Document:

xlrm_ex104.htm

EXHIBIT 10.4
  
 PLEDGE AND SECURITY AGREEMENT
  
 THIS PLEDGE AND SECURITY AGREEMENT, dated as of October 26, 2022 (this “Agreement”) is by and between Infusionz LLC, a Colorado limited liability company (“Pledgor”) and Upexi, Inc., a Nevada corporation (“Pledgee”). Pledgor and Pledgee may be referred to herein, individually, as a “Party” and, collectively, as the “Parties.”
  
 RECITALS
  
 A. Pledgor and Pledgee are parties to a certain Membership Interest Purchase Agreement, dated as of the date hereof, by and among Bloomios, Inc., a Nevada corporation (“Bloomios”), Pledgor and Pledgee (the “Purchase Agreement”), pursuant to which Infused Confections LLC, a Wyoming limited liability company and subsidiary of Bloomios (“Buyer”), is acquiring all of the outstanding membership interests of the Pledgor from Pledgee, subject to the terms and conditions of and in exchange for certain consideration to be delivered to Pledgee as described in the Purchase Agreement, including without limitation the issuance by Bloomios to Pledgee of a non-negotiable convertible secured subordinated promissory note in favor of Pledgee in the principal amount of Five Million Dollars ($5,000,000) (the “Note”).
  
 B. Payment of amounts outstanding under the Note, including without limitation, payment of the principal amount outstanding from time to time and all accrued interest on such principal amount, regardless of whether accruing before or after the commencement of a bankruptcy or similar proceeding, and performance by Bloomios of its other obligations under the Note (collectively, the “Obligations”) are being secured by the pledge herein by Pledgor of all of Pledgor’s assets to Pledgee.
  
 AGREEMENT
  
 NOW, THEREFORE, in consideration of the premises and the mutual promises made in this Agreement and in consideration of the representations, warranties, and covenants contained in this Agreement, the Parties agree as follows:
  
 1. Security Interest and Collateral. To secure the full and timely payment and performance of the Obligations, Pledgor hereby assigns, transfers, and grants to Pledgee a security interest in all of its right, title, and interest in and to all of Pledgor’s assets, including, without limitation:
  
 (a) accounts, commercial tort claims, deposit accounts, contract rights, chattel paper (whether electronic or tangible), instruments, promissory notes, documents, general intangibles, payment intangibles, securities, security entitlements and other investment property, software, letter of credit rights, health-care insurance receivables, and other rights to payment of every kind now existing or at any time hereafter arising;
  
 (b) inventory, goods held for sale or lease or to be furnished under contracts for service, or goods so leased or furnished, now or at any time hereafter owned or acquired by Pledgor, wherever located, and all products thereof, whether in the possession of Pledgor, any warehousemen, any bailee or any other Person, or in process of delivery, and whether located at Pledgor's place or places of business or elsewhere;
  
 (c) warehouse receipts, bills of sale, bills of lading, and other documents of every kind (whether or not negotiable) in which Pledgor now has or at any time hereafter acquires any interest, and all additions and accessions thereto, whether in the possession or custody of Pledgor, any bailee or any other third party;
  
 	 
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 (d) money and property previously, now or hereafter delivered to or deposited with Pledgor or otherwise coming into the possession, custody or control of Pledgor (or any agent or bailee of Pledgor) in any manner or for any purpose whatsoever during the existence of this Agreement and whether held in a general or special account or deposit for safekeeping or otherwise;
  
 (e) all right, title, and interest of Pledgor under licenses, guaranties, warranties, management agreements, marketing or sales agreements, escrow contracts, indemnity agreements, insurance policies, service or maintenance agreements, supporting obligations, and other similar contracts of every kind in which Pledgor now has or at any time hereafter has or will have an interest;
  
 (f) all equipment, machinery, furnishings, furniture, tools and other items of like nature and fixtures of every kind now existing or hereafter acquired, and all improvements, replacements, accessions, and additions thereto and embedded software included therein, whether located on any property owned or leased by Pledgor or elsewhere, including any of the foregoing now or at any time hereafter located at or installed on the land or in the improvements at any of the real property owned or leased by Pledgor, and all such goods after they have been severed and removed from any of the real property;
  
 (g) all motor vehicles, boats, other rolling stock, if any, and related equipment of every kind now existing or hereafter acquired and all additions and accessories thereto, whether located on any property owned or leased by Pledgor or elsewhere;
  
 (h) all rights now or hereafter accruing to Pledgor under contracts, leases, agreements, licenses, or other instruments to perform services, to hold and use land and facilities, and other instruments of every character and description, including those relating to indemnification, together with all extensions, modifications, supplements, renewals, amendments, assignments, and replacements of any of the foregoing, and also together with the rights of Pledgor to enforce any and all of the agreements, terms, covenants, and conditions therein and to give notices thereunder and to enforce all rights thereunder; and
  
 (i) whatever is receivable or received when any of the foregoing or the proceeds thereof are sold, leased, collected, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, including all rights to payment and returned premiums with respect to any insurance relating to any of the foregoing, and all rights to payment with respect to any claim or cause of action affecting or relating to any of the foregoing (all of the forgoing assets shall collectively be referred to hereafter as the “Collateral”).
  
 2. Obligations Secured. The pledges, assignments, and grants of security interests made under this Agreement secure the full and timely payment and performance of the Obligations.
  
 3. Representations and Warranties. Pledgor represents and warrants to Pledgee the following:
  
 (a) Power and Authority. Pledgee has the requisite power and authority to execute, deliver, and perform its obligations under this Agreement.
  
 (b) Ownership; Liens. Pledgee, upon consummation of the transactions contemplated by the Purchase Agreement, will be the legal and beneficial owner of the Collateral, free and clear of liens, other than the liens and related security interests created hereby and those liens and security interests granted by Bloomios and each of its subsidiaries (including without limitation Pledgor), to the holders (collectively “Senior Creditor”) of those certain 15.0% Original Issue Discount Senior Secured Convertible Debentures dated as of October 26, 2022 in the collective aggregate principal amount of $9,372,500 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, collectively, the “Senior Secured Debentures”), issued by Bloomios to the purchasers party to that certain Securities Purchase Agreement dated as of October 26, 2022, by and among Bloomios and the purchasers party thereto (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Financing SPA”), which Senior Secured Debentures are secured pursuant to that certain Security Agreement dated of October 26, 2022 securing the obligations of Bloomios under the Senior Secured Debentures (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Senior Security Agreement”) by and among the Pledgor and Bloomios as debtors, the other subsidiaries of Bloomios party thereto as debtors, the Secured Parties (as defined in the Senior Security Agreement, the “Senior Secured Parties”), and Walleye Opportunities Master Fund Ltd, as agent on behalf of the Senior Secured Parties (the “Senior Agent”).
  
 	 
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 4. Agreements Regarding the Collateral.
  
 (a) Payment. Pledgor shall have no right to dispose of any Collateral without the prior written consent of Pledgee, except in the ordinary course of business and except for obsolete equipment. Pledgor shall account fully and faithfully to Pledgee for all proceeds from the disposition of any Collateral.
  
 (b) Control. The Collateral shall remain in Pledgor's possession or control. Pledgor shall bear all expenses and risk of loss with respect to the Collateral at all times hereafter.
  
 (c) Discretionary Payment of Taxes or Liens by Pledgee. Pledgee may, at its option and in its sole discretion, make payments to discharge taxes or liens at any time levied or placed on the Collateral and take any other action it deems necessary to obtain, preserve, and enforce the security interest granted herein and its rights and remedies hereunder and to maintain and preserve the Collateral. Any payments or other expenses so incurred by Pledgee hereunder shall become and be deemed to be part of the Obligations.
  
 (d) Further Assurances. Pledgor shall do, make, procure, execute, and deliver all acts, things, writings, and assurances as Pledgee may reasonably request in order to protect, assure, or enforce its interest, rights, and remedies hereunder.
  
 (e) Inspections of Collateral. Until all of the Obligations are paid in full, and in addition to any other rights that Pledgee may have under the Note, Pledgee (or its authorized agents or representatives) may, once in each calendar quarter hereafter, conduct a physical inspection of the Collateral and review (and make copies of) the books, records, contracts and documents of Pledgor pertaining to the Collateral. Upon reasonable notice to Pledgor that Pledgee wishes to conduct such an inspection or review of the Collateral, Pledgor shall reasonably cooperate to provide Pledgee access (or arrange for its authorized agents or representatives to have access) at reasonable times and in a manner so as not to interfere with the normal business operations of Pledgor. 
  
 5. Events of Default. In addition to any breach hereof by Pledgor, the occurrence of any of the Events of Default under the Note (as such events are defined in the Note) shall constitute an event of default under this Agreement (each, an "Event of Default").
  
 6. Rights of Pledgee upon Event of Default. If an Event of Default occurs, Pledgee shall have all of the rights and remedies available to it under this Agreement and the Note, which rights and remedies shall not be exclusive of any other rights or remedies available to Pledgee under applicable law.
  
 7. Waivers. Pledgor waives any action on delinquency in respect of the Obligations, including any right to require Pledgee to sue Pledgor with respect to the Obligations or otherwise to enforce payment of the Obligations against any collateral securing the Obligations. Pledgor further waives notice of: (a) Pledgee's acceptance of this Agreement or its intention to act or its actions in reliance on this Agreement; (b) the present existence or future incurring of any Obligations or any terms or amounts of any Obligations or any change in any Obligations; (c) any default by Pledgor; (d) the obtaining of any pledge, assignment, or other security for any Obligations; (e) the release of any Collateral; (h) any renewal, extension or modification of the terms of any Obligation or of the obligations or any instruments or agreements evidencing the same; and (i) any other demands or notices whatsoever with respect to the Obligations or this Agreement. Pledgor further waives notice of presentment, demand, protest, notice of nonpayment, and notice of protest in relation to any instrument or agreement evidencing any Obligation.
  
 	 
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 8. Hold Harmless. Pledgor shall indemnify and hold Pledgee and its officers, directors, managers, stockholders, members, employees, agents, representatives, controlling persons and each of their affiliates (each an "Indemnified Party") harmless from all liability, loss, damage, or expense, including reasonable attorneys' fees and costs, that the Indemnified Party may incur resulting from, arising out of, or relating to the Indemnified Party's good faith efforts to comply with or enforce the terms of this Agreement. Pledgor's indemnification obligations under this section shall not apply to the extent that any liability, loss, damage, or expense for which indemnification is sought arises out of or is based solely upon the Indemnified Party's willful misconduct, gross negligence or fraud. The covenants set forth in this section shall survive termination of this Agreement indefinitely.
  
 9. Filing of Financing Statements. Pledgee may file one or more financing statements against Pledgor relating to the Collateral, which may, at Pledgee’s option, describe the Collateral as “all assets”.
  
 11. Notices. All notices, requests, demands, or other communications required, permitted or desired to be given under or in accordance with this Agreement shall be in writing and deemed given upon: (a) personal delivery; (b) confirmed delivery by a standard overnight courier or when delivered by hand; or (c) electronic transmission via email, provided that, concurrent therewith, such notice is also delivered in writing via either of the delivery methods in Subsection 11(b) above:
  
 	  
	  
	 (a) if to Pledgor: 
	 Infusionz LLC
 c/o Bloomios, Inc.
 701 Anacapa Street, Suite C
 Daytona Beach, FL 32114
 Attention: Barrett Evans, President and Chief Strategy Officer
 Direct Dial:
 Email:

	  
	  
	  
	  

	  
	  
	 With a copy to:
	 Lucosky Brookman LLC
 101 S. Wood Avenue
 Iselin, NJ 08830
 Attention: Seth Brookman, Esq.
 Direct Dial:
 Email:

	  
	  
	  
	  

	  
	  
	 (b) if to Pledgee: 
	 Upexi, Inc.
 17129 US Hwy 19 N.
 Clearwater, Florida 33760
 Attention: Andrew J. Norstrud, CFO
 Direct Dial:
 Email:

	  
	  
	  
	  

	  
	  
	 With a copy to:
	 Dickinson Wright PLLC
 350 E. Las Olas Boulevard, Suite 1750
 Ft. Lauderdale, FL 33301
 Attention: Clint Gage, Esq.
 Direct Dial:
 Email:

   
 	 
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 12. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument and may be delivered by facsimile or electronic transmission.
  
 13. Amendments and Waivers. No amendment, modification, replacement, termination, or cancellation of any provision of this Agreement shall be valid, unless the same shall be in writing and signed by the Parties. No waiver by any Party of any default, misrepresentation, or breach of warranty or covenant under this Agreement, whether intentional or not, may be deemed to extend to any previous or future default, misrepresentation or breach of warranty or covenant under this Agreement or affect in any way any rights arising because of any previous or future default, misrepresentation, or breach of warranty or covenant under this Agreement.
  
 14. Governing Law. This Agreement and the performance of the obligations of the Parties shall be governed by and construed in accordance with the laws of the State of Nevada, without giving effect to any choice of law principles that would require the application of the law of another jurisdiction.
  
 15. Assignment. Neither Party hereto may assign its rights under this Agreement or delegate any of its duties or obligations under this Agreement.
  
 17. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions of this Agreement. If any provision of this Agreement, as applied to any Party or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its terms, the Parties agree that the governmental authority, arbitrator, or mediator shall have the power to modify the provision in a manner consistent with its objectives.
  
 18. Attorneys' Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement or any other agreement or document to be executed or delivered pursuant to this Agreement, the prevailing Party shall be entitled to reasonable attorneys’ and experts’ fees, costs, and disbursements in addition to any other relief to which such Party may be entitled.
  
 20. WAIVER OF JURY TRIAL. THE PARTIES HEREBY EXPRESSLY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING INVOLVING THIS AGREEMENT. THIS AGREEMENT, INCLUDING SPECIFICALLY THIS PROVISION, IS A MATERIAL INDUCEMENT FOR PLEDGEE TO ACCEPT THE NOTE AS CONSIDERATION.
  
