Document:

EX-4.6

 Exhibit 4.6 
  

    
 ENGLISH TRANSLATION OF CONTRACT OF SALE AND OTHER COVENANTS 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH ( i ) NOT MATERIAL AND (ii) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. CONFIDENTIAL PORTIONS OF THIS EXHIBIT ARE DESIGNATED BY [*****]. 
  

			
		  	 CONTRACT FOR SALE AND OTHER COVENANTS, ENTERED INTO BETWEEN:

 

		  	 PETROBRAS DISTRIBUIDORA S.A., HEADQUARTERED AT RUA CORREIA VASQUES, No 250 – 6o ANDAR BAIRRO CIDADE NOVA, IN THE CITY OF
RIO DE JANEIRO, STATE OF RIO DE JANEIRO, CEP 20211-14-, ENROLLED WITH THE CORPORATE TAXPAYERS’ REGISTRY (CNPJ) UNDER NO.
34.274.233/0001-02, HEREBY REPRESENTED IN CONFORMITY WITH ITS BYLAWS, BY ITS AVIATION MARKET EXECUTIVE MANAGER, LUIS MARCELO MOTTA DE ASSUMPÇÃO FREITAS, AND BY ITS AVIATION MARKETING MANAGER,
RODRIGO MOTA GUIMARÃES, HEREINAFTER REFERRED TO AS “BR”.
  

		  	 AND, ON THE OTHER SIDE, AZUL LINHAS AÉREAS BRASILEIRAS S/A, A CORPORATION DULY INCORPORATED UNDER THE LAWS OF BRAZIL, HEADQUARTERED
AT AVENIDA MARCOS PENTEADO DE ULHOA RODRIGUES, 939, TORRE JATOBÁ, 9o ANDAR, TAMBORÉ, IN THE CITY OF BARUERI, STATE OF SÃO PAULO, ENROLLED WITH THE CORPORATE TAXPAYERS’ REGISTRY (CNPJ) UNDER NO. 09.296.295/0001-60, HEREBY REPRESENTED BY ITS ATTORNEY-IN-FACT, DULY ELECTED PURSUANT TO ITS BYLAWS, HEREINAFTER REFERRED TO AS
“PROMISSEE-PURCHASER.” BEFORE THE SAME WITNESSES, THE REPRESENTATIVES OF THE PARTIES HERETO AGREE AS FOLLOWS:
  

 ARTICLE 1 – SUBJECT MATTER 
  

	1.1	 BR promises to sell to the PROMISSEE-PURCHASER and the PROMISSEE- PURCHASER promises to purchase from BR,
during a period of [*****], that is, until [*****], the monthly minimum quantities of Aviation Kerosene, at the places and in the volume percentages set forth in Annex I hereto. 

 

	 	1.1.1	 The Parties represent they are aware of the retroactive effects of rights and obligations arising out of this
Agreement as of December 12, 2018, as far as it concerns the measurement, at end of the contract, of the total volume purchased by the Promissee-Purchaser 

 

	 	1.1.2	 As from the effective date of this Contract, the Contract for Sale and Other Covenants for supply of Aviation
kerosene – QAV-1, entered into on 05.25.2016, is deemed to have been terminated. 

  

	 	1.1.3	 The product set forth in Item 1.1 is intended for the consumption of the PROMISSEE-PURCHASER at the places
set forth in Annex I hereto. 

  
 [*****] Confidential material redacted

	1.2	 The term of this Contract may be renewed for equal and successive periods, upon the execution of an amendment
by the Parties. 

 ARTICLE 2 – PRICE AND CONTRACTUAL ADJUSTMENT 

 

	2.1	 The product that is the subject matter of this Contract will be sold by BR to the PROMISSEE-PURCHASER and
invoiced at the price practiced by BR, in effect on the day and place of delivery, according to the price list monthly disclosed by BR to the PROMISSEE-PURCHASER. This price list will be sent by BR to the PROMISSEE-PURCHASER [*****] before the price
effective date, in excel format, including all formulas that are used to calculate the price. 

  

	2.2	 In the price formation of Aviation Kerosene in Brazil, the price of the producer must comply with the
Ordinances (Portarias) issued by the Ministry of Mines and Energy and by the Brazilian Agency of Oil, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gas Natural e Biocombustíveis – ANP), as well
as applicable law. 

  

	2.3	 The price of the producer P-45 (refinery price) will be added by:

  

	 	2.3.1	 The portion referred to as “fixed differential,” whose price in R$/liter (Reais per
liter) is set forth in Annex I hereto (which Annex, initialed by the Parties, is an integral part hereof), adjusted annually by the Brazilian Broad Consumer Price Index (Índice de Preços ao Consumidor Amplo – IPCA)
published by the Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística – IBGE), corresponding to the index accumulated in the past twelve (12) months, published in December. The
base date of adjustment is January 1 of each year. 

  

	 	2.3.1.1	 At any time, as agreed by the Parties, the amount of the “fixed differential” portion may be changed,
with regards to each airport listed in Annex I hereto and new airports where the PROMISSEE-PURCHASER may fuel with BR, so as to maintain the weighted average differential of the total volume of the bases indicated by the Parties..

  

	 	2.3.1.2	 The pricing of the “fixed differential” portion for new airports must be negotiated by the Parties.

  

	 	2.3.2	 The variable lease portion charged by the Brazilian Airport Infrastructure Company (Empresa Brasileira de
Infraestrutura Aeroportuária – INFRAERO), the Brazilian airport authority, or by the company in charge of the administration of the airport, in the amount set forth by them. 

 

	 	2.3.3	 The rate of the tax on goods and services (Imposto sobre Circulação de
Mercadorias e Serviços – ICMS), payable in accordance with the rates of each Brazilian State and any other taxes and fees provided by law. 

 

	 	2.3.4	 Financial charges corresponding to [*****] of the variation in the Interbank Deposit rate (DI) per month,
relating to the payment term granted to the PROMISSEE-PURCHASER. 

 ARTICLE 3 – SPECIAL PRICING 

 

	3.1	 The special pricing of the “Fixed Price” is optional and will take into account market conditions for
the period in which it will apply, pursuant to the process described in Item 3.2 and Subitems. The PROMISSEE-PURCHASER may freely choose the period of establishment of the fixed price, within at least [*****] and at most [*****], limited to the
end of the term hereof. In the event the PROMISSEE-PURCHASER intends to qualify for this pricing option, the PROMISSEE-PURCHASER must request assessment rounds from BR on any business day before [*****]. 

 

	 	3.1.1	 The “fixed price” category will only be applied to the price of the producer P-45 (refinery price). 

  

	3.2	 The following procedures must be followed in the assessment rounds in order to allow the PROMISSEE-PURCHASER to
review the feasibility of the special pricing of the fixed price to be applied, as set forth in Item 3.1: 

  

	 	3.2.1	 Upon request of offer of a fixed price, the PROMISSEE-PURCHASER must choose to receive the offer of the fixed
price that will be in effect in month (n), in U.S. dollars or Reais per liter, net of PIS, COFINS, ICMS and any other included taxes. BR must inform the rates in effect in the relevant month to the PROMISSEE-PURCHASER.

