Document:

Exhibit
10.11

 

SUPPLEMENTAL
WARRANT AGREEMENT

 

THIS
SUPPLEMENTAL WARRANT AGREEMENT (this “Agreement”), is made and entered effective as of __________, 2020,
by and between 8i Enterprises Acquisition Corp., a British Virgin Islands company (the “Company”), Diginex
Limited, a Singapore public company limited by shares (“Singapore NewCo”) and VStock Transfer, LLC (the
“Warrant Agent”).

 

WHEREAS,
the Company entered into that certain Warrant Agreement, dated March 27, 2019 (the “Warrant Agreement”),
with the Warrant Agent pursuant to which the Warrant Agent agreed to act on behalf of the Company in connection with the issuance,
registration, transfer, exchange, redemption and exercise of up to 5,750,000 warrants underlying units issued in the Company’s
initial public offering (the “IPO”), and up to 240,000 warrants underlying units issued in a private
placement consummated simultaneously with the IPO (the “Private Placement”);

 

WHEREAS,
the IPO and the Private Placement were consummated on March 31, 2019;

 

WHEREAS,
Diginex Ltd., a Hong Kong Company (“Diginex HK”), the shareholders of Diginex HK (the “Shareholders”),
Pelham Limited, a Hong Kong company, as the representative of the Shareholders (the “Shareholder Representative”),
and the Company entered into that certain Share Exchange Agreement, dated as of on July 9, 2019 (the “Share Exchange
Agreement”), and subsequently on October 8, 2019, Diginex HK, the Shareholders, the Shareholder Representative,
Singapore NewCo, Digital Innovative Limited, a British Virgin Islands business company (“BVI NewCo”)
and the Company entered into that certain Amendment and Joinder to the Share Exchange Agreement, dated October 8, 2019 (the “Amendment
and Joinder”), as further amended on January 20, 2020;

 

WHEREAS,
pursuant to the Share Exchange Agreement and the Amendment and Joinder, BVI NewCo will merge with and into the Company, with the
Company being the surviving entity and wholly-owned subsidiary of Singapore NewCo and the Company’s shareholders shall become
shareholders of Singapore NewCo (the “Business Combination”);

 

WHEREAS,
Section 9.8 of the Warrant Agreement states, among other things, that the Warrant Agreement and any Warrant certificate
may be amended by the parties by executing a supplemental warrant agreement, without the consent of any of the Warrant Holders,
for the purpose of evidencing the succession of another corporation to the Company and the assumption by any such successor of
the covenants of the Company contained in this Warrant Agreement and the Warrants;

 

WHEREAS,
the Company has rights, duties, covenants and other obligations under the Warrant Agreement (the “Obligations”),
which continue after the Business Combination, and Singapore NewCo has agreed to assume the Obligations in connection with the
Business Combination;

 

    	 

    	 

    

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and Singapore
NewCo agree as follows:

 

1.
Assumption of the Obligations. As of the date hereof, Singapore NewCo hereby assumes all of the Obligations under the Warrant
Agreement.

 

2.
Amendments to the Warrant Agreement. The Warrant Agreement is hereby amended as follows:

 

a)
In the context of the Obligations to be assumed, any reference to “the Company” shall mean “Singapore NewCo,”

 

b)
Section 2.4 “Detachability of Public Warrants” shall be deleted in its entirety as it is no longer in force
and effect; except that the term “Representative” which was defined in Section 2.4 as “Chardan Capital Markets
LLC, as representative of the underwriters,” shall continue to be defined as such throughout the Warrant Agreement;

 

c)
Section 3.3.5 “Valid Issuance” shall be amended by the deleted text and additional text as indicated by italicized
font as follows:

 

“Valid
Issuance. All Ordinary Shares issued upon the proper exercise or surrender of a Warrant in conformity with this Warrant Agreement
shall be validly issued, and fully paid and non-assessable.”

 

d)
Section 4.5 “Replacement of Securities upon Reorganization, etc.” shall be amended by the deleted text as follows:

 

“Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
(other than a change covered by Sections 4.1 or 4.2 hereof or one that solely affects the par value of such Ordinary Shares),
or, in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or
merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of
the outstanding Ordinary Shares), or, in the case of any sale or conveyance to another corporation or entity of the assets or
other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved,
the Registered Holders shall 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 Ordinary Shares of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock 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 Registered Holder would have received if such Registered Holder had exercised his, her or its Warrant(s)
immediately prior to such event; and if any reclassification also results in a change in Ordinary Shares covered by Sections 4.1
or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section
4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.”