 21. Subordination. Notwithstanding anything to the contrary set forth herein, Pledgee understands and hereby acknowledges that the obligations of Pledgor under this Agreement and the obligations of Bloomios under the Note, including without limitation repayment of all amounts outstanding under the Note (the “Subordinated Debt”), are subordinate and junior in all respects to any obligations of Pledgor and Bloomios, as applicable, under (i) the Senior Secured Debentures, and (ii) the Senior Security Agreement, and subject to the the terms and conditions to the Subordination Agreement (defined below). Pledgee further acknowledges that it has entered into that certain Intercreditor and Subordination Agreement dated as of October 26, 2022 by and among the Pledgee as subordinated creditor and the Senior Agent (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “Subordination Agreement”) providing for, among other things, the subordination of (i) the obligations and rights of Bloomios and the Pledgee respectively under the Note and (ii) Pledgee’s obligations and the Pledgor’s rights under this Agreement, including without limitation the subordination of any security interest granted to Pledgee hereunder, to the Senior Liabilities (as defined in the Subordination Agreement). Accordingly, the payment of all of the Obligations is hereby expressly subordinated to the extent and in the manner set forth in the Subordination Agreement and the performance of the Pledgor of its obligations hereunder is subject in all respects to the terms of the Subordination Agreement. Unless and until all debt owed to the Senior Creditor (the “Senior Debt”) has been paid in full, Pledgee shall not, except as otherwise specifically permitted by the Subordination Agreement, (a) ask, demand, sue for, take or receive, or retain, from Pledgor or any other person or entity, by setoff or in any other manner, payment of all or any part of the Subordinated Debt, (b) take any other enforcement action with respect to the Subordinated Debt, (c) forgive, cancel or discharge any of the Subordinated Debt, (d) ask, demand or receive any security for the Subordinated Debt, (e) amend the Note or this Agreement or any other agreement, instrument or document evidencing or executed in connection with the Subordinated Debt, (f) bring or join with any creditor in bringing any insolvency proceeding against Pledgor, or (e) take any other action in contravention of any agreement or covenant of the Pledgee set forth in the Subordination Agreement. Pledgee hereby directs Pledgor to make such prior payment of the Senior Debt to Senior Creditor. Notwithstanding the foregoing, and provided any such payments are permitted under the Subordination Agreement, Bloomios may make, and Pledgee may receive and retain, payments of principal and interest under and pursuant to the terms of the Note. Each of the Parties hereby agree and acknowledge that in the event of any conflict between the terms and provisions the Subordination Agreement and this Agreement, the terms and provisions of the Subordination Agreement shall govern and control.
  
 	 
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 22. Interpretation and Construction. The words “include,” “includes,” and “including” when used in this Agreement shall be deemed in each case to be followed by the words “without limitation.” The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The Parties and their attorneys have negotiated this Agreement, and the language of this Agreement shall not be construed for or against any Party as drafter. A reference to a section or schedule shall mean a section in or schedule to this Agreement, unless otherwise explicitly stated. The schedules and other attachments, if any, identified in this Agreement are intended to be and by reference hereby are incorporated by such reference and are made a part hereof.
  
 23. Automatic Termination. This Agreement shall terminate automatically upon fulfillment or expiration of the Obligations, including without limitation, repayment in full of all amounts due or outstanding under the Note, whereupon the Pledgee shall promptly file any all instruments or documents necessary, or reasonably requested by Pledgor, to extinguish the rights granted hereunder or under any filing made by the Pledgee with respect to or in connection with the Collateral or the secured interests granted hereby.
  
 [Remainder of this Page Intentionally Blank – Signature Page Follows this Page]
  
 	
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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
  
 		 INFUSIONZ LLC, Pledgor
 By Bloomios, Inc., its Manager 
	
				
		By:		
	 
	 Name:
	Michael Hill	
		Its:	Chief Executive Officer	

  
 	 	UPEXI, INC., Pledgee 	
	 	 	 	 
		By:		
	  
	 Name: 
	Allan Marshall	 
	 	Title:	Chief Executive Officer	 

   
 [Signature page to Infusionz LLC – Upexi, Inc. Pledge and Security Agreement]
  
 	 
	7EX-10.22

 Exhibit 10.22 

Execution Version 

October 19, 2022 

LANVIN GROUP HOLDINGS LIMITED 

MERITZ SECURITIES CO., LTD. 
  

 
 RELATIONSHIP
AGREEMENT 
 in relation to the shares of 

LANVIN GROUP HOLDINGS LIMITED 
  

 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 RECITALS 
	  	 	1	 
			
	 1.
	 	PAYMENT OF SUBSCRIPTION PRICE	  	 	2	 
			
	 2.
	 	WARRANTIES	  	 	2	 
			
	 3.
	 	UNDERTAKINGS	  	 	2	 
			
	 4.
	 	INVESTOR PUT OPTION	  	 	5	 
			
	 5.
	 	COMPANY CALL OPTION	  	 	7	 
			
	 6.
	 	EVENT OF DEFAULT	  	 	8	 
			
	 7.
	 	SECURITY	  	 	8	 
			
	 8.
	 	EFFECTIVENESS AND TERMINATION	  	 	10	 
			
	 9.
	 	CONFIDENTIALITY	  	 	11	 
			
	 10.
	 	ASSIGNMENT	  	 	11	 
			
	 11.
	 	FURTHER ASSURANCES	  	 	11	 
			
	 12.
	 	NOTICES	  	 	12	 
			
	 13.
	 	WHOLE AGREEMENT	  	 	12	 
			
	 14.
	 	WAIVERS, RIGHTS AND REMEDIES	  	 	12	 
			
	 15.
	 	COUNTERPARTS	  	 	13	 
			
	 16.
	 	VARIATIONS	  	 	13	 
			
	 17.
	 	INVALIDITY AND CONFLICTS	  	 	13	 
			
	 18.
	 	THIRD PARTY ENFORCEMENT RIGHTS	  	 	13	 
			
	 19.
	 	INDEMNIFICATION	  	 	13	 
			
	 20.
	 	GOVERNING LAW AND JURISDICTION	  	 	14	 
		
	 SCHEDULE 1 FORM OF AMENDED
MAA 
	  	 	15	 
		
	 SCHEDULE 2 INVESTOR REGISTRATION
RIGHTS 
	  	 	16	 
		
	 SCHEDULE 3 PUBCO WARRANTIES

	  	 	32	 
		
	 SCHEDULE 4 INVESTOR WARRANTIES 
	  	 	33	 
		
	 SCHEDULE 5 DEFINITIONS AND
INTERPRETATION 
	  	 	34	 

 This Agreement is dated October 19, 2022 

Parties 
  

	1.	 Lanvin Group Holdings Limited, an exempted company incorporated in the Cayman Islands with
company number 382280 and its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (PubCo); and 

 

	2.	 Meritz Securities Co., Ltd., a corporation incorporated under the laws of the Republic of Korea
(Korea) having its principal office at Three IFC, 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea 07326 (Investor),

 (each a Party in this Agreement and together, the Parties) 

Words and expressions used in this Agreement shall be interpreted in accordance with Schedule 5 (Definitions and Interpretation). 

Recitals 
  

	(A)	 PubCo, Fosun Fashion Group (Cayman) Limited (the Company) and Investor have entered into a
certain share subscription agreement, dated October 16, 2022 (the Share Subscription Agreement), pursuant to which the Company agreed to issue, and Investor agreed to subscribe for 18,569,282 ordinary shares (the
Subscription Shares) at subscription price of US$49,999,999 and one (1) preferred collateral share (the Collateral Share) of the Company at subscription price of US$1 (collectively, the Subscription
Price) (the Transaction). At the Closing Date, Investor will pay US$25,000,000 out of the Subscription Price to the Company Bank Account with the remainder of the Subscription Price withheld by Investor and to be paid in
accordance with the Share Subscription Agreement. 

  

	(B)	 Under the Share Subscription Agreement, Investor has a right to purchase and subscribe for up to 1,500,000
ordinary shares of PubCo at US$10 per share (to the extent such shares are actually purchased and subscribed by Investor, the Additional Shares, and aggregate purchase price paid for the Additional Shares, the Additional
Price). 

  

	(C)	 Pursuant to the Share Subscription Agreement, PubCo and Investor shall enter into a relationship agreement
prior to the Closing that governs the rights and obligations of the parties after closing of the mergers and other transactions contemplated in the business combination agreement, dated as of 23 March 2022 (as may be amended, supplemented,
modified or varied from time to time, the Business Combination Agreement) among PubCo, Primavera Capital Acquisition Corporation, the Company and certain other parties thereto (the De-SPAC
Transaction). 

  

	(D)	 Upon closing of the De-SPAC Transaction, the Collateral Share will be
cancelled in exchange for one (1) convertible preference share of PubCo (the Convertible Preference Share) and the Subscription Shares will be exchanged for such number of ordinary shares of PubCo (the Exchanged
Shares, together with the Additional Shares, if any, PubCo Ordinary Shares) as determined pursuant to the Business Combination Agreement. 

 

	(E)	 The Parties wish to enter into this Agreement to set out the rights and obligations that they will have in
connection with the PubCo Ordinary Shares and the Convertible Preference Share. 

  
 1 

 IT IS NOW AGREED: 
  

	1.	 Payment of Subscription Price 

 

	1.1	 The Parties acknowledge and agree that under the Share Subscription Agreement, provided that no Event of
Default (as defined in the Share Subscription Agreement) has occurred and is subsisting on the Liquidity Date, Investor shall release US$25,000,000 out of the Subscription Price to the Company Bank Account within five (5) Business Days of
receipt of a written notice from the Company or PubCo of the Liquidity Date, and for the avoidance of doubt, notwithstanding anything else in this Agreement, if an Event of Default (as defined in the Share Subscription Agreement) has occurred and is
subsisting on the Liquidity Date, the Release Amount will not be released by Investor under clause 2.2(b) of the Share Subscription Agreement. 

  

	1.2	 If the Release Amount is not released to the Company Bank Account in accordance with clause 2.2 of the Share
Subscription Agreement, Investor shall immediately surrender the ordinary shares of PubCo converted from 9,284,641 Subscription Shares in the De-SPAC Transaction to PubCo at nil consideration. If the
Release Amount is not released by Investor to the Company Bank Account due to the occurrence of an Event of Default (as defined in the Share Subscription Agreement) in accordance with clause 2.2 of the Share Subscription Agreement, the Parties agree
that Investor shall not bear any additional liability in respect of those ordinary shares of PubCo surrendered in accordance with clause 2.3 of the Share Subscription Agreement. 

 

	2.	 Warranties 

  

	2.1	 PubCo represents and warrants to Investor as at the date of this Agreement in the terms of the PubCo
Warranties. Each of the PubCo Warranties shall be construed as a separate and independent warranty. 

  

	2.2	 Investor represents and warrants to PubCo as at the date of this Agreement in the terms of the Investor
Warranties. Each of Investor Warranties shall be construed as a separate and independent warranty. 

  

	3.	 Undertakings 

  

	3.1	 Subject to clauses 4 (Investor Put Option) and 5 (Company Call Option), 

 

	 	(a)	 within six (6) months after the completion of the De-SPAC
Transaction, Investor shall not Transfer any PubCo Ordinary Shares; 

  

	 	(b)	 after an Event of Default has occurred before the Liquidity Date, Investor shall Transfer and shall only
Transfer the PubCo Ordinary Shares pursuant to clause 7.2, provided that the transfer restriction under clause 3.1(a) shall immediately cease to apply; 

  

	 	(c)	 after an Event of Default has occurred on or after the Liquidity Date, Investor shall only Transfer the PubCo
Ordinary Shares through on-market transaction via a reputable broker on the stock exchange on which such ordinary shares of PubCo are traded, provided that the transfer restriction under clause 3.1(a) shall
immediately cease to apply; and 

  
 2 

	 	(d)	 subject to the above paragraphs (a), (b) and (c), after six (6) months of the completion of the De-SPAC Transaction, Investor shall only Transfer any PubCo Ordinary Shares: 

  

	 	(i)	 through on-market transactions via a reputable broker on the stock
exchange on which such ordinary shares of PubCo are traded; or 

  

	 	(ii)	 through any off-market transactions provided that prior to any of such
transfer, Investor shall promptly deliver a written notice (the ROFR Transfer Notice) to PubCo, which ROFR Transfer Notice shall include (i) the number of the shares of PubCo proposed to be Transferred by Investor, and
(ii) the amount of the proposed consideration for the proposed Transfer and any other material terms and conditions upon which the proposed Transfer is to be made. For a period of three (3) Business Days following receipt of the ROFR
Transfer Notice, PubCo shall have the right, either by itself or by one or more third party investors as nominated by PubCo, to purchase all or a portion of the shares of PubCo subject to the ROFR Transfer Notice on the same terms and conditions as
set forth therein, by delivering a written notice to Investor within such three (3) Business Days period specifying the number of the shares of PubCo that PubCo intends to acquire from Investor (the ROFR Purchase Notice). PubCo
shall effect the purchase of the number of the shares of PubCo as specified in the ROFR Purchase Notice, including payment of the full purchase price, not more than two (2) Business Days after delivery of the ROFR Purchase Notice (the date of
payment, the ROFR Completion Date), and at the ROFR Completion Date Investor shall deliver to PubCo all necessary certificates representing valid title to the shares of PubCo that are subject to the ROFR Purchase Notice and such other
documents as may be necessary or appropriate to effect the transfer of the shares of PubCo that are subject to the ROFR Purchase Notice. Failure by PubCo or any of its nominee to provide its ROFR Purchase Notice within the three (3) Business
Days or pay the relevant full purchase price within two (2) Business Days after the delivery of ROFR Purchase Notice shall be deemed as a waiver to its rights under this clause 3.1(d)(ii), and Investor shall be permitted to Transfer any shares
of PubCo through any off-market transactions. 

  

	3.2	 The Parties agree that following the closing of the De-SPAC
Transaction, Investor shall have the right, at its sole and absolute discretion, to nominate one (1) candidate to be elected as an Observer to the board of directors of PubCo and to remove such Observer and nominate a replacement candidate from
time to time for so long as Investor holds at least seventy per cent. (70%) of the total number of Exchanged Shares (subject to any adjustment as a result of any share split or consolidation of ordinary shares of PubCo). PubCo agrees and undertakes
to take all necessary actions to effect the nomination, removal or replacement of such Observer proposed by Investor in accordance with this clause 3.2 to the extent permissible under applicable law and listing rules. Investor shall cause such
Observer to resign with immediate effect if and upon Investor ceases to hold at least seventy per cent. (70%) of the Exchanged Shares (subject to any adjustment as a result of any share split or consolidation of ordinary shares of PubCo).

