Document:

Exhibit 10.6

 

 

RULES of the 
 ADAPTIMMUNE THERAPEUTICS PLC 2016 EMPLOYEE SHARE OPTION SCHEME

 

 

Adopted by the Company on 14 January 2016

 

and amended on 18 December 2017

 

 

CONTENTS

 

	
1.
    	
DEFINITIONS
    	
3
    
	
2.
    	
ELIGIBILITY FOR EMI   OPTIONS
    	
9
    
	
3.
    	
GRANT OF OPTIONS
    	
9
    
	
3A.
    	
SCHEME LIMIT
    	
12
    
	
4.
    	
OPTION PRICE
    	
13
    
	
5.
    	
VESTING SCHEDULE AND   PERFORMANCE TARGETS
    	
13
    
	
6.
    	
LIMITS
    	
14
    
	
7.
    	
EXERCISE AND LAPSE OF   OPTIONS
    	
15
    
	
8.
    	
MANNER OF EXERCISE OF   OPTIONS
    	
17
    
	
9.
    	
TAX LIABILITIES
    	
19
    
	
10.
    	
NON-TRANSFERABILITY OF   OPTIONS
    	
21
    
	
11.
    	
TAKEOVERS
    	
21
    
	
12.
    	
QUALIFYING EXCHANGE OF   SHARES
    	
21
    
	
13.
    	
SALE
    	
22
    
	
14.
    	
LISTING
    	
22
    
	
15.
    	
VARIATION OF SHARE   CAPITAL
    	
22
    
	
16.
    	
RELATIONSHIP WITH   EMPLOYMENT CONTRACT
    	
23
    
	
17.
    	
VARIATIONS AND   TERMINATION
    	
23
    
	
18.
    	
HMRC REQUESTS
    	
24
    
	
19.
    	
EMI
    	
24
    
	
20.
    	
GENERAL
    	
24
    
	
21.
    	
GOVERNING LAW AND   JURISDICTION
    	
25
    

 

2

 

RULES OF THE ADAPTIMMUNE THERAPEUTICS PLC 2016 EMPLOYEE SHARE OPTION SCHEME

 

1.                                      DEFINITIONS

 

1.1                               In these Rules, unless the context otherwise requires, the following words and expressions have the meanings set opposite them:

 

	
“ADS”
    	
an American Depositary Share of the Company   (also known as an American Depositary Receipt or ADR), each of which   represents 6 Ordinary Shares (the underlying Ordinary Shares)
    
	
 
    	
 
    
	
“Auditors”
    	
the auditors for the time being of the   Company or in the event of there being joint auditors such one of them as the   Board shall select;
    
	
 
    	
 
    
	
“Board”
    	
the board of directors from time to time of   the Company (or the directors present at a duly convened meeting of such   board) or a duly authorised committee of directors appointed by that board of   directors to carry out any of its functions under this Scheme;
    
	
 
    	
 
    
	
“Company”
    	
Adaptimmune Therapeutics plc, a company   incorporated and registered in England with number 9338148;
    
	
 
    	
 
    
	
“Connected”
    	
means that the relevant individual is an   employee or a director of, or a Consultant to, a Group Company;
    
	
 
    	
 
    
	
“Consultant”
    	
means any person who is providing   consultancy services to a Group Company including, without prejudice to the   generality of the foregoing, any member of any Scientific Advisory Board that   may from time to time be established by the Company;
    
	
 
    	
 
    
	
“control”
    	
except as otherwise provided, has the   meaning given in Section 719 of ITEPA 2003;
    
	
 
    	
 
    
	
“Date of Grant”
    	
the date on which an Option is granted as   provided in Rule 3.6;
    
	
 
    	
 
    
	
“Deed of Grant”
    	
has the meaning given in Rule 3.4A;
    
	
 
    	
 
    
	
“Disqualifying Event”
    	
has the meaning given in sections 533 to   539 of ITEPA 2003;
    
	
 
    	
 
    
	
“Eligible Person”
    	
in relation to the grant of an Option which   is not an EMI Option, any bona fide employee of the Company or any subsidiary   of the Company, and in relation to the grant of an EMI Option, any bona fide   employee of the Company or any subsidiary of the Company who satisfies the   eligibility criteria set out in Rule 2, and for the purposes of this   definition 
    

 

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“subsidiary” shall have the meaning given   in Section 1159 of the Companies Act 2006;
    
	
 
    	
 
    
	
“EMI Notice”
    	
a notice of an option which must be given   to HMRC for that Option to be an EMI Option and which complies with the   requirements of paragraph 44 of Schedule 5 to ITEPA 2003;
    
	
 
    	
 
    
	
“EMI Option”
    	
an Option which is a “qualifying   option” as defined in paragraph 1(2) of Schedule 5 to ITEPA   2003;
    
	
 
    	
 
    
	
“Employer NICs”
    	
any secondary class 1 (employer) National   Insurance contributions (or any similar liability for social security   contribution in any jurisdiction) that the Option Holder’s Employer is liable   to pay as a result of any Taxable Event (or which such person would be liable   to pay in the absence of an election of the type referred to in   Rule 9.2(b)) and which may be lawfully recovered from the Option Holder.
    
	
 
    	
 
    
	
“Grantor”
    	
the person granting an Option pursuant to   the Rules of this Scheme which may be: 

 

(a)                       the Company; or 

 

(b)                       the trustees of an   employee benefit trust authorised by the Board to grant Options at the   relevant time, subject to Rule 3.7; or 

 

(c)                        any other person   authorised by the Board to grant Options at the relevant time, subject to   Rule 3.7;
    
	
 
    	
 
    
	
“the Group”
    	
the Company and its subsidiaries from time   to time;
    
	
 
    	
 
    
	
“Group Company”
    	
a company which is a member of the Group   and includes the Company, whether or not it has any subsidiaries at the   relevant time;
    
	
 
    	
 
    
	
“HMRC”
    	
HM Revenue & Customs;
    
	
 
    	
 
    
	
“ITEPA 2003”
    	
the Income Tax (Earnings and Pensions) Act   2003;
    
	
 
    	
 
    
	
“Listing”
    	
the listing of ADSs on NASDAQ, which for   the purposes of these Rules shall be treated as occurring on the day on   which trading in the American Depositary Shares of the Company began, namely   6 May 2015;
    
	
 
    	
 
    
	
“N.I. Regulations”
    	
the laws, regulations and practices from   time to time in force relating to liability for and the collection of   National Insurance contributions;
    
	
 
    	
 
    
	
“Nominal Cost Option”
    	
an Option (other than an RSU-style Option)   with an Option Price equal to the nominal value of an Ordinary Share (being £0.001   per Ordinary Share), if it is an option to acquire Ordinary Shares, or six   times the nominal value of an Ordinary Share (being £0.006 per ADS), if it is   an option to acquire ADSs, which is identified as such in the Option   Agreement or Deed of Grant;
    

 

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“Option”
    	
a right to acquire Shares at the Option   Price pursuant to and in accordance with these Rules;
    
	
 
    	
 
    
	
“Option Agreement”
    	
a written agreement executed in respect of   the grant of an Option pursuant to Rule 3.4;
    
	
 
    	
 
    
	
“Option Holder”
    	
a person holding an Option, including,   where applicable, his Personal Representatives;
    
	
 
    	
 
    
	
“Option Holder’s Employer”
    	
such Group Company as is the Option   Holder’s employer or, if he has ceased to be employed within the Group, was   his employer or such other Group Company, or other person as, under the PAYE   Regulations or, as the case may be, the N.I. Regulations, or any other   statutory or regulatory enactment (whether in the United Kingdom or   otherwise), is obliged to account for any Tax Liability;
    
	
 
    	
 
    
	
“Option Price”
    	
the price, as from time to time determined   by the Board (with the prior consent of the Grantor, where appropriate), at   which each Share subject to an Option may be acquired on the exercise of that   Option which, if Shares are to be newly issued to satisfy the exercise of the   Option, shall not be less than the nominal value of a Share;
    
	
 
    	
 
    
	
“Option Shares”
    	
the Shares over which an Option subsists;
    
	
 
    	
 
    
	
“ordinary share capital”
    	
all the issued share capital (by whatever   name called) of the Company other than capital the holders whereof have a   right to a dividend at a fixed rate but have no other right to share in the   profits of the Company;
    
	
 
    	
 
    
	
“Ordinary Shares”
    	
fully paid   irredeemable shares with a nominal value of £0.001 each in the ordinary share   capital of the Company. For these purposes, in relation to an EMI Option,   shares:
    
	
 
    	
 
    
	
 
    	
(a)                       will not be fully paid-up if there is any undertaking to pay cash to   the Company at a future date for those Shares; and
    
	
 
    	
 
    
	
 
    	
(b)                       shall be treated as redeemable if they may become so at a future date;
    
	
 
    	
 
    
	
“PAYE Regulations”
    	
the regulations made under section 684 of   ITEPA 2003;
    

 

5

 

	
“Performance Option”
    	
an Option the exercise of which is subject   to attainment of a Performance Target;
    
	
 
    	
 
    
	
“Performance Period”
    	
in relation to a Performance Option, the   period (as determined by the Board) over which the performance of the Company   and/or any other condition is to be measured for the purposes of determining   whether and to what extent the Performance Target is met;
    
	
 
    	
 
    
	
“Performance Target”
    	
the condition or conditions imposed on the   exercise of an Option pursuant to Rule 5 as amended and varied from time   to time in accordance with these Rules;
    
	
 
    	
 
    
	
“Personal Data”
    	
any personal information which could   identify an Option Holder, including but not limited to, the Option Holder’s:
    
	
 
    	
 
    
	
 
    	
(a)                       date of birth;
    
	
 
    	
 
    
	
 
    	
(b)                       home address;
    
	
 
    	
 
    
	
 
    	
(c)                        telephone number;
    
	
 
    	
 
    
	
 
    	
(d)                       e-mail address;
    
	
 
    	
 
    
	
 
    	
(e)                        National Insurance   number (or equivalent); or
    
	
 
    	
 
    
	
 
    	
(f)                         Options under the   Scheme or any other employee share scheme operated by the Company.
    
