 

We will provide our public shareholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation
of our initial business combination, including interest and other income earned on the funds held in the trust account and not previously
released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will
distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the
underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to valid redeem
its shares. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed
to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion
of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and
articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary
shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares
if we do not complete our initial business combination within 24 months from the closing of our initial public offering or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies
that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related
redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if
a shareholder vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by
applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we
will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer
rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated
memorandum and articles of association will require these tender offer documents to contain substantially the same financial and other
information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however,
a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain
shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with
a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will
complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires
the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. However, the participation
of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus),
if any, could result in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate
their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued and
outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.
Our amended and restated memorandum and articles of association will require that at least five days’ notice will be given of any
general meeting.

 

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If we seek shareholder approval of our initial business
combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules,
our amended and restated memorandum and articles of association will provide that a public shareholder, together with any affiliate of
such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13
of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. However,
we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial
business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete
our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares
on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we
complete our initial business combination. And, as a result, such shareholders will continue to hold that number of shares exceeding 15%
and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.

 

Pursuant to our amended and restated memorandum
and articles of association, if we have not consummated an initial business combination within 24 months from the closing of our
initial public offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the trust account, including interest and other income earned on the funds held in the trust account
and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided
by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights
as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject
in each case, to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable
law. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to
waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate
an initial business combination within 24 months from the closing of our initial public offering (although they will be entitled
to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business
combination within the prescribed time frame). Our amended and restated memorandum and articles of association will provide that, if we
wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with
respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject
to applicable Cayman Islands law.

 

In the event of a liquidation, dissolution or winding
up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary
shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary
shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share
price equal to the aggregate amount then on deposit in the trust account, including interest and other income earned on the funds held
in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public
shares, upon the completion of our initial business combination, subject to the limitations described herein.

 

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Class B Ordinary Shares

 

The founder shares are designated as Class B
ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units being sold in
our initial public offering, and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) prior
to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors and holders
of a majority of our founder shares may remove a member of the board of directors for any reason; (b) the founder shares are subject
to certain transfer restrictions, as described in more detail below; (c) our sponsor and each member of our management team have
entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their
founder shares (ii) to waive their redemption rights with respect to their founder shares and public shares in connection with a
shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify
the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed
in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business
combination within 24 months from the closing of our initial public offering or (B) with respect to any other provision relating
to the rights of holders of our Class A ordinary shares; and (iii) waive their rights to liquidating distributions from the
trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within 24 months
from the closing of our initial public offering (although they will be entitled to liquidating distributions from the trust account with
respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (d) the
founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination or earlier
at the option of the holders thereof as described herein; and (e) the founder shares are entitled to registration rights. If we seek
shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under
Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of
the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares
in favor of our initial business combination.

 

The founder shares are designated as Class B
ordinary shares and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon
conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate
an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a
ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate,
on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of
our initial public offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon
conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the company in connection with or in
relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities
exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial
business combination and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon
conversion of working capital loans (if any). In no event will the Class B ordinary shares convert into Class A ordinary shares
at a rate of less than one-to-one.

 

Except as described herein, pursuant to a letter
agreement that our sponsor and each member of our management team have entered into with us, our sponsor and each member of our management
team have agreed not to transfer, assign or sell any of their founder shares until earliest of (A) one year after the completion
of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our
Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days
after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar
transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or
other property. We refer to such transfer restrictions throughout this prospectus as the lock-up. Any permitted transferees would be subject
to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect to any founder shares.

 

Prior to our initial business combination, only
holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled
to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, holders
of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and
restated memorandum and articles of association may only be amended by a special resolution passed by not less than two-thirds of
our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of our Class B
ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial
business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together as
a single class, with each share entitling the holder to one vote.

 

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Register of Members

 

Under Cayman Islands law, we must keep a register
of members and there will be entered therein:

 

		●	the names and addresses of the members, a statement of the shares
held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of
shares of each member;

 

		●	whether voting rights are attached to the share in issue;

 

		●	the date on which the name of any person was entered on the register
as a member; and

 

		●	the date on which any person ceased to be a member.

 

Under Cayman Islands law, the register of members
of the company is prima facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of fact
on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman
Islands law to have legal title to the shares as set against its name in the register of members. Upon the closing of this public offering,
the register of members will be immediately updated to reflect the issue of shares by us. Once our register of members has been updated,
the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name. However,
there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the
register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of
members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal
position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then
the validity of such shares may be subject to re-examination by a Cayman Islands court.

 

Preference Shares

 

Our amended and restated memorandum and articles
of association authorizes 5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more
series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.
Our board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could
adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The
ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring
or preventing a change of control of us or the removal of existing management. We have no preference shares issued and outstanding at
the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the
future. No preference shares are being issued or registered in our initial public offering.

 

Warrants

 

Public Shareholders’ Warrants

 

Each whole warrant entitles the registered holder
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time
commencing on the later of one year from the closing of our initial public offering and 30 days after the completion of our initial
business combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder
may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at
a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will expire
five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.