  
 3 

	3.3	 PubCo shall adopt the Amended MAA in the form set out in Schedule 1 at the closing of the De-SPAC Transaction and PubCo shall provide (i) PubCo’s shareholders’ resolution to adopt the Amended MAA; and (ii) a stamped copy of the Amended MAA duly filed with the Registrar of Companies in
the Cayman Islands, in each case, as soon as practicable of the same becoming available. 

  

	3.4	 The Parties agree that after the completion of the De-SPAC Transaction,
as long as Investor owns any shares of PubCo, PubCo at all times while it shall be reporting under the Securities Exchange Act of 1934, as amended, shall timely file (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by PubCo after the date hereof pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and shall promptly furnish Investor with true and complete copies of all such filings,
unless filed through the SEC’s EDGAR system. PubCo further covenants that it shall take such further action as Investor may reasonably request, all to the extent required from time to time, to enable Investor to sell the shares of PubCo held by
Investor without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any customary legal opinions as to the availability of Rule 144. The
Parties further agree that, following the expiration of the transfer restrictions set forth in clause 3.1(a), if the shares in PubCo held by Investor are eligible to be sold without restriction under, and without PubCo being in compliance with the
current public information requirements of, Rule 144 under the Securities Act, or there is an effective registration statement covering the resale of such shares in PubCo, then at Investor’s request, PubCo will cause PubCo’s transfer agent
to promptly remove any restrictive legend or notation set forth in each register and book entry for such share, and each certificate (if any) evidencing such share. In connection therewith, if required by PubCo’s transfer agent, PubCo will
promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent to
transfer such shares without any such legend or notation in any relevant register and book entry. Upon the request of Investor, PubCo shall deliver to Investor a written certification of a duly authorized officer of PubCo as to whether it has
complied with such requirements. 

  

	3.5	 The Parties acknowledge and agree to their respective rights, obligations, undertakings and agreements as set
out in Schedule 2. 

  

	3.6	 If the Convertible Preference Share Conversion takes place, the Parties agree that after the Convertible
Preference Share Conversion Date: 

  

	 	(a)	 Investor shall only Transfer the shares of PubCo converted from the Convertible Preference Share and any PubCo
Ordinary Shares then held by Investor through on-market transactions via a reputable broker on the stock exchange on which the shares of PubCo are traded (Share Disposal) and shall not Transfer
any of these shares through any off-market transactions; 

  

	 	(b)	 immediately after Investor has realised the Agreed Return from the Share Disposal pursuant to clause 3.6(a)
above, Investor shall surrender to PubCo any remaining shares of PubCo converted from the Convertible Preference Share and any PubCo Ordinary Shares then held by Investor at nil consideration; and 

  
 4 

	 	(c)	 Investor shall have three (3) months after the later of (i) the Convertible Preference Share
Conversion Date and (ii) all of the shares of PubCo received upon conversion of the Convertible Preference Share are eligible to be sold without restriction under Rule 144 under the Securities Act, or there is an effective registration
statement covering the resale of such shares to complete the Share Disposal. If Investor continues to hold any remaining shares of PubCo converted from the Convertible Preference Share and any PubCo Ordinary Shares after the expiration of such three
(3) month period, Investor shall surrender any such remaining shares of PubCo to PubCo at nil consideration. 

  

	3.7	 Following the completion of De-SPAC Transaction, 

 

	 	(a)	 PubCo shall be obliged to inform Investor occurrence of any Credit Event with respect to PubCo promptly after
the occurrence of such Credit Event and such notification shall include supporting documents and other relevant information for Investor to assess the occurrence of such Credit Event; and 

 

	 	(b)	 PubCo shall procure that FIL to inform Investor occurrence of any Credit Event with respect to FIL promptly
after the occurrence of such Credit Event and occurrence of any Credit Event with respect to FTG as soon as practicable after such information becomes available to FIL and such notification shall include supporting documents and other relevant
information for Investor to assess the occurrence of such Credit Event. 

  

	3.8	 After Investor delivers the Conversion Notice pursuant to the terms of this Agreement, PubCo undertakes to
Investor to prepare and deliver the Instruction Letter and Legal Opinion to the transfer agent pursuant to the Amended MAA. 

  

	3.9	 After PubCo delivers the Instruction Letter and Legal Opinion to the transfer agent of PubCo pursuant to the
terms of this Agreement, PubCo undertakes to Investor that it shall procure the completion of the Convertible Preference Share Conversion pursuant to the Amended MAA. 

 

	3.10	 As soon as practicable after the closing of the De-SPAC Transaction, if
not already set up by the Company pursuant to clause 5.15 of the Share Subscription Agreement, PubCo undertakes to set up a bank account for the purposes of the Pre-Liquidity Cash Top Up pursuant to Clause
7.6(a) or Post-Liquidity Cash Top Up pursuant to Clause 7.7(a) and shall have security granted over such bank account in favour of Investor on terms and conditions reasonably acceptable by Investor. 

 

	4.	 Investor Put Option 

 

	4.1	 Investor shall have the right to sell all (and not only some) of PubCo Ordinary Shares then held by Investor to
PubCo, free and clear from any Encumbrance and with all rights attaching thereto, upon the occurrence of any of the following events (each a Put Option Trigger Event) in accordance with this clause 4.1: 

 

	 	(a)	 the occurrence of any Credit Event in respect of the Company or PubCo; 

 

	 	(b)	 the occurrence of any Credit Event in respect of FIL or FTG before the Security Account Charge lapses in
accordance with its terms; 

  

	 	(c)	 Call Option 2 has lapsed in accordance with clause 5.6 or clause 5.7; or 

 

	 	(d)	 the third (3rd) anniversary of the Closing Date.

  
 5 

	4.2	 If any Put Option Trigger Events under clauses 4.1 takes place after completion of the De-SPAC Transaction, Investor shall have the right to exercise the put option (the Post-IPO Put Option) by serving PubCo with a written notice (Put Option
Exercise Notice) and/ or Conversion Notice (at the sole discretion of Investor) within ninety (90) days from the date of occurrence of the applicable Put Option Trigger Event (the Put Option Exercise Period). The Post-IPO Put Option can only be exercised once in relation to all of the PubCo Ordinary Shares then held by Investor on the date of the Put Option Exercise Notice. 

 

	4.3	 After receipt of the Put Option Exercise Notice from Investor, PubCo shall be obliged to, within thirty
(30) days of receipt, either (a) acquire all the PubCo Ordinary Shares held by Investor (the date for such acquisition, the Post-IPO Put Option Completion Date) at a price
equal to the Agreed Return rounded to the nearest dollar (the Post-IPO Put Option Price); or (b) if Convertible Preference Share Conversion is triggered pursuant to the Amended MAA, and
subsequent to the Convertible Preference Share Conversion and Share Disposal, pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal. 

 

	4.4	 On the Post-IPO Put Option Completion Date, (a) PubCo shall
procure the payment of the Post-IPO Put Option Price to Investor; (b) Investor shall deliver to PubCo all necessary certificates representing valid title to the PubCo Ordinary Shares that are subject to
the Post-IPO Put Option and such other documents as may be necessary or appropriate to effect the transfer of the PubCo Ordinary Shares that are subject to the Post-IPO
Put Option to PubCo, and (c) Investor shall surrender the Convertible Preference Share by returning to PubCo all necessary certificates representing the Convertible Preference Share. PubCo agrees to provide all assistance as Investor may
reasonably require in connection with the sale of PubCo Ordinary Shares to PubCo. In the event PubCo fails to (x) procure the payment of the Post-IPO Put Option Price to Investor, (y) complete the
purchase of the PubCo Ordinary Shares by PubCo, or (z) if Convertible Preference Share Conversion is triggered pursuant to the Amended MAA, and subsequent to the Convertible Preference Share Conversion and Share Disposal, pay Investor the
shortfall amount if Investor has not realised the Agreed Return from the Share Disposal, within thirty (30) days of receiving the Put Option Exercise Notice in accordance with this clause 4.4, Investor shall have the recourse as set out in
clause 7 (Security) below. 

  

	4.5	 The Post-IPO Put Option shall lapse after either of the following:

  

	 	(a)	 in relation to the relevant Put Option Trigger Event, Investor fails to serve the Put Option Exercise Notice
within the applicable Put Option Exercise Period; or 

  

	 	(b)	 Investor has not exercised the Post-IPO Put Option by serving the Put
Option Exercise Notice to PubCo by the date that falls ninety (90) days after the third (3rd) anniversary of the Closing Date. 

 

	4.6	 The Parties agree that PubCo shall have the right to nominate one or more third party investors to acquire the
PubCo Ordinary Shares to be sold by Investor in accordance with this clause 4 (Investor Put Option), subject to the applicable sanctions and anti-bribery laws or regulations. In the event that such third party investors as nominated by PubCo
fails to (x) make the payment of the Post-IPO Put Option Price to Investor, or (y) complete the acquisition of PubCo Ordinary Shares from Investor, within thirty (30) days of receiving the Put
Option Exercise Notice in accordance with clause 4.4, Investor shall have the recourse as set out in clause 7 (Security) below. 

  
 6 

	4.7	 Investor shall be responsible for its own Tax arising from its sale of the PubCo Ordinary Shares to PubCo, or
any third party investors nominated by PubCo contemplated in any Put Option in accordance with this clause 4 (Investor Put Option). 

  

	5.	 Company Call Option 

 

	5.1	 Subject to and after the completion of the De-SPAC Transaction, PubCo
shall have the right to acquire up to seventy per cent. (70%) of all of PubCo Ordinary Shares then held by Investor from Investor, free and clear from any Encumbrance and with all rights attaching thereto (Call Option 1)
after the date on which the Closing Price has been less than fifty per cent. (50%) of the IPO Price for three (3) consecutive trading days (excluding any Disrupted Trading Days) on the stock exchange on which ordinary shares of PubCo are traded
(Call Option Trigger Event 1). In exercising Call Option 1, PubCo shall acquire such number of PubCo Ordinary Shares that is specified in the Call Option Exercise Notice in accordance with clause 5.3 at a price equal to
the Agreed Return multiplied by a fraction, the numerator of which is the total number of ordinary shares of PubCo that is subject to Call Option 1 and the denominator of which is the total number of PubCo Ordinary Shares rounded to the nearest
dollar (subject to any adjustment as a result of any share split or consolidation of ordinary shares of PubCo) (Call Option Price 1). 

 

	5.2	 Provided that Call Option 1 has not been exercised, PubCo shall have the right to acquire from Investor all
(and not only some) of the PubCo Ordinary Shares then held by Investor, free and clear from any Encumbrance and with all rights attaching thereto (Call Option 2, collectively with Call Option 1, the Call Options) after
the expiry of the eighteen (18) month period after the completion of the De-SPAC Transaction (Call Option Trigger Event 2, collectively with the Call Option Trigger Event 1, each, a
Call Option Trigger Event and together, the Call Option Trigger Events). In exercising Call Option 2, PubCo shall acquire all of the PubCo Ordinary Shares then held by Investor at a price equal to the higher of
(a) the Agreed Return; or (b) the Market Price multiplied by the number of PubCo Ordinary Shares subject to the Call Option 2, rounded to the nearest dollar (Call Option Price 2, collectively with the Call Option Price 1, the
Call Option Prices). 

  

	5.3	 PubCo may exercise any of the Call Options by serving Investor with a written notice (the Call Option
Exercise Notice) within ninety (90) days from the date of occurrence of a Call Option Trigger Event. PubCo shall specify in the Call Option Exercise Notice a date that is no later than thirty (30) days after the date of the Call
Option Exercise Notice on which PubCo shall acquire and Investor shall sell the PubCo Ordinary Shares subject to the Call Option at the applicable Call Option Price (the Call Option Completion Date). In exercising Call Option 1, PubCo
shall also specify in such Call Option Exercise Notice the number of PubCo Ordinary Shares that PubCo intends to acquire from Investor. 

  

	5.4	 On the Call Option Completion Date, (a) PubCo shall procure the payment of the applicable Call Option
Price to Investor; (b) Investor shall deliver to PubCo all necessary certificates representing valid title to the PubCo Ordinary Shares that are subject to the Call Option and such other documents as may be necessary or appropriate to effect
the transfer of the PubCo Ordinary Shares that are subject to the Call Option to PubCo; and (c) only in the event the exercise of Call Option 2 is completed, Investor shall surrender the Convertible Preference Share by returning to PubCo all
necessary certificates representing the Convertible Preference Share. 

  
 7 

	5.5	 Call Option 1 in relation to the Call Option Trigger Event 1 shall lapse on the date that falls ninety
(90) days after the first occurrence of the Call Option Trigger Event 1 if PubCo has not exercised it before then. 

  

	5.6	 Call Option 2 shall lapse on the date that falls ninety (90) days after the end of the eighteen
(18) month period after the completion of the De-SPAC Transaction if PubCo has not exercised it before then. 

  

	5.7	 The Parties may mutually agree in writing to cancel Call Option 2 at any time before the completion of the De-SPAC Transaction. And in the event of such, the Post-IPO Put Option of Investor under clause 4.1(c) shall lapse immediately on the date of such written agreement.

  

	5.8	 The Parties agree that PubCo shall have the right to nominate one or more third party investors to acquire the
PubCo Ordinary Shares to be purchased from Investor in accordance with this clause 5 (Company Call Option), subject to the applicable sanctions and anti-bribery laws or regulations. 

 

	5.9	 Investor shall be responsible for its own Tax arising from its sale of the PubCo Ordinary Shares to PubCo or
any third party investors nominated by PubCo contemplated in any Call Option in accordance with this clause 5 (Company Call Option). 

  

	6.	 Event of Default 

 

	6.1	 An event of default (the Event of Default) shall be deemed to have occurred:

  

	 	(a)	 if Investor exercises the Post-IPO Put Option and PubCo or any third
party investors nominated by PubCo fails to: (i) purchase the PubCo Ordinary Shares and pay Investor the Put Option Price; or (ii) pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal, in
each case, in accordance with clause 4 (Investor Put Option) within thirty (30) days after receipt of the relevant Put Option Exercise Notice; or 

  

	 	(b)	 if Investor delivers a Top Up Exercise Notice to PubCo upon the occurrence of a Top Up Trigger Event and PubCo
fails to: (i) fulfil its Top Up Obligation; (ii) purchase the PubCo Ordinary Shares then held by Investor; or (iii) pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal, in each
case, in accordance with clause 7.6 or clause 7.7 within three (3) Business Days after receipt of the Top Up Exercise Notice. 

