Document:

EXHIBIT 10.3

 

FORM OF LOCK-UP
AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of [●],
2022 by and among (i) The Flexi Group Holdings Ltd, a business company with limited liability incorporated under the laws of the
British Virgin Islands (“PubCo”), (ii) TG Venture Acquisition Corp., a Delaware
corporation (“SPAC”), and (iii) the undersigned (“Holder”).

 

WHEREAS,
PubCo, SPAC, The Flexi Group Limited, a business company with limited liability incorporated under the laws of the British Virgin
Islands (the “Company”), The Flexi Merger Co. Ltd, a business company
with limited liability incorporated under the laws of the British Virgin Islands and a direct wholly owned subsidiary of PubCo (“Merger
Sub 1”), and Flexi Merger Co. LLC, a Delaware limited liability company and a direct wholly owned subsidiary of PubCo (“Merger
Sub 2”), contemporaneously entered into that certain Business Combination Agreement,
dated as of the date hereof (as amended from time to time, the “the “Business Combination Agreement” and
the transactions contemplated thereby, the “Business Combination”);

 

WHEREAS, pursuant to and
subject to the terms of the Business Combination Agreement (i) Merger Sub 1 will merge with and into the Company (the “Initial
Merger”), the separate existence of Merger Sub 1 will cease and the Company will be the surviving corporation of the Initial
Merger and a direct wholly owned subsidiary of PubCo, and (ii) immediately following confirmation of the effective filing of the Initial
Merger, Merger Sub 2 will merge with and into SPAC (the “SPAC Merger”), the separate existence of Merger Sub
2 will cease and SPAC will be the surviving corporation of the SPAC Merger and a direct wholly owned subsidiary of PubCo;

 

WHEREAS, upon the effective
time of the Initial Merger, (i) the holders of Ordinary Shares of the Company will receive Class A Ordinary Shares of PubCo, par value
$0.0001 per share (“PubCo Ordinary Shares”), and (ii) upon the effect time of the SPAC Merger the holders of
SPAC common stock will receive PubCo Class A Ordinary Shares;

 

WHEREAS,
as of the date hereof, Holder is a holder of Ordinary Shares of the Company or SPAC common stock in such amounts and classes or series
as set forth underneath Holder’s name on the signature page hereto; and

 

WHEREAS,
pursuant to the Business Combination Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties desire to enter into this Agreement, pursuant to which ninety-five percent (95%) of the PubCo Ordinary
Shares to be received by Holder (the “Restricted Securities”) shall become subject to limitations on disposition
as set forth herein.

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below,
and intending to be legally bound hereby, the parties hereby agree as follows:

 

1.       Definitions.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Business Combination Agreement

 

    1

     

    

 

2.       Lock-up
Provisions.

 

(a)       Holder
hereby agrees not to Transfer any Restricted Securities from and after the Closing and until the earlier of (i) the six (6) month anniversary
of the date of the Closing, (ii) subsequent to the Business Combination, if the last sale price of PubCo’s Ordinary Shares equals
or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20
trading days within any 30-trading day period commencing at least 150 days after the Business Combination, or (iii) the date after
the Closing on which PubCo completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results
in all of PubCo’s stockholders having the right to exchange their equity holdings in PubCo for cash, securities or other property
(clause (iii), a “Liquidity Event”, and such period, the “Lock-up Period”). The foregoing
restrictions shall not apply to the Transfer of any or all of the Restricted Securities owned by Holder made in respect of a Permitted
Transfer (as defined below); provided that in any of case of a Permitted Transfer, it shall be a condition to such Transfer that
the transferee executes and delivers to PubCo an agreement, in substantially the same form of this Agreement, stating that the transferee
is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there shall be
no further Transfer of such Restricted Securities except in accordance with this Agreement. As used herein, “Transfer”
shall mean (A) the sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or
otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to, any security,
(B) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (C) public
announcement of any intention to effect any transaction, including the filing of a registration statement, specified in clause (A)
or (B). As used in this Agreement, the term “Permitted Transfer” shall mean a Transfer made: (1) in the
case of Holder being an individual, by gift to a member of one of the individual’s immediate family, an estate planning vehicle
or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable
organization; (2) in the case of Holder being an individual, by virtue of Laws of descent and distribution upon death of Holder;
(3) in the case of Holder being an individual, pursuant to a qualified domestic relations order; (4) by distributions from Holder
to its members, partners, or shareholders; (5) by virtue of applicable Law or the Holder’s organizational documents upon liquidation
or dissolution of Holder; (6) to any Affiliates of the Holder, or (7) to any employees, officers, directors or members of the
Holder or any Affiliates of Holder. For avoidance of doubt, five percent (5%) of the PubCo Ordinary Shares to be received by Holder pursuant
to the Business Combination Agreement shall not be considered “Restricted Securities” for purposes of this Agreement and shall
not be subject to the restrictions set forth in this Section 2(a).