 

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We will not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption
from registration is available. No warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue
a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has
been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the
warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the
holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants,
the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary
share underlying such unit.

 

We have agreed that as soon as practicable, but
in no event later than 20 business days after the closing of our initial business combination, we will use our commercially reasonable
efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares
issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within
60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement
and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the
warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities
Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain
in effect a registration statement, but we will use our commercially reasonably efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants is not effective by the 60 day after the closing of the initial business combination, warrant holders
may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective
registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act or another exemption; provided that if the exemption under Section 3(a)(9) of the Securities Act, or another exemption, is not available,
holders will not be able to exercise their warrants on a cashless basis.

 

In the case of a cashless exercise, each holder
would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by
dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair
market value” less the exercise price of the warrants by (y) the fair market value. The “fair market value” as used
in this paragraph means the volume-weighted average price of the Class A ordinary shares as reported during the 10 trading day period
ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.

 

A holder of a warrant may notify us in writing in
the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that
after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual
knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares
issued and outstanding immediately after giving effect to such exercise.

 

Redemption of warrants when the price per Class A
ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding
warrants (except as described herein with respect to the private placement warrants):

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon a minimum of 30 days’ prior written notice of
redemption to each warrant holder; and

 

    6

    

    

 

		●	if, and only if, the closing price of the Class A ordinary
shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading “— Warrants — Public Shareholders’ Warrants — Anti-Dilution Adjustments”)
for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption to the
warrant holders.

 

If and when the warrants become redeemable by us,
we may not exercise our redemption right if the issuance of Class A ordinary shares upon exercise of the warrants is not exempt from registration
or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.

 

We have established the last of the redemption criterion
discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to
exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall
below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading “— Warrants — Public Shareholders’ Warrants —
Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is
issued.

 

If we call the warrants for redemption as described
above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.”
In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider,
among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our shareholders of issuing
the maximum number of Class A ordinary shares issuable upon the exercise of our warrants. If our management takes advantage of this option,
all holders of warrants would pay the exercise price by surrendering their warrants for that number of Class A ordinary shares equal to
the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by
the difference between the exercise price of the warrants and the “fair market value” by (y) the fair market value. For this
purpose, “fair market value” means the average reported last sale price of the Class A ordinary shares for the 10 trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management
takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class
A ordinary shares to be received upon exercise of the warrants, including the “fair market value” in such case.

 

Anti-dilution Adjustments.    If
the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary
shares, or by a subdivision of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend,
subdivision or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion
to such increase in the outstanding ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling
holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below)
will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A
ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that
are convertible into or exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A
ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights
offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A
ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable
upon exercise or conversion and (ii) “historical fair market value” means the volume weighted average price of Class A
ordinary shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A
ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

    7

    

    

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all of
the holders of the Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants
are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a
per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period
ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other
adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of
Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends
or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A
ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of
Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have
their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete
our initial business combination within 24 months from the closing of our initial public offering or (B) with respect to any
other provision relating to the rights of holders of our Class A ordinary shares, or (e) in connection with the redemption of
our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective
immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets
paid on each Class A ordinary share in respect of such event.

 

If the number of outstanding Class A ordinary
shares is decreased by a consolidation, combination or reclassification of Class A ordinary shares or other similar event, then,
on the effective date of such consolidation, combination, reclassification or similar event, the number of Class A ordinary shares
issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares.

 

Whenever the number of Class A ordinary shares
purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying
the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A
ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which
will be the number of Class A ordinary shares so purchasable immediately thereafter.

 

In addition, if (x) we issue additional Class A
ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be
determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking
into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued
Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest
thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination
(net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading
day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market
Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115%
of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under “— Redemption
of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be
equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

    8

    

    

 

In case of any reclassification or reorganization
of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A
ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or
merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the
kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would
have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise
a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the
kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average
of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if
a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer
made by the company in connection with redemption rights held by shareholders of the company as provided for in the company’s amended
and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if
a proposed initial business combination is presented to the shareholders of the company for approval) under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1)
under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning
of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part,
own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A
ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which
such holder would actually have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration
of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased
pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as
nearly equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable
by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor
entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is
to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises
the warrant within 30 days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in
the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such
exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the
exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the
warrants. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary
transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the
full potential value of the warrants.

 

The warrants will be issued in registered form under
a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct
any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant
agreement set forth in this prospectus, or defective provision (ii) amending the provisions relating to cash dividends on ordinary
shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect to
matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that
the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders
of at least 65% of the then-outstanding public warrants is required to make any change that adversely affects the interests of the
registered holders. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement
of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.

 

The warrant holders do not have the rights or privileges
of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After
the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held
of record on all matters to be voted on by shareholders.

 

No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued
to the warrant holder.

 

    9

    

    

 

We have agreed that, subject to applicable law,
any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and we
irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See
“Risk Factors — Our warrant agreement will designate the courts of the State of New York or the United States District
Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may
be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes
with our company.” This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act
or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.

