Document:

Exhibit 10.4

 

FINAL FORM

 

FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

 

THIS FIRST AMENDMENT TO
REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is made and entered into as of [●], and shall be
effective as of the Closing (defined below), by and among (i) Gorilla Technology Group Inc., a Cayman Islands exempted company (the “Company”),
(ii) Global SPAC Partners Co., a Cayman Islands exempted company (“SPAC”), (iii) Global SPAC Sponsors LLC, a
Delaware limited liability company (the “Sponsor”) and (iv) I-Bankers Securities, Inc. (“I-Bankers”).
Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Registration
Rights Agreement (as defined below) (and if such term is not defined in the Registration Rights Agreement, then in the Business Combination
Agreement (as defined below)).

 

RECITALS

 

WHEREAS, SPAC and the
Sponsor are parties to that certain Registration Rights Agreement, dated as of April 8, 2021 (the “Original Agreement”
and, as amended by this Amendment, the “Registration Rights Agreement”), pursuant to which SPAC granted certain
registration rights to the Sponsor and I-Bankers with respect to SPAC’s securities;

 

WHEREAS, on December
21, 2021, (i) the Company, (ii) Gorilla Merger Sub, Inc., a Cayman Islands exempted company and a direct wholly owned subsidiary of the
Company (“Merger Sub”), and (iii) SPAC, entered into that certain Business Combination Agreement (as amended
from time to time in accordance with the terms thereof, the “Business Combination Agreement”);

 

WHEREAS,
pursuant to the Business Combination Agreement, subject to the terms and conditions thereof, (i) prior to, but contingent upon, the Closing
of the Merger, pursuant to a recapitalization (the “Recapitalization”) approved by the Company’s shareholders,
(a) each outstanding preferred share, (“Company Preferred Shares”) shall become and be converted into ordinary
shares, of the Company (“Company Ordinary Shares”) and (b) immediately following such conversion, each then
outstanding Company Ordinary Share shall become and be converted into such number of Company Ordinary Shares as is determined pursuant
to the terms of the Business Combination Agreement; (ii) as described the Business Combination Agreement, immediately following the consummation
of the Recapitalization, Merger Sub shall, at the Effective Time, be merged with and into SPAC, and SPAC shall continue as a wholly owned
subsidiary of the Company, and, in connection therewith, (A) each ordinary share of SPAC issued and outstanding immediately prior to the
Effective Time, including ordinary shares of SPAC issued as part of the Backstop PIPE Securities, shall no longer be outstanding and shall
automatically be cancelled, in exchange for the right of the holder thereof to receive an equal number of Company Ordinary Shares, and
(B) each SPAC Warrant shall be assumed by the Company and become a warrant to purchase the same number of Company Ordinary Shares (each,
a “Company Warrant”) at the same exercise price during the same exercise period as the SPAC Warrant being assumed
all upon the terms and subject to the conditions set forth in the Business Combination Agreement and in accordance with the provisions
of applicable law; and (iii) the memorandum and articles of association of SPAC shall be amended and restated in the form attached as
Exhibit I to the Business Combination Agreement and each issued and outstanding share of common stock of Merger Sub shall become and be
converted into one ordinary share of SPAC, and the corporate name of SPAC shall be changed to a name mutually agreed upon by SPAC
and the Company;

 

WHEREAS, the parties
hereto desire to amend the Original Agreement to add the Company as a party to the Registration Rights Agreement and to revise the terms
hereof in order to reflect the transactions contemplated by the Business Combination Agreement, including the issuance of the Company
Ordinary Shares and assumption of the SPAC Warrants thereunder; and

 

    

     

    

 

WHEREAS, pursuant to
Section 5.5 of the Original Agreement, the Original Agreement can be amended with the written consent of SPAC and the holders of at least
a majority in interest of the Registrable Securities at the time in question.

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties and covenants
herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Addition
of the Company as a Party to the Registration Rights Agreement. The parties hereby agree to add the Company as a party to the
Registration Rights Agreement. The parties further agree that, from and after the Closing, all of the rights and obligations of SPAC
under the Registration Rights Agreement shall be, and hereby are, assigned and delegated to and assumed by the Company as if it were
the original “Company” party thereto. By executing this Amendment, the Company hereby agrees to be bound by and subject
to all of the terms and conditions of the Registration Rights Agreement, including from and after the Closing as if it were the
original “Company” party thereto.

 

2. Amendments to
Registration Rights Agreement. The Parties hereby agree to the following amendments to the Registration Rights Agreement:

 

(a) The defined terms in
this Amendment, including in the preamble and recitals hereto, and the definitions incorporated by reference from the Business
Combination Agreement, are hereby added to the Registration Rights Agreement as if they were set forth therein.