  

	 	3.2.2	 U.S. dollar amounts will be converted to Reais per liter using the average selling exchange
rate of the U.S. dollar of the period [*****], as published by the Central Bank of Brazil. 

  

	 	3.2.3	 Day D: the PROMISSEE-PURCHASER will request from BR, in writing, the following parameters: monthly volume and
period intended, per distribution hub with free allocation by the PROMISSEE-PURCHASER among the airports that are part of each hub; 

  

	 	3.2.4	 Day D+1: by 12:00 p.m. (Brasília time) of the business day following the day set forth in
Item 3.2.3, BR will inform, in writing, the following parameters: price and monthly volume that can be sold at the “fixed price,” within the requested period, per point of supply, and the PROMISSEE-PURCHASER will confirm, in writing,
by 12:20 p.m. (Brasília time) of the same day, its intention to contract per point of supply, at special prices; 

  

  
 [*****] Confidential material redacted

	 	3.2.5	 BR will confirm, in writing, by 4:00 p.m. (Brasília time) of the same day set forth in Item 3.2.4,
the monthly volume effectively accepted at the special pricing per point of supply, within the requested period. 

  

	 	3.2.6	 In case of more than one round in which the PROMISSEE-PURCHASER effectively accepts this pricing, the fixed
price in effect for the agreed period will be calculated as the weighted average of prices and monthly volumes agreed in the n-rounds, in accordance with the formula below, including four decimal places.

 [*****] 

[*****] 
  

	3.3	 The monthly volume effectively accepted by the PROMISSEE-PURCHASER at the special “fixed price” must
be primarily and fully collected at each point of supply. In the event such contracted volume is not collected, for any reason, the PROMISSEE-PURCHASER will be responsible for paying a fine to BR, calculated based on [*****]. 

 

	3.4	 The volume to be supplied at the fixed price in a certain month cannot exceed [*****] of the volume delivered
in the same month of the previous year or [*****], at the distribution hub chosen by the PROMISSEE-PURCHASER, whichever is higher. 

  

	 	3.4.1	 BR may, at its discretion, suspend the negotiation of the fixed price or restrict the volume to be negotiated.

 ARTICLE 4 – PAYMENT 
  

	4.1	 The Aviation Kerosene sold by BR will be measured upon delivery and invoiced on behalf of the
PROMISSEE-PURCHASER, as follows: 

  

	 	*	 Supply from [*****] will be paid on [*****]; 

 

	 	*	 Supply from [*****]will be paid on [*****]; 

 

	 	*	 Supply from [*****] will be paid on [*****]. 

 

	4.2	 The Parties agree that the payment term is set forth due to current market conditions and the financial backing
of the PROMISSEE-PURCHASER with BR. The Parties mutually agree to re-examine the payment term in the event current market conditions and/or the financial backing of the PROMISSEE- PURCHASER with BR change.

  

	 	4.2.1.	 The Parties agree that the payment term and the respective financial charge described in clauses 4.1 and 2.3.4
above shall be valid for supplies until [*****]. After such date, both of them will be gradually reduced as per the table below: 

  

							
	Supply	  	Maturity Date	 	Financial Charge for the Payment Term
	From	  	Until
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]
	[*****]	  	[*****]	  	[*****]	 	[*****]

  

	 	4.2.2	 After the conclusion of the transition of terms and charges mentioned hereinabove, all supplies will be
invoiced with financial charges corresponding to [*****] of the monthly variation in the Interbank Deposit rate (DI), under the following conditions: 

  

	 	*	 Supply from [*****] will be paid on [*****]; 

 

	 	*	 Supply from [*****] will be paid on [*****]. 

 

	 	*	 Supply from [*****] will be paid on [*****]. 

 

  
 [*****] Confidential material redacted

	4.3	 Payments will be made through bank deposit or bank electronic transfer (TED) to the account held at Banco do
Brasil, [*****] or at the BR ́s headquarters located in the city of Rio de Janeiro or at a place expressly indicated by BR for this purpose. 

  

	4.4	 In the event of delay in payment of invoices, the PROMISSEE-PURCHASER will pay to BR [*****], plus [*****] and
a fine of [*****]. Interest for late payment will be payable as of the due date of the relevant invoices. 

  

	4.5	 In the event of delay in payment of invoices, BR may demand early payment from the PROMISSEE-PURCHASER.

  

	4.6	 The Parties agree that BR may request the early payment of amounts payable by the PROMISSEE-PURCHASER hereunder
to the financial institution with which the PROMISSEE-PURCHASER entered into an Agreement for the Prepayment of Receivables under Credit Assignment Transactions – Confirming. 

ARTICLE 5 – ELETRONIC FILES 
  

	5.1	 During the term hereof, BR will generate electronic files that will be sent daily via FTP to the
PROMISSEE-PURCHASER. These files will inform the amount of Aviation Kerosene purchased by the PROMISSEE-PURCHASER for its aircrafts and other data (number of the invoice (Nota Fiscal), date, place of refueling, unit price, total amount of
the Nota Fiscal, flight number, aircraft prefix, etc.), which will be used to issue invoices. 

  

	5.2	 In order to protect the confidentiality of the files and facilitate the access of the PROMISSEE-PURCHASER, BR
made available the website ftp.br-petrobras.com.br (“Website”), through which the PROMISSEE-PURCHASER has daily access to the files. 

 

	5.3	 BR agrees that: 

  

	 	(i)	 the PROMISSEE-PURCHASER may copy, use, and store files, even after the termination of the Agreement, for a
period provided by applicable law; 

  

	 	(ii)	 the network server of the PROMISSEE-PURCHASER and its appointed employees, through their desktop computers, are
authorized to access the Website on a personal basis through individual passwords provided by BR to each of them; 

  

	 	(iii)	 the area intended for storage of information of the PROMISSEE-PURCHASER will not be shared with other
institutions, and only the PROMISSEE-PURCHASER and BR may store and/or handle the files; 

  

	 	(iv)	 employees of the PROMISSEE-PURCHASER must obtain the files at the Website of BR within one hundred eighty
(180) days from the date of their issuance; 

  

	 	(v)	 any information exchanged between the PROMISSEE-PURCHASER and BR must be encrypted before its transfer to the
Website. 

  

	 	(vi)	 the PROMISSEE-PURCHASER and BR will share a password, known only by each of them, in order to decrypt
information. 

  

	5.4	 Moreover, BR acknowledges that the PROMISSEE-PURCHASER is not responsible for the availability and management
of its FTP servers. 

  

	5.5	 In the event the information made available by BR at the Website is not complete or presents any inconsistency,
BR will provide such information subsequently, as soon as possible. 

  

	5.6	 The Parties also agree, even after termination hereof, not to use and/or disclose to third parties the contents
of the files, of the Agreement, and their relationship due to the confidentiality of the information involved and made available, under penalty of the applicable sanctions. Any undue disclosure will subject the Infringing Party to the payment or
redress regarding all losses confirmedly incurred by the other Party, including pain and suffering or competitive injury, and other losses resulting from administrative or judicial proceedings, and civil and criminal liability, which will be
assessed in the due course of the relevant judicial or administrative proceeding. 

 ARTICLE 6 – AIRCRAFT FUEL DRAINAGE 

 

	6.1	 BR may drain the fuel from aircraft tanks, upon request of the PROMISSEE-PURCHASER at the airports where this
type of operation is available, as listed in Annex II hereto. 