	
 
    	
 
    
	
“Personal Representatives”
    	
in relation to an Option Holder, the   personal representatives of the Option Holder (being either the executors of   his will to whom a valid grant of probate has been made or, if he dies   intestate, the duly appointed administrator(s) of his estate) who have   produced to the Company evidence of their appointment as such;
    
	
 
    	
 
    
	
“Qualifying Subsidiary”
    	
a subsidiary which satisfies the conditions   of paragraph 11 of Schedule 5 to ITEPA 2003;
    
	
 
    	
 
    
	
“Regular Option”
    	
an Option other than an RSU-style Option;
    
	
 
    	
 
    
	
“Relevant Restriction”
    	
a provision included in any contract,   agreement, arrangement or condition (including the articles of association of   the Company) to which any of sections 423(2), 423(3) or 423(4) of   ITEPA 2003 would apply if references in them to employment related securities   were references to Shares;
    
	
 
    	
 
    
	
“RSU-style Option”
    	
an Option (other than a Nominal-Cost   Option) with an Option Price equal to the nominal value of an Ordinary Share   (being £0.001 per Ordinary Share), if it is an option to acquire Ordinary   Shares, or six times the nominal value of an Ordinary Share (being £0.006 per   ADS), if it is an option to acquire ADSs, and which is identified as such in   the Option Agreement or Deed of Grant;
    

 

6

 

	
“Sale”
    	
an unconditional agreement being entered into   for the sale to a person other than a Group Company of the whole, or   substantially the whole, of the business and assets of the Company;
    
	
 
    	
 
    
	
“Scheme”
    	
this share option scheme as constituted and   governed by these Rules, as from time to time amended in accordance with   these Rules;
    
	
 
    	
 
    
	
“Shares”
    	
Ordinary Shares or ADSs, as the context so   admits
    
	
 
    	
 
    
	
“Short-Term Deferral Period”
    	
the short-term deferral period (within the   meaning of Section 409A of the United States Internal Revenue Code and §1.409A-1(b)(4) of   the United States Treasury Regulations);
    
	
 
    	
 
    
	
“subsidiary”
    	
save where the contrary is indicated, a   company which is a subsidiary of the Company within the meaning of   Section 1159 of the Companies Act 2006, except that any company that is a   subsidiary under section 1159(1)(b) or section 1159(c) shall not   cease to be a subsidiary for the purposes of these Rules (in particular,   the definitions of Group, Group Company and Qualifying Subsidiary) when   shares in that subsidiary held by the Company (or by another subsidiary) are   registered in the name of:
    
	
 
    	
 
    
	
 
    	
(a)                       another person (or   its nominee) solely by way of security or in connection with the taking of   security; or
    
	
 
    	
 
    
	
 
    	
(b)                       the Company’s (or   another subsidiary’s) nominee;
    
	
 
    	
 
    
	
“Sufficient Shares”
    	
the smallest number of Shares which, when   sold at the best price which can reasonably be expected to be obtained at the   time of sale, will produce an amount at least equal to the relevant Tax   Liability (after deduction of brokerage and any other charges or taxes on the   sale);
    
	
 
    	
 
    
	
“Takeover”
    	
the Company coming under the control of a   person or persons as mentioned in Rule 11;
    
	
 
    	
 
    
	
“Taxable Event”
    	
any event or circumstance that gives rise   to a liability for the Option Holder to pay income tax and National Insurance   contributions or either of them (or their equivalents in any jurisdiction) in   respect of:
    

 

7

 

	
 
    	
(a)                       the Option,   including its exercise, its assignment or surrender for consideration, or the   receipt of any benefit in connection with it; 

 

(b)                       any Shares (or   other securities or assets): 

 

(i)                           earmarked or held   to satisfy the Option; 

 

(ii)                        acquired on   exercise of the Option; 

 

(iii)                     acquired as a   result of holding the Option; or 

 

(iv)                    acquired in   consideration of the assignment or surrender of the Option; or 

 

(c)                              any securities (or   other assets) acquired or earmarked as a result of holding Shares (or other   securities or assets) mentioned in (b); or 

 

(d)                             any amount due   under PAYE in respect of securities or assets within (a) to   (c) above, including any failure by the Option Holder to make good such   an amount within the time limit specified in section 222 of ITEPA 2003.
    
	
 
    	
 
    
	
“Tax Liability”
    	
the total of: 

 

(a)                       any income tax and   primary class 1 (employee) National Insurance contributions (or their   equivalents in any jurisdiction) for which the Option Holder’s Employer may   be liable to account (or reasonably believes it is or may be liable to   account) as a result of any Taxable Event; and 

 

(b)                       any Employer   National Insurance contributions that any employer (or former employer) of   the Option Holder is or may be liable to pay (or reasonably believes it is or   may be liable to pay) as a result of any Taxable Event which can be recovered   lawfully from the Option Holder;
    
	
 
    	
 
    
	
“Vested Shares”
    	
Shares which, subject to the following   rules of this Scheme, may at the relevant time be acquired by the   exercise of an Option in accordance with these Rules in consequence of   the conditions set out in any applicable Vesting Schedule or Performance Targets   being met.
    

 

8

 

	
“Vesting Schedule”
    	
such one or more time-based conditions as   may be specified by the Board in the Option Agreement or Deed of Grant as   mentioned in Rules 5.1 and 5.2.
    

 

1.2                               Where the context so admits or requires, the singular includes the plural and the masculine includes the feminine and neuter and vice versa.

 

1.3                               References to Rules are to Rules of this Scheme as from time to time amended in accordance with their provisions.

 

1.4                               A reference to a statute or statutory provision is a reference to it as in force at the relevant time, taking account of any amendment, extension or re-enactment and includes any subordinate legislation in force and made under it.

 

1.5                               References to “writing” and “written” includes faxes, email and other forms of electronic communication which can be read.

 

1.6                               A reference to a “person” includes any individual, firm, body corporate, unincorporated association, partnership, joint venture, government or state or agency of state (whether or not having a separate legal personality).

 

1.7                               Headings shall not affect the interpretation of these Rules.

 

2.                                      ELIGIBILITY FOR EMI OPTIONS

 

2.1                               A person is eligible to be granted an EMI Option if (and only if) he is an employee of the Company or a Qualifying Subsidiary and his committed time to the relevant company amounts to at least 25 hours a week, or if less, 75% of his “working time” (as that expression is defined by paragraph 27(1) of Schedule 5 to ITEPA 2003), and which includes time which the employee would have been required to so spend but for injury, ill health, disability, pregnancy, childbirth, maternity, paternity or parental leave, reasonable holiday entitlement or not being required to work during a period of notice of termination, in compliance with paragraph 26 of Schedule 5 to ITEPA 2003.

 

2.2                               A person is not eligible to be granted an EMI Option at any time when he is not eligible to participate in the Scheme by virtue of paragraph 28 of Schedule 5 to ITEPA 2003 (no material interest requirement).

 

3.                                      GRANT OF OPTIONS

 

3.1                               Subject to the limitations and conditions of this Scheme, in its absolute discretion, any Grantor may, on such dates as it shall determine, grant Options (whether or not intended to be EMI Options) to such Eligible Persons as it may in its absolute discretion select.

 

3.2                               Options:

 

3.2.1                                             may not be granted at any time when such grant would be prohibited by, or in breach of, any law or regulation with the force of law; or

 

3.2.2                                             which are intended to be EMI Options shall only be granted when the Company is a qualifying company as defined in paragraph 8 of Schedule 5 to ITEPA 2003.

 

9

 

3.3                               The Grantor may impose a condition preventing the exercise of an Option unless the Option Holder shall have entered into a Deed of Adherence (in such form as may be required by the Company) with the Company and all persons who at the date of exercise of the Option are holders of shares in the capital of the Company whereby the Option Holder becomes a party to any Shareholders’ Agreement or other document having a similar effect which is in force between the Company and all persons who at the date of exercise of the Option are holders of shares in the capital of the Company.