  

	7.	 Security 

  

	7.1	 PubCo shall ensure the creation and perfection of the Pre-Liquidity
Security in accordance with the terms of such Pre-Liquidity Security Documents to secure the PubCo’s performance of its obligation under clause 4 (Investor Put Option) and any indemnity given by
PubCo to Investor under clause 19 (Indemnity) (collectively the Secured Obligations). 

  

	7.2	 If an Event of Default occurs before the Liquidity Date, Investor shall have the right to enforce the Pre-Liquidity Security, to the extent there is any shortfall amount between the gross proceeds that Investor has realised from enforcement of the Pre-Liquidity Security and
the Agreed Return, PubCo shall remain liable to pay any such shortfall amount to Investor by: 

  
 8 

	 	(a)	 acquiring all the PubCo Ordinary Shares then held by Investor at a price equal to such shortfall amount,
rounded to the nearest dollar; and/or 

  

	 	(b)	 requiring Investor to sell, at the reasonable request of PubCo and on terms reasonably acceptable to Investor
(on the one hand) and PubCo (on the other hand), any or all of the PubCo Ordinary Shares then held by Investor to any third party investor(s), by delivering a written instruction to Investor setting out (i) the number of the PubCo Ordinary
Shares to be Transferred by Investor, and (ii) the amount of the consideration for such Transfer. 

  

	7.3	 Immediately after Investor has realised the Agreed Return in accordance with clause 7.2 above, Investor shall
surrender to PubCo any remaining PubCo Ordinary Shares then held by Investor or any excess return beyond the Shortfall Amount under clause 7.2(b) at nil consideration. 

 

	7.4	 Investor agrees to take the reasonable instructions from PubCo and provide all reasonable support in order for
PubCo to effect the transaction under clause 7.2(a) or clause 7.2(b) (to the extent applicable). 

  

	7.5	 If an Event of Default occurs after the Liquidity Date, Investor shall have the right to convert the
Convertible Preference Share into the shares of PubCo pursuant to the Amended MAA and to the extent there is any shortfall amount between the gross proceeds that Investor has realised from the Share Disposal in accordance with clause 3.5 and the
Agreed Return, PubCo shall remain liable to pay any such shortfall amount to Investor. 

  

	7.6	 If a Pre-Liquidity Top Up Trigger Event occurs, Investor may deliver a
written notice (the Pre-Liquidity Top Up Exercise Notice) to PubCo within fifteen (15) days after the date of the occurrence of the
Pre-Liquidity Top Up Trigger Event requiring PubCo to perform its Pre-Liquidity Top Up Obligation. PubCo shall, at its sole discretion, within three (3) Business
Days after the receipt of the Pre-Liquidity Top Up Exercise Notice: 

  

	 	(a)	 perform its Pre-Liquidity Top Up Obligation by: 

 

	 	(i)	 depositing additional cash in US$ by way of cash account charge in favour of Investor (a Pre-Liquidity Cash Top Up); 

  

	 	(ii)	 procuring that FIL deposits in the Charged Securities Account additional shares of FTG (a Pre-Liquidity Share Top Up); or 

  

	 	(iii)	 making a combination of Pre-Liquidity Cash Top Up and Pre-Liquidity Share Top Up, 

to the extent that the value of the additional security provided to Investor in accordance with paragraph (i), (ii) or (iii) above would
increase the Pre-Liquidity Coverage Ratio to be no less than 200% (the Pre-Liquidity Top Up Obligation). For purposes of this clause 7.6, the value of the
additional shares of FTG in a Pre-Liquidity Share Top Up shall be determined by referring to the average closing price of the shares of FTG in three (3) consecutive trading days period (excluding any Disrupted Trading Days) immediately before
the date when FIL completes the Pre-Liquidity Share Top Up, in its equivalent US$ based on exchange rate published by Bloomberg L.P. as at the Business Day immediately preceding the date when FIL completes the Pre-Liquidity Share Top Up; or 

  
 9 

	 	(b)	 acquire all the PubCo Ordinary Shares then held by Investor at a price equal to the Agreed Return rounded to
the nearest dollar. 

  

	7.7	 If a Post-Liquidity Top Up Trigger Event occurs, Investor may deliver a written notice (the
Post-Liquidity Top Up Exercise Notice) and/or the Conversion Notice (at the sole discretion of Investor) to PubCo within fifteen (15) Business Days after the date of the occurrence of the Post-Liquidity
Top Up Trigger Event requiring PubCo to perform its Post-Liquidity Top Up Obligation. PubCo shall, at its sole discretion, within three (3) Business Days after the receipt of the Post-Liquidity Top Up Exercise Notice: 

 

	 	(a)	 perform its Post-Liquidity Top Up Obligation by: 

 

	 	(i)	 depositing additional cash in US$ by way of cash account charge in favour of Investor (a Post-Liquidity
Cash Top Up); or 

  

	 	(ii)	 procuring the pledge of additional ordinary shares of PubCo in favour of Investor (subject to being registered
under the Securities Act and such ordinary shares shall be included in an effective resale registration statement covering the resale of such shares by Investor upon Investor acquiring the power of sale or otherwise the power to dispose of such
shares pursuant to the relevant security agreement) (a Post-Liquidity Share Top Up), 

 to the extent that
the value of the additional security provided to Investor in accordance with paragraph (i) and (ii) above together would increase the Post-Liquidity Coverage Ratio to be no less than 200% (the Post-Liquidity Top Up
Obligation). For purposes of this clause 7.7, the value of the additional shares of PubCo in a Post-Liquidity Share Top Up shall be determined by referring to the average closing price of the shares of PubCo in three (3) consecutive
trading days period (excluding any Disrupted Trading Days) immediately preceding the date when PubCo completes the Post-Liquidity Share Top Up; 
  

	 	(b)	 if Convertible Preference Share Conversion is triggered pursuant to the Amended MAA, and subsequent to the
Convertible Preference Share Conversion and Share Disposal, pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal; or 

 

	 	(c)	 acquire all of PubCo Ordinary Shares then held by Investor at a price equal to the Agreed Return rounded to the
nearest dollar. 

  

	8.	 Effectiveness and Termination 

This Agreement shall become effective upon the closing of the De-SPAC Transaction and shall terminate
(other than the Surviving Provisions) upon the earlier of (i) the date on which Investor ceases to be a shareholder in the Company; and (ii) the date that the Put Option lapses in accordance with clause 4.5(b) of this Agreement, provided
that such termination shall not affect any accrued rights or liabilities of any Party in respect of damages for non-performance of any obligation falling due for performance prior to such termination. 

  
 10 

	9.	 Confidentiality 

 

	9.1	 Each Party shall (and shall ensure that each of its Representatives shall) maintain information relating to the
negotiations leading to this Agreement in confidence and not disclose such information to any person except: 

  

	 	(a)	 as permitted by clause 9.2; or 

 

	 	(b)	 as the other Party approve in writing. 

 

	9.2	 Clause 9.1 shall not prevent disclosure (i) by a Party to its Representatives; or (ii) by a Party or
any of its Representatives to the extent it can demonstrate that: 

  

	 	(a)	 disclosure is required by applicable Law or by any stock exchange or any regulatory, governmental or antitrust
body having applicable jurisdiction (provided that the disclosing party shall first inform the other Party of its intention to disclose such information and take into account the reasonable comments of the other Party); 

 

	 	(b)	 disclosure is necessary in connection with the management of the Tax affairs of a Party or its Affiliates;

  

	 	(c)	 disclosure is of information which was lawfully in the possession of that Party or any of its Representatives
(in either case as evidenced by written records) without any obligation of secrecy before its being received or held; 

  

	 	(d)	 disclosure is of information which has previously become publicly available other than through that
Party’s action or failure to act (or that of its Representatives); 

  

	 	(e)	 disclosure is required for the purposes of facilitating the De-SPAC
Transaction or the Transaction; or 

  

	 	(f)	 disclosure is required for the purpose of any arbitral or judicial proceedings to which the disclosing Party is
a party in a case where such disclosure is required by such proceedings. 

  

	10.	 Assignment 

Unless the Parties specifically agree in writing, no person shall assign, transfer, hold on trust or encumber all or any of its rights under
this Agreement nor grant, declare, create or dispose of any right or interest in any of them. Any purported assignment in contravention of this clause 10 (Assignment) shall be void. 

 

	11.	 Further Assurances 

 

	11.1	 Each Party shall execute, or procure the execution of, such further documents as may be required by applicable
law or be necessary to implement and give effect to this Agreement. 

  

	11.2	 Each Party shall procure that its Representatives comply with all obligations under this Agreement that are
expressed to apply to any such Representatives. 

  
 11 

	12.	 Notices 

  

	12.1	 Any notice to be given by one Party to the other Party in connection with this Agreement shall be in writing in
English and signed by or on behalf of the Party giving it. It shall be delivered by hand, email, registered post or courier using an internationally recognised courier company. 

 

	12.2	 A notice shall be effective upon receipt and shall be deemed to have been received: (a) at the time of
delivery, if delivered by hand, registered post or courier; or (b) at the time of transmission, if delivered by email. Where delivery occurs outside Working Hours, notice shall be deemed to have been received at the start of Working Hours on
the next following Business Day. 

  

	12.3	 The addresses and email addresses of the Parties for the purpose of clause 12.1 are: 

 

					
	PubCo	  	Address:	  	Email:
	 For the attention of:
 Yun CHENG
	  	 Building S2, Bund Finance
 Center, No.600
Zhongshan
 Rd East
 No.2, Shanghai, 200010, China
	  	joann.cheng@lanvin-group.com
			
	Investor	  	Address:	  	Email:
	 For the attention of:
 Ethan Lee 
Yuri Jung

Hobin Whang
	  	 Three IFC, 
10 Gukjegeumyung-ro,

Yeongdeungpo-gu, Seoul,

07326, Republic of Korea
	  	sanghwan.lee@meritz.co.kr 
yuri.jung@meritz.co.kr 
hobin.whang@meritz.co.kr

  

	12.4	 Each Party shall notify the other Party in writing of a change to its details in clause 12.3 from time to time.

  

	13.	 Whole Agreement 

 

	13.1	 This Agreement constitutes the whole agreement between the Parties in relation to the subject matter of this
Agreement and supersedes the Share Subscription Agreement from the effectiveness of this Agreement in accordance with clause 8. 

  

	13.2	 Nothing in this clause 13 (Whole Agreement) shall limit any liability for (or remedy in respect of)
fraud or fraudulent misrepresentation. 

  

	14.	 Waivers, Rights and Remedies 

Except as expressly provided in this Agreement, no failure or delay by any Party in exercising any right or remedy relating to this Agreement
shall affect or operate as a waiver or variation of that right or remedy or preclude its exercise at any subsequent time. No single or partial exercise of any such right or remedy shall preclude any further exercise of it or the exercise of any
other remedy. 

  
 12 

	15.	 Counterparts 

This Agreement may be executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original, but
all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective mode of delivery. 

 

	16.	 Variations 

No variation, deletion, supplement, amendment or replacement of this Agreement shall be valid unless it is in writing and duly executed by or
on behalf of both Parties. 
  

	17.	 Invalidity and Conflicts 

 

	 	(a)	 Each of the provisions of this Agreement is severable. If any such provision is held to be or becomes invalid
or unenforceable under the applicable law of any jurisdiction, the Parties shall use all reasonable efforts to replace it with a valid and enforceable substitute provision the effect of which is as close to its intended effect as possible.

  

	 	(b)	 In the event of any conflict or inconsistency between this Agreement and the Share Subscription Agreement, each
of the PubCo and Investor shall undertake to do and perform or procure such third party to do and perform such further acts and things and shall execute and deliver all required documentations to give effect to this Agreement. 

 

	18.	 Third Party Enforcement Rights 

Except as expressly stipulated in this Agreement, this Agreement shall not grant any right to persons who are not a party to this Agreement.

  

	19.	 Indemnification 

Subsequent to the completion of the De-SPAC Transaction, PubCo irrevocably and unconditionally
undertakes to and agrees with Investor, that if, 
  

	 	(a)	 PubCo or any third-party investors nominated by PubCo fails to either: (i) pay any Post-IPO Put Option Price; or (ii) pay Investor the shortfall amount if Investor has not realised the Agreed Return from the Share Disposal, in each case, in accordance with this Agreement; or

  

	 	(b)	 any of the Post-IPO Put Option is or becomes unenforceable, invalid or
unlawful under any applicable law; 

 PubCo shall, as an independent and primary obligation, fully and effectively
indemnify, keep indemnified and hold harmless Investor immediately from and against any loss, liability and reasonable Costs (including reasonable costs, suffered or incurred in investigating, settling or disputing any such claim and in any way
relating to or in connection with the indemnities) which Investor suffers or incurs arising, directly or indirectly out of, in respect of, in connection with or as a result of the matters set out in the above paragraph (a) or (b), provided
that, in the absence of any fraud from PubCo, the aggregate liability of PubCo to Investor under this clause 19 shall in no event exceed the Agreed Return plus any reasonable Costs actually incurred by Investor under this clause 19. 

  
 13 

	20.	 Governing Law and Jurisdiction 

 

	20.1	 This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of New York,
without giving effect to the principles of conflicts of laws that would otherwise require the application of the laws of any other jurisdiction. 

  

	20.2	 In the event of any dispute, controversy, difference or claim arising out of or relating to this Agreement,
including the existence, validity, interpretation, performance, breach or termination thereof, or any dispute regarding non-contractual obligations arising out of or relating to it, the Parties shall use best
efforts to resolve such dispute, controversy or claim amicably through discussions in good faith. If the Parties fail to resolve such dispute, controversy or claim amicably within thirty (30) days of the occurrence thereof, the Parties shall
submit to arbitration. Any such dispute shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre under the Arbitration Rules of the Singapore International Arbitration Centre
(SIAC Rules) for the time being in force. For the purpose of such arbitration, there shall be three (3) arbitrators appointed, and each of the claimant and the respondent shall appoint one (1) arbitrator and
each such appointed arbitrator shall agree upon and appoint the third (3rd) arbitrator. If the two (2) appointed arbitrators are unable to agree on a third (3rd) arbitrator, the third (3rd) arbitrator shall be appointed in accordance with the SIAC Rules. The seat of arbitration shall be in Singapore and
the language of the arbitration shall be English. The arbitration shall be the sole and exclusive forum for resolution of any such dispute, controversy or claim and a decision rendered by the arbitral tribunal in such proceedings shall be final and
binding on the parties, without right of appeal. No Party shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by another Party in the arbitration proceedings or about the existence,
contents or results of the proceeding except as may be required by a Governmental Entity or as required in an action in aid of arbitration or for enforcement of an arbitral award. 