  

	6.2	 The request for fuel drainage must be sent to the employee or reseller of BR responsible for the airport where
the operation will be conducted. The request must be made in writing, signed by an employee of the PROMISSEE-PURCHASER, or via email including the employee’s identification. BR will provide and maintain an updated list of contact managers at
its bases, included in Annex II hereto. 

  

  
 [*****] Confidential material redacted

	6.3	 The request for fuel drainage must be received within the advance period set forth by BR to provide the
service, as included in Annex II hereto. 

  

	6.4	 The product that is drained from the aircraft tank must be returned to the same aircraft [*****]. BR will
provide to the PROMISSEE-PURCHASER a proof of Drainage and Return of the fuel to the aircraft tank. 

  

	 	6.4.1	 – In the event the drained volume may not be returned to the same aircraft due to operating reasons, the
same shall be stored and timely analyzed for further return to any other aircraft of the PROMISSEE-PURCHASER. 

  

	 	6.4.2	 – The drained product shall remain stored, with due regard to the maximum volumes defined for each
airport, in function of the operating capacities of each of them, which are described in Annex II. 

  

	 	6.4.2.1	 – [*****] 

  

	 	6.4.2.2	 – At Pampulha airport, BR will use a tank truck of 20m3 for receiving the drained product where the volume
to be drained exceeds 10% of the capacity of the CTA ́s tank available for the operation. 

  

	 	6.4.2.3	 – A complete certification of the product will be made, according to the parameters set forth in Annex A
to NBR 15.216, when the CTA ́s tank is a level that is close to its maximum volume. 

  

	 	6.4.3	 – In the event of suspected contamination of the product drained from the aircraft, the fuel must be
submitted for analysis, storage, and possible disposal, as applicable. 

  

	 	6.4.4	 – The costs regarding the analysis, storage, and disposal will be previously informed to the
PROMISSEE-PURCHASER and will be borne by BR. 

  

	6.5	 In the event the PROMISSEE-PURCHASER fails to fulfill any of the conditions set forth above, BR reserves the
right not to conduct the operations of fuel drainage, upon written notice to the PROMISSEE-PURCHASER. 

  

	6.6	 For the fuel drainage operations of the aircrafts of the PROMISSEE- PURCHASER, the Parties agree that a fixed
price per fuel drainage operation will be charged, in the amount of [*****] plus a variable amount per liter of fuel drained, corresponding to the fixed differential price practiced at the airport. 

 

	 	6.6.1.	 The conditions set forth in Item 6.6 above will only apply in the event more than [*****] ([*****]) fuel
drainage operations per month are conducted in the aircraft. 

 ARTICLE 7 – OBLIGATIONS OF BR 

The specific obligations of BR are set forth below: 
  

	7.1	 BR agrees to provide the Aviation Kerosene required to meet the monthly total consumption contracted by the
PROMISSEE-PURCHASER for all aircraft in its fleet, at the locations set forth in Annex I hereto, at times compatible with the relevant flights in Brazil, included in the HOTRAN (transport time) published by the Brazilian Civil Aviation Agency
(Agência Nacional de Aviação Civil), and abroad, pursuant to local rules, as well as all other non-regular flights, charter flights, training flights and repositioning flights of the
PROMISSEE-PURCHASER that require fuel. 

  

	 	7.1.1	 BR will reimburse the PROMISSEE-PURCHASER for all direct expenses to which it may give cause, resulting solely
from delays in fueling in excess of [*****] ([*****]) minutes, pursuant to ANAC Resolution 400, up to the limit of [*****] ([*****]) per event, and pay a fine of [*****] ([*****]) per event, provided that the expenses arising from the delays are
confirmedly caused by BR solely, do not arise from an Act of God or force majeure reason, and thatthe relevant flights have been informed to the BR team at least [*****] ([*****]) hours in advance. In the cases of flights to Portugal, in addition to
the reimbursement and fine mentioned hereinabove, BR will fully reimburse the PROMISSEE-PURCHASER for all direct expenses it may give cause to before the Portuguese airport authorities, arising solely from fueling delays of more than [*****]
([*****]) minutes. 

  

	 	7.1.2.	 BR agrees to pay to the PROMISSEE-PURCHASER the amount of [*****] ([*****]) per flight whose aircraft is not
fueled, in addition to reimbursement of direct expenses to which it may give cause, arising solely from cancellation of the fueling operation, pursuant to ANAC Resolution 400, including, but not limited to the payment of indemnities and
attorney ́s fees, provided that BR is confirmedly to be solely responsible for the failure to fuel aircrafts at the locations where BR has fueling facilities, that the failure to fuel does not arise from an Act of God or force majeure reason,
and that BR has not formally communicated the non-availability of the product at least [*****] ([*****]) hours in advance. In cases of flights to Portugal whose aircraft is not fueled, in addition to the
reimbursement and fine mentioned hereinabove, BR will fully reimburse the PROMISSEE-PURCHASER for all the direct expenses to which it may give cause before the Portuguese airport authorities, arising solely from the referred failure to fuel the
aircraft. 

  

  
 [*****] Confidential material redacted

	 	7.1.3	 Changes in the air network increasing by more than [*****] ([*****]) the number of flights requiring
concomitant fueling at a certain airport must be formally notified by the PROMISSEE-PURCHASER, at least [*****] ([*****]) days in advance, for analysis of BR ́s capacity to meet the demand. 

 

	 	7.1.4	 BR is not required to indemnify the PROMISSEE-PURCHASER for [*****], nor for the payment of attorney ́s
fees. 

  

	7.2	 BR agrees to maintain the quality and the readiness of its service according to the standards set forth for
this type of operation, placing all possible efforts and resources towards the good provision of the services contracted hereunder. 

  

	7.3	 BR agrees to maintain the quality of the Aviation Kerosene within technical specifications, free of water or
other contaminants, making periodic test reports available as required to confirm such quality. 

  

	 	7.3.1	 Respond to quality audits conducted by the PROMISSEE-PURCHASER within the period mutually agreed and comply
with the items of the IOSA checklist. 

  

	 	7.3.2	 The PROMISSEE-PURCHASER may request from BR, at any time, the result of the quality assessments conducted on
the fuel used in the aircraft of the PROMISSEE-PURCHASER, and BR will send it to the PROMISSEE-PURCHASER, within [*****] ([*****]) hours after the request, or [*****] ([*****]) hours in case the safety of the flight may be compromised.

  

	 	7.3.3	 Item 10.2 below will apply in the event the irregularity mentioned above is found by BR.

  

	7.4	 BR agrees to comply with, and cause its employees and agents to comply with, all legal and regulated orders
concerning its activity as Distributor of Oil Byproducts, especially Resolutions, Ordinances (Portarias), and other acts issued by the Federal Government. 

 

	7.5	 BR will not be held liable for any lack of Aviation Kerosene at the locations and times referred to in
Item 7.1.1 in the event this lack of Aviation Kerosene results from governmental acts and any other events of force majeure or Acts of God. In these cases, BR will put in its best efforts to maintain the supply to the PROMISSEE-PURCHASER.