 

3.4                               Subject to Rule 3.4A, an Option shall be granted by the Grantor and the Option Holder executing as a deed an agreement, in such form as the Board may from time to time determine. Each Option Agreement shall:

 

3.4.1                                             if such be the case, specify that the Option is intended to be an EMI Option and is granted in accordance with the provisions of Chapter 9 of Part 7 of and Schedule 5 to ITEPA 2003;

 

3.4.2                                             specify the Date of Grant;

 

3.4.3                                             identify the Grantor;

 

3.4.4                                             specify the number of Shares over which the Option is granted;

 

3.4.5                                             (in relation to Options granted after 1 January 2018) specify whether the Option is granted over Ordinary Shares or ADSs;

 

3.4.6                                             specify the Option Price;

 

3.4.7                                             specify any Performance Target and Performance Period imposed pursuant to Rule 5 (and any restrictions that apply to the variation or waiver of any such Performance Target) and any condition imposed under Rule 3.3;

 

3.4.8                                             specify the Vesting Schedule applicable to the Option;

 

3.4.9                                             specify if the Option is either a Nominal-Cost Option or an RSU-style Option;

 

3.4.10                                      for a Regular Option, specify the last date on which the Option may be exercised (subject to Rule 7.1) and assuming that the Option is not exercised earlier and no event occurs to cause the Option to lapse earlier;

 

3.4.11                                      specify the extent to which Rule 7.7 or Rule 8.5 applies to the Option, if applicable;

 

3.4.12                                      specify how the Option may be exercised;

 

3.4.13                                      specify details of any Relevant Restrictions attaching to the Option Shares;

 

3.4.14                                      specify that the Option is subject to these Rules;

 

3.4.15                                      include the terms required by Rule 9.1, Rule 9.2 and Rule 9.6;

 

3.4.16                                      include the power of attorney required by Rule 9.7; and

 

10

 

3.4.17                                      include a term giving effect to Rule 3.9.

 

3.4A                      Notwithstanding Rule 3.4, in relation to Options other than EMI Options, Options may be granted by the Grantor executing a deed poll (a “Deed of Grant”), which may cover a number of Options.  A Deed of Grant shall specify the information set out in Rule 3.4.2 to 3.4.11, together with any other terms of the Option not inconsistent with these Rules, in relation to each Option granted by it.  Where an Option is granted by way of a Deed of Grant:

 

3.4A.1                                       the information set out in Rule 3.4.2 to 3.4.14 (and any other terms of the Option contained in the Deed of Grant) shall be provided to the Option Holder (and may be provided in an electronic manner); and

 

3.4A.2                                       a Nominal-Cost Option or an RSU-style Option shall, and any other Option may, be subject to a condition that if the terms of the Option are not accepted by the Option Holder in such manner as the Board may specify within a period of 30 days (or such other period as the Board considers appropriate) from the Date of Grant, the Option shall lapse.

 

3.4B                      By accepting the terms of a Nominal-Cost Option or an RSU-style Option, whether by entering into the Option Agreement or in accordance with Rule 3.4A.2, in addition to the other terms of the Option as set out in the Rules and the Option Agreement or Deed of Grant, the Option Holder agrees to the following in relation to any automatic exercise of the Option as provided in Rule 8.4 or 8.6:

 

3.4B.1                                       the Option Holder undertakes to pay the Option Price to the Company upon the exercise of the Option;

 

3.4B.2                                       the Option Holder authorises the Company to allot and/or issue the Shares resulting from the exercise to the Option Holder or to a nominee for the Option Holder (chosen by the Company), and if the Shares are in the form of Ordinary Shares take all steps necessary in the name of the Option Holder (or authorise others to take those steps) to transfer the Ordinary Shares into a depositary system for the creation of ADSs in relation to those Ordinary Shares;

 

3.4B.3                                       the Option Holder authorises the Company to sell or procure the sale of sufficient Vested Shares (or ADSs derived from those Shares) on or following exercise of his Option on his behalf to ensure that the Company receives:

 

(a)                                 the amount required to discharge the undertaking to pay referred to in Rule 3.4B.1 (and authorises the Company to apply that amount in discharging the undertaking);

 

(b)                                 the amount required to pay to the Option Holder’s Employer the amount of any Tax Liability arising from the exercise of the Option (and authorises the Company to pay that amount to the Option Holder’s Employer); and

 

(c)                                  the amount of any costs, stamp duty or stamp duty reserve tax or similar duties, taxes or other expenses incurred in relation to the creation of ADSs, the sale of the Vested Shares or the sale of ADSs derived from the Vested Shares (and authorises the Company to apply that amount in the payment of those costs etc); and

 

11

 

3.4B.4                                       the Option Holder authorises the Company or any person appointed by the Company to take any such further acts on behalf of and in the name of the Option Holder as may be necessary or desirable to effect the automatic exercise of the Option.

 

3.5                               No amount shall be paid by an Eligible Person for the grant of an Option.

 

3.6                               The date of the agreement executed pursuant to Rule 3.4, or the date of execution of the deed poll referred to in Rule 3.4A, shall be taken for all purposes of this Scheme as the Date of Grant in respect of the relevant Option.

 

3.7                               An Option shall not be granted by any person other than the Company without the prior approval of the Board and such person will only be authorised to grant Options after it has entered into an irrevocable undertaking to the Company for the benefit of the Company and an Option Holder’s Employer that such person will fulfil its obligations as Grantor under these Rules.

 

3.8                               In the case of an EMI Option, within 30 days after the Date of Grant, the Option Holder shall correctly complete, sign and date the relevant EMI Notice and return it to the Option Holder’s Employer.

 

3.9                               If an Option Holder granted an EMI Option does not correctly complete, sign and date the relevant EMI Notice and return it to the Option Holder’s Employer within 60 days after the Date of Grant the relevant Option shall automatically lapse at the end of that period.

 

3.10                        The Option Holder’s Employer shall, in respect of any Option intended to be an EMI Option:

 

3.10.1                                      send an original of the duly completed EMI Notice so as to be received by the Small Company Enterprise Centre of HMRC within the period of 92 days after the relevant Date of Grant (or such other period as may be specified by paragraph 44 of Schedule 5 to ITEPA 2003 at the relevant time); and

 

3.10.2                                      keep each Option Agreement available for inspection by HMRC at any time.

 

3.11                        The Option Agreement, or the information provided in accordance with Rule 3.4A.1, shall serve as evidence of the grant of the Option and accordingly no certificates shall be issued to the Option Holder.

 

3A.                             SCHEME LIMIT

 

3A.1                      No Option may be granted if, immediately following the grant, it would make the aggregate number of Ordinary Shares subject to awards made following the Listing under the Scheme and any other incentive plans for Connected individuals adopted by a Group Company exceed the Scheme Limit at that time.  For these purposes, if awards (including Options) are granted over ADSs, the reference in this Rule 3A to Ordinary Shares subject to awards shall be taken to include the Ordinary Shares underlying the ADSs subject to those awards.

 

3A.2                      The “Scheme Limit” at any time shall be 8% of the number of Ordinary Shares comprised in the Initial Fully Diluted Share Capital plus any Annual Increments by which the Scheme Limit has increased prior to that time in accordance with Rule 3A.4.

 

12

 

3A.3                      The “Initial Fully Diluted Share Capital” shall be the issued share capital of the Company immediately following the Listing plus the number of Ordinary Shares which would be issued if all options to acquire Ordinary Shares granted by the Company to Connected individuals (whether or not still Connected at the time of the Listing) which were outstanding at the time of the Listing were exercised in full and satisfied by the issue of new Ordinary Shares by the Company.

 

3A.4                      On 1 July in each year, commencing with 1 July 2016, the Scheme Limit shall automatically increase by 4% of the number of Ordinary Shares comprised in the issued share capital of the Company at the end of the immediately preceding 30 June, or, in each case, such lower number as the Board may prior to that 1 July determine.  Each such increase shall be an “Annual Increment”.

 

3A.5                      For the purposes of Rule 3A.1, Ordinary Shares subject to awards which have been satisfied (in whole or in part) shall be included (to the extent that the relevant award has been satisfied), and Ordinary Shares subject to awards which (in whole or in part) have lapsed or otherwise become incapable of exercise (other than by reason of the satisfaction thereof) shall not be included (to the extent that the relevant award has lapsed or otherwise become incapable of exercise).

 

4.                                      OPTION PRICE

 

4.1                               Subject to Rules 4.2 and 4.3 and any adjustment being made pursuant to Rule 15, the Option Price shall be determined by the Board (with the prior consent of the Grantor, where appropriate).

 

4.2                               Save where the Company intends that the Option be satisfied by the transfer of existing Shares, the Option Price shall not be less than the nominal value of a Share.

 

4.3                               The Option Price for a Nominal-Cost Option and an RSU-style Option shall be the nominal value of a Share.

 

5.                                      VESTING SCHEDULE AND PERFORMANCE TARGETS

 

5.1                               An Option may be granted subject to either, or both, a Vesting Schedule and Performance Targets as the Board shall determine.

 

5.2                               An Option may be granted on terms that different proportions of the Option Shares shall respectively become Vested Shares if the Option Holder is continuously Connected throughout such different periods, beginning with the Date of Grant, as the Board shall specify in the Option Agreement or the Deed of Grant.

 

5.3                               An Option may be granted on terms that the extent to which the Option Shares become Vested Shares shall depend upon the extent to which one or more Performance Targets specified in the Option Agreement or Deed of Grant is attained (so that if and insofar as any such Performance Target is not attained, the Option shall then lapse and cease to be exercisable in respect of the proportion of Option Shares which does not then become Vested Shares).