 

(b)       If
any Transfer is made or attempted contrary to the provisions of this Agreement, such purported Transfer shall be null and void ab initio,
and PubCo shall refuse to recognize any such purported transferee of the Restricted Securities as one of its equity holders for any purpose.

 

(c)       During
the Lock-up Period, stop transfer orders shall be placed against the Restricted Securities and each certificate or book entry position
statement evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially the following form,
in addition to any other applicable legends:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF [●], BY AND
AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), THE ISSUER’S SECURITY HOLDER NAMED THEREIN AND CERTAIN OTHER PARTIES
NAMED THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN
REQUEST.”

 

(d)       For
the avoidance of any doubt, (i) Holder shall retain all of its rights as a shareholder of PubCo during the Lock-up Period, including
the right to vote, and to receive any dividends and distributions in respect of, any Restricted Securities, and (ii) the restrictions
contained in Section 1(a) of this Agreement shall not apply to any PubCo Ordinary Shares or other securities of
PubCo acquired by Holder in open market transactions or in any public or private capital raising transactions of PubCo or otherwise to
any PubCo Ordinary Shares (or other securities of PubCo) other than the Restricted Securities.

 

    2

     

    

 

3.       Miscellaneous.

 

(a)       Termination
of Business Combination Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Business Combination
Agreement is terminated in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of the parties
hereunder shall automatically terminate and be of no further force or effect.

 

(b)       Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder and
may not be transferred or delegated by Holder at any time without the prior written consent of PubCo and SPAC. Each of PubCo, and SPAC
may freely assign any or all of its rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation,
equity sale, asset sale or otherwise) without obtaining the consent or approval of Holder.

 

(c)       Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not
a party hereto or thereto or a successor or permitted assign of such a party.

 

(d)       Governing
Law. This Agreement, the rights of the parties hereunder, and all Actions arising in whole or in part under or in connection herewith,
shall be governed by and construed in accordance with the internal Laws of the State of Delaware, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the Law of any jurisdiction other than the State of Delaware. The parties hereto expressly incorporate by reference Section 11.7
and Section 11.14 (Governing Law; Jurisdiction; Waiver of Jury Trial) of the Business Combination Agreement to apply to this Agreement mutatis
mutandis, with references to the Business Combination Agreement therein deemed to reference this Agreement and references to the “Parties”
thereunder deemed to reference the parties hereto.

 

(e)       Severability.
Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable
Law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under applicable Law, all other
provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision of this
Agreement is invalid, illegal or unenforceable under applicable Law, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

(f)       Construction;
Interpretation. The headings set forth in this Agreement are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Agreement. No party hereto, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes
of construing the provisions hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly
for or against any such party.

 

    3

     

    

 

(g)       
Notices. All notices, requests, claims, demands and other communications hereunder shall be
in writing and shall be given (and shall be deemed to have been duly given) when delivered in person, when delivered by e-mail (having
obtained electronic delivery confirmation thereof), or when sent by registered or certified mail (postage prepaid, return receipt requested)
(upon receipt thereof) to the other parties hereto as follows:

 

	If to PubCo prior to the Closing,
to:	With a copy (which will not constitute
notice) to:
	 	 
	The Flexi Group Limited	Lucosky Brookman LLP
	Wisma Uoa Damansara II, Penthouse 16-1 Level	101 Wood Avenue South
	16, No 6	Woodbridge, New Jersey 08830
	Changkat Semantan, Bukit Damansara	Email: jlucosky@lucbro.com
	50490 Kuala Lumpur, Malaysia	Attention: Joseph M. Lucosky
	 	 
	Email: chris.edwards@thehive.com	 
	Attention: Chris Edwards	 

 

	If to SPAC prior to the Closing,
to:	With a copy (which shall not constitute
notice) to:
	 	 
	TG Venture Acquisition Corp.	DLA Piper LLP (US)
	1390 Market Street, Suite 200	500 8th Street, NW
	San Francisco, CA 94102	Washington, DC 20004
	Email: patrick.tsang@tsangsgroup.co	Email: jay.tannon@us.dlapiper.com
	Attention: Chief Executive Officer	Attention: Jay M. Tannon
	 	 