  

	 	7.5.1	 Scheduled strikes of employees of BR or outsourced service providers that may impair the supply of fuel
provided hereunder will not be deemed an Act of God. 

  

	7.6	 BR agrees to reimburse, directly or through an insurance company, [*****]. 

 

	7.7	 BR agrees to conduct the fuel drainage operations requested by the PROMISSEE-PURCHASER in accordance with the
conditions set forth in this Agreement. 

  

	7.8	 BR shall dispose of the Kerosene waste generated from the line maintenance activities carried out by the
PROMISSEE-PURCHASER. 

  

	7.9	 At all times the PROMISSEE-PURCHASER obtains benefits under an ICMS Special Regime or extends an existing
Special Regime, the PROMISSEE-PURCHASER must immediately submit it to BR, which, after analysis, will proceed with the parameterization of the BR system . The companies shall endeavor their best efforts for the parameterization term be as short as
possible, never exceeding the deadline of [*****] ([*****]) calendar days, counted from the first business day following the notification from the PROMISSEE-PURCHASER to BR. Until such time as said parameterization of the Br system is completed,
invoicing of expenses shall be suspended until the parameterization is concluded, in order to avoid issuances based on outdated parameters. 

  

	 	7.9.1	 With regard to the analysis mentioned above, a representation letter may be requested to be delivered, in the
form provided by BR, which must include at least the following information: 

  

	 	7.9.1.1	 The PROMISSEE-PURCHASER agrees to immediately ([*****]) and primarily notify BR in the event of any change
and/or revocation of the regime or its applicability, especially, but not exclusively, any cause that may result in loss of the tax benefit. 

  

	 	7.9.1.2	 In the event deficiency notices are issued under tax proceedings, or collection notices are issued under
judicial or administrative proceedings, against BR, because the State believes that the Special Regime does not apply or due to a change and/or revocation of the Special Regime or its applicability that is not informed by the PROMISSEE-PURCHASER to
BR, the PROMISSEE-PURCHASER agrees to be the main debtor, bearing all resulting burden. 

  

	 	7.9.1.3	 The PROMISSEE-PURCHASER is hereby informed that the obligation set forth above includes, but is not limited to,
the recognition of additional invoices issued to collect the difference between the product’s full tax amount and reduced tax amount as a result of a tax benefit or special regime, regarding all operations conducted in the last [*****], due to
a judicial decision rendered in a lawsuit relating to diffuse or concentrated control of constitutionality that may declare, in full or in part, the unconstitutionality of rules that support the special regime or tax benefit.

  

	 	7.9.1.4	 The PROMISSEE-PURCHASER agrees, through this representation, within the scope of the operation described
herein, to [*****]. 

  
 [*****] Confidential material redacted

	 	7.9.1.5	 [*****], BR being solely required to timely notify the PROMISSEE-PURCHASER about these events, in order for the
payments to be effected within [*****] ([*****]) days after said notice. 

  

	 	7.9.2	 In the event of error in the formation of the price due to misinterpretation of the legislation/special regime
or the parameterization of the system by BR, BR must promptly make the relevant adjustments to its system and request the authorization of tax authorities to reimburse the PROMISSEE-PURCHASER for these amounts upon a discount included in the next
invoice to be issued by BR to the PROMISSEE-PURCHASER. 

  

	 	7.9.3	 At all times required, BR must present the list of invoices (Notas Fiscais) and the price impact
relating to the special regime within [*****] ([*****]) business days from the date the inconsistency is found. 

  

	 	7.9.4	 Any acquisition of ICMS credits as a result of Special Regimes must be negotiated, and discounts granted to the
PROMISSEE-PURCHASER will be negotiated on a case-by-case basis. 

  

	7.10	 [*****] 

ARTICLE 8 – OBLIGATIONS OF THE PROMISSEE-PURCHASER 
  

	8.1	 The specific obligations of the PROMISSEE-PURCHASER, and other obligations implicitly or explicitly included
herein, are set forth below: 

  

	 	8.1.1	 The PROMISSEE-PURCHASER will purchase from BR, during the term hereof, the minimum volumes of Aviation
Kerosene, at the locations and in the volumes specified in Annex I hereto. 

  

	 	8.1.2	 The PROMISSEE-PURCHASER will pay the amounts corresponding to the supplies provided by BR, pursuant to Article
2 hereof. 

  

	 	8.1.3	 The PROMISSEE-PURCHASER will not assign, subrogate, negotiate or in any way transfer this Agreement or any
rights or obligations hereunder, under penalty of the sanctions set forth herein. 

  

	 	8.1.4	 The PROMISSEE-PURCHASER will comply with and cause the compliance with all laws and regulations, ordinances and
rules in effect relating to the performance of its activities. The PROMISSEE-PURCHASER is responsible for the payment of any amounts or losses incurred by BR, directly or indirectly, as a result of the
non-performance of this obligation. 

  

	8.2	 Considering that the quality of the Aviation Kerosene of BR is appropriate, assuring the quality standard of
the supplied product to the PROMISSEE- PURCHASER, the PROMISSEE-PURCHASER agrees to verify the quality control of the product received and the exact compliance herewith, notably in terms of safety, health and environmental rules.

  

	8.3	 The PROMISSEE-PURCHASER agrees to previously notify BR in the event of any change and/or revocation of the
special regime or its applicability, and of any cause that may result in the loss of this tax incentive. 

  

	 	8.3.1	 In the event deficiency notices are issued under tax proceedings, or collection notices are issued under
judicial or administrative proceedings, against BR, due to a change and/or revocation of the Special Regime or its applicability that is not informed by the PROMISSEE-PURCHASER to BR, the [*****]. 

 

	 	8.3.2	 The PROMISSEE-PURCHASER is hereby aware that the obligation set forth above includes, but is not limited to,
[*****], due to a judicial decision rendered in a lawsuit relating to diffuse or concentrated control of constitutionality that may declare, in full or in part, the unconstitutionality of the application of the tax benefit. 

 

	 	8.3.3	 The PROMISSEE-PURCHASER agrees to reimburse BR for [*****], BR being solely required to timely notify the
PROMISSEE-PURCHASER about these situations to allow payment arrangements. 

  

	8.4	 BR is required to complete the “Form for Identification of Related Parties”, which is an integrant
part of this Agreement as Annex III, declares and undertakes full responsibility, under the penalties of law, for the information provided. 

ARTICLE 9 – TAXES 
  

	9.1	 All taxes (taxes, fees, tax or quasi-fiscal contributions and any emoluments) directly or indirectly arising
from this Agreement or its performance will be exclusively payable by the Party responsible for such taxes, pursuant to applicable tax law, without any right to reimbursement by the other Party, at any title. 

 

  
 [*****] Confidential material redacted

 ARTICLE 10 – TERMINATION 
  

	10.1	 This Agreement may be terminated by operation of law, at the discretion of the
non-breaching party, irrespective of notice or judicial or extrajudicial notification. The penalty set forth in Item 10.3, subitem 10.3.1 and Article 11 will be imposed on the breaching party in the
following events: 

  

	 	10.1.1	 Judicial or extrajudicial liquidation of any of the Parties; 

 

	 	10.1.2	 Petition or proposition of judicial or extrajudicial reorganization; filing for, adjudication or confirmation
of bankruptcy; conversion from reorganization to bankruptcy or legitimate protest of an issuance or co-obligation instrument of the PROMISSEE-PURCHASER, without cancelation within the legal term.