 

5.4                               A Performance Target may be specified to apply to the whole or part only of an Option.

 

5.5                               After an Option has been granted the Board may (with the consent of the Grantor, where appropriate) amend a Vesting Schedule so as to bring forward the time at which any Option Shares shall become Vested Shares or vary any Performance Target imposed pursuant to Rule 5.1 PROVIDED THAT no such variation shall be made unless an event has occurred or events have occurred in consequence of which the Board reasonably considers that the terms of the existing Performance Targets should be so varied for the purpose of ensuring that either the objective criteria against which the performance of the Group and/or any Group Company and/or any division and/or the Option Holder will then be measured will be, in the reasonable opinion of the Board, a fairer measure of such performance or that any varied Performance Target will afford a more effective incentive to Option Holders and will be no more difficult to satisfy than was the Performance Target when first set.

 

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5.6                               After an Option has been granted the Board may (with the consent of the Grantor, where appropriate), waive in whole or in part any requirement that a Performance Target be met as a condition of exercise of an Option PROVIDED THAT no such waiver shall be made unless an event or events have occurred in consequence of which the Board reasonably considers that the terms of the existing Performance Target no longer afford an effective incentive to the Option Holder.

 

5.7                               The Board shall determine whether, and to what extent, any Performance Targets have been satisfied.

 

5.8                               If an Option is subject to any Performance Target, the Board shall notify the Option Holder (and the Grantor, if not the Company) within a reasonable time after the Board becomes aware of the relevant information:

 

5.8.1                                             whether (and, if relevant, to what extent) the Performance Target has been satisfied and the relevant Option has therefore vested;

 

5.8.2                                             of any subsequent change in whether, or the extent to which, the Performance Target has been satisfied;

 

5.8.3                                             when that Performance Target has become incapable of being satisfied, in whole or in part; and

 

5.8.4                                             of any waiver or variation of that Performance Target under Rule 5.5 or 5.6.

 

5.9                               The number of Shares in respect of which an Option shall become vested on any occasion shall be rounded to the nearest whole number.

 

5.10                        If, in consequence of a Performance Target being met, an Option becomes vested in respect of some but not all of the Option Shares, it shall thereupon lapse and cease to be exercisable in respect of the balance of the Option Shares if such Performance Target is incapable of being met in respect of the balance of such Option Shares.

 

6.                                      LIMITS

 

6.1                               Unless permitted by Schedule 5 to ITEPA 2003 or such other legislation as may from time to time govern the granting of EMI Options, no person shall be granted EMI Options which would, at the time they are granted, result in that person exceeding the £250,000 maximum entitlement as prescribed in paragraph 5 of Schedule 5 to ITEPA 2003 (or such other amount as may be specified by Schedule 5 to ITEPA 2003 at the relevant time).

 

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6.2                               Unless permitted by Schedule 5 to ITEPA 2003 or such other legislation as may from time to time govern the granting of EMI Options, no person shall be granted EMI Options which would, at the time that they are granted, result in the Company exceeding the £3,000,000 maximum value of shares prescribed in paragraph 7 of Schedule 5 to ITEPA 2003 (or such other amount as may be specified by Schedule 5 to ITEPA 2003 at the relevant time).

 

6.3                               A Grantor may only grant EMI Options whilst the requirements of Schedule 5 to ITEPA 2003 are met and if any of the requirements are not met, the Option shall continue to subsist but not as an EMI Option.

 

6.4                               For the avoidance of doubt, the limitations under this Rule 6 do not apply to Options which are not EMI Options.

 

7.                                      EXERCISE AND LAPSE OF OPTIONS

 

7.1                               A Regular Option shall not in any event be exercised later than 5.00 pm GMT on the day immediately preceding the tenth anniversary of the Date of Grant or such earlier date as may be specified in the relevant Option Agreement or Deed of Grant and shall lapse if not exercised by such date.

 

7.2                               A part of an RSU-style Option shall not in any event be exercised later than 5.00 pm GMT on the last day of the Short-Term Deferral Period applicable to that part of the Option and shall lapse if not exercised by that time.

 

7.3                               Subject to Rules 11.2 and 13.2 an Option may only ever be exercised in respect of Vested Shares or such greater proportion of the Option Shares as may be notified in writing to the Option Holder by the Board.

 

7.4                               Except as mentioned in Rules 7.5, 7.6, 11 and 13 or as otherwise provided in the relevant Option Agreement or Deed of Grant an Option may not be exercised unless the Option Holder is at the time of exercise Connected.

 

7.5                               Subject to Rule 7.6, if an Option Holder ceases to be Connected then an Option granted to him may only be exercised (if at all) in relation to such proportion of the Option Shares, and (subject to Rule 7.1) within such period, as the Board shall (with the consent of the Grantor, where appropriate) determine and notify to the Option Holder (or, where appropriate, his Personal Representatives) and shall otherwise lapse and cease to be exercisable on the date of cessation PROVIDED THAT unless such determinations are made by the Board prior to the expiry of the period of three months beginning with the date on which the Option Holder ceases to be so Connected then such Option may not be exercised and shall be deemed to have lapsed and ceased to be exercisable as from the date of such cessation.  Where the Board allows the exercise of an RSU-style Option under this Rule 7.5, the period for the exercise of the Option shall not exceed the Short-Term Deferral Period in relation to the part of the Option being exercised.

 

7.6                               Subject to Rule 7.7, where an Option Holder holding a Nominal-Cost Option ceases to be Connected for one of the following reasons:

 

7.6.1                                             death;

 

7.6.2                                             disability, injury or ill health (evidenced to the satisfaction of the Board);

 

7.6.3                                             redundancy (within the meaning of the Employment Rights Act 1996);

 

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7.6.4                                             the Option Holder’s Employer ceasing to be a Group Company; or

 

7.6.5                                             the business in which the Option Holder is employed being transferred to a person that is not a Group Company,

 

the Nominal-Cost Option may be exercised (in accordance with Rule 8.1) to the extent of the Vested Shares following the Option Holder ceasing to be Connected.  The Option shall be automatically exercised to the extent of those Vested Shares in accordance with Rule 8.6 (subject to Rules 7.7 and 8.7) on the last Tuesday that is a dealing day on NASDAQ of the month following the month in which the date of cessation falls, if not already exercised.  If Rule 7.7 or 8.7 applies so that the Nominal-Cost Option is not automatically exercised on that date, the Option shall remain exercisable in relation to those Vested Shares for the period of three months from the date the Option Holder ceases to be Connected (or such longer period as the Board may specify before the end of that three-month period).  For the avoidance of doubt, automatic exercise pursuant to this Rule 7.6 shall not apply to any portion of the Nominal-Cost Option which pursuant to Rule 7.5 becomes exercisable in addition to the Vested Shares.

 

7.7                               A Nominal-Cost Option may be granted on terms that either the whole of Rule 7.6 does not apply to it, or that automatic exercise pursuant to Rules 7.6 and 8.6 does not apply to it, or that automatic exercise pursuant to Rule 7.6 shall occur on a day other than the day specified in Rule 7.6.

 

7.8                               Save for the express requirements of Rule 7.5 there are absolutely no restrictions (or implied restrictions) under these Rules or otherwise on the Board’s freedom to make whatever decision it wishes (or no decision at all) under Rule 7.5.  In doing so, the Board may take into account (or disregard) whatever factors it wishes.  An Option Holder shall have no entitlement to, and may not claim, compensation or damages (or any other remedy) from any Group Company or any former Group Company in respect of any Board decision under Rule 7.5 (or any failure by the Board to consider making a decision).

 

7.9                               An Option (or part of an Option, with references to “Option” in this Rule 7.9 including a reference to part of an Option where the context so permits) shall immediately lapse and cease to be exercisable on the earliest to occur of the following:

 

7.9.1                                             if, in the case of an EMI Option, within the period of 60 days commencing on the Date of Grant, the Option Holder does not correctly complete, sign and return the relevant EMI Notice and return it to the Option Holder’s Employer;

 

7.9.2                                             subject to Rules 7.5, 7.6, 11 and 13, if the Option Holder ceases to be Connected for any reason (including death);

 

7.9.3                                             if the Board shall have exercised its discretion pursuant to Rule 7.5 and the relevant Option shall not have been validly exercised within the period allowed for exercise and specified by the Board pursuant to Rule 7.5, at the end of that period;

 

7.9.4                                             if a Nominal-Cost Option (or part of a Nominal-Cost Option) is exercisable pursuant to Rule 7.6 and shall not have been validly exercised within the period allowed for exercise pursuant to that Rule, at the end of that period.