  
 14 

 Schedule 1 

Form of Amended MAA 

  
 15 

 Schedule 2 

Investor Registration Rights 
  

	1.	 Registration Rights 

 

	1.1.	 Resale Registration Rights 

 

	 	1.1.1.	 Registration Statement Covering Resale of Registrable Securities. Within thirty (30) days after the
closing of the De-SPAC Transaction, PubCo shall prepare and file or cause to be prepared and filed with the U.S. Securities and Exchange Commission (the Commission), a Registration Statement for
an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act or any successor thereto registering the resale from time to time by Investor of all of the Registrable Securities held by Investor (the Resale
Registration Statement). The Resale Registration Statement shall be on Form F-1 or another appropriate form permitting Registration of such Registrable Securities for resale. PubCo shall use
commercially reasonable efforts to cause the Resale Registration Statement to be declared effective as soon as possible after filing but in no event later than sixty (60) days thereafter, or one hundred and twenty (120) days thereafter if
the Resale Registration Statement is reviewed by and receives comments from the Commission; provided, however, that PubCo’s obligations to include the Registrable Securities held by Investor in the Resale Registration Statement are contingent
upon Investor furnishing in writing to PubCo such information regarding Investor, the securities of PubCo held by Investor and the intended method of disposition of the Registrable Securities as shall be reasonably requested by PubCo to effect the
registration of the Registrable Securities, and Investor shall execute such documents in connection with such registration as PubCo may reasonably request that are customary of a selling shareholder in similar situations. Once effective, PubCo shall
use commercially reasonable efforts to keep the Resale Registration Statement and prospectus included therein continuously effective and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available
or, if not available, to ensure that another Registration Statement is available, under the Securities Act at all times until the earliest of (i) the date on which all Registrable Securities and other securities covered by such Registration
Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement and (ii) the date on which all Registrable Securities and other securities covered by such Registration Statement
have ceased to be Registrable Securities. The Registration Statement filed with the Commission pursuant to this Section 1.1.1 shall contain a prospectus in such form as to permit Investor to sell such Registrable Securities pursuant to Rule 415
under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration Statement, and shall provide that such Registrable Securities may be sold
pursuant to any method or combination of methods legally available to, and requested by, Investor. 

  

	 	1.1.2.	 Notification and Distribution of Materials. PubCo shall notify Investor in writing of the effectiveness of the
Resale Registration Statement as soon as practicable, and in any event within five (5) Business Days after the Resale Registration Statement becomes effective and shall furnish to them, without charge, such number of copies of the Resale
Registration Statement (including any amendments, supplements and exhibits), the prospectus contained therein (including each preliminary prospectus and all related amendments and supplements) and any documents incorporated by reference in the
Resale Registration Statement or such other documents as Investor may reasonably request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Registration Statement. 

  
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	 	1.1.3.	 Amendments and Supplements. Subject to the provisions of Section 1.1.1, PubCo shall promptly prepare and
file with the Commission from time to time such amendments and supplements to the Resale Registration Statement and prospectus used in connection therewith as may be necessary to keep the Resale Registration Statement effective and to comply with
the provisions of the Securities Act with respect to the disposition of all the Registrable Securities during the Effectiveness Period. 

  

	 	1.1.4.	 SEC Cutback. Notwithstanding the registration obligations set forth in this Section 1.1, in the event the
Commission informs PubCo that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, PubCo agrees to promptly (i) inform
Investor thereof and use its commercially reasonable efforts to file amendments to the Resale Registration Statement as required by the Commission and/or (ii) withdraw the Resale Registration Statement and file a new registration statement (a
New Registration Statement), in either case covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form F-1; provided, however, that prior to
filing such amendment or New Registration Statement, PubCo shall be obligated to use its commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with any
publicly-available written or oral guidance, comments, requirements or requests of the Commission staff (the SEC Guidance), including without limitation, the Manual of Publicly Available Telephone Interpretations D.29. In the event
PubCo amends the Resale Registration Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, PubCo will use its commercially reasonable efforts to file with the Commission, as promptly as allowed by
the Commission or SEC Guidance provided to PubCo or to registrants of securities in general, one or more registration statements on Form F-1 or such other form available to register for resale those
Registrable Securities that were not registered for resale on the Resale Registration Statement, as amended, or the New Registration Statement. 

  

	 	1.1.5.	 Notice of Certain Events. PubCo shall promptly notify Investor in writing of any request by the Commission for
any amendment or supplement to, or additional information in connection with, the Resale Registration Statement required to be prepared and filed hereunder (or prospectus relating thereto). PubCo shall promptly notify Investor in writing of the
filing of the Resale Registration Statement or any prospectus, amendment or supplement related thereto or any post-effective amendment to the Resale Registration Statement and the effectiveness of any post-effective amendment. 

 

	 	1.1.6.	 Selection of Underwriters. Investor shall have the right to select an Underwriter or Underwriters in connection
with an Underwritten Offering pursuant to the Resale Registration Statement, which Underwriter or Underwriters shall be reasonably acceptable to PubCo and shall consist of one or more reputable nationally recognized investment banks. In connection
with an Underwritten Offering, PubCo shall enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of the
Registrable Securities in such Underwritten Offering, including, if necessary, the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with the Financial Industry
Regulatory Authority, Inc. 

  
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	 	1.1.7.	 Registrations effected pursuant to this Section 1.1 shall not be counted as Demand Registrations effected
pursuant to Section 1.2. 

  

	 	1.1.8.	 Block Trades. 

  

	 	(a)	 If a Demanding Holder (as defined below) wishes to consummate a Block Trade (on either a Commission registered
or non-registered basis), then notwithstanding the time periods and piggyback rights otherwise provided herein, such Demanding Holder shall, if it would like the assistance of PubCo, endeavor to give PubCo
sufficient advance notice in order to prepare the appropriate documentation for such transaction. Such Demanding Holder, if requesting a Commission registered underwritten Block Trade (1) shall give PubCo written notice of the transaction and
the anticipated launch date of the transaction at least five (5) Business Days prior to the anticipated launch date of the transaction, (2) PubCo shall be required to only notify the other Demanding Holders of the transaction and none of
the other Holders, (3) the other Demanding Holders shall have one (1) Business Day prior to the launch of the transaction to determine if they wish to participate in the Block Trade, and (4) PubCo shall include in the Block Trade only
shares held by the Demanding Holders. Any Registration effected pursuant to this Section 1.1.8 shall not be counted as Demand Registrations effected pursuant to Section 1.2. 

 

	 	(b)	 Investor in a Block Trade shall have the right to select the Underwriters for such Block Trade (which shall
consist of one or more reputable nationally recognized investment banks). 

  

	1.2.	 Demand Registration 

 

	 	1.2.1.	 Request for Registration. At any time and from time to time after the closing of the De-SPAC Transaction, expiration of a lock-up to which such shares are subject, if any, the Company Investors who hold US$50,000,000 of the Registrable Securities held by all
the Company Investors, as the case may be, may make a written demand for Registration under the Securities Act of all or any portion of their Registrable Securities on Form F-1 (or Form F-3 if it is available to be used by PubCo at such time, or another appropriate form permitting Registration of the Registrable Securities for resale by such Holder). The registration requested pursuant to this
Section 1.2.1 is referred to herein as a Demand Registration. Demand for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof.
PubCo will notify all Holders of the demand, and each such Holder who wishes to include all or a portion of such Holder’s Registrable Securities in the Demand Registration (each such Holder including shares of Registrable Securities in such
registration, a Demanding Holder) shall so notify PubCo within fifteen (15) days after the receipt by the Holder of the notice from PubCo. Upon any such request, the Demanding Holders shall be entitled to have their Registrable
Securities included in the Demand Registration, subject to Section 1.2.4 and the provisos set forth in Section 2.1.1. PubCo shall not be obligated to effect: (a) more than one (1) Demand Registration during any six-month period; (b) any Demand Registration at any time there is an effective Resale Registration Statement on file with the Commission pursuant to Section 1.1; or (c) more than two
(2) Underwritten Demand Registrations in respect of all Registrable Securities held by the Company Investors, which, for the avoidance of doubt, shall include any Underwritten Demand Registration made in pursuant to the Investor Rights
Agreement. 

  
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	 	1.2.2.	 Effective Registration. A Registration will not count as a Demand Registration unless and until (i) the
Registration Statement filed with the Commission with respect to such Demand Registration has been declared effective by the Commission and (ii) PubCo has complied with all of its obligations under this Schedule 2 with respect thereto;
provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other
governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further, that PubCo shall not be obligated
to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated. 

  

	 	1.2.3.	 Underwritten Offering. If the Demanding Holders so elect and such holders so advise PubCo as part of their
written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering with an estimated market value of at least US$50,000,000. In such event, the
right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the
extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such
underwriting by the Holders initiating the Demand Registration, and subject to the approval of PubCo. 

  

	 	1.2.4.	 Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an
Underwritten Offering advises PubCo and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding Holders desire to sell, taken together with all other ordinary shares of PubCo
(Ordinary Shares) or other securities which PubCo desires to sell and PubCo Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other
shareholders of PubCo who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering 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 shares, as applicable, the Maximum Number of Shares), then PubCo shall include in such registration: (i) first, the Registrable Securities as
to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such person has requested be included in such registration, regardless of the number of shares held by each such
person (such proportion is referred to herein as Pro Rata)) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (i), PubCo Ordinary Shares or other securities that PubCo desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i) and (ii), Ordinary Shares or other securities for the account of other persons that PubCo is obligated to register pursuant to written contractual arrangements with such persons, as to which “piggy-back”
registration has been requested by the Holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares. 

  
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	 	1.2.5.	 Withdrawal. If a
majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities in any
offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by giving written notice to PubCo and the Underwriter or
Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the
majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then either the Demanding Holders shall reimburse
PubCo for the costs associated with the withdrawn registration (in which case such registration shall not count as a Demand Registration provided for in Section 1.2) or the withdrawn registration shall count as a Demand Registration provided
for in Section 1.2. Notwithstanding anything to the contrary in this Schedule 2, (i) PubCo may effect any Underwritten Registration pursuant to any then effective Registration Statement, that is then available for such offering, and
(ii) PubCo shall be responsible for the registration expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this Section 1.2.5. 

 

	1.3.	 Piggy-Back Registration 

 

	 	1.3.1.	 Piggy-Back Rights. If PubCo 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, by PubCo for its own account or for shareholders of PubCo for their account (or by PubCo and by
shareholders of PubCo including, without limitation, pursuant to Section 1.1), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or offering of
securities solely to PubCo’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of PubCo, (iv) filed on Form F-4 or
S-4 (or any successor form thereto) related to any merger, acquisition or business combination, (v) for a dividend reinvestment plan or (vi) filed in connection with a Block Trade by one or more
Holders in accordance with Section 1.1.8, then PubCo shall (x) give written notice of such proposed filing to Investor as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice
shall 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, of the offering, and (y) offer to Investor in
such notice the opportunity to register the sale of such number of shares of Registrable Securities that are not subject to any transfer restrictions under any applicable lock-up, as Investor may request in
writing within five (5) days following receipt of such notice (a Piggy-Back Registration). PubCo shall cause such Registrable Securities to be included in such Piggy-Back Registration and shall use its reasonable efforts to cause
the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of PubCo and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. Investor and all other Holders proposing to distribute their securities through a Piggy-Back Registration that involves
an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration. 

  
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	 	1.3.2.	 Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be
an Underwritten Offering advises PubCo and Investor in writing that the dollar amount or number of Ordinary Shares which PubCo desires to sell, taken together with Ordinary Shares, if any, as to which registration has been demanded pursuant to
written contractual arrangements with persons other than Investor hereunder and the Registrable Securities as to which registration has been requested under this Section 1.3, exceeds the Maximum Number of Shares, then PubCo shall include in any
such registration: 

  

	 	(a)	 If the Registration is undertaken for PubCo’s account: (A) first, Ordinary Shares or other securities
that PubCo desires to sell that can be sold without exceeding the Maximum Number of Shares; and (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), Ordinary Shares or other
securities, if any, comprised of Registrable Securities, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares, Pro Rata; and (C) third, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), Ordinary Shares or other securities for the account of other persons that PubCo is obligated to register pursuant to written contractual piggy-back
registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and 

  

	 	(b)	 If the Registration is a “demand” registration undertaken at the demand of persons other than the
Holders, (A) first, Ordinary Shares or other securities for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), Ordinary Shares or other securities that PubCo desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A) and (B), Ordinary Shares or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without
exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), Ordinary Shares or other securities for the account of other persons that
PubCo is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares. 

  
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	 	1.3.3.	 Withdrawal. Investor may elect to withdraw its request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to PubCo of such request to withdraw prior to the effectiveness of the Registration Statement. PubCo (whether on its own determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding any such withdrawal, PubCo shall pay all expenses incurred by Investor in
connection with such Piggy-Back Registration as provided in Section 2.3. 

  

	 	1.3.4.	 Unlimited Piggy-Back Rights. For purposes of clarity, any Registration effected pursuant to Section 1.3
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 1.2, and there shall be no limit on the number of Piggy-Back Registrations. 

 

	1.4.	 Termination of PubCo’s Obligations 

Notwithstanding the foregoing, PubCo shall have no obligations pursuant to Sections 1.1, 1.2 or 1.3 with respect to any Registrable Securities
proposed to be sold by Investor in a registered public offering if, in the opinion of counsel to PubCo, all such Registrable Securities proposed to be sold by Investor may then be sold under Rule 144 (or similar provision) under the Securities Act
without limitation on the amount of securities sold or the manner of sale. 
  