	If to PubCo or SPAC after the Closing, to:	With a copy (which shall not constitute notice) to:
	 	 
	The Flexi Group Limited	Lucosky Brookman LLP
	Wisma Uoa Damansara II, Penthouse 16-1 Level	101 Wood Avenue South
	16, No 6	Woodbridge, New Jersey 08830
	Changkat Semantan, Bukit Damansara	Email: jlucosky@lucbro.com
	50490 Kuala Lumpur, Malaysia	Attention: Joseph M. Lucosky
	Email: chris.edwards@thehive.com	 
	Attention: Chris Edwards	 
	 	 
	If to Holder, to: the address set forth
below Holder’s name on the signature page to this Agreement.

 

(h)      Amendments
and Waivers. This Agreement may be amended or modified only with the written consent of PubCo, SPAC, and Holder. The observance of
any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only
with the written consent of the party against whom enforcement of such waiver is sought. No failure or delay by a party in exercising
any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement,
in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.
Notwithstanding any other provision, PubCo and SPAC hereby represent, warrant, covenant and agree that (i) if any Lock-Up
Agreement signed by a stockholder of PubCo in connection with the transactions contemplated hereby is amended, modified or waived in
a manner favorable to such stockholder and that would be favorable to Holder, this Agreement shall be contemporaneously amended in the
same manner and PubCo shall provide prompt notice thereof to Holder, and (ii) if any such stockholder is released from any or all
of the lock-up restrictions under its Lock-Up Agreement, Holder will be similarly and contemporaneously released from the lock-up restrictions
hereunder (which, for the avoidance, of doubt will include a release of the same percentage of Holder’s Restricted Securities)
and PubCo shall provide prompt notice thereof to Holder.

 

    4

     

    

 

(i)       Authorization
on Behalf of PubCo. In the event that Holder or Holder’s Affiliate serves as a director, officer, employee or other authorized
agent of PubCo or any of its current or future Affiliates, Holder and/or Holder’s Affiliate shall have no authority, express or
implied, to act or make any determination on behalf of PubCo or any of its current or future Affiliates in connection with this Agreement
or any dispute or Action with respect hereto.

 

(j)       Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of
a breach of this Agreement by Holder, money damages will be inadequate and PubCo, and SPAC will have no adequate remedy at law, and agrees
that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance
with their specific terms or were otherwise breached. Accordingly, each of PubCo and SPAC shall be entitled to an injunction or restraining
order to prevent breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement
to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy
to which such party may be entitled under this Agreement, at law or in equity.

 

(k)       Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled; provided that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties
under the Merger Agreement or any Ancillary Agreements. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the
rights or remedies of PubCo and SPAC, and or any of the obligations of Holder under any other agreement between Holder and PubCo or SPAC,
or any certificate or instrument executed by Holder in favor of PubCo or SPAC, and nothing in any other agreement, certificate or instrument
shall limit any of the rights or remedies of PubCo or SPAC or any of the obligations of Holder under this Agreement.

 

(l)       Further
Assurances. From time to time, at another party’s written request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be
reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(m)       
Counterparts; Electronic Signatures. This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. The words “execution,”
“signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document
related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including,
“pdf”, “tif” or “jpg”) and other electronic signatures (including, DocuSign and AdobeSign). The use
of electronic signatures and electronic records (including, any contract or other record created, generated, sent, communicated, received,
or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use
of a paper-based record-keeping system to the fullest extent permitted by applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act and any other applicable Law. Minor variations in
the form of the signature page, including footers from earlier versions of this Agreement or any such other document, shall be disregarded
in determining the party’s intent or the effectiveness of such signature.

 

* * * * *

    5

     

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	SPAC:	 
	 	 	 
	 	TG Venture Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:	Patrick Tsang
	 	Title:	Chief Executive Officer

 

	 	PUBCO:
	 	 	 
	 	The Flexi Group Holdings Ltd
	 	 	 
	 	By:	 
	 	Name: Chris Edwards
	 	Title:	Chief Executive Officer

 

[Signature
Page to Lock-up Agreement]

 

    

     

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	SPONSOR:
	 	 	 
	 	Tsangs Group Holdings Limited
	 	 	 
	 	By:	 
	 	Name:	Patrick Tsang
	 	Title:	Managing Member

 

[Signature
Page to Lock-up Agreement]

 

    