 

Private Placement Warrants

 

Except as described below, the private placement
warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering.
The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will
not be transferable, assignable or saleable until 30 days after the completion of our initial business combination (except pursuant
to limited exceptions as described under “Principal Shareholders — Transfers of Founder Shares and Private Placement Warrants,”
to our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants)
and they will not be redeemable by us so long as they are held by our sponsor or its permitted transferees (except as otherwise set forth
herein). Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. If
the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants
will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the
units being sold in our initial public offering. Any amendment to the terms of the private placement warrants or any provision of the
warrant agreement with respect to the private placement warrants will require a vote of holders of at least 65% of the number of the then
outstanding private placement warrants.

 

If holders of the private placement warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A
ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying
the warrants, multiplied by the excess of the “Sponsor fair market value” (defined below) over the exercise price of the warrants
by (y) the Sponsor fair market value. For these purposes, the “Sponsor fair market value” shall mean the average reported
closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the
notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless
basis so long as they are held by our sponsor and its permitted transferees is because it is not known at this time whether they will
be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the
open market will be significantly limited. We expect to have policies in place that restrict insiders from selling our securities except
during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot
trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders
who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order
to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe
that allowing the holders to exercise such warrants on a cashless basis is appropriate.

 

In order to fund working capital deficiencies or
finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,000,000 of such loans may be convertible
into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would
be identical to the private placement warrants.

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our ordinary shares and warrant
agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer &
Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees
against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any claims
and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.

 

    10

    

    

 

Amended and Restated Memorandum and Articles of Association

 

Our amended and restated memorandum and articles
of association contains provisions that apply to us until the completion of our initial business combination. These provisions cannot
be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special
resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified
in a company’s articles of association) of a company’s shareholders entitled to vote and so voting at a general meeting for
which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized
by a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders. Other than
as described above, our amended and restated memorandum and articles of association will provide that special resolutions must be approved
either by at least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold
permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

Our sponsor and its permitted transferees, if any,
who collectively beneficially own 20% of our ordinary shares, will participate in any vote to amend our amended and restated memorandum
and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum
and articles of association will provide, among other things, that:

 

		●	If we have not consummated an initial business combination within
24 months from the closing of our initial public offering, we will (i) cease all operations except for the purpose of winding
up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest and other income earned on the
funds held in the trust account and not previously released to us to pay our income taxes that were paid by us or are payable by us,
if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding public shares,
which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under
Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

 

		●	Prior to or in connection with our initial business combination,
we may not issue additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote
as a class with our public shares (a) on our initial business combination or on any other proposal presented to shareholders prior
to or in connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated
memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond 24 months
from the closing of our initial public offering or (y) amend the foregoing provisions;

 

		●	Although we do not intend to enter into a business combination
with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the
event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from independent investment
banking firm or another independent entity that commonly renders valuation opinions that such a business combination is fair to our company
from a financial point of view;

 

		●	If a shareholder vote on our initial business combination is not
required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other
reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will
file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial
and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange
Act;

 

		●	So long as our securities are then listed on the Nasdaq, our initial
business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80%
of the assets held in the trust account (excluding any deferred underwriting commissions and income taxes payable on the interest or
other income earned on the trust account) at the time of the agreement to enter into the initial business combination;

 

    11

    

    

 

		●	If our shareholders approve an amendment to our amended and restated
memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our
Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our initial
public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares,
we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at
a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest and other
income earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the
number of the then-outstanding public shares, subject to the limitations described herein; and

 

		●	We will not effectuate our initial business combination solely
with another blank check company or a similar company with nominal operations.

 

In addition, our amended and restated memorandum
and articles of association will provide that under no circumstances will we redeem our public shares in an amount that would cause our
net tangible assets to be less than $5,000,001.

 

The Companies Act permits a company incorporated
in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution which requires the
approval of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares who attend and vote
at a general meeting or by way of unanimous written resolution. A company’s articles of association may specify that the approval
of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company
may amend its memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise.
Accordingly, although we could amend any of the provisions relating to our proposed offering, structure and business plan which are contained
in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders
and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting
public shareholders with the opportunity to redeem their public shares.

 

Certain Anti-takeover Provisions of our Amended and Restated Memorandum
and Articles of Association

 

Our amended and restated memorandum and articles
of association will provide that our board of directors will be classified into three classes of directors. As a result, in most circumstances,
a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings.

 

Our authorized but unissued Class A ordinary
shares and preference shares will be available for future issuances without shareholder approval and could be utilized for a variety of
corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of
authorized but unissued and unreserved Class A ordinary shares and preference shares could render more difficult or discourage an
attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Class B Ordinary Shares Consent Right

 

For so long as any Class B ordinary shares remain
outstanding, we may not, without the prior vote or written consent of the holders of a majority of the Class B ordinary shares then outstanding,
voting separately as a single class, amend, alter or repeal any provision of our amended and restated memorandum and articles of association,
whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or
relative, participating, optional or other or special rights of the Class B ordinary shares. Any action required or permitted to be taken
at any meeting of the holders of Class B ordinary shares may be taken without a meeting, without prior notice and without a vote, if a
consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B ordinary
shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which
all Class B ordinary shares were present and voted.

 

 

 

12

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