 

7.9.5                                             at 5.00pm GMT on the day preceding the tenth anniversary of the Date of Grant;

 

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7.9.6                                             in relation to part of an RSU-style Option to which Rule 8.5 applies, at the end of any period for exercise specified pursuant to that Rule;

 

7.9.7                                             in relation to part of an RSU-style Option, at 5.00 pm GMT on the last day of the Short-Term Deferral Period applicable to that part of the Option;

 

7.9.8                                             if the Option (or any rights under it) is transferred or assigned (other than to the Personal Representatives of the Option Holder on the death of the Option Holder), mortgaged, charged or any other security interest created over it or otherwise disposed of by the Option Holder or the Option Holder attempts to do any such thing;

 

7.9.9                                             if the Option Holder is adjudged bankrupt under Part IX of the Insolvency Act 1986, or applies for an interim order under Part VIII of the Insolvency Act 1986, or proposes or makes a voluntary arrangement under Part VIII of the Insolvency Act 1986, or takes similar steps, or is similarly affected under the laws of any jurisdiction that correspond to those provisions of the Insolvency Act 1986;

 

7.9.10                                      at the end of the 40 day period referred to in Rule 11.1 or, if earlier, at the end of any period specified by the Board pursuant to Rule 11.2;

 

7.9.11                                      at the end of the 40 day period referred to in Rule 13.1 or, if earlier, at the end of any period specified by the Board pursuant to Rule 13.2;

 

7.9.12                                      if any Performance Target to which the Option is subject becomes incapable of being attained by the end of the relevant Performance Period.

 

8.                                      MANNER OF EXERCISE OF OPTIONS

 

8.1                               Save where an Option is automatically exercised in accordance with Rules 8.4 or 8.6, an Option shall be exercised in whole or in part by the Option Holder (or, as the case may be, his Personal Representatives) delivering to the Company (acting as agent of the Grantor) a written exercise notice (in such form prescribed by the Board from time to time, which can, without limitation, be in electronic form) specifying the number of Shares in respect of which the Option is being exercised.  Such notice shall be accompanied by the payment of an amount equal to the Option Price multiplied by the number of Shares specified in the exercise notice in respect of which the Option is exercised and by any payment required under Rule 9 and/or any documentation relating to arrangements or agreements required under Rule 9 (save to the extent the Option Holder enters into other arrangements satisfactory to the Company for the payment of any such sum in relation to the Exercise Price and/or any sum required to be paid under Rule 9).

 

8.2                               Where an Option is exercised in part only the balance of the Option not thereby exercised shall continue to be exercisable in accordance with these Rules and the relevant Option Agreement or Deed of Grant.

 

8.3                               Any exercise notice shall be invalid:

 

8.3.1                                             to the extent that it is inconsistent with the Option Holder’s rights under these Rules and/or the Option Agreement or Deed of Grant; and

 

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8.3.2                                             if any of the requirements of Rule 8.1 are not met; or

 

8.3.3                                             if any payment referred to in Rule 8.1 is made by a cheque that is not honoured on first presentation or in any other manner which fails to transfer the expected value to the Company.

 

8.4                               Subject to Rule 8.5, an RSU-style Option shall be automatically exercised to the full extent of the Vested Shares on the day it first becomes exercisable in relation to those Vested Shares by reason of the conditions set out in any applicable Vesting Schedule or Performance Targets being met (or if that day is not a dealing day on NASDAQ, the next day that is a dealing day), subject to and in accordance with the provisions of Rule 8.7 and 8.8.  For the avoidance of doubt this Rule 8.4 shall not apply to any part of the RSU-style Option that becomes exercisable in accordance with Rule 7.5, Rule 11 or Rule 13.

 

8.5                               An RSU-style Option may be granted on terms that Rule 8.4 does not apply to it.  In such cases, the Board may specify a period for the exercise of each part of the RSU-style Option following the Shares in that part becoming Vested Shares (such period not to exceed the Short-Term Deferral Period applicable to that part), and if not exercised by the end of that period that part of the Option shall lapse.

 

8.6                               A Nominal-Cost Option shall be automatically exercised to the full extent of the Vested Shares in the circumstances set out in Rule 7.6 (save where Rule 7.7 applies to that Nominal-Cost Option), subject to and in accordance with the provisions of Rule 8.7 and 8.8.

 

8.7                               No Option shall be automatically exercised at any time when a notice to exercise the Option would be invalid under Rule 8.9.1 or 8.9.2, or at any time when the exercise of the Option, or any sale of Shares or ADSs derived from Shares necessary to effect the automatic exercise of the Option, would be prohibited by applicable law or regulation or the Company’s Insider Trading Policy from time to time, or at a time when ADSs are not listed on NASDAQ.  In any case where the automatic exercise of the Option is prevented by this Rule 8.7, the Option may be exercised in accordance with the provisions of Rule 8.1 at any time the exercise of the Option is not otherwise prevented by these Rules.

 

8.8                               Where an Option is automatically exercised the Company shall take such steps as it considers necessary in relation to the exercise of the Option and to allot and/or issue the relevant Shares to the Option Holder or to a nominee for him sell or procure the sale of sufficient Vested Shares or ADSs derived from those Vested Shares on or following exercise of the Option on his behalf to ensure that the Company receives the amount required to meet the Option Price and any Tax Liability and any associated costs, taxes, duties and other expenses associated with the sale of the Shares, the creation of ADSs from the Shares and/or the sale of ADSs created from the Shares as authorised by the Option Holder in accordance with Rule 3.4B.  The balance of the Shares and/or ADSs not sold in accordance with these provisions shall be held in an account in the name of the Option Holder or of a nominee for the Option Holder.

 

8.9                               A notice to exercise an Option by an Option Holder will be invalid:

 

8.9.1                                             when any Group Company has begun disciplinary proceedings against the relevant Option Holder which have not been concluded; or

 

8.9.2                                             while any Group Company is investigating the relevant Option Holder’s conduct and may as a result begin disciplinary proceedings; or

 

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8.9.3                                             while there is a breach of the relevant Option Holder’s contract of employment which entitles any Group Company to dismiss the Option Holder (whether or not the Group Company is aware of that breach); or

 

8.9.4                                             at any time when the relevant Option Holder is no longer employed by a Group Company but the Option remains capable of exercise, if there  was a material breach of the Option Holder’s employment contract:

 

(a)                                 of which no Group Company was aware (or not fully aware) until after:

 

(i)                                     the time when the Option Holder ceased employment; and

 

(ii)           the time when the Board decided to permit the exercise of the Option following the Option Holder’s cessation of employment (if such permission has been granted); and

 

(b)                                 which would have prevented the grant or exercise of the Option, had any Group Company been aware (or fully aware) of that breach at the relevant time.

 

8.10                        The Board shall treat Option Holders fairly and reasonably when making decisions or taking steps under Rule 8.9.

 

8.11                        The Company may permit the Option Holder to correct any defect referred to in Rule 8.3.2 or 8.3.3 (but shall not be obliged to do so). The date of any corrected exercise notice shall be the date of the correction rather than the original notice date for all other purposes of the Scheme.

 

8.12                        Subject to the other Rules of this Scheme, as soon as practicable and in any event not more than 30 days after receipt by the Company of a valid notice exercising an Option or the automatic exercise of an Option, the Shares in respect of which the Option has been exercised shall be allotted and/or issued by the Company to the Option Holder (or a nominee for the Option Holder), or shall be transferred to the Option Holder (or a nominee for the Option Holder).

 

8.13                        The Company shall be responsible for any stamp duty payable by an Option Holder in respect of the transfer of any Shares to him pursuant to the exercise of an Option.

 

8.14                        Except for any rights determined by reference to a date before the date of allotment, Shares allotted and issued in satisfaction of the exercise of an Option shall rank equally in all respects with the other shares of the same class in issue at the date of allotment.

 

9.                                      TAX LIABILITIES

 

9.1                               Each Option Agreement shall include the Option Holder’s irrevocable agreement to:

 

(a)                                 pay to the Option Holder’s Employer the amount of any Tax Liability; or

 

(b)                                 enter into arrangements to the satisfaction of the Option Holder’s Employer for payment of any Tax Liability.

 

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Where an Option is granted by Deed of Grant, the acceptance of the terms of the Option in accordance with Rule 3.4A.2 shall constitute the Option Holder’s irrevocable agreement to these terms.

 

9.2                               Unless the Option Holder’s Employer directs that it shall not, each Option Agreement shall include the Option Holder’s irrevocable agreement that:

 

(a)                                 the Option Holder’s Employer may recover the whole or any part of any Employer NICs from the Option Holder; and

 

(b)                                 at the request of the Option Holder’s Employer, the Option Holder shall elect (using a form approved by HMRC) that the whole or any part of the liability for Employer NICs shall be transferred to the Option Holder.

 

Where an Option is granted by Deed of Grant, the acceptance of the terms of the Option in accordance with Rule 3.4A.2 shall constitute the Option Holder’s irrevocable agreement to these terms (unless the Option Holder’s Employer directs that it shall not).

 

9.3                               The Option Holder’s Employer may decide to release the Option Holder from, or not to enforce, any part of the Option Holder’s obligations in respect of Employer NICs under Rule 9.1 and 9.2.

 

9.4                               If an Option Holder does not fulfil his obligations under either Rule 9.1(a) or Rule 9.1(b) in respect of any Tax Liability arising from the exercise of an Option within seven days after the date of exercise and Shares are readily saleable at that time, the Grantor shall withhold Sufficient Shares from the Shares which would otherwise be delivered to the Option Holder.  From the net proceeds of sale of those withheld Shares, the Granter shall pay to the Option Holder’s Employer an amount equal to the Tax Liability and shall pay any balance to the Option Holder.  The Option Holder’s obligations under Rule 9.1(a) and Rule 9.1(b) shall not be affected by any failure of the Company to withhold Shares under this Rule 9.4.