	2.	 Registration Procedures 

 

	2.1.	 Filings; Information. Whenever PubCo is required to effect the registration of any Registrable Securities
pursuant to Section 1 or an underwritten Block Trade, PubCo shall use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as
expeditiously as practicable, and in connection with any such request: 

  

	 	2.1.1.	 Filing Registration Statement. PubCo shall use its commercially reasonable efforts to, as expeditiously as
possible after receipt of a request for a Demand Registration pursuant to Section 1.2, prepare and file with the Commission a Registration Statement on any form for which PubCo then qualifies or which counsel for PubCo shall deem appropriate
and which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its commercially reasonable efforts to cause such Registration
Statement to become effective and use its commercially reasonable efforts to keep it effective for the Effectiveness Period (as defined below); provided, however, that PubCo shall have the right to defer any Demand Registration for up to sixty
(60) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any Demand Registration to which such Piggy-Back Registration relates, in each case if PubCo shall furnish to Investor a certificate signed by the
Chief Executive Officer or Chairman of PubCo stating that, in the good faith judgment of the board of directors of PubCo, it would be materially detrimental to PubCo and its shareholders for such Registration Statement to be effected at such time;
provided, however, PubCo shall have the right to defer such filing for a period of not more than ninety (90) days and that PubCo shall not defer its obligation in this manner more than twice in any twelve (12)-month period.

  
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	 	2.1.2.	 Copies. PubCo shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement
thereto, furnish without charge to Investor, if included in such registration, and Investor’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 Investor, if included in such
registration, or legal counsel for Investor may request in order to facilitate the disposition of the Registrable Securities owned by Investor. 

  

	 	2.1.3.	 Amendments and Supplements. PubCo shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act
until all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement or such securities have been
withdrawn (the Effectiveness Period). 

  

	 	2.1.4.	 Notification. After the filing of a Registration Statement, PubCo shall promptly, and in no event more than
five (5) Business Days after such filing, notify Investor, if included in such Registration Statement of such filing, and shall further notify Investor promptly and confirm such advice in writing in all events within five (5) Business Days
of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by
the Commission of any stop order (and PubCo shall take all actions reasonably required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement to such
Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of
the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading, and promptly make available to Investor, if included in such Registration Statement, any such supplement or amendment; except that before filing with the Commission a Registration Statement or prospectus or any amendment or supplement
thereto, including documents incorporated by reference, PubCo shall furnish to Investor, if included in such Registration Statement, and to the legal counsel for Investor, copies of all such documents proposed to be filed sufficiently in advance of
filing to provide Investor and legal counsel with a reasonable opportunity to review such documents and comment thereon. 

  
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	 	2.1.5.	 Securities Laws Compliance. PubCo shall use its reasonable 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 Investor, if included in such Registration Statement, (in light of its intended plan of
distribution) may reasonably 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 PubCo and do any and all other acts and things that may be reasonably necessary or advisable to enable Investor, if included in such Registration Statement, to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that PubCo shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or subject itself to taxation in
any such jurisdiction. 

  

	 	2.1.6.	 Agreements for Disposition. PubCo shall enter into customary agreements (including, if applicable, an
underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The representations, warranties and covenants of PubCo in any
underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of Investor, if included in such registration statement, and the representations, warranties and
covenants of Investor, if included in such registration statement, in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of PubCo.

  

	 	2.1.7.	 Comfort Letter. PubCo shall obtain a “cold comfort” letter from PubCo’s independent registered
public accountants in the event of an Underwritten Offering, 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. 

  

	 	2.1.8.	 Opinions. On the date the Registrable Securities are delivered for sale pursuant to any Registration, PubCo
shall obtain an opinion, dated such date, of one (1) counsel representing PubCo for the purposes of such Registration, addressed to Investor as a participating Holder, 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 Investor, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions, and
reasonably satisfactory to a majority-in-interest of the participating Holders. 

 

	 	2.1.9.	 Cooperation. The principal executive officer of PubCo, the principal financial officer of PubCo, the principal
accounting officer of PubCo and all other officers and members of the management of PubCo shall use their reasonable efforts to cooperate fully in any offering of Registrable Securities hereunder, which cooperation shall include, without limitation,
the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential investors.

  
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	 	2.1.10.	 Records. Upon execution of confidentiality agreements (in forms and substance that are reasonably satisfactory
to PubCo), PubCo shall make available for inspection by Investor, if included in such Registration Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional
retained by Investor, if included in such Registration Statement, or any Underwriter, all financial and other records, pertinent corporate documents and properties of PubCo, as shall be necessary to enable them to exercise their due diligence
responsibility, and cause PubCo’s officers, directors and employees to supply all information requested by any of them in connection with such Registration Statement. 

 

	 	2.1.11.	 Earnings Statement. PubCo shall comply with all applicable rules and regulations of the Commission and the
Securities Act, and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder. 

  

	 	2.1.12.	 Listing. PubCo shall use its commercially reasonable efforts to cause all Registrable Securities included in
any Registration Statement to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by PubCo are then listed or designated. 

 

	 	2.1.13.	 Market Stand-Off. In connection with any Underwritten Offering of
equity securities of PubCo (other than a Block Trade) in which Investor participates, Investor agrees that it shall not Transfer any Ordinary Shares or other equity securities of PubCo (other than those included in such offering pursuant to this
Schedule 2), without the prior written consent of PubCo, during the ninety (90)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such offering,
except as expressly permitted by such lock-up agreement or in the event the managing Underwriters otherwise agree by written consent. Investor agrees to execute a customary
lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and conditions as all participating Holders); provided, that such agreement shall not be materially
more restrictive than any similar agreement entered into by the directors and executive officers of PubCo participating in such Underwritten Offering; provided, further, that such agreement shall provide that any early release of any participating
Holder from the provisions of the terms of such agreement shall be on a pro rata basis among all participating Holders. 

  

	2.2.	 Obligation to Suspend Distribution. Upon receipt of any notice from PubCo of the happening of any event of the
kind described in Section 2.1.4, or, upon any suspension by PubCo, pursuant to a written insider trading compliance program adopted by the board of directors of PubCo, of the ability of all “insiders” covered by such program to
transact in PubCo’s securities because of the existence of material non-public information, Investor, if included in any registration, shall immediately discontinue disposition of such Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until Investor receives the supplemented or amended prospectus contemplated by Section 2.1.4 or the restriction on the ability of “insiders” to
transact in PubCo’s securities is removed, as applicable, and, if so directed by PubCo, Investor will deliver to PubCo all copies, other than permanent file copies then in Investor’s possession, of the most recent prospectus covering such
Registrable Securities at the time of receipt of such notice. 

  
 25 

	2.3.	 Registration Expenses. Except as set forth in Section 1.2.5, PubCo shall bear all costs and expenses
incurred in connection with the Resale Registration Statement pursuant to Section 1.1, any Demand Registration pursuant to Section 1.2 any Piggy-Back Registration pursuant to Section 1.3, and all expenses incurred in performing or
complying with its other obligations under this Schedule 2, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with
securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) PubCo’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required by Section 2.1.12; (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for PubCo and fees and expenses for independent certified public accountants retained by PubCo; (viii) the fees and expenses of any special experts retained by PubCo in connection
with such registration and (ix) the reasonable fees and expenses of one (1) legal counsel selected by the Holders of a majority-in-interest of the Registrable
Securities included in such registration. PubCo shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by Investor thereof, which underwriting discounts or selling
commissions shall be borne by Investor. Additionally, in an Underwritten Offering, all selling shareholders and PubCo shall bear the expenses of the Underwriter pro rata in proportion to the respective amount of shares each is selling in such
offering. 

  

	2.4.	 Information. Investor shall promptly provide such information as may reasonably be requested by PubCo, or the
managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act and in
connection with PubCo’s obligation to comply with Federal and applicable state securities laws. 

  

	3.	 Indemnification and Contribution. 

 

	3.1.	 Indemnification by PubCo. PubCo agrees to indemnify and hold harmless Investor, and each of its officers,
employees, Affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an Investor
Indemnified Party), from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly untrue statement) of a material fact contained in
any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to such
Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by PubCo of the Securities
Act or any rule or regulation promulgated thereunder applicable to PubCo and relating to action or inaction required of PubCo in connection with any such registration; and PubCo shall promptly reimburse Investor Indemnified Party for any legal and
any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that PubCo will not be liable in any
such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged omission of any material fact made in such Registration
Statement, preliminary prospectus, or final prospectus or any such amendment or supplement, in reliance upon and in conformity with information furnished to PubCo, in writing, by Investor expressly for use therein, or is based on Investor’s
violation of the federal securities laws (including Regulation M) or failure to sell the Registrable Securities in accordance with the plan of distribution contained in the prospectus. 

  
 26 

	3.2.	 Indemnification by Investor. Investor will, in the event that any registration is being effected under the
Securities Act pursuant to this Schedule 2 of any Registrable Securities held by Investor, indemnify and hold harmless PubCo, each of its officers, employees, Affiliates, directors, partners, members, attorneys and agents, and each person, if any,
who controls PubCo (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an PubCo Indemnified Party), against any losses, claims, judgments, damages or liabilities,
whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any
Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in
reliance upon and in conformity with information furnished in writing to PubCo by Investor expressly for use therein, or is based on Investor’s violation of the federal securities laws (including Regulation M) or failure to sell the Registrable
Securities in accordance with the plan of distribution contained in the prospectus, and shall reimburse the PubCo Indemnified Parties for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending
any such loss, claim, damage, liability or action. Investor’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by Investor. 

 

	3.3.	 Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim,
damage or liability or any action in respect of which indemnity may be sought pursuant to Sections 3.1 or 3.2, such person (the Indemnified Party) shall, if a claim in respect thereof is to be made against any other person for
indemnification hereunder, notify such other person (the Indemnifying Party) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying
Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the
Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly
with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of
such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of
investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such separate
counsel, which such counsel is reasonably acceptable to the Indemnifying Party) to represent the Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by
the Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any
claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such claim or proceeding. 

  
 27 

	3.4.	 Contribution. 

  

	 	3.4.1.	 If the indemnification provided for in the foregoing Sections 3.1, 3.2 and 3.3 is judicially determined to be
unavailable to any Indemnified Party in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or
omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  

	 	3.4.2.	 the Parties agree that it would not be just and equitable if contribution pursuant to this Section 3.4
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 the immediately preceding Section 3.4.1. 

 

	 	3.4.3.	 The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action
referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 3.4, Investor shall not be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes)
actually received by Investor from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

  
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	4.	 Underwriting and Distribution 

 

	4.1.	 Rule 144. PubCo shall use commercially reasonable efforts to file any reports required to be filed by it under
the Securities Act and the Exchange Act (or, if PubCo is not required to file such reports, it will, upon the reasonable request of Investor, make publicly available such necessary information for so long as reasonably necessary to permit sales that
would otherwise be permitted by this Schedule 2 pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time or any similar rule or regulation hereafter adopted by the Commission) and take
such further action as Investor may reasonably request, all to the extent required from time to time to enable Investor to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 

For purpose of this Schedule 2 only, 

Block Trade means an offering and/or sale of Registrable Securities by any Holder on a block trade or underwritten basis (whether
firm commitment or otherwise) without substantial marketing efforts by PubCo, including, without limitation, a same day trade, overnight trade or similar transaction; 

Company Investors means each of Investor, Baozun Hongkong Investment Limited, Fosun Fashion Holdings (Cayman) Limited, ITOCHU
Corporation, Talent Insight Project Company Limited, Marco Ceccarelli, Great Pacific Enterprises Ltd, Stephenson Management Inc., Stella International Limited, Lux Regency (International) Holdings Limited, Yujing Fashion (BVI) Limited, Target Gain
International Limited, Fantasy Gamma Limited and Brilliant Fashion Holdings Limited; 
 Exchange Act means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time; 

Form F-1 means a Registration Statement on Form
F-1 or any comparable successor form or forms thereto; 
 Holder means a holder of
Registrable Securities; 
 Investor Rights Agreement means the investor rights agreement dated March 23, 2022, by and
among PubCo, Primavera Capital Acquisition Corporation, the Company and certain investors of PubCo named therein. 

  
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 Registrable Securities means (a) Ordinary Shares issued or issuable upon
the conversion of any shares of SPAC Class B Ordinary Shares (as defined in the Business Combination Agreement), (b) the PubCo Warrants (as defined in the Business Combination Agreement) (including any Ordinary Shares issued or issuable upon
the exercise of any such PubCo Warrants), (c) any outstanding Ordinary Shares or any other equity security (including Ordinary Shares issued or issuable upon the exercise of any other equity security) of PubCo held by a Company Investor or SPAC
Investor as of the Initial Merger Effective Time (as defined in the Business Combination Agreement) (including Ordinary Shares issued pursuant to the transactions contemplated by the Business Combination Agreement), (d) any other equity security of
PubCo or any of its subsidiaries, or any successor, issued or issuable with respect to any such Ordinary Shares by way of a share dividend or share split or other distribution or in connection with a combination of shares, contractual control
arrangement, recapitalization, merger, consolidation, spin-off or reorganization and (e) any Non-Voting Shares of PubCo and ordinary shares of PubCo issued or
issuable upon conversion of the Convertible Preference Share; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the
sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been
otherwise transferred, and new certificates for such securities not bearing a legend (other than legend imposed as a result of the restrictions contemplated by the memorandum and articles of PubCo or any
lock-up agreement by and among PubCo and any Holders) restricting further transfer shall have been delivered by PubCo to the transferee; (C) such securities shall have ceased to be outstanding;
(D) such securities have been sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission); or (E) such
securities shall have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction; 

Registration means 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 Statement means a registration statement filed by PubCo with the Commission in compliance with the
Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a
registration statement on Form F-4, Form S-4 or Form S-8, or their successors, or any registration statement covering only
securities proposed to be issued in exchange for securities or assets of another entity); 
 Securities Act means the
Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time; 

SPAC Investors means Primavera Capital Acquisition LLC; 

Transfer means to (i) lend, sell, offer to sell, contract or agree to sell, hypothecate, pledge or otherwise encumber, grant
any option or warrant to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of
the Exchange Act, and the rules and regulations of the Commission promulgated thereunder, with respect to any Ordinary Shares, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any Ordinary Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction, including the filing of a
registration statement specified in clause (i) or (ii). Notwithstanding the foregoing, a Transfer shall not be deemed to include any transfer for no consideration if the donee, trustee, heir or other transferee has agreed in writing to be bound
by the same terms under this Schedule 2 to the extent and for the duration that such terms remain in effect at the time of the Transfer; 

  
 30 

 Underwriter means 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 Demand Registrations means an underwritten public offering of Registrable Securities pursuant to a Demand
Registration, as amended or supplemented; and 
 Underwritten Registration or Underwritten Offering means shall mean a
Registration in which securities of PubCo are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 

  
 31 

 Schedule 3 

PubCo Warranties 
  

	1.	 PubCo is validly incorporated, in existence, in good standing and duly registered under the laws of its
jurisdiction and has full power to conduct its business as conducted at the date of this Agreement. 