     

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	HOLDERS:
	 	 	 
	 	Dragon Active Limited
	 	 	 
	 	By:	 
	 	Name:	Kelvin Liu
	 	Title:	Managing Member
	 	 	 

 

	 	ThinkEquity, LLC
	 	 	 
	 	By:	 
	 	Name:	Eric Lord
	 	Title:	Head of Investment Banking

  

	 	TriPoint Capital Management, LLC
	 	 	 
	 	By:	 
	 	Name:	Michael Boswell
	 	Title:	Managing Director
	 	 	 

  

	 	HFI Limited
	 	 	 
	 	By:	 
	 	Name:	Simon Powell
	 	Title:	Managing Director

 

[Signature
Page to Lock-up Agreement]

 

    

     

    

  

IN WITNESS WHEREOF, each
of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 	Holder:
	 
	Name of Holder:	 
	 
	By:	 	 
	Name:	 
	Title:	 

 

	Number and Type of Securities:
	 
	Company Ordinary Shares:	 	 
	 	 
	SPAC Class A Common Stock:	 	 
	 	 
	SPAC Class B Common Stock:	 	 
	 	 
	SPAC Warrants:	 	 

 

	Address for Notice:
	 	 
	Address:	 
	 	 
	 	 
	Email:	 

 

[Signature
Page to Lock-up Agreement]EXHIBIT 10.4

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [●],
2022, is made and entered into by and among The Flexi Group Holdings Ltd, a business company with limited liability incorporated
under the laws of the British Virgin Islands (the “Company”), and each of the undersigned parties listed
as a Holder on Schedule A hereto (together with the any person or entity who hereafter becomes a party to this Agreement
pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the
“Holders”).

 

RECITALS

 

WHEREAS, upon the closing
of the business combination contemplated by that certain Business Combination Agreement, dated as of [●],
2022 (the “BCA” and the transactions contemplated thereby, the “Business Combination”),
by and among the Company, TG Venture Acquisition Corp., a Delaware corporation (“SPAC”), The Flexi Merger Co.
Ltd, a business company with limited liability incorporated under the laws of the British Virgin Islands, Flexi Merger Co. LLC, a Delaware
limited liability company and The Flexi Group Limited, a business company with limited liability incorporated under the laws of the British
Virgin Islands (“Flexi”), the Holders, among other Flexi shareholders and SPAC stockholders, will receive Class
A Ordinary Shares of the Company, par value $0.0001 per share (“Ordinary Shares”), or warrants to purchase Ordinary
Shares (“Warrants”);

 

WHEREAS, in connection with
the Business Combination, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the
Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

1.1       Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made
in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus
and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required
to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for
not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business Combination”
shall have the meaning given in the Recitals hereto.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

    1

     

    

 

“Company”
shall have the meaning given in the Preamble.

 

“Demanding Holder”
shall have the meaning given in subsection 2.1.3.

 

“Effectiveness Deadline”
shall have the meaning given in subsection 2.1.1.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Lock-up Period”
shall mean, with respect to the Ordinary Shares, the period ending on the earlier of (A) six months after the completion of the Business
Combination or (B) subsequent to the Business Combination, (x) if the last reported sale price of the Ordinary Shares equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period commencing at least 150 days after the Business Combination or (y) the date on which the Company completes
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their Ordinary Shares for cash, securities or other property.

 

“Maximum Number of
Securities” shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.

 

“Ordinary Shares”
shall have the meaning given in the Recitals hereto.

 

“Permitted Transferees”
shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the Lock-up Period, and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1.

 

“Piggyback Registration
Rights Holder” shall have the meaning given in subsection 2.2.1.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable Security”
shall mean any (a) Ordinary Shares, (b) Warrants (including any Ordinary Shares issued or issuable upon the exercise of any such Warrants)
and (c) other equity security of the Company issued or issuable with respect to any of the securities described in the foregoing clauses
(a) – (c) upon the Business Combination or by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security,
such security shall cease to be a Registrable Security when: (A) a Registration Statement with respect to the sale of such security shall
have become effective under the Securities Act and such security shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement; (B) such security shall have been otherwise transferred, a new certificate for such security not bearing
a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such security shall
not require registration under the Securities Act; (C) such security shall have ceased to be outstanding; (D) such security may be sold
without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission)
(but with no volume or other restrictions or limitations); or (E) such security has been sold to, or through, a broker, dealer or underwriter
in a public distribution or other public securities transaction.