 

9.5                               Option Holders shall have no rights to compensation or damages on account of any tax or National Insurance contributions liability which arises or is increased (or is claimed to arise or be increased) in whole or in part because of:

 

(a)                                 any decision of HMRC that an Option does not meet the requirements of Schedule 5 ITEPA 2003 and is therefore not an EMI Option, however that decision may arise;

 

(b)                                 any Disqualifying Event, however that event may be caused; or

 

(c)                                  the timing of any decision by the Board to permit the exercise of an Option under Rule 7.5.

 

9.6                               Each Option Agreement shall include the Option Holder’s irrevocable agreement to enter into a joint election, under section 431(1) or section 431(2) of ITEPA 2003, in respect of the Shares to be acquired on exercise of the relevant Option, if required to do so by the Company or Option Holder’s Employer, on or before any date of exercise of the Option. Where an Option is granted by Deed of Grant, the acceptance of the terms of the Option in accordance with Rule 3.4A.2 shall constitute the Option Holder’s irrevocable agreement to enter into such an election if so required.

 

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9.7                               Each Option Agreement shall include a power of attorney appointing the Company as the Option Holder’s agent and attorney for the purposes of Rule 9.4 and Rule 9.6.  Where an Option is granted by way of Deed of Grant, the acceptance of the terms of the Option in accordance with Rule 3.4A.2 shall constitute the Option Holder’s appointment of the Company as the Option Holder’s agent for the purposes of Rule 9.4 and Rule 9.6.

 

10.                               NON-TRANSFERABILITY OF OPTIONS

 

10.1                        During his lifetime, only the individual to whom an Option is granted may exercise that Option.  Options (and any rights arising under them) may not be transferred or assigned or have any charge or other security interest created over them.

 

11.                               TAKEOVERS

 

11.1                        Subject to Rules 7.1, 11.2, and 12, if any person (“the Controller”) acquires control of the Company as a result of:

 

11.1.1                                      making an offer to acquire the whole of the issued share capital of the Company which is made on a condition such that, if it is satisfied, the Controller will (on its own account or acting together with others) have control of the Company; or

 

11.1.2                                      making an offer to acquire all the shares in the Company which are of the same class as the Shares (on its own account or acting together with others); or

 

11.1.3                                      entering into a share sale and purchase agreement which will result in the Controller obtaining Control of the Company upon completion (on its own account or acting together with others);

 

the Option Holder shall, whether or not he subsequently or in consequence of the change in control ceases to be Connected for any reason but subject to the provisions of Rules 7.1, 7.2 and 7.3, be entitled to exercise his Option in whole or in part within the period of 40 days beginning with the date when the Controller has obtained control of the Company and (if relevant) any condition subject to which the offer is made has been satisfied and to the extent that the Option is not exercised within such period it shall lapse and cease to be exercisable.

 

11.2                        Notwithstanding Rule 11.1, if a person makes such an offer as is referred to in Rule 11.1.1 or 11.1.2 or negotiates a share sale and purchase agreement with the shareholders of the Company which will result in a change in control, the Board may, in its absolute discretion and by notice in writing to all Option Holders, declare all outstanding Options to be exercisable in respect of all Option Shares which would become Vested Shares upon such change of control in anticipation of the change in control during a reasonable limited period specified by the Board in the notice (which period shall end immediately before the Controller obtains control of the Company, if it has not already ended).  If the Board so declares, all outstanding Options may be exercised at any time during such period.  If not exercised, the Options shall lapse immediately upon the expiry of such period.

 

12.                               QUALIFYING EXCHANGE OF SHARES

 

12.1                        The provisions of Rule 12.2 shall have effect, and Rule 11.1 shall not apply if another company obtains all the shares of the Company as a result of a “qualifying exchange of shares” (falling within paragraph 40 of Schedule 5 to ITEPA 2003) and the Option Holder is invited to release his rights under his Option in consideration of the grant to him of rights (the “Replacement Option”) which are equivalent but relate to shares in the acquiring company and the requirements of paragraphs 42 and 43 of Schedule 5 to ITEPA 2003 would be met in relation to the Replacement Option.

 

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12.2                        If the Option Holder does not agree to release his rights under his Option in consideration of the grant to him of such Replacement Option then his Option shall lapse and cease to be exercisable at the end of the period within which the Option Holder could have accepted such invitation.

 

13.                               SALE

 

13.1                        In the event of a Sale, Options may be exercised in respect of Vested Shares whether or not the relevant Option Holder shall have ceased to be Connected subsequently to or in consequence of that Sale within the period of 40 days beginning with the date of the Sale and shall lapse and cease to be exercisable at the end of that period.

 

13.2                        If the Board anticipates that a Sale may occur, the Board may invite Option Holders to exercise Options in respect of Option Shares which would become Vested Shares upon such Sale within such period preceding such Sale as the Board may specify and, if an Option is not then exercised, it shall, unless the Board otherwise determines, lapse and cease to be exercisable at the end of that period.

 

14.                               LISTING

 

[Rule 14 has been deleted]

 

15.                               VARIATION OF SHARE CAPITAL

 

15.1                        If there is any variation of the share capital of the Company (whether that variation is a capitalisation issue (other than a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise) which affects (or may affect) the value of Options to Option Holders, the Board may adjust the number and description of Shares subject to each Option and/or the Option Price of each Option in a manner which the Board, in its reasonable opinion, considers to be fair and appropriate. However:

 

15.1.1                                      the amendment of any Option granted by a Grantor other than the Company shall require the consent of that Grantor (which shall not be unreasonably withheld);

 

the Board should note that the amendment of an EMI Option:

 

(a)                                 may be a Disqualifying Event;

 

(b)                                 may be regarded by HMRC as the release of the Option and the grant of a replacement share option which lacks EMI tax advantages; and

 

(c)                                  it is possible to consult the Small Company Enterprise Centre of HMRC before any amendment proposed to be made under this Rule 15 and obtain their informal confirmation that they do not consider that the amendment would fall within either (i) or (ii) above;

 

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15.1.2                                      the total amount payable on the exercise of any Option in full shall not be increased; and

 

15.1.3                                      the Option Price for a Share to be newly issued on the exercise of any Option shall not be reduced below its nominal value (unless the Board resolves to capitalise, from reserves, an amount equal to the amount by which the total nominal value of the relevant Shares exceeds the total adjusted Option Price, and to apply such amount to pay-up the relevant Shares in full).

 

16.                               RELATIONSHIP WITH EMPLOYMENT CONTRACT

 

16.1                        This Scheme shall not form part of any contract of employment or letter of appointment between any Eligible Person and any Group Company and shall not confer on any Eligible Person any legal or equitable rights whatsoever against any such company nor give rise to any claim or cause of action at common law under statute or in equity.

 

16.2                        The grant of an option shall not form part of the Option Holder’s entitlement to remuneration or benefits pursuant to his contract of employment or letter of appointment or count as wages or remuneration for pension purposes nor does the existence of a contract of employment or a letter of appointment between any person and any Group Company give such person any right or entitlement to have an Option granted to him in respect of any number of Shares or any expectation that an Option might be granted to him whether subject to any conditions or at all.

 

16.3                        The rights and obligations of an Option Holder under the terms of his contract of employment or letter of appointment shall not be affected by the grant of an Option or his participation in this Scheme.

 

16.4                        The rights granted to an Option Holder upon the grant of an Option shall not afford the Option Holder any rights or additional rights to compensation or damages in consequence of the loss or termination of his office or employment with any Group Company for any reason whatsoever (whether or not in circumstances giving rise to a claim for wrongful or unfair dismissal).

 

17.                               VARIATIONS AND TERMINATION

 

17.1                        The Board may from time to time in its absolute discretion, subject to Rules 17.2 and 17.3, amend, delete or add to the Rules of this Scheme in any respect as they deem desirable.

 

17.2                        No amendment, deletion or addition shall be made which would adversely affect in any way any subsisting rights of Option Holders under the Scheme unless it is made:

 

17.2.1                                      with the prior written consent of such number of Option Holders as hold Options under the Scheme to acquire 75 per cent of the Shares which would be issued or transferred if all Options granted and subsisting under the Scheme were at that time exercised; or

 

17.2.2                                      by a resolution at a meeting of Option Holders passed by not less than 75 per cent of the Option Holders who attend and vote either in person or by proxy, and for the purposes of this Rule 17.2 the Option Holders shall be treated as a separate class of share capital and the provisions of the Articles of Association of the Company relating to class meetings shall apply mutatis mutandis.

 

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17.3                        This Scheme may be terminated at any time by a resolution of the Board or of the Company in general meeting, but if not terminated before then shall terminate on 15 March 2025.  On termination, no further Options shall be granted, but Options granted prior to such termination shall continue to be valid and exercisable in accordance with these Rules.

 

18.                               HMRC REQUESTS

 

18.1                        The Company shall provide to HMRC (within such time limit as the HMRC directs) any information in relation to this Scheme or the grant of Options under it and an Option Holder shall:

 

18.1.1                                      promptly provide to the Company such information as it may reasonably request; and

 

18.1.2                                      consent to the Company providing such information concerning him to HMRC for the purpose of complying with such request from HMRC.