  

	 	10.1.3	 Delay by the PROMISSEE-PURCHASER regarding the payment of the product purchase invoice to BR, after a term of
[*****] ([*****]) [*****] is elapsed from the due date. 

  

	 	10.1.4	 Failure by the breaching party, once notified to cure its noncompliance, to do so within the period set forth
in the relevant notice. 

  

	 	10.1.5	 Failure by the PROMISSEE-PURCHASER to fulfill its obligation to purchase the volume percentages of Aviation
Kerosene set forth in Item 1.1 and specified in Annex I hereto. 

  

	10.2	 In the event of non-compliance with any articles or conditions set
forth herein, the breaching party will be notified to cure the non-compliance within [*****] ([*****])[*****] under penalty of default, in which case the non-breaching
party may terminate this Agreement, without prejudice to the penalty of payment of the fine set forth in Item 10.3.1 by the breaching party to the non-breaching party. 

 

	10.3	 The Party that causes the termination of this Agreement or fails to comply with any provision hereof will be
subject to the payment of a termination fine corresponding to [*****], as follows: 

 [*****] 

ARTICLE 11 – ACT OF GOD AND FORCE MAJEURE 
  

	11.1	 The enforceability of this Agreement will be suspended due to force majeure or Act of God that prevents its
performance by any of the Parties. Performance hereof will be resumed as soon as the event that caused the suspension of its enforceability ceases to exist. 

  

	11.2	 In the event of the abovementioned suspension, the term hereof will be automatically extended for the time
required to offset the time of suspension of enforceability. 

  

	11.3	 Once the suspension has ended, this Agreement will be automatically terminated in the event of breach of any of
the obligations hereby assumed by the Parties, and the fine set forth in Item 10.3 and subitem 10.3.1 hereof will be applied to the breaching party. 

ARTICLE 12 – REGULATORY AGENCY 
  

	12.1	 The PROMISSEE-PURCHASER agrees to reimburse BR for any fines that may be imposed on BR due to confirmed non-compliance, exclusively by the PROMISSEE-PURCHASER, of orders and instructions of the Brazilian Oil Agency (Agência Nacional de Petróleo – ANP) and/or other agencies that are
competent to regulate the sale and distribution of oil by-products, ethanol, and the by-products of other sources of energy. 

 

	12.2	 The supply of Aviation Kerosene included in Item 1.1 is subject to the same usual market conditions of
supply and the changes that are imposed by ANP and/or other agencies that are competent to regulate the supply of oil by-products, ethanol, and the by-products of other
sources of energy, including in connection with prices, delivery and payment terms. 

 ARTICLE 13 – SUCCESSION 

 

	13.1	 The obligations assumed hereunder extend to the assignees and/or successors of the Parties and all persons that
may operate the relevant business and/or is sub-rogated in the activity of the PROMISSEE- PURCHASER, at any title. The Parties will only be released from these obligations upon written consent from the other Party. 

 

  
 [*****] Confidential material redacted

 ARTICLE 14 – SOCIAL FUNCTION OF THE AGREEMENT 

 

	14.1	 In all activities related to the performance hereof, BR must not employ child labor, pursuant to Item XXXIII of
Article 7 of the Brazilian Federal Constitution, or labor in conditions similar to that of slavery. BR must include a specific provision in this regard in the agreements entered into with its suppliers of inputs and/or service providers, under
penalty of fine or termination hereof, without prejudice to other applicable measures. 

  

	14.2	 In recruiting and hiring its work force, the PROMISSEE-PURCHASER must not exercise any kind of discrimination
relating to race/ethnicity, color, age, gender, marital status, as well as political opinion, ideology, philosophy and/or religion, or for any other reason, under penalty of termination hereof, irrespective of applicable penalties.

 ARTICLE 15 – AMENDMENT TO THE BYLAWS 
  

	15.1	 In the event the PROMISSEE-PURCHASER amends its bylaws reflecting a change of its trade name, assignment or
change in its control, the PROMISSEE-PURCHASER must notify BR of the fact within [*****] ([*****])[*****] through the Registry of Deeds and Documents. 

ARTICLE 16 – VALUE OF THE AGREEMENT 
  

	16.1	 The Parties attribute to this Agreement the value of [*****] ([*****]). 

ARTICLE 17 – CONTRACTUAL GOOD FAITH 
  

	17.1	 The PROMISSEE-PURCHASER and BR represent, for all legal purposes and effects, that the conditions set forth
herein are the result of the negotiation between them. 

 ARTICLE 18 – CONFIDENTIALITY 

 

	18.1	 The Parties agree that the conditions set forth herein cannot be provided or disclosed to third parties and
guarantee that only employees that effectively need to know these conditions will have access to them. 

  

	18.2	 The Parties agree to keep the confidentiality of the information referred to in Item 18.1 for up to three
(3) years from the date of termination hereof. 

  

	18.3	 Information requested by any governmental body or agency may be provided, as well as information requested
pursuant to applicable law. Nonetheless, in any event, the relevant Party must inform the other Party to allow it to oppose the request. Failure to inform the other Party constitutes a breach of contract. 

ARTICLE 19 – ENVIRONMENTAL LIABILITY 
  

	19.1	 The PROMISSEE-PURCHASER undertakes to comply with environmental laws and regulations, as well as to obtain and
maintain the validity of all licenses, authorizations, and studies required for the full development of its activities. The PROMISSEE-PURCHASER also agrees to adopt the applicable measures and procedures in order to remove any aggression, danger or
risk of damage to the environment that may be caused by its activities, including outsourced activities. 

  

	 	19.1.1	 For purposes hereof, the term “environment” or expressions related to environmental liability include
all other matters regulated by applicable rules, such as public health, urban planning, historical/cultural heritage, and environmental management. 

  

	19.2	 The PROMISSEE-PURCHASER and its representatives are exclusively subject to the sanctions imposed by
environmental rules and liable for any and all damage to the environment exclusively caused by the PROMISSEE-PURCHASER, as a result of its activities or losses of any nature, especially due to defects, usage, packaging, products and equipment it
owns or holds under loans, leases or other means, even if transferred to third parties not included herein. 

  

	 	19.2.1	 The environmental liability of the PROMISSEE-PURCHASER covers all sanctions and requirements provided in Law
No. 9.605/98 and other laws or normative acts that currently provide or may provide in the future for environmental matters. 

  

	 	19.2.2	 The environmental liability of the PROMISSEE-PURCHASER for damages exclusively caused by it, or originated
during the term hereof and any term extensions, remains even if the effects of the damages become known or occur after termination hereof. 

  

  
 [*****] Confidential material redacted

	 	19.2.3	 [*****] 

  

	 	19.2.4	 In the event the PROMISSEE-PURCHASER breaches the environmental rules or fails do take the measures required to
avoid environmental damages or losses, BR may, at its discretion, immediately suspend the Agreement until the PROMISSEE- PURCHASER takes the relevant required measures. 