 

    2

     

    

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration Expenses”
shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration and filing
fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities
exchange on which the Ordinary Shares is then listed;

 

(B) fees and expenses of compliance
with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue
sky qualifications of Registrable Securities);

 

(C) printing, messenger, telephone
and delivery expenses;

 

(D) reasonable fees and disbursements
of counsel for the Company;

 

(E) reasonable fees and disbursements
of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

 

(F) reasonable fees and expenses
of one legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for
offer and sale in the applicable Registration.

 

“Registration Statement”
shall mean any registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and
regulations promulgated thereunder (other than a Registration Statement on Form F-4 or Form F-8, or their successors), which registration
statement covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration
statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all
material incorporated by reference in such registration statement.

 

“Requesting Holders”
shall have the meaning given in subsection 2.1.4.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf Registration
Statement” shall have the meaning given in subsection 2.1.1.

 

“Shelf Takedown Notice”
shall have the meaning given in subsection 2.1.3.

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Subsequent Shelf Registration
Statement” shall have the meaning given in subsection 2.1.2.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten Shelf
Takedown” shall have the meaning given in subsection 2.1.3.

 

“Underwritten Registration”
or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter
in a firm commitment underwriting for distribution to the public.

 

“Withdrawal Notice”
shall have the meaning given in subsection 2.1.5.

 

    3

     

    

 

ARTICLE
2

REGISTRATIONS

 

2.1       Shelf
Registrations.

 

2.1.1       Initial
Registration. The Company shall, as promptly as reasonably practicable, but in no event later than sixty (60) calendar days after
the Closing, use its commercially reasonable efforts to file a Registration Statement under the Securities Act to permit the public resale
of all the Registrable Securities held by the Holders from time to time as permitted by Rule 415 (a “Shelf Registration
Statement”) on the terms and conditions specified in this Section 2.1.1 and shall use its commercially reasonable
efforts to cause such Shelf Registration Statement to be declared effective as promptly as reasonably practicable after the initial filing
thereof, but in no event later than the earlier of (a) sixty (60) business days following the filing deadline (the “Effectiveness
Deadline”), provided, that the Effectiveness Deadline shall be extended to ninety (90) business days after the filing
deadline if the Shelf Registration Statement is reviewed by, and the Company receives comments from, the Commission, and (b) the tenth
(10th) business day after the date the Company is notified, orally or in writing, by the Commission that the Shelf Registration
Statement will not be reviewed or will not be subject to further review. The Shelf Registration Statement filed with the Commission pursuant
to this Section 2.1.1 shall be filed on Form F-1 or such other form of registration statement as is then available to effect
a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall contain a Prospectus in such
form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 at any time beginning on the effective date
for such Shelf Registration Statement. A Shelf Registration Statement filed pursuant to this Section 2.1.1 shall provide for the
resale pursuant to any method or combination of methods legally available to, and requested prior to effectiveness by, the Holders, including
the registration of the distribution to a Holder’s shareholders, partners, members or other affiliates. The Company shall use its
commercially reasonable efforts to cause a Shelf Registration Statement filed pursuant to this Section 2.1.1 to remain effective,
and to be supplemented and amended to the extent necessary to ensure that such Shelf Registration Statement is available or, if not available,
that another Shelf Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all
such Registrable Securities have ceased to be Registrable Securities. When effective, a Shelf Registration Statement filed pursuant to
this Section 2.1.1 (including the documents incorporated therein by reference) will comply as to form in all material respects
with all applicable requirements of the Securities Act and the Exchange Act and will not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case
of any Prospectus contained in such Shelf Registration Statement, in the light of the circumstances under which such statement is made).
The Company’s obligations under this Section 2.1.1, shall, for the avoidance of doubt, be subject to Section 3.4.

 

2.1.2       Subsequent
Registration Statement. If the Shelf Registration Statement required by Section 2.1.1 ceases to be effective under the Securities
Act for any reason at any time while Registrable Securities are still outstanding, the Company shall use its commercially reasonable efforts
to, as promptly as is reasonably practicable, cause such Shelf Registration Statement to again become effective under the Securities Act
(including using its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such
Shelf Registration Statement), and shall use its commercially reasonable efforts to, as promptly as is reasonably practicable, amend such
Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of
such Shelf Registration Statement or file an additional Registration Statement (a “Subsequent Shelf Registration Statement”)
registering the resale of all Registrable Securities (determined as of two (2) business days prior to such filing), and pursuant to any
method or combination of methods legally available to, and requested by, any Holder named therein.