 

19.                               EMI

 

19.1                        Except as described in this Rule, the Rules of this Scheme shall apply to EMI Options in exactly the same way as they apply to other Options.

 

19.2                        No warranty, representation or undertaking of any nature is given to the holder of an EMI Option that the EMI Option is a qualifying option for the purposes of ITEPA 2003 or that a disqualifying event will not occur in relation to an EMI Option.  Neither the Board, the Company nor any other person shall be liable to the Option Holder for any loss of whatsoever nature resulting from the failure for any reason of an Option granted as an EMI Option to meet the conditions of Schedule 5 to ITEPA 2003, whether such failure results from the inadvertent or deliberate act of the Board, the Company or any other person or for any other reason whatsoever.

 

20.                               GENERAL

 

20.1                        Any notice or other communication under or in connection with this Scheme may be given in such manner as the Board determines to be appropriate. Items sent by post shall be sent by pre-paid first-class post and shall be deemed to have been received at 12 noon on the second business day after posting.  This Rule 20.1 shall not apply to the service of any proceedings or other documents in any legal action.

 

20.2                        The Company shall at all times ensure that the Board is authorised to satisfy all rights from time to time subsisting under Options granted pursuant to this Scheme, taking account of any other obligations of the Company to allot and issue unissued Shares.

 

20.3                        The Board’s decision on any matter relating to this Scheme including any disputes relating to an Option shall be final and binding.

 

20.4                        The costs of introducing and administering this Scheme shall be borne by the Company.

 

20.5                        The Scheme shall be administered by the Board and the Board shall have power from time to time to make or vary regulations for the administration and operation of this Scheme provided that such regulations are not inconsistent with these Rules.

 

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20.6                        Notwithstanding Rule 20.5, or anything else to the contrary in these Rules, any matter to be determined in relation to an Option granted or to be granted to, or held by, the Company’s chief executive officer or its other executive officers must be determined or recommended to the full board of the Company for determination either by:

 

20.6.1                                      independent directors constituting a majority of the board’s independent directors in a vote in which only independent directors participate; or

 

20.6.2                                      a compensation committee comprised solely of independent directors.

 

This Rule 20.6 shall be interpreted in accordance with the NASDAQ Listing Rules, save that “independent director” shall mean a person who is both an independent director within the meaning of the NASDAQ Listing Rules and a non-employee director within the meaning of Rule16b-3 under the Securities Exchange Act of 1934 of the United States (the “Exchange Act”).

 

20.7                        Subject always to Rule 20.6, the Board may delegate its powers to such person or persons as it determines, and on such terms as it determines, provided that the Board may not delegate its power and authority to the Chief Executive Officer or other executive officer of the Company with regard to the selection for participation in this Plan of an officer, director or other person subject to Section 16 of the Exchange Act or decisions concerning the timing, pricing or amount of an Option granted to such an officer, director or other person.

 

20.8                        The Company and any other Grantor shall not be obliged to provide Option Holders with copies of any materials sent to the holders of Shares.

 

20.9                        The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Scheme nor to any Option granted under it and no person other than the parties referred to in these Rules including, without prejudice to the generality of the foregoing, the relevant Option Holder’s Employer and the parties to an Option shall have any rights under it nor shall it be enforceable under that Act by any person other than the parties to it.

 

20.10                 No individual shall have any claim against any member of the Group arising out of his not being admitted to participation in the Scheme which is entirely within the discretion of the Board.

 

20.11                 In the case of the partial exercise of an Option, the Board may call in or endorse or cancel and reissue as it thinks fit, any certificate for the balance of Shares over which the Option was granted.

 

20.12                 Neither the Company nor any Grantor shall be obliged to notify any Option Holder if an Option is due to lapse.

 

21.                               GOVERNING LAW AND JURISDICTION

 

21.1                        These Rules and all Options granted hereunder shall be governed by and construed in accordance with English law.

 

21.2                        The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including a non-contractual dispute or claim) that arises out of or in connection with these Rules, the Scheme or its subject matter and any Option or its subject matter or formation.

 

25Exhibit
4.1

 

WARRANT
AGREEMENT

 

This
agreement is made as of March 13, 2018 between Opes Acquisition Corp., a Delaware corporation, with offices at c/o Axis Capital
Management, Park Plaza Torre I Javier Barros Sierra 540, Of. 103, Col. Santa Fe, 01210 México City, México (“Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street Plaza, New York, New
York 10004 (“Warrant Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 11,500,000 units, each unit (“Unit”)
comprised of one share of common stock of the Company, par value $.0001 per share (“Common Stock”), and one
warrant, where each warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject
to adjustment as described herein, and, in connection therewith, will issue and deliver up to 11,500,000 warrants (the “Public
Warrants”) to the public investors in connection with the Public Offering (including up to 1,500,000 Public Warrants
to be issued to certain underwriters upon the exercise of an overallotment option); and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form
S-1, No. 333-223106 (“Registration Statement”), for the registration, under the Securities Act of 1933, as
amended (“Act”) of, among other securities, the Public Warrants; and

 

WHEREAS,
the Company has agreed to issue to EarlyBirdCapital, Inc. (“EBC”) and/or its designees unit purchase options
to purchase up to 750,000 Units pursuant to which up to an aggregate of 750,000 warrants (the “EBC Warrants”)
may be issued; and

 

WHEREAS,
the Company has received binding commitments (“Subscription Agreements”) from its initial stockholders to purchase
up to an aggregate of 445,000 Units and in connection therewith, the Company will issue and deliver up to an aggregate of 445,000
Warrants (the “Private Warrants”) upon consummation of such private placement (“Private Offering”);
and

 

WHEREAS,
the Company may issue up to an additional 150,000 Warrants (“Working Capital Warrants”) in satisfaction of
certain working capital loans made by the Company’s officers, directors, initial stockholders, and affiliates; and

 

WHEREAS,
following consummation of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants”
and together with the Public Warrants, EBC Warrants, Private Warrants and Working Capital Warrants, the “Warrants”)
in connection with, or following the consummation by the Company of, a Business Combination (defined below); and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

    1

     

    

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.            Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth
in this Agreement.

 

2.            Warrants.

 

2.1.          Form
of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the
Board of Directors or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a
facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall
have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with
the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2.          Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and
be represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or
the facilities of The Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case
as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have
the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance
with the terms of this Agreement.

 

2.3.          Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by
the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder
thereof.

 

2.4.          Registration.

 

 2.4.1.          Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.

 

    2

     

    

 

2.4.2.          Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing
on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof,
and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5.          Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 90th day following
the date of the prospectus or, if such 90th day is not on a day, other than Saturday, Sunday or federal holiday, on
which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding
Business Day following such date, or earlier with the consent of EBC, but in no event will EBC allow separate trading of the securities
comprising the Units until (i) the Company has filed a Current Report on Form 8-K which includes an audited balance sheet reflecting
the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the
exercise of the underwriters’ over-allotment option in the Public Offering, if the over-allotment option is exercised prior
to the filing of the Form 8-K, and (ii) the Company has issued a press release and has filed a Current Report on Form 8-K announcing
when such separate trading shall begin (the “Detachment Date”).

 

2.6.          Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be issued in the same
form as the Public Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless
basis at the holder’s option, in either case as long as they are held by the initial purchasers or their permitted transferees
(as prescribed in Section 5.6 hereof). Once a Private Warrant or Working Capital Warrant is transferred to a holder other than
an affiliate or permitted transferee, it shall be treated as a Public Warrant hereunder for all purposes.

 

2.7.          EBC
Warrants. The EBC Warrants, when issued, shall have the same terms and be in the same form as the Public Warrants. The provisions
of this Section 2.7 may not be modified, amended or deleted without the prior written consent of EBC.

 

2.8          Post
IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants
except as may be agreed upon by the Company.

 

3.            Terms
and Exercise of Warrants

 

3.1.          Warrant
Price. Each whole Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to
the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated
therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of
this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at which the shares
of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant
Price at any time prior to the Expiration Date (as defined below) for a period of not less than ten (10) Business Days; provided,
that the Company shall provide at least ten (10) days prior written notice of such reduction to registered holders of the Warrants
and, provided further that any such reduction shall be applied consistently to all of the Warrants.

 

    3

     

    

 

3.2.         Duration
of Warrants. A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation by
the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities (“Business Combination”) (as described more fully in
the Registration Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City
time on the earlier to occur of (i) five years from the consummation of a Business Combination and (ii) the Redemption Date as
provided in Section 6.2 of this Agreement (“Expiration Date”). The period of time from the date the Warrants will
first become exercisable until the expiration of the Warrants shall hereafter be referred to as the “Exercise Period.”
Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the
Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty (20) days prior written
notice of any such extension to registered holders and, provided further that any such extension shall be applied consistently
to all of the Warrants.