 

	 	19.2.5	 In the event of any environmental damage exclusively caused by the PROMISSEE-PURCHASER, the PROMISSEE-PURCHASER
agrees to immediately inform the competent authorities and take all measures required to remediate and minimize environmental damage and impact. The PROMISSEE-PURCHASER also agrees to immediately and efficiently inform BR of the relevant damage and
any notices, process, and infringement notices that it receives, and such fact will not imply the assumption of any liability by BR. 

ARTICLE 20 – FCPA and SOX 
  

	20.1	 The PARTIES declare to have accessed, read and understood the other Party ́s Code of Ethics and Conduct,
available from the electronic address: http://ri.voeazul.com.br/download_arquivos.asp?id arquivo=B5B13BDD-4111-4147-86A1-7143E78A4988, as well as declare to be aware that violation of these internal rules of each Party will imply immediate
termination of this Agreement, and, further, that they will be held liable for the damages caused, including for acts performed by their Employees, whom the Parties are committed to inform about the referred Codes. 

 

	20.2	 The Parties declare that they expressly comply with the applicable laws, as far as the Rules for Prevention of
Money Laundering and Terrorist Financing and of Corruption and Harmful Acts Against the National and Foreign Public Administration are concerned, and that they will immediately notify each other of any act or fact related to this Agreement which
violates the referred rules, BR being entitled to take all the necessary actions. 

  

	20.3	 The Parties represent and warrant by themselves, and by their respective partners, directors and employees
that, upon the performance of the clauses hereof, as well as in the conduction of their respective businesses, they abide by the rules set forth in the Antitrust Law (Law no. 12.529/2011 and any other that may be used as amendment or revocation
thereof, especially the free enterprise and free competition principles, and that they do not perform any conduct or act whatsoever, with the purpose of or which may produce the following effects, even though they are not achieved, (i) limit,
distort or otherwise impair free competition or free enterprise; (ii) dominate a relevant market of products or services; (iii) discretionarily increase profits; and (iv) abusively exercise a dominant position. 

 

	20.4	 The Parties are committed to, either directly or through their directors, officers, agents, employees,
representatives or third parties hired by it, including subcontractors, refrain from performing and, further, report any possible practice on the part of their employees or representatives of any actions or failure to act that constitute fraud,
corruption or violation of laws, including, without limitation, Law no. 12.846/13 and Law no. 9613/98, as well as the Brazilian Criminal Code. 

  

	20.5	 In case of any conflict between the internal rules of BR and those of the PROMISSEE-PURCHASER, it is hereby
agreed that each Party shall comply with the provisions set forth in its Code of Conduct, it being pointed out that, to the extent such conflict creates hindrances to the performance of this Agreement, the Parties agree to submit such conflicts to
their respective managements in order to be settled. 

 ARTICLE 21 – JURISDICTION 

 

	21.1	 The Parties hereby select the jurisdiction of the courts of the city of Rio de Janeiro, State of Rio de
Janeiro, at the exclusion of any other. In the event of a dispute, the breaching party will bear all judicial and extrajudicial expenses and attorney’s fees [*****]. 

 

	21.2	 IN WITNESS WHEREOF, the Parties executed this Agreement in three (3) counterparts of the same content in
the presence of two (2) witnesses, in order to produce their due legal effects. 

  

  
 [*****] Confidential material redacted

 Rio de Janeiro, November 28, 2019. 
  

	
	 /s/ Rodrigo Mota Guimarães

	
                   
                                         
                    

	
	 PETROBRAS DISTRIBUIDORA S.A.

	 Rodrigo Mota Guimarães

Aviation Market Marketing Manager

  

	
	/s/ Alexandre Wagner Malfitani
	
                   
                                         
                    

	 AZUL LINHAS AÉREAS BRASILEIRAS S.A.

Alexandre Wagner Malfitani
 Attorney-in-fact

 WITNESSES: 
  

			
	/s/ Ana Leticia F. Da Cunha	  	/s/ Adrianny C.N. Silva
	                                     
           	  	                                     
           
	 Ana Leticia F. Da Cunha
 ID (CPF): 109.681.066-25
	  	 Adrianny C.N. Silva
 ID (CPF): 520.121.298-03

  

 ANNEX I 

[*****] 
 ANNEX II 

[*****] 
 ANNEX III 

[*****] 
  

  
 [*****] Confidential material redactedExhibit 4.3

 

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

 

As of February 29, 2020, Longevity Acquisition Corporation (“we,”
 “our,” “us” or the “Company”) had the following four classes of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its ordinary shares, no par
value (“ordinary shares”), (ii) its warrants, exercisable for one-half of one share for $11.50 per whole share, (iii)
its rights (“rights”), exercisable for one-tenth of one ordinary share upon consummation of our initial business combination
and (iv) its units, consisting of one ordinary share, one-half of one redeemable warrant and one right.

 

Pursuant to our amended and restated memorandum and articles
of association, our authorized capital stock consists of unlimited ordinary shares and unlimited shares of undesignated preferred
stock, no par value. The following description summarizes the material terms of our capital stock.

 

Defined terms used herein and not defined herein shall have
the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K.

 

Units

 

Each unit consists of one ordinary share, one right and one
redeemable warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one ordinary share upon the consummation
of an initial business combination. Each warrant entitles the holder to purchase one-half (1/2) of one ordinary share exercisable
at $11.50 per full share, subject to adjustment as described herein. Pursuant to the warrant agreement, a warrantholder may exercise
its warrants only for a whole number of shares. This means that only an even number of warrants may be exercised at any given time
by a warrantholder. For example, if a warrant holder holds one warrant to purchase one-half (1/2) of one share, such warrant
shall not be exercisable. If a warrantholder holds two warrants, such warrants are exercisable for one share.

 

Ordinary Shares

 

Under the Companies Act, the ordinary shares are deemed to be
issued when the name of the shareholder is entered in our register of members. Our register of members is maintained by our transfer
agent Continental Stock Transfer & Trust Company. If  (a) information that is required to be entered in the register
of members is omitted from the register or is inaccurately entered in the register, or (b) there is unreasonable delay in entering
information in the register, a shareholder of the company, or any person who is aggrieved by the omission, inaccuracy or delay,
may apply to the British Virgin Islands Courts for an order that the register be rectified, and the court may either refuse the
application or order the rectification of the register, and may direct the company to pay all costs of the application and any
damages the applicant may have sustained.

 

At any general meeting on a show of hands every ordinary shareholder
who is present in person (or, in the case of a shareholder being a corporation, by its duly authorized representative) or by proxy
will have one vote for each share held on all matters to be voted on by shareholders. Voting at any meeting of the ordinary shareholders
is by show of hands unless a poll is demanded. A poll may be demanded by shareholders present in person or by proxy if the shareholder
disputes the outcome of the vote on a proposed resolution and the chairman shall cause a poll to be taken. Prior to the consummation
of our initial business combination, the rights attaching to ordinary shares (including those provisions designed to provide certain
rights and protections to our ordinary shareholders) may only be amended by a resolution of persons holding 65% (or 50% if approved
in connection with our initial business combination) of our outstanding ordinary shares attending and voting on such amendment.
Other provisions of our memorandum and articles of association may be amended prior to the consummation of our initial business
combination if approved by a majority of the votes of shareholders attending and voting on such amendment or by resolution of the
directors. Following the consummation of, or in connection with, our initial business combination, the rights and obligations attaching
to our ordinary shares and other provisions of our memorandum and articles of association may be amended if approved by a majority
of the votes of shareholders attending and voting on such amendment or by resolution of the directors. Our board of directors is
divided into two classes, each of which will generally serve for a term of two years with only one class of directors being elected
in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more
than 50% of the shares voted for the election of directors can elect 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 therefore.