 

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If a Subsequent Shelf Registration
Statement is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration Statement
to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the
Subsequent Shelf Registration Statement shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under the
Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most
recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration Statement continuously effective, available
for use to permit the Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions
of the Securities Act until such time as all such Registrable Securities included therein have ceased to be Registrable Securities. Any
such Subsequent Shelf Registration Statement shall be on Form F-3 or any similar short-form registration statement that may be available
at such time to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall
be on another appropriate form. The Company’s obligations under this Section 2.1.2, shall, for the avoidance of doubt, be
subject to Section 3.4.

 

2.1.3       Underwritten
Shelf Takedown. At any time and from time to time following the effectiveness of the Shelf Registration Statement required by Section
2.1.1 or 2.1.2, and following any applicable Lock-up Period, any Holder (being in such case, a “Demanding Holder”)
may request to sell all or a portion of their Registrable Securities in an Underwritten Offering that is registered pursuant to such shelf
registration statement (an “Underwritten Shelf Takedown”), provided, that such Holder(s) (a) reasonably expect
aggregate gross proceeds in excess of $25,000,000 from such Underwritten Shelf Takedown or (b) reasonably expects to sell all of the Registrable
Securities held by such Holder in such Underwritten Shelf Takedown but in no event less than $10,000,000 in aggregate gross proceeds.
All requests for an Underwritten Shelf Takedown shall be made by giving written notice to the Company (the “Shelf Takedown
Notice”). Each Shelf Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold
in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf
Takedown. The Company shall enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by
the Company with the managing Underwriter or Underwriters selected by the initiating Demanding Holders with the prior written consent
of the Company (such consent not to be unreasonably withheld, conditioned, or delayed) and shall take all such other commercially reasonable
actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition of such Registrable
Securities. In connection with any Underwritten Shelf Takedown contemplated by this Section 2.1.4, subject to Section 3.3
and Article IV, the underwriting agreement into which each Holder and the Company shall enter shall contain such representations,
covenants, indemnities and other rights and obligations of the Company and the selling stockholders as are customary in underwritten offerings
of securities. Under no circumstances shall the Company be obligated to effect more than an aggregate of two (2) Underwritten Shelf Takedowns
pursuant to a Shelf Takedown Notice by the Demanding Holders under this subsection 2.1.4 with respect to any or all Registrable Securities
held by such Demanding Holders; provided, however, that an Underwritten Shelf Takedown pursuant to a Shelf Takedown Notice shall not be
counted for such purposes unless a Registration Statement that may be available at such time has become effective and all of the Registrable
Securities requested by the Demanding Holders have been sold.

 

2.1.4       Reduction
of Underwritten Shelf Takedown. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises
the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such Underwritten
Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares
or other equity securities that the Company desires to sell and all other Ordinary Shares or other equity securities, if any, as to which
Registration has been requested pursuant to separate written contractual arrangements with persons or entities other than the Piggyback
Registration Rights Holders hereunder, exceeds the maximum

 

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dollar amount or maximum number of equity securities that can be sold in the
Underwritten Shelf Takedown without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such Underwritten Shelf Takedown, (i) first, before including
any Ordinary Shares or other equity securities proposed to be sold by the Company or by other holders of Ordinary Shares or other equity
securities, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective
number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten
Shelf Takedown and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be
included in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities, (ii) second, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Ordinary Shares or other equity
securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities and (iii) third, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or
other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate
written contractual arrangements with such persons or entities and that can be sold without exceeding the Maximum Number of Securities

 

2.1.5       Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement
used for marketing such Underwritten Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf
Takedown shall have the right to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification
(a “Withdrawal Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw
from such Underwritten Shelf Takedown. Except as provided in Section 3.2, if an Underwritten Shelf Takedown is withdrawn pursuant
to such request, the Demanding Holder shall reimburse the Company for all Registration Expenses with respect to such Underwritten Shelf
Takedown (or, if there is more than one Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number
of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown). Following the receipt
of any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice to any other Holders that had elected to participate
in such Underwritten Shelf Takedown.