 

    	2

    	 

    

 

e)
Section 5.1 “Transfer of Public Warrants” shall be deleted in its entirety as it is no longer in force and
effect;

 

f)
Section 7.3 is hereby deleted and replaced in its entirety as follows:

 

“Issuance
of Ordinary Shares. Singapore NewCo shall at all times reserve and ensure that the number of Ordinary Shares that will be
sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement are available
for issuance.”; and

 

g)
Section 8.4.3 “Exclusions” shall be amended by the deleted text as follows:

 

“Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with respect to the validity
or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of
any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment; nor shall it, by any act hereunder, be deemed to
make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued
pursuant to this Warrant Agreement or any Warrant or as to whether any Ordinary Shares will when issued be valid and fully paid
and non-assessable.”

 

h)
Section 9.2 is hereby amended in part to change the delivery of notices and a copy of notices to:

 

Diginex
Limited

35/F
Two International

Finance
Street, Central

Hong
Kong

 

Attn:
___________

 

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

 

_______________________

_______________________

_______________________

Attn:
__________________

 

3.
No Other Amendments. Except for the amendments expressly set forth in this Agreement, the Warrant Agreement shall remain
unchanged and in full force and effect.

 

    	3

    	 

    

 

4.
Entire Agreement. The Warrant Agreement (as amended by this Agreement), sets forth the entire agreement of the parties
hereto with respect to the subject matter hereof and thereof, and there are no restrictions, promises, representations, warranties,
covenants or undertakings with respect to the subject matter hereof or thereof, other than those expressly set forth in the Warrant
Agreement (as amended by this Agreement). The Warrant Agreement (as amended by this Agreement) supersedes all prior and contemporaneous
understandings and agreements related thereto (whether written or oral), all of which are merged herein.

 

5.
Miscellaneous.

 

(a)
The Company and Singapore NewCo agree to execute such reasonable further instruments or perform such reasonable acts which are
or may become reasonably necessary to carry out the intent of this Agreement.

 

(b)
This Agreement shall be governed by and construed under the laws of the State of New York without regard to its conflict of laws
principles.

 

(c)
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

 

[The
balance of this page is intentionally left blank.]

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

	 	8i
    ENTERPRISES ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:	                   
	 	Title:	 
	 	 	 
	 	DIGINEX
    LIMITED
	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	VSTOCK
    TRANSFER, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	5wu_Ex4.1

		

			Exhibit 4.1

		

		

			 

		

		
			DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
		

		
			Introduction
		

		
			
		

		
			The following is a summary of information concerning the common stock of The Western Union Company (the “Company”, “we”, “us” or “our”), which is the only security of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934. The summaries and descriptions below do not purport to be complete statements of the relevant provisions of applicable law (including the Delaware General Corporate Law (the “DGCL”)) as well as our amended and restated certificate of incorporation (“Charter”) and our by-laws (“Bylaws”), and are entirely qualified by such laws and documents, which you must read for complete information on the terms of our common stock. Our Charter and Bylaws are included as exhibits to the Company’s Annual Report on Form 10-K to which this exhibit is filed and are incorporated by reference herein. 
		

		
			 
		

		
			Common Stock
		

		
			 
		

		
			Our authorized capital stock consists of 2,000,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $1.00 per share. As of December 31, 2019, there were approximately 418.0 million shares of our common stock and no shares of our preferred stock issued and outstanding.
		

		
			 
		

		
			The holders of our common stock are entitled to one vote per share of common stock held on all matters voted on by our stockholders, including the election of directors, and except as otherwise required by law or provided in any resolution adopted by our board of directors with respect to any series of preferred stock, the holders of our common stock will possess all voting power. The Company’s board of directors consists of only one class. The affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders in all matters other than the election of directors. Each director shall be elected by the vote of a majority of the votes cast with respect to that director’s election at any meeting for the election of directors at which a quorum is present, unless the number of nominees exceeds the number of directors to be elected, in which case the directors shall be elected by the vote of a plurality of the shares represented in person or by proxy at such meeting. 
		

		
			
		

		
			Subject to preferences that may be applicable to any outstanding preferred stock, the holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared by our board of directors out of funds legally available for that purpose. In the event of our liquidation, dissolution or winding up, subject to preferences that may be applicable to any outstanding preferred stock, the holders of our common stock would be entitled to share ratably in all assets available for distribution to stockholders.
		

		
			 
		

		
			The holders of our common stock have no preemptive or conversion rights and are not subject to further calls or assessments by us. The rights, preferences and privileges of holders of our common stock are subject to, and may be adversely affected by, the rights of holders of shares of any outstanding preferred stock. There are no redemption or sinking fund provisions applicable to the common stock. The common stock currently outstanding is validly issued, fully paid and nonassessable.
		

		
			 
		

		
			Our common stock is listed on the New York Stock Exchange under the symbol “WU.”
		

		
			
		

		
			Wells Fargo Bank, National Association serves as the transfer agent and registrar for our common stock.
		