 

     

     

    

 

Our memorandum and articles of association requires us to provide
our public shareholders with the opportunity to redeem their shares upon the consummation 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, including interest (net
of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described herein and any
limitations (including but not limited to cash requirements) agreed to in connection with the negotiation of terms of a proposed
business combination. 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 underwriter. Our initial shareholders have agreed to waive their redemption
rights with respect to their founder shares, private shares and public shares in connection with the consummation of our initial
business combination. We intend to obtain shareholder approval in connection with our initial business combination. If we so decide,
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 consummate our initial business combination
only if a majority of the votes of ordinary shareholders who being so entitled attend and vote at the general meeting are voted
in favor of the business combination. However, the participation of our sponsor, officers, directors, advisors or their affiliates
in privately-negotiated transactions, 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 business combination. For purposes of seeking
approval of the majority of our outstanding ordinary shares, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained. We intend to give approximately 30 days (but not less than 10 days nor more than 60 days)
prior written notice of any such meeting, if held, at which a vote shall be taken to approve our initial business combination.

 

If we seek shareholder approval in connection with our initial
business combination, our initial shareholders have agreed to vote their founder shares, private shares and any public shares purchased
during or after the offering in favor of our initial business combination. Each public shareholder may elect to redeem their public
shares irrespective of whether they vote for or against the proposed transaction.

 

Notwithstanding the foregoing, if a shareholder vote is not
required for business or other legal reasons, we will, pursuant to our memorandum and articles of association, offer to redeem
our public shares pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to consummating
our initial business combination. Our memorandum and articles of association requires 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.

 

However, if our initial or any of our officers, directors or
affiliates acquire public shares, they will be entitled to receive liquidating distributions with respect to such public shares
if we fail to consummate our initial business combination within the required time period.

 

     

     

    

 

Our shareholders are entitled to receive ratable dividends when,
as and if declared by the board of directors out of legally available funds. In the event of a liquidation or winding up of the
company after our initial 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 redemption rights set forth above.

 

Founder Shares

 

The founder shares are identical to the other ordinary shares
included in the public units, and holders of founder shares have the same shareholder rights as public shareholders, except that
(i) the founder shares are subject to certain transfer restrictions, as described in more detail below, and (ii) our initial shareholders
have agreed (A) to waive their rights to liquidating distribution with respect to their founder shares, private shares and public
shares in connection with the consummation of our initial business combination, (B) to waive their redemption rights with respect
to their founder shares and private shares if we fail to timely consummate our initial business combination, although they will
be entitled to redemption rights with respect to any public shares they hold if we fail to consummate our initial business combination
within such time period and (C) to waive their redemption rights with respect to their founder shares, private shares and public
shares in connection with a shareholder vote to approve an amendment to our amended and restated certificate of incorporation (a)
to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not timely complete our initial
business combination or (b) with respect to any other provision relating to shareholders’ rights or pre-initial business
combination activity. Our initial shareholders have agreed to vote their founder shares, private shares and any public shares purchased
during or after the offering in favor of our initial business combination and our officers and directors have also agreed to vote
any public shares purchased during or after the offering in favor of our initial business combination.

 

Subject to certain limited exceptions, our initial shareholders
have agreed not to transfer, assign or sell their founder shares until the earlier of   (A) one year after the completion
of our initial business combination or (B) subsequent to our initial business combination, (x) if the last sale price of our ordinary
shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) 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, capital stock exchange, reorganization or other similar transaction
that results in all of our shareholders having the right to exchange their shares of common stock for cash, securities or other
property.

 

Preferred Shares

 

Our memorandum and articles of association authorizes the creation
and issuance without shareholder approval of an unlimited number of preferred shares divided into five classes, Class A through
Class E each with such designation, rights and preferences as may be determined by a resolution of our board of directors to amend
the memorandum and articles of association to create such designations, rights and preferences. We have five classes of preferred
shares to give us flexibility as to the terms on which each Class is issued. Unlike Delaware law, all shares of a single class
must be issued with the same rights and obligations. Accordingly, starting with five classes of preferred shares will allow us
to issue shares at different times on different terms. No preferred shares are currently issued or outstanding. Accordingly, our
board of directors is empowered, without shareholder approval, to issue preferred shares with dividend, liquidation, redemption,
voting or other rights, which could adversely affect the voting power or other rights of the holders of ordinary shares. However,
the underwriting agreement prohibits us, prior to our initial business combination, from issuing preferred shares which participate
in any manner in the proceeds of the trust account, or which vote as a class with the ordinary shares on our initial business combination.
We may issue some or all of the preferred shares to effect our initial business combination. In addition, the preferred shares
could be utilized as a method of discouraging, delaying or preventing a change in control of us. Although we do not currently intend
to issue any preferred shares, we may do so in the future.

 

     

     

    

 

The rights of preferred shareholders, once the preferred shares
are in issue, may only be amended by a resolution to amend our memorandum and articles of association provided such amendment is
also approved by a separate resolution of a majority of the votes of preferred shareholders who being so entitled attend and vote
at the class meeting of the relevant preferred class. If our preferred shareholders want us to hold a meeting of preferred shareholders
(or of a class of preferred shareholders), they may requisition the directors to hold one upon the written request of preferred
shareholders entitled to exercise at least 30 percent of the voting rights in respect of the matter (or class) for which the meeting
is requested. Under British Virgin Islands law, we may not increase the required percentage to call a meeting above 30 percent.

 

Under the Companies Act there are no provisions which specifically
prevent the issuance of preferred shares or any such other “poison pill” measures. Our memorandum and articles of association
also do not contain any express prohibitions on the issuance of any preferred shares. Therefore, the directors, without the approval
of the holders of ordinary shares, may issue preferred shares that have characteristics that me be deemed anti-takeover. Additionally,
such a designation of shares may be used in connection with plans that are poison pill plans. However, as noted above under the
Companies Act, a director in the exercise of his powers and performance of his duties is required to act honestly and in good faith
in what the director believes to be the best interests of the company.

 

Rights

 

Each holder of a right will receive one-tenth (1/10) of one
ordinary share upon consummation of our initial business combination, even if the holder of such right redeemed all ordinary shares
held by him, her or it in connection with the initial business combination or an amendment to our memorandum and articles of association
with respect to our pre-business combination activities. No additional consideration will be required to be paid by a holder of
rights in order to receive his, her or its additional ordinary shares upon consummation of an initial business combination as the
consideration related thereto has been included in the unit purchase price paid for by public investors. The shares issuable upon
exchange of the rights will be freely tradable (except to the extent held by affiliates of ours).

 

If we enter into a definitive agreement for a business combination
in which we will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same
per share consideration the holders of the ordinary share will receive in the transaction on an as-converted into ordinary share
basis, and each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the 1/10
share underlying each right (without paying any additional consideration) upon consummation of the business combination. More specifically,
the right holder will be required to indicate his, her or its election to convert the rights into underlying shares as well as
to return the original rights certificates to us.