  

	2.	 PubCo has obtained all corporate authorisations and all other governmental, statutory, regulatory or other
consents, licences and authorisations required to empower it to enter into and perform its obligations under this Agreement. 

  

	3.	 Entry into and performance by the PubCo of this Agreement will not: (i) breach any provision of its
constitutional documents; or (ii) result in a breach of any applicable laws or regulations in its jurisdiction of incorporation, any order, decree or judgment of any court or any Governmental Entity. 

 

	4.	 This Agreement will, when executed, constitute valid and binding obligations of PubCo, enforceable against
PubCo in accordance with its terms, except as such enforceability may be limited by bankruptcy insolvency, reorganization, moratorium, and similar laws affecting creditors generally and by the availability of equitable remedies.

  

	5.	 No bankruptcy, insolvency or judicial composition proceedings concerning PubCo has been applied for. So far as
PubCo is aware, no circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition proceedings concerning PubCo nor do any circumstances exist according to any applicable bankruptcy or insolvency laws
which would justify the avoidance of this Agreement. 

  

	6.	 Neither PubCo nor any of its Representatives are Sanctions Targets, or act directly or indirectly on behalf of
any Sanctions Target. PubCo is not incorporated, located, resident or carrying on a trade or business in a Sanctioned Country. So far as PubCo is aware, PubCo is in compliance with all applicable Sanctions and is not engaged in any activities that
would reasonably be expected to result in it being designated as a Sanctions Target. 

  
 32 

 Schedule 4 

Investor Warranties 
  

	1.	 Investor is validly incorporated, in existence, in good standing and duly registered under the laws of its
jurisdiction of incorporation and has full power to conduct its business as conducted at the date of this Agreement. 

  

	2.	 Investor has obtained all corporate authorisations and all other governmental, statutory, regulatory or other
consents, licences and authorisations required to empower it to enter into and perform its obligations under this Agreement. 

  

	3.	 Entry into and performance by Investor of this Agreement will not: (i) breach any provision of its
constitutional documents; or (ii) result in a breach of any applicable laws or regulations in its jurisdiction of incorporation, or any order, decree or judgment of any court or any Governmental Entity to which it is a party or by which it is
bound. 

  

	4.	 This Agreement will, when executed, constitute valid and binding obligations of Investor, enforceable against
Investor in accordance with its terms, except as such enforceability may be limited by bankruptcy insolvency, reorganization, moratorium, and similar laws affecting creditors generally and by the availability of equitable remedies.

  

	5.	 No bankruptcy, insolvency or judicial composition proceedings concerning Investor has been applied for. So far
as Investor is aware, no circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition proceedings concerning Investor nor do any circumstances exist according to any applicable bankruptcy or
insolvency laws which would justify the avoidance of this Agreement. 

  

	6.	 Neither Investor nor any of its Representatives are Sanctions Targets, or act directly or indirectly on behalf
of any Sanctions Target. Investor is not incorporated, located, resident or carrying on a trade or business in a Sanctioned Country. So far as Investor is aware, Investor is in compliance with all applicable Sanctions and is not engaged in any
activities that would reasonably be expected to result in it being designated as a Sanctions Target. 

  
 33 

 Schedule 5 

Definitions and Interpretation 
  

	1.	 Definitions. In this Agreement, the following words and expressions shall have the following meanings:

 Additional Price has the meaning given in the Recital of this Agreement; 

Additional Shares has the meaning given in the Recital of this Agreement; 

Affiliate means, in relation to any Party, any subsidiary or parent company of that Party and any subsidiary of any such parent
company, in each case from time to time; 
 Agreed Return means the higher of an amount that: 

 

	 	(a)	 provides Investor with an eleven and a half per cent. (11.5%) XIRR, compounding every 12 months, of:
(i) US$50,000,000 calculated for the period between the Closing Date and the date of realisation; and (ii) Additional Price Investor paid on the closing date of the De-SPAC Transaction (if
applicable) calculated for the period between the closing date of the De-SPAC Transaction and the date of realisation; or 

 

	 	(b)	 equals to 1.115 times the sum of US$50,000,000, 

in each case, less any Interim Return received by Investor and (only applicable if Investor has not paid the Release Amount in accordance with
clause 2.2 of the Share Subscription Agreement by the date when the XIRR is calculated) less US$25,000,000, 
 where, XIRR
means the internal rate of return calculated using the XIRR function in Microsoft Excel software, using actual dates of cash flows (taking into account any Interim Return) and based on annual compounding; 

Amended MAA means the memorandum and articles of PubCo, in the form set out in Schedule 1, that will become effective upon De-SPAC Transaction; 
 Annual Cash Distribution has the meaning given in the Company MAA;

 Business Combination Agreement has the meaning given to it in the Recital of this Agreement; 

Business Day means a day (excluding Saturday or Sunday and public holidays in Republic of Korea, the PRC, Hong Kong and Cayman
Islands) on which commercial banks in Republic of Korea, the PRC, Hong Kong and Cayman Islands are generally open for business; 
 Call
Option has the meaning given in clause 5.2; 
 Call Option 1 has the meaning given in clause 5.1; 

Call Option 2 has the meaning given in clause 5.2; 

Call Option Completion Date has the meaning given in clause 5.3; 

Call Option Exercise Notice has the meaning given in clause 5.3; 

  
 34 

 Call Option Price has the meaning given in clause 5.2; 

Call Option Price 1 has the meaning given in clause 5.1; 

Call Option Price 2 has the meaning given in clause 5.2; 

Call Option Trigger Event has the meaning given in clause 5.2; 

Call Option Trigger Event 1 has the meaning given in clause 5.1; 

Call Option Trigger Event 2 has the meaning given in clause 5.2; 

Charged Cash Account means the HKD account in the name of FIL held with Citibank, N.A., Hong Kong Branch with account number
1506483006 over which the Company has granted Investor security pursuant to the terms of the Security Account Charge; 
 Charged
Securities Account means the securities account in the name of FIL held with Citibank, N.A., Hong Kong Branch with account number 5064830000 over which FIL has granted Investor security pursuant to the terms of the Security Account Charge;

 Closing means completion of the Transaction in accordance with the provisions of the Share Subscription Agreement; 

Closing Date means the date on which Closing takes place; 

Closing Price means the last reported publicly traded price of the shares of PubCo at the closing of trading during a trading day
on the stock exchange on which the shares of PubCo are traded. 
 Collateral Share has the meaning given in the Company MAA;

 Company has the meaning given in the Recital of this Agreement; 

Company MAA means the third amended and restated memorandum and articles of association of the Company to be adopted by the
Company on Closing; 
 Company Bank Account means the following account of the Company: 

Beneficiary: Fosun Fashion Group (Cayman) Limited 

Beneficiary Bank: Standard Chartered Bank (Hong Kong) Limited 

Swift Code: SCBLHKHHXXX 
 Account
No: 44719099032 
 Beneficiary Bank Address: 7th Floor, Standard Chartered Tower, 388 Kwun Tong Road, Kwun Tong, Hong Kong 

Control of a given person means the power or authority, whether exercised or not, to direct the business, management and policies
of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that, such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to
direct the vote of fifty per cent (50%) or more of the votes entitled to be cast at a meeting of the members or shareholders of such person or its parent company or power to control the composition of a majority of the board of directors (or
equivalent governing body) of such person; 

  
 35 

 Conversion Notice has the meaning given in the Amended MAA; 

Convertible Preference Share has the meaning given to it in the Recital of this Agreement 

Convertible Preference Share Conversion has the meaning given in the Amended MAA; 

Convertible Preference Share Conversion Date has the meaning given in the Amended MAA; 

Costs means costs (including reasonable legal costs), expenses and Taxes (including stamp duty); 

Credit Event means: 
  

	 	(a)	 in respect of the Company, PubCo, FIL and FTG: 

 

	 	(i)	 Mr. Guo Guangchang ceases to have Control; or 

 

	 	(ii)	 any occurrence of any insolvency event, bankruptcy, liquidation, dissolution or winding up or similar event,
whether voluntary or involuntary, or a filing for bankruptcy or similar proceedings. 

  

	 	(b)	 in respect of FIL and FTG, delisting, or suspension to trading for consecutive period of fifteen
(15) Trading Days; 

  

	 	(c)	 in respect of PubCo, delisting, or suspension to trading for consecutive period of five (5) Trading Days;

  

	 	(d)	 in respect of FTG, any of the following events: 

 

	 	(i)	 the ordinary shares in the capital of FTG, the shareholders of FTG pass a shareholder resolution for delisting
the ordinary shares in the capital of FTG from the main board of the Stock Exchange; 

  

	 	(ii)	 any of its Financial Indebtedness with an aggregate amount borrowed or raised being in excess of US$60,000,000
is not paid when due nor within any originally applicable grace period, or is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of any event of default (however described); 

 

	 	(e)	 in respect of FIL, any of its Financial Indebtedness with an aggregate amount borrower or raised in excess of
US$100,000,000 is not paid when due nor within any originally applicable grace period, or is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of any event of default (however described);

  

	 	(f)	 in respect of the Company or PubCo: 

 

	 	(i)	 any of its Financial Indebtedness with an aggregate amount borrowed or raised in excess of US$5,000,000 is not
paid when due nor within any originally applicable grace period, or is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of any event of default (however described); 

  
 36 

	 	(ii)	 any of its creditors declares or becomes entitled to declare any of its Financial Indebtedness with an
aggregate amount borrowed or raised in excess of US$5,000,000 due and payable prior to its specified maturity as a result of an event of default (however described); 

 

	 	(iii)	 it is unable or admits inability to pay its debt as they fall due, is deemed or declared (in each case,
pursuant to applicable law) to be unable to pay its debt as they fall due; or by reason of actual or anticipated financial difficulties: 

  

	 	(A)	 suspends or threatens to suspend making payments on any of its debts; or 

 

	 	(B)	 commence negotiations with one or more of its creditors generally with a view to rescheduling its debts;

 provided that any failure of repayment and/or any rescheduling or extension of the SH Loan does not fall into the
definition of Credit Event. 
  

	 	(g)	 failure by the Company to pay any Annual Cash Distribution to Investor pursuant to the Company MAA; or

  

	 	(h)	 any breach by the Company or PubCo of clause 3.3. 

Custodian means Citibank, N.A., Hong Kong Branch; 

Custody Agreement means the securities safekeeping agreement dated on or around the date of this Agreement between the Custodian
and FIL in respect of the Charged Securities Account and the Charged Cash Account; 
 Deed of Adherence means the deed of
adherence to the Shareholders Agreement to be executed by Investor and the Company on Closing Date; 

De-SPAC Transaction has the meaning given in the Recital of this Agreement; 

Disrupted Trading Day means a trading day in which any of the following events occurs: 

 

	 	(a)	 any event that prohibits or otherwise makes impossible any market participants in general to effect
transactions in, or obtain market values for, the shares of PubCo or FTG (as the case may be); 

  

	 	(b)	 any material suspension of trading by the relevant stock exchange on which the shares of PubCo or FTG (as the
case may be) are traded, whether by reason of movements in price exceeding limits permitted by that stock exchange or otherwise; or 

  

	 	(c)	 a closure of the stock exchange on which the shares of PubCo or FTG (as the case may be) are traded prior to
its regular trading time. 

  
 37 

 Encumbrance means a mortgage, charge, pledge, lien, option, restriction, right
of first offer, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind, or another type of agreement or arrangement having similar effect; 

Event of Default has the meaning given in clause 6.1; 

Exchanged Shares has the meaning given in the Recital of this Agreement; 

FIL means Fosun International Limited, a company incorporated in Hong Kong with its registered address at Room 808, ICBC Tower, 3
Garden Road, Central, Hong Kong; 
 Financial Indebtedness means (without double counting) any indebtedness in respect of: 

 

	 	(a)	 moneys borrowed; or 

  

	 	(b)	 any moneys raised under or pursuant to any debenture, bond (other than a performance bond or advance payment
bond), note or loan stock or other similar debt instrument (but, in each case, excluding Trade Instruments), 

 but
excluding all indebtedness for or in respect of pension or post-employment benefit related liabilities or any indebtedness owing between the Group Members; 

FTG means Fosun Tourism Group, an exempted company incorporated in the Cayman Islands with company number 315519 and its
registered address at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands; 

FTG Security Shares means 81,542,487 shares in FTG over which FIL has granted Investor security pursuant to the terms of Security
Account Charge; 
 Governmental Entity means any supra-national, national, state, municipal or local government (including any
subdivision, court, administrative agency or commission or other authority thereof) or any quasi-governmental or private body exercising any regulatory, importing or other governmental or quasi-governmental authority; 

Group Members means the Company and its subsidiaries; 

Governmental Order means any judgment, decision, ruling, decree, order, settlement, injunction, writ, stipulation, determination
or award of any Governmental Entity; 
 Hong Kong means the Hong Kong Special Administrative Region of the People’s
Republic of China; 
 Instruction Letter has the meaning given in the Amended MAA; 

Interim Return means any gross proceeds that Investor has realised from the Subscription Shares and PubCo Ordinary Shares
(including any dividends received from the Company or PubCo (e.g., Annual Cash Distribution received from the Company or PubCo), any sale proceeds from disposal of any Subscription Shares, PubCo Ordinary Shares and shares converted from the
Convertible Preference Share by Investor and any compensation, indemnification, payment or damages received by Investor under any of the Transaction Documents (other than the reimbursement of attorney’s fees not exceeding US$600,000 from the
Company to Investor); 

  
 38 

 Investor has the meaning given in Recital of this Agreement; 

Investor Warranties means the warranties set out in Schedule 4; 

IPO Price means US$10.00; 

Law means any law, statute, ordinance, rule, regulation, listing rules, stock exchange rules and regulations, code,
Governmental Order or other requirement as enacted, issued, promulgated, enforced or entered by a Governmental Entity and having a legally binding effect; 

Legal Opinion has the meaning given in the Amended MAA; 

Liquidity Date means to the extent applicable, the earlier of (i) the date falling twelve (12) months after filing of a
Form 20-F containing Form 10 type information by PubCo following the completion of De-SPAC Transaction, provided that PubCo has filed all reports and other materials
required to be filed by section 13 or 15(d) of the Exchange Act, as applicable, including an annual report on Form 20-F, during the preceding twelve (12) months; and (ii) the date when all the
ordinary shares of PubCo held by Investor and Non-Voting shares of Pubco or the ordinary shares of PubCo convertible from the Convertible Preference Share have been registered and can be sold pursuant to an
effective resale registration statement on Form F-1 or Form F-3 (including any successor registration statement covering the resale of such securities); 

Market Price means the amount equal to the average Closing Price of the shares of PubCo for the three (3) trading days
(excluding any Disrupted Trading Days) prior to the date of the Call Option Exercise Notice in relation to Call Option 2; 
 Market
Value of FTG Security Shares means the average closing price of the shares of FTG in any three (3) consecutive trading days period (excluding any Disrupted Trading Days) multiplied by the number of the shares of FTG in the Charged
Securities Account as at the last trading day in such period, in its equivalent US$ based on exchange rate published by Bloomberg L.P. as at the last trading day in such period. 