 

2.2       Piggyback
Registration.

 

2.2.1       Piggyback
Rights. Subject to subsection 2.3.3, if the Company proposes to file a Registration Statement under the Securities Act with
respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity
securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company,
including, without limitation, an Underwritten Shelf Takedown pursuant to subsection 2.1.4), other than a Registration Statement
(i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company,
or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of
Registrable Securities as soon as reasonably practicable but not less than ten (10) days before the anticipated filing date of such Registration
Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the
Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request
in writing within five

 

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(5) days after the sending of such written notice (such Registration a “Piggyback Registration”,
and each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Piggyback Registration, the
“Piggyback Registration Rights Holders”); provided, further, that if the Company has been
advised in writing by the managing Underwriter(s) that the inclusion of Registrable Securities for sale for the benefit of the Holders
will have an adverse effect on the price, timing, or distribution of Ordinary Shares in an Underwritten Offering, then (1) if no Registrable
Securities can be included in the Underwritten Offering in the opinion of the managing Underwriter(s), the Company shall not be required
to offer such opportunity to such Holders or (2) if any Registrable Securities can be included in the Underwritten Offering in the opinion
of the managing Underwriter(s), then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined
based on the provisions of subsection 2.2.2. Subject to subsection 2.2.2, the Company shall, in good faith, cause such
Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially reasonable efforts
to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by
the Piggyback Registration Rights Holders pursuant to this subsection 2.2.1 to be included in such Piggyback Registration on the
same terms and conditions as any similar securities of the Company included in such Piggyback Registration and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing
to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting
agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

2.2.2       Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of the securities that the Company desires to sell, taken together with (i) the Ordinary Shares or other equity
securities, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities
other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested
pursuant to Section 2.2 hereof, and (iii) the Ordinary Shares or other equity securities, if any, as to which Registration has
been requested pursuant to separate written contractual piggy-back registration rights of the Holders of Registrable Securities, exceeds
the Maximum Number of Securities, then:

 

(a) If the Registration is undertaken for
the Company’s account, the Company shall include in any such Registration (A) first, the Ordinary Shares or other equity securities
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising
their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata, which can be sold without exceeding
the Maximum Number of Securities, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities,
if any, as to which Registration has been requested or demanded pursuant to written contractual piggy-back registration rights of persons
or entities other than the Holders of Registrable Securities hereunder, which can be sold without exceeding the Maximum Number of Securities.

 

(b) If the Registration is pursuant to a
request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration
(A) first, the Ordinary Shares or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable
Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register
their Registrable Securities pursuant to subsection 2.2.1,

 

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pro rata, based on the respective number of Registrable Securities that
each Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders
have requested to be included in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities, which
can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (A) and (B), the Ordinary Shares that the Company desires to sell, which can be sold without
exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of other persons or entities that
the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be
sold without exceeding the Maximum Number of Securities.

 

2.2.3       Piggyback
Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any
or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect
to such Piggyback Registration (or in the case of a Piggyback Registration pursuant to a Shelf Registration, at least five (5) days prior
to the time of pricing of the applicable offering). The Company (whether on its own good faith determination or as the result of a request
for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback
Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4       Unlimited
Piggyback Registration Rights. For purposes of clarity, any Piggyback Registration effected pursuant to Section 2.2 hereof
shall not be counted as a demand for an Underwritten Shelf Takedown under subsection 2.1.4.

 

ARTICLE
3

COMPANY PROCEDURES

 

3.1       General
Procedures. If at any time on or after the date the Company consummates the Business Combination the Company is required to effect
the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such
Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as possible:

 

3.1.1       prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by
such Registration Statement have been sold;

 

3.1.2       prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules, regulations
or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to
keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

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3.1.3       
with respect to an Underwritten Shelf Takedown, prior to filing a Registration Statement or Prospectus, or any amendment or supplement
thereto, furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such Registration,
and each such Holder’s legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement
to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus
included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and each
Holder of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate
the disposition of the Registrable Securities owned by such Holders;

 

3.1.4       prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by
the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any Holder
of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii)
take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all
other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then
otherwise so subject;

 

3.1.5       cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued
by the Company are then listed;

 

3.1.6       provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;

 

3.1.7       advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued;

 

3.1.8       at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy thereof to each seller of such Registrable Securities and its counsel;

 

3.1.9       notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10       permit
a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters, if
any, and any attorney or accountant retained by such Holders or Underwriters to participate, at each such person’s own expense,
in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided,
however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory
to the Company, prior to the release or disclosure of any such information; and provided further, the Company may not include the
name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement or Prospectus,
any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such
Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter
and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments
the Company shall include unless contrary to applicable law;

 

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3.1.11       obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered
by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest
of the participating Holders;

 

3.1.12       on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any,
and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given
as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and
negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