 

3.3.         Exercise
of Warrants.

 

3.3.1.      Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised
by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as
Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each share of Common Stock as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, as follows:

 

(a)          by
good certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company); or

 

(b)          in
the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all holders
of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares
of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by
(y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average
reported last sale price of the Common Stock for the five (5) trading days ending on the third trading day prior to the date on
which the notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or

 

    4

     

    

 

(c)              with
respect to any Private Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants are
held by the initial purchasers or their permitted transferees, by surrendering such Private Warrants or Working Capital Warrants
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair
Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair
Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair Market
Value” shall mean the average reported last sale price of the Common Stock for the five (5) trading days ending on the trading
day prior to the date of exercise; or

 

(d)              in
the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after
the closing of a Business Combination, by surrendering such Warrants for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference
between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however,
that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely
for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last sale price of
the Common Stock for the five (5) trading days ending on the trading day prior to the date of exercise.

 

3.3.2.          Issuance
of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates for the
number of shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him,
her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as
to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to
net cash settle the Warrant exercise. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of
Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Warrants. In the event
that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant
shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser
of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common
Stock underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which
such exercise would be unlawful.

 

3.3.3.          Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and nonassessable.

 

    5

     

    

 

3.3.4.          Date
of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the
Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the share transfer books are open.

 

3.3.5         
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless
he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 9.8% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant
with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be
issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates
and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number
of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in
(1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other
public filing with the Securities and Exchange Commission as the case may be, (2) a more recent public announcement by the Company
or (3) any other notice by the Company or Continental Stock Transfer & Trust Company setting forth the number of shares of
Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall,
within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease
the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any
such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    6

     

    

 

4.            Adjustments.

 

4.1.          Stock
Dividends; Split Ups. If after the date hereof, the number of outstanding shares of Common Stock is increased by a stock dividend
payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on the effective
date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant
shall be increased in proportion to such increase in outstanding shares of Common Stock.

 

4.2.          Aggregation
of Shares. If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

4.3          Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be
decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market
value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid on each
share of Common Stock in respect of such Extraordinary Dividend; provided, however, that none of the following shall be deemed
an Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends
or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the
Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50
(as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash
dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock
issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions
equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders of the shares of Common Stock in
connection with a proposed initial Business Combination or (d) any payment in connection with the Company’s liquidation
and the distribution of its assets upon its failure to consummate a Business Combination. Solely for purposes of illustration,
if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously paid
an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock during the 365-day period ending on the date
of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately after the effective date
of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all cash dividends
and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50
and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35
dividend)).

 

4.4          Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock
purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be
the number of shares of Common Stock so purchasable immediately thereafter.

 

    7

     

    

 

4.5.          Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
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
Common Stock), 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 Warrant 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 shares of Common Stock 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 Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior
to such event; and if any reclassification also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then
such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

4.6.          Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, the Company shall give written
notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the
effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of
such event.

 

4.7.          No
Fractional Warrants or Shares. No fractional Warrants will be issued hereunder. Additionally, notwithstanding any provision
contained in this Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason
of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant,
to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number of shares
of Common Stock to be issued to the Warrant holder.

 

4.8.          Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued
pursuant to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant
that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

    8

     

    

 

4.9
          Other Events. In case any event shall occur affecting the Company
as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would require
an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent
and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment
banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment
to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine
that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner
that is consistent with any adjustment recommended in such opinion.

 

5.            Transfer
and Exchange of Warrants.

 

5.1.          Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.

 

5.2.          Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange
or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered
holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event
that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue
new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such
transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3.          Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in
the issuance of a warrant certificate for a fraction of a warrant.

 

5.4.          Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5.          Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

    9

     

    

 

5.6.          Private
Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants until after the
consummation by the Company of an initial Business Combination, except for transfers (i) among the initial stockholders or to
the initial stockholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s
stockholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift
to a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s
immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death,
(v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the
consummation of a Business Combination or (vii) in connection with the consummation of a Business Combination by private sales
at prices no greater than the price at which the Private Warrants were originally purchased, in each case (except for clause (vi)
or with the Company’s and EBC’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian
for such transferee agrees to be bound by the terms of the Subscription Agreement and any other applicable agreement the transferor
is bound by.

 

5.7.          Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with
the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange
of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer
of Warrants on or after the Detachment Date.

 

6.            Redemption.

 

6.1.          Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time during the Exercise Period (so long as there is a current registration statement in effect with respect to the shares
of Common Stock underlying the Warrants), at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the
price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock equals or
exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within
any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given.

 

6.2.          Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject
to redemption, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall
be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to
the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books.
Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered
holder received such notice.

 

    10

     

    

 

6.3.          Exercise
After Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section
6.2 hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Public Warrants to
exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain
the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including
the “Fair Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants shall have
no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4          Exclusion
of Certain Warrants. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption.
However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that
the criteria for redemption is met. Additionally, the Company agrees that the redemption rights provided in this Section 6 shall
not apply to (i) the Private Warrants and Working Capital Warrants if at the time of the redemption such Private Warrants or Working
Capital Warrants continue to be held by the initial purchasers or their permitted transferees or (ii) Post IPO Warrants if such
warrants provide that they are non-redeemable by the Company. However, with respect to the Private Warrants or Working Capital
Warrants, once such Private Warrants or Working Capital Warrants are transferred (other than to permitted transferees under Section
5.6), the Company may redeem the Private Warrants and Working Capital Warrants in the same manner as the Public Warrants. The
provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

7.            Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1.          No
Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter.

 

7.2.          Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or
not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3.          Reservation
of Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.

 

    11

     

    

 

7.4.          Registration
of Shares of Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
it shall use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration,
under the Act, of the shares of Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take
such action as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the
Company and in those states where holders of Warrants then reside, the shares of Common Stock issuable upon exercise of the Warrants,
to the extent an exemption is not available. The Company will use its best efforts to cause the same to become effective and to
maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions
of this Agreement. If any such registration statement has not been declared effective by the 90th day following the closing of
the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after the
closing of the Business Combination and ending upon such registration statement being declared effective by the Securities and
Exchange Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis”
as determined in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of counsel for
the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares of
Common Stock issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive
legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4.
The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

8.            Concerning
the Warrant Agent and Other Matters.

 

8.1.          Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company
shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

    12

     

    

 

8.2.         Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1.          Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant
may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant
Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a
corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in
the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject
to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with
all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if
originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate,
the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor
Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor
Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

8.2.2.          Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the shares of Common Stock not later than the effective date of any
such appointment.

 

8.2.3.          Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.

 

8.3.         Fees
and Expenses of Warrant Agent.

 

8.3.1.          Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will
reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its
duties hereunder.

 

8.3.2.          Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent
for the carrying out or performing of the provisions of this Agreement.

 

8.4.         Liability
of Warrant Agent.

 

8.4.1.          Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith
by it pursuant to the provisions of this Agreement.

 

    13

     

    

 

8.4.2.          Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant
Agent’s gross negligence, willful misconduct, or bad faith.

 

8.4.3.          Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this 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 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 shares of Common Stock to be issued pursuant to this Agreement or any
Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

8.5.          Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common
Stock through the exercise of Warrants.

 

9.          Miscellaneous
Provisions.

 

9.1.          Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

9.2.          Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any
Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Company with the Warrant Agent), as follows:

 

Opes
Acquisition Corp.

c/o
Axis Capital Management

Park
Plaza Torre I

Javier
Barros Sierra 540, Of. 103

Col.
Santa Fe

01210
México City, México

Attn:
José Antonio Cañedo White

 

    14

     

    

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to
or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza

New
York, New York 10004

Attn:
Compliance Department

 

with
a copy in each case to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

 

and

Greenberg
Traurig, LLP

Met
Life Building

200
Park Avenue

New
York, New York 10166

Attn:
Alan I. Annex, Esq.

 

and

EarlyBirdCapital,
Inc.

366
Madison Avenue, 8th Floor

New
York, New York 10017

Attn:
David M. Nussbaum, Chairman

 

9.3.          Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    15

     

    

 

9.4.          Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants and, for the purposes of Sections 2.7, 6.4, 7.4, 9.4 and 9.8 hereof, EBC, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. EBC shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.7, 6.4, 7.4, 9.4 and
9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for
the sole and exclusive benefit of the parties hereto (and EBC with respect to the Sections 2.7, 6.4, 7.4, 9.4 and 9.8 hereof)
and their successors and assigns and of the registered holders of the Warrants.

 

9.5.          Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.

 

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

 

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

 

9.8      
    Amendments. This Agreement may be amended by the parties hereto (and EBC, if required) without
the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective
provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this
Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of
the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten
the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority of the then outstanding
Public Warrants, Private Warrants and EBC Warrants if such modification or amendment is being undertaken prior to, or in connection
with, the consummation of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment
is being undertaken after the consummation of a Business Combination. Notwithstanding the foregoing, the Company may lower the
Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent
of the registered holders.

 

9.9          Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account
established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.
In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim
solely against the Company and not against the property held in the Trust Account.

 

    16

     

    

 

9.10
          Severability. This Agreement shall be deemed severable, and
the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement
or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be valid and enforceable.

 

[signature
page follows]

 

    17

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	OPES
    ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Miguel Angel Villegas
	 	 	  Name:
    Miguel Angel Villegas
	 	 	  Title:
    Chief Financial Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER 

    & TRUST COMPANY
	 	 	 
	 	By:	/s/
    Kevin Jennings
	 	 	  Name:
    Kevin Jennings
	 	 	  Title:
    Vice President

 

18

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