Market Value of PubCo Non-Voting Shares means the average
Closing Price of the shares of PubCo in any three (3) consecutive trading days period (excluding any Disrupted Trading Days) multiplied by 15,000,000; 

Market Value of PubCo Ordinary Shares means the average Closing Price of the shares of PubCo in any
three (3) consecutive trading days period (excluding any Disrupted Trading Days) multiplied by the number of PubCo Ordinary Shares then held by Investor as at the last trading day in such period; 

Non-Voting Share mean ordinary share of PubCo that has no voting right but otherwise rank
pari passu with ordinary shares of PubCo that carries voting right; 
 Observer has the meaning given in
the Amended MAA; 
 Ordinary Shares has the meaning given in Schedule 2; 

parent company means any company that in relation to another company (its subsidiary): 

 

	 	(a)	 holds a majority of the voting rights in the subsidiary; 

  
 39 

	 	(b)	 is a member of the subsidiary and has the right to appoint or remove a majority of its board of directors;

  

	 	(c)	 is a member of the subsidiary and controls a majority of the voting rights in it under an agreement with the
other members; or 

  

	 	(d)	 has the right to exercise a dominant influence over the subsidiary under the subsidiary’s articles or a
contract authorised by them, 

 in each case whether directly or indirectly through one or more companies; 

Post-IPO Put Option has the meaning given in clause 4.2; 

Post-IPO Put Option Completion Date has the meaning given in clause 4.3; 

Post-IPO Put Option Price has the meaning given in clause 4.2; 

Post-Liquidity Cash Top Up has the meaning given in clause 7.7; 

Post-Liquidity Coverage Ratio means a ratio, in which the numerator is the sum of (a) the Market Value of PubCo Ordinary
Shares; (b) the Market Value of PubCo Non-Voting Shares; and (c) the value of any additional security provided by PubCo to Investor from time to time in accordance with clause 7.7 (such value shall
be the market value as determined at the time such ratio is calculated), and the denominator is the sum of the number of PubCo Ordinary Shares then held by Investor multiplied by the IPO Price; 

Post-Liquidity Share Top Up has the meaning given in clause 7.7; 

Post-Liquidity Top Up Exercise Notice has the meaning given in clause 7.7; 

Post-Liquidity Top Up Obligation has the meaning given in clause 7.7; 

Post-Liquidity Top Up Trigger Event means Post-Liquidity Coverage Ratio having fallen below 150% at any date on or after the
Liquidity Date; 
 PRC means the People’s Republic of China, for the sole purpose of this Agreement, excluding Hong Kong,
Macau, and Taiwan; 
 Pre-Liquidity Cash Top Up has the meaning given in clause 7.6;

 Pre-Liquidity Coverage Ratio means, at any day after the completion of De-SPAC Transaction but before the Liquidity Date, means a ratio, in which the numerator is the sum of (a) the Market Value of FTG Security Shares; (b) US$25,000,000 and (c) the value of any
additional security provided by PubCo to Investor from time to time in accordance with clause 7.6 (such value shall be the market value as determined at the time such ratio is calculated), and the denominator is the sum of the number of PubCo
Ordinary Shares then held by Investor multiplied by the IPO Price; 
 Pre-Liquidity
Security means the security granted under any Pre-Liquidity Security Documents; 

  
 40 

 Pre-Liquidity Security Documents means
an account security agreement under Hong Kong law to be granted by FIL in favour of Investor over FIL’s rights under the Custody Agreement and all of FIL’s rights, titles and interests from time to time in and to the Charged Cash Account,
the Charged Securities Account, the FTG Security Shares, any other securities from time to time standing to the credit of the Charged Securities Account (including any additional shares of FTG that FIL may deposit in any Pre-Liquidity Share Top Up) and any cash or money from time to time standing to the credit of the Charged Cash Account (the Security Account Charge), to be entered into by the parties thereto on the
Closing Date; 
 Pre-Liquidity Share Top Up has the meaning given in clause 7.6; 

Pre-Liquidity Top Up Exercise Notice has the meaning given in clause 7.6; 

Pre-Liquidity Top Up Obligation has the meaning given in clause 7.6; 

Pre-Liquidity Top Up Trigger Event means at any day before the Liquidity Date, the Pre-Liquidity Coverage Ratio having fallen below one hundred and twenty per cent. (120%); 

Transaction has the meaning given to it in the Recital of this Agreement; 

PubCo has the meaning given to it in the Recital of this Agreement; 

PubCo Ordinary Shares has the meaning given in the Recital of this Agreement; 

PubCo Warranties means the warranties given by the PubCo as set out in Schedule 3; 

Put Option Exercise Notice has the meaning given in clause 4.2; 

Put Option Exercise Period has the meaning given in clause 4.2; 

Put Option Trigger Event has the meaning given in clause 4.1; 

Release Amount has the meaning given in the Share Subscription Agreement; 

Representatives means, in relation to a Party, its respective Affiliates and advisors; 

ROFR Completion Date has the meaning given in clause 3.1; 

ROFR Purchase Notice has the meaning given in clause 3.1; 

ROFR Transfer Notice has the meaning given in clause 3.1; 

Sanctioned Country means any country or territory that is, or whose government is, the subject or target of comprehensive
territorial based Sanctions; 
 Sanctions means any trade or economic sanctions, laws, regulations, embargoes or restrictive
measures administered, enacted or enforced by a Sanctions Authority; 
 Sanctions Authority means: 

 

	 	(a)	 the United Nations (as a whole and not its individual members), including the United Nations Security Council;

  
 41 

	 	(b)	 the United States, including the United States Department of Treasury Office of Foreign Assets Control, the
United States Department of Commerce Bureau of Industry and Security and the United States Department of State, 

  

	 	(c)	 the European Union (as a whole and not its individual member states); 

 

	 	(d)	 the United Kingdom, including the Office of Financial Sanctions Implementation of Her Majesty’s Treasury;
or 

  

	 	(e)	 any other relevant national or supra-national Governmental Entity with jurisdiction over the relevant Party,

 in each case, including the respective governmental institutions, departments and agencies of any of the foregoing which
administers or enforces Sanctions with jurisdiction over the relevant Party and its Representatives; 
 Sanctions Target means
any person, vessel or aircraft with which dealings are restricted or prohibited by any Sanctions; 
 Secured Obligations has
the meaning given in clause 7.1; 
 Securities Act has the meaning given in Schedule 2; 

Security Account Charge has the meaning given in the definition of Pre-Liquidity Security
Documents; 
 Share Disposal has the meaning given in clause 3.5; 

Share Subscription Agreement has the meaning given in Recital of this Agreement; 

SH Loan has the meaning given in the Subordination Agreement; 

Stock Exchange means The Stock Exchange of Hong Kong Limited; 

Subordination Agreement means the subordination agreement to be entered into between FIL, Investor and the Company on or prior to
the Closing Date; 
 Subscription Price has the meaning given to it in the Recital of this Agreement; 

Subscription Shares has the meaning given to it in the Recital of this Agreement; 

Surviving Provisions means clauses 3.5 (Investor Registration Rights Undertaking),
10 (Confidentiality), 11 (Assignment), 12 (Notices), 14 (Whole Agreement), 15 (Waivers, Rights and Remedies), 17 (Variations), 18 (Invalidity), 19 (Third Party Enforcement Rights) and
21 (Governing Law and Jurisdiction), and Schedule 2 (Investor Registration Rights) and Schedule 3 (Definitions and Interpretation); 

Tax or Taxation means: (i) taxes on income, profits and gains; and (ii) all other taxies, levies, duties,
imposts, charges and withholdings of any fiscal nature, including any excise, property, capital, value added, sales, use, occupation, transfer, franchise and payroll taxes and any social security or social fund contributions, and any payment which
the relevant person may be or become bound to make to any person as a result of the discharge by that person of any tax which the relevant person has failed to discharge, together with all penalties, charges and interest relating to any of the
foregoing or to any late or incorrect return in respect of any of them, and regardless of whether such taxes, levies, duties, imposts, charges, withholdings, penalties and interest are chargeable directly or primarily against or attributable
directly or primarily to the relevant person or any other person and of whether any amount in respect of them is recoverable from any other person; 

  
 42 

 Top Up Exercise Notice means the
Pre-Liquidity Top Up Exercise Notice or the Post-Liquidity Top Up Exercise Notice, as the case may be; 

Top Up Obligation means the Pre-Liquidity Top Up Obligation or the Post-Liquidity Top Up
Obligation; 
 Top Up Trigger Event means the Pre-Liquidity Top Up Trigger Event or the
Post-Liquidity Top Up Trigger Event, as the case may be; 
 Trade Instruments means any performance bonds or advance payment
bonds or documentary letters of credit issued in respect of the obligations of any Group Member arising in the ordinary course of trading of that Group Member; 

Trading Day means any day on which the Stock Exchange is scheduled to open for trading for its regular trading sessions; 

Transaction Documents means the Share Subscription Agreement, the Deed of Adherence, the
Pre-Liquidity Security Documents, the Subordination Agreement, the Company MAA and the Amended MAA; 

Transfer means, in relation to any share in PubCo, to: 
  

	 	(a)	 sell, assign, transfer or otherwise dispose of it (or any interest therein) (including the grant of any option
over or in respect of it); 

  

	 	(b)	 create or permit to subsist any Encumbrances over it; 

 

	 	(c)	 direct (by way of renunciation or otherwise) that another person should, or assign any right to, receive it;

  

	 	(d)	 enter into any agreement in respect of the votes or any other rights attached to it (other than by way of proxy
for a particular shareholder meeting); or 

  

	 	(e)	 agree, whether or not subject to any condition precedent or subsequent, to do any of the foregoing; and

 Working Hours means 9.30 a.m. to 5.30 p.m. on a Business Day in the place of receipt of a notice. 

 

	2.	 Interpretation. In this Agreement, unless the context otherwise requires: 

 

	 	(a)	 references to a person include any individual, firm, body corporate (wherever incorporated),
government, state or agency of a state or any joint venture, association, partnership, works council or employee representative body (whether or not having separate legal personality); 

 

	 	(b)	 references to a paragraph, clause or Schedule shall refer to those of this Agreement unless stated otherwise;

  
 43 

	 	(c)	 headings do not affect the interpretation of this Agreement; the singular shall include the plural and vice
versa; and references to one gender include all genders; 

  

	 	(d)	 references to Hong Kong dollars, HKD or HK$, United States dollars, USD or US$ and RMB are references to the
lawful currency from time to time of Hong Kong, the United States of America and the PRC, respectively; 

  

	 	(e)	 reference to amount in certain currency includes its equivalent in other currencies based on exchange rate
published by Bloomberg L.P. on the relevant date (which shall be the date when the warranty is given or the undertaking or obligation needs to be complied with); 

 

	 	(f)	 the Event of Default is continuing if it has not been remedied or waived; and 

 

	 	(g)	 any phrase introduced by the terms including, include, in particular or any similar expression shall be
construed as illustrative and shall not limit the sense of the words preceding those terms. 

  

	3.	 Enactments. Except as otherwise expressly provided in this Agreement, any express reference to an
enactment (which includes any legislation in any jurisdiction) includes references to: (i) that enactment as amended, consolidated or re-enacted by or under any other enactment before or after the date of
this Agreement; (ii) any enactment which that enactment re-enacts (with or without modification); and (iii) any subordinate legislation (including regulations) made (before or after the date of this
Agreement) under that enactment, as amended, consolidated or re-enacted as described at (i) or (ii) above, except to the extent that any of the matters referred to in (i) to (iii) occurs after the
date of this Agreement and increases or alters the liability of the Company or Investor under this Agreement. 

  

	4.	 Schedules. The Schedules comprise schedules to this Agreement and form part of this Agreement.

  

	5.	 Inconsistencies. Where there is any inconsistency between the definitions set out in this Schedule 5
(Definitions and Interpretation) and the definitions set out in any clause or any other Schedule, then, for the purposes of construing such clause or Schedule, the definitions set out in such clause or Schedule shall prevail.

  
 44 

 SIGNATURE 

This Agreement is signed by duly authorised representatives of the Parties: 
  

							
	SIGNED	  	)	  	        SIGNATURE:	  	 /s/ CHENG YUN

	for and on behalf of 	  	)	  		  	
	 LANVIN GROUP
	  	)	  		  	
	HOLDINGS LIMITED 	  	 ) 
	  	        NAME:	  	CHENG YUN

  
 1 

							
	SIGNED	  	)	  	        SIGNATURE:	  	 /s/ CHOI Alexander Himoon

	for and on behalf of	  	)	  		  	
	 MERITZ SECURITIES 
	  	)	  		  	
	CO., LTD.	  	 )
	  	        NAME:	  	CHOI Alexander Himoon

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