		
			Preferred Stock
		

		
			Our Charter authorizes our board of directors, without the approval of our stockholders, to fix the designation, powers, preferences and rights of one or more series of preferred stock, which may be greater than those of our common stock.
		

		
			

		 

		

			 

		

		

			 

		

		

		
			We believe that the ability of our board of directors to issue one or more series of preferred stock provides us with flexibility in structuring possible future financings and acquisitions and in meeting other corporate needs that might arise.
		

		
			The issuance of shares of our preferred stock, or the issuance of rights to purchase shares of preferred stock, could be used to satisfy certain regulatory requirements or to discourage an unsolicited acquisition proposal. In addition, under some circumstances, the issuance of preferred stock could adversely affect the voting power of holders of our common stock.
		

		
			There are no present plans to issue any shares of our preferred stock.
		

		
			 
		

		
			Certain Anti-Takeover Effects of Provisions of our Charter and Bylaws and of the DGCL 
		

		
			 
		

		
			Some provisions of our Charter and Bylaws and the DGCL contain certain provisions that could make the acquisition of the Company by means of a tender offer, proxy contest or otherwise more difficult. These provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions also are designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire us and outweigh the disadvantages of discouraging those proposals because negotiation of them could result in an improvement in their terms.
		

		
			  
		

		
			 
		

		
			Number of Directors; Filling Vacancies; Removal
		

		
			 
		

		
			Our Charter provides that the number of directors will be between one and fifteen and our board of directors will fix the exact number of directors to comprise our board of directors. A director may only be removed from office for cause by the affirmative vote of holders of a majority of shares of common stock entitled to vote at an election of directors. Additionally, only our board of directors will be authorized to fill any vacancies on our board of directors. These provisions have the effect of making it difficult for a potential acquirer to gain control of our board of directors.
		

		
			 
		

		
			No Stockholder Action by Written Consent; Special Meetings
		

		
			 
		

		
			Our Charter provides that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of such stockholders and may not be effected by any consent in writing of such stockholders. Further, our Bylaws provide that special meetings may be called only by the chairman of our board of directors, our chief executive officer, our president, our secretary, the chairman of the Corporate Governance, ESG, and Public Policy Committee of our board of directors, any officer at the request of a majority of our board of directors, or by our secretary upon the written request of one or more of our stockholders of record that together have continuously held, for their own account or on behalf of others, beneficial ownership of at least a ten percent (10%) aggregate position of the capital stock issued and outstanding for at least one year prior to the date such request is delivered to the Company. These provisions may have the effect of delaying consideration of a stockholder proposal until the next annual meeting unless a special meeting is called by one of the persons named above, by an officer at the request of our board of directors or by our secretary at the request of a qualifying stockholder or stockholders.
		

		
			 
		

		
			Advance Notice of Stockholder Nominations and Stockholder Proposals
		

		
			 
		

		
			Our Bylaws have advance notice procedures for stockholders to make nominations of candidates for election as directors or to bring other business before a meeting of the stockholders. The business to be conducted at an annual meeting will be limited to (i) business specified in the notice of meeting (or supplement to the notice) given by or at the direction of our board of directors or a duly authorized committee thereof or (ii) business properly brought before the annual meeting by or at the direction of our board of directors or a duly authorized committee thereof or by a stockholder of record who has given timely written notice to our secretary of that stockholder’s intention to bring such business before such meeting.
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			Our Bylaws govern stockholder nominations of candidates for election as directors except with respect to the rights of holders of our preferred stock. Under our Bylaws, nominations of persons for election to our board of directors may be made at an annual meeting by a stockholder of record on the date of giving notice to our secretary and as of the record date for the determination of stockholders entitled to vote at the meeting if the stockholder submits a timely notice of nomination. A notice of a stockholder nomination will be timely only if it is delivered to us at our principal executive offices not less than 90 days nor more than 120 days prior to the anniversary date of the immediately preceding annual meeting of stockholders. However, if the annual meeting is called for a date that is not within 30 days prior to or after that anniversary date (or if there has not been an annual meeting in the previous year), notice by the stockholder must be received not later than the close of business on the 10th day following the earlier of the day on which such notice of the date of the annual meeting was mailed or the day of public disclosure of the date of the annual meeting was made.
		

		
			 
		

		
			The notice of a stockholder nomination must contain specified information, including, without limitation:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the name and address of the stockholder of record making the nomination;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the class or series and number of shares of capital stock owned beneficially or of record by the stockholder;

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						•

					
					
						 

					
					
						whether and the extent to which any hedging or other similar transaction, series of transactions, arrangement or understanding has been entered into by or on behalf of such stockholder or beneficial owner with respect to any share of stock of the Company;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						a description of all arrangements or understandings between the stockholder and each candidate to serve as a director and any other person pursuant to which such nomination is made by the stockholder;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						a representation that the stockholder intends to appear in person or by proxy at the annual meeting to nominate the persons named in its notice;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the name, age, business and residence addresses and principal occupation or employment of the stockholder’s candidate;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the class or series and number of shares of capital stock owned beneficially or of record by the stockholder’s candidate;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the consent of each candidate to serve as a director if so elected; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						such other information that would be required to be included in a proxy statement or other filings pursuant to the proxy rules of the SEC.