 

If we are unable to complete an initial business combination
within the required time period and we liquidate the funds held in the trust account, holders of rights will not receive any of
such funds with respect to their rights, nor will they receive any distribution from our assets held outside of the trust account
with respect to such rights, and the rights will expire worthless.

 

     

     

    

 

As soon as practicable upon the consummation of our initial
business combination, we will direct registered holders of the rights to return their rights to our rights agent. Upon receipt
of the rights, the rights agent will issue to the registered holder of such right(s) the number of full ordinary shares to which
he, she or it is entitled. We will notify registered holders of the rights to deliver their rights to the rights agent promptly
upon consummation of such business combination and have been informed by the rights agent that the process of exchanging their
rights for ordinary shares should take no more than a matter of days. The foregoing exchange of rights is solely ministerial in
nature and is not intended to provide us with any means of avoiding our obligation to issue the shares underlying the rights upon
consummation of our initial business combination. Other than confirming that the rights delivered by a registered holder are valid,
we will have no ability to avoid delivery of the shares underlying the rights. Nevertheless, there are no contractual penalties
for failure to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally,
in no event will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.

 

Although a company incorporated in the British Virgin Islands
may issue fractional shares, it is not our intention to issue any fractional shares upon conversions of the rights. In the event
that any holder would otherwise be entitled to any fractional share upon exchange of his, her or its rights, we will reserve the
option, to the fullest extent permitted by the Memorandum and Articles of Association, the Act and other applicable law, to deal
with any such fractional entitlement at the relevant time as we see fit, which would include the rounding down of any entitlement
to receive ordinary shares to the nearest whole share (and in effect extinguishing any fractional entitlement), or the holder being
entitled to hold any remaining fractional entitlement (without any share being issued) and to aggregate the same with any future
fractional entitlement to receive shares in the Company until the holder is entitled to receive a whole number. Any rounding down
and extinguishment may be done with or without any in lieu cash payment or other compensation being made to the holder of the relevant
rights, such that value received on exchange of the rights may be considered less than the value that the holder would otherwise
expect to receive. All holders of rights shall be treated in the same manner with respect to the issuance of shares upon conversions
of the rights.

 

Redeemable Warrants

 

No warrants are currently outstanding. Each warrant entitles
the holder thereof to purchase one-half (1/2) of one ordinary share at a price of  $11.50 per full share, subject to adjustment
as described herein, at any time commencing on the completion of an initial business combination. Because the warrants may only
be exercised for whole numbers of shares, only an even number of warrants may be exercised at any given time. Pursuant to the warrant
agreement, a warrantholder may exercise its warrants only for a whole number of shares. This means that only an even number of
warrants may be exercised at any given time by a warrantholder.

 

However, no public warrants will be exercisable for cash unless
we have an effective and current registration statement covering the issuance of the ordinary shares issuable upon exercise of
the warrants and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement
covering the issuance of the ordinary shares issuable upon exercise of the public warrants is not effective within 90 days from
the closing of our initial business combination, warrant holders may, until such time as there is an effective registration statement
and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless
basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available,
holders will not be able to exercise their warrants on a cashless basis. The warrants will expire five years from the closing of
our initial business combination at 5:00 p.m., New York City time or earlier redemption.

 

     

     

    

 

The private warrants are identical to the public warrants underlying
the public units except that such private warrants are exercisable for cash (even if a registration statement covering the issuance
of the ordinary shares issuable upon exercise of such warrants is not effective) or on a cashless basis, at the holder’s
option, and are be redeemable by us, in each case so long as they are still held by the initial purchasers or their affiliates.
In addition, for as long as the private warrants are held by the underwriter of our initial public offering or its designees or
affiliates, they may not be exercised after five years from the effective date of the registration statement of which this prospectus
forms a part.

 

We may call the warrants for redemption (excluding the private
warrants but including any outstanding warrants issued upon exercise of the unit purchase option issued to the underwriter of our
initial public offering), in whole and not in part, at a price of  $0.01 per warrant:

 

		·	at any time while the warrants are exercisable,

		·	upon not less than 30 days’ prior written notice of redemption
to each warrant holder,

		·	if, and only if, the reported last sale price of the ordinary shares
equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for
any 20 trading days within a 30 trading day period ending on the third trading business day prior to the notice of redemption to
warrant holders, and

		·	if, and only if, there is a current registration statement in effect
with respect to the issuance of the ordinary shares underlying such warrants at the time of redemption and for the entire 30-day
trading period referred to above and continuing each day thereafter until the date of redemption.

 

​The right to exercise will be forfeited unless the warrants
are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a warrant
will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant.

 

The redemption criteria for our warrants have been established
at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient
differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result
of our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants.

 

If and when the warrants become redeemable by us, we may not
exercise our redemption right if the issuance of 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 will use
our best efforts to register or qualify such ordinary shares under the blue sky laws of the state of residence in those states
in which the warrants were offered by us in our initial public offering.

 

If we call the warrants for redemption as described above, our
management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”
In such event, each holder would pay the exercise price by surrendering the warrants for that number of ordinary shares equal to
the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the difference
between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value.
The “fair market value” shall mean the average reported last sale price of the 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. Whether
we will exercise our option to require all holders to exercise their warrants on a “cashless basis” will depend on
a variety of factors including the price of our ordinary shares at the time the warrants are called for redemption, our cash needs
at such time and concerns regarding dilutive share issuances.

 

     

     

    

 

The warrants were 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 to cure any ambiguity or correct any defective provision,
but requires the approval, by written consent or vote, of the holders of a majority of the then outstanding warrants in order to
make any change that adversely affects the interests of the registered holders.

 

The exercise price and number of ordinary shares issuable on
exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend
or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of ordinary
shares at a price below their respective exercise prices.

 

The warrants may be exercised upon surrender of the warrant
certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side
of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. 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 ordinary shares. After the issuance of 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.

 

Except as described above, no public warrants will be exercisable
and we will not be obligated to issue ordinary shares unless at the time a holder seeks to exercise such warrant, a prospectus
relating to the ordinary shares issuable upon exercise of the warrants is current and the ordinary shares have been registered
or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the warrants. Under the
terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to maintain a current prospectus
relating to the ordinary shares issuable upon exercise of the warrants until the expiration of the warrants. However, we cannot
assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the ordinary shares issuable
upon exercise of the warrants, holders will be unable to exercise their warrants and we will not be required to settle any such
warrant exercise. If the prospectus relating to the ordinary shares issuable upon the exercise of the warrants is not current or
if the ordinary shares is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants
reside, we will not be required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market
for the warrants may be limited and the warrants may expire worthless.

 

Warrant holders may elect to be subject to a restriction on
the exercise of their warrants such that an electing warrant holder would not be able to exercise their warrants to the extent
that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the ordinary shares outstanding.

 

No fractional shares will be issued upon exercise of the warrants.
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 ordinary shares to be issued to the warrant holder.

 

Purchase Option

 

We sole to the underwriter of our initial public offering an
option to purchase up to 240,000 units at $10.00 per unit. The units issuable upon exercise of this option are identical to the
public units.

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