 

3.1.13       in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.14       make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the Commission);

 

3.1.15       if
the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable
efforts to make available senior executives of the Company to participate in customary “road show” presentations that may
be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16       otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

3.2       Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company ; provided, however, that the Company shall
not be required to pay for any expenses of any registration proceeding begun pursuant to subsection 2.1.4 if the registration request
is subsequently withdrawn at the request of the Demanding Holders (in which case the Demanding Holders shall bear such expenses pro rata
based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless if, at the time of such
withdrawal, the Demanding Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company
not known (and not reasonably available upon request from the Company or otherwise) to the Demanding Holders at the time of their request
and have withdrawn the request with reasonable promptness after learning of such information, then the Demanding Holders shall not be
required to pay any of such expenses. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating
to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs
and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel
representing the Holders.

 

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3.3       Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company
pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on
the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.

 

3.4       Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of
a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and
file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company
that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may,
upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such
Registration Statement for the shortest period of time, but in no event more than ninety (90) days in any 12-month period, determined
in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence,
the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to
any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders
of the expiration of any period during which it exercised its rights under this Section 3.4 and, upon the expiration of any such
period, the Holders shall be entitled to resume the use of any such Prospectus in connection with any sale or offer to sell Registrable
Securities.

 

3.5       Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange
Act and to promptly furnish the Holders, upon their request and to the extent not publicly available, with true and complete copies of
all such filings. The Company further covenants that it shall use its commercially reasonable efforts to take such further action as any
Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Ordinary Shares held by such
Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the
Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request
of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied
with such requirements.

 

ARTICLE
4

INDEMNIFICATION AND CONTRIBUTION

 

4.1       Indemnification.

 

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4.1.1       The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each
person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by
or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify
the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act)
to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

4.1.2       In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to
the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
(including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; The
Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.
For the avoidance of doubt, the obligation to indemnify under this Section 4.01(b) shall be several, not joint and several, among
the Holders of Registrable Securities, and the total indemnification liability of a Holder under this Section 4.01(b) shall be
in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration
Statement.

 

4.1.3       Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying
party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot
be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such
settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.

 

4.1.4       The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities.

 

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4.1.5       If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability
of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering
giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above
shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any
legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata
allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection
4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

ARTICLE
5

MISCELLANEOUS

 

5.1       Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the
party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier
service providing evidence of delivery, or (iii) transmission by hand delivery, facsimile or electronic mail. Each notice or communication
that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received,
in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered
by courier service, hand delivery, facsimile or electronic mail, at such time as it is delivered to the addressee (with the delivery receipt
or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication
under this Agreement must be addressed, if to the Company, to: the Flexi Group Ltd., Wisma Uoa Damansara
II, Penthouse 16-1 Level 16, No 6, Changkat Semantan, Bukit Damansara, 50490 Kuala Lumpur, Malaysia, and, if to any Holder, at
such Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address
for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2       Assignment;
No Third Party Beneficiaries.

 

5.2.1       This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or
in part.

 

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5.2.2       Prior
to the expiration of the Lock-up Period, no Holder may assign or delegate such Holder’s rights, duties or obligations under this
Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee
but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement.

 

5.2.3       This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4       This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this
Agreement and Section 5.2 hereof.

 

5.2.5       No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii)
the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this
Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other
than as provided in this Section 5.2 shall be null and void.

 

5.3       Counterparts;
Electronic Signatures. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same instrument. The words “execution,” signed,” “signature,”
and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include
images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”,
“tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use
of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law,
including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

5.4       Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE
THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW
YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION
AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE
OF NEW YORK.

 

EACH PARTY HERETO ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE,
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY
MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

5.5       Amendments
and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the
foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of
capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent
of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on
the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights
or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

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5.6       Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right
to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration
filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

5.7       Term.
This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date as of which
(A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period
referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission))
or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision)
under the Securities Act without limitation on the amount of securities sold or the manner of sale. The provisions of Section 3.5
and Article IV shall survive any termination.

 

****

    15

     

    

 

IN WITNESS WHEREOF, the
undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	The Flexi Group Holdings Ltd
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	HOLDERS:
	 	 
	 	Tsangs Group Holdings Limited
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Dragon Active Limited
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	HFI Limited
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Fordham Financial Management, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

	 	HOLDERS:
	 	 
	 	Batur Ltd
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Common Ground Singapore PTE Ltd
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Huis
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

Schedule A 

 

Holders

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