				

		
			 
		

		
			Our Bylaws will govern the notification process of all other stockholder proposals to be brought before an annual meeting. Under our Bylaws, notice of a stockholder proposal will be timely only if it is delivered to us at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary of the date of the immediately preceding annual meeting of stockholders. However, if the annual meeting is called for a date that is not within 30 days prior to or after that anniversary date (or if there has not been an annual meeting in the previous year), notice by the stockholder must be received not later than the close of business on the 10th day following the earlier of the day on which such notice of the date of the annual meeting was mailed or the day of public disclosure of the date of the annual meeting was made.
		

		
			 
		

		
			The notice of a stockholder proposal must contain specified information, including, without limitation:
		

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						a brief description of the business to be brought before the annual meeting and the reasons for conducting such business at the annual meeting;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the name and address of the stockholder of record making the proposal;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						the class or series and number of shares of capital stock owned beneficially or of record by the stockholder;

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						•

					
					
						 

					
					
						whether and the extent to which any hedging or other similar transaction, series of transactions, arrangement or understanding has been entered into by or on behalf of such stockholder or beneficial owner with respect to any share of stock of the Company;

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						a description of all arrangements or understandings between the stockholder and any other person in connection with the proposal of such business by the stockholder and any material interest of the stockholder in the business; and

				

		
			 
		

			
					
						 

					
					
						•

					
					
						 

					
					
						a representation that the stockholder intends to appear in person or by proxy at the annual meeting to bring such business before the annual meeting.

				

		
			 
		

		
			If the chairman of the meeting determines that the stockholder nomination or proposal was not properly brought before the meeting in accordance with the provisions of our Charter or Bylaws, as the case may be, that person will not be eligible for election as a director or that business will not be conducted at the meeting, as the case may be.
		

		
			 
		

		
			The advance notice provisions may preclude a contest for the election of directors or the consideration of stockholder proposals if the proper procedures are not followed. Additionally, the advance notice provisions may deter a third party from conducting a solicitation to elect its own slate of directors or approve its own proposal, without regard to whether consideration of those nominees or proposals might be harmful or beneficial to us and our stockholders.
		

		
			 
		

		
			Amendment of the Charter and Bylaws
		

		
			 
		

		
			Under Delaware law, the stockholders of a corporation have the right to adopt, amend or repeal the by-laws and, with the approval of the board of directors, the certificate of incorporation of a corporation. In addition, under Delaware law, if the certificate of incorporation so provides, the by-laws may be adopted, amended or repealed by the board of directors.
		

		
			 
		

		
			Under Delaware law, the affirmative vote of the holders of a majority of the voting power of all shares of capital stock entitled to vote on the amendment will be required to amend our Charter. Our Charter also provides that our board of directors may amend our Bylaws.
		

		
			 
		

		
			Business Combinations
		

		
			Section 203 of the DGCL restricts a wide range of transactions (“business combinations”) between a corporation and an interested stockholder. An “interested stockholder” is, generally, any person who beneficially owns, directly or indirectly, 15% or more of the corporation’s outstanding voting stock. Business combinations are broadly defined to include (i) mergers or consolidations with, (ii) sales or other dispositions of more than 10% of the corporation’s assets to, (iii) certain transactions resulting in the issuance or transfer of any stock of the corporation or any subsidiary to, (iv) certain transactions resulting in an increase in the proportionate share of stock of the corporation or any subsidiary owned by, or (v) receipt of the benefit (other than proportionately as a stockholder) of any loans, advances or other financial benefits by, an interested stockholder. Section 203 provides that an interested stockholder may not engage in a business combination with the corporation for a period of three years from the time of becoming an interested stockholder unless (a) the Board of Directors approved either the business combination or the transaction which resulted in the person becoming an interested stockholder prior to the time that person became an interested stockholder; (b) upon consummation of the transaction which resulted in the person becoming an interested stockholder, that person owned at least 85% of the corporation’s voting stock (excluding, for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, shares owned by persons who are directors and also officers and shares owned by certain employee stock plans); or (c) the business combination is approved by the Board of Directors and authorized by the affirmative vote of at least 662⁄3% of the outstanding voting stock not owned by the interested stockholder. The restrictions on business combinations with interested stockholders contained in Section 203 of the DGCL do not apply to a corporation whose certificate of incorporation or bylaws contains a provision expressly electing not to be governed by the statute; however, neither our Charter nor our Bylaws contains a provision electing to “opt-out” of Section 203.

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