 

(b) The parties hereby
agree that the term “Registrable Security” shall include any Company Ordinary Shares issued by the Company
to the Sponsor under the Business Combination Agreement in the Merger for its Registrable Securities of SPAC, and any SPAC Warrants
assumed by the Company in connection therewith and any Company Ordinary Shares issuable upon exercise or conversion of such Company
Warrants and any other securities of the Company or any successor entity issued to the Sponsor in consideration of (including as a
stock split, dividend or distribution) or in exchange for any of such securities. The parties also agree that any reference in the
Registration Rights Agreement to “Ordinary Shares” will instead refer to Company Ordinary Shares, and any other
securities of the Company or any successor entity issued in consideration of (including as a stock split, dividend or distribution)
or in exchange for any of such securities.

 

(c) Section 5.1 of the
Registration Rights Agreement is hereby amended to add the following address for notices to the Company under the Registration
Rights Agreement: “Gorilla Technology Group Inc., 7F-1, No.302, Ruey Kuang Road, Neihu, Taipei, Taiwan, R.O.C., Attn: Dr.
Spincer Koh.”

 

3. Effectiveness.
This Amendment shall become effective upon the Closing. In the event that the Business Combination Agreement is terminated in accordance
with its terms prior to the Closing, this Amendment and all rights and obligations of the parties hereunder shall automatically terminate
and be of no further force or effect.

 

4. Miscellaneous.
Except as expressly provided in this Amendment, all of the terms and provisions in the Original Agreement are and shall remain in
full force and effect, on the terms and subject to the conditions set forth therein. This Amendment does not constitute, directly or
by implication, an amendment or waiver of any provision of the Original Agreement, or any other right, remedy, power or privilege of
any party thereto, except as expressly set forth herein. Any reference to the Registration Rights Agreement in the Original
Agreement or any other agreement, document, instrument or certificate entered into or issued in connection therewith shall
hereinafter mean the Registration Rights Agreement, as amended by this Amendment (or as the Registration Rights Agreement may be
further amended or modified in accordance with the terms thereof and hereof). The terms of this Amendment shall be governed by,
enforced and construed and interpreted in a manner consistent with the provisions of the Original Agreement, including Sections 5.4
thereof.

 

{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES FOLLOW}

 

    2

     

    

 

IN WITNESS WHEREOF,
each party hereto has signed or has caused to be signed by its officer thereunto duly authorized this First Amendment to Registration
Rights Agreement as of the date first above written.

 

	 	The Company:
	 	 
	 	GORILLA TECHNOLOGY GROUP INC.
	 	 
	 	By:	                  
	 	Name:  	 
	 	Title:  	 
	 	 	 
	 	Sponsor:
	 	 
	 	GLOBAL SPAC SPONSOR LLC
	 	By:	 
	 	Name:  	 
	 	Title:  	 
	 	 	 
	 	SPAC:
	 	 
	 	GLOBAL SPAC PARTERS CO.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:  	 
	 	 	 
	 	I-BANKERS SECURITIES, INC.
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:  	 

 

{Signature Page to First Amendment to Registration
Rights Agreement}

 

 

3Exhibit 10.5

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of [●], is made and entered into by and among Gorilla Technology Group Inc., a Cayman Islands exempted company (the “Company”),
and the undersigned parties listed on the signature page hereto (each a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS, on the date
hereof, upon the closing (the “Closing”) of the transactions (such transactions, the “Transactions,”
and the date of such Closing, the “Closing Date”) contemplated by that certain Business Combination Agreement
by and among (i) Global SPAC Partners Co., a Cayman Island exempted company (together with its successors, “SPAC”),
(ii) the Company, and (iii) Gorilla Merger Sub, Inc., a Cayman Islands exempted company and a direct wholly owned subsidiary of the Company
(“Merger Sub”) (as amended from time to time in accordance with the terms thereof, the “Business
Combination Agreement”), Merger Sub merged with and into SPAC, with SPAC continuing as the surviving entity (the “Merger”),
and as a result of which, (i) SPAC is a wholly-owned subsidiary of the Company and (ii) each issued and outstanding ordinary share of
SPAC immediately prior to the effective time of the Merger is no longer outstanding and was automatically cancelled in exchange for the
right of the holder thereof to receive the SPAC Shares Merger Consideration (as such term is defined in the Business Combination Agreement);
and

 

WHEREAS, in connection
with the Closing, the Company and the Holders desire to enter into this Agreement in order to provide the Holders with registration rights
on the terms set forth herein; and

 

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

 

Article
I

DEFINITIONS

 

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

 

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

 

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

 

“Block Trade” shall have
the meaning given in Section 2.4.1.

 

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

 

“Closing Date” shall
have the meaning given in the Recitals hereto.

 

“Commission” shall mean
the Securities and Exchange Commission.

 

“Company” shall have
the meaning given in the Preamble, and includes the Company’s successors by recapitalization,
merger, consolidation, spin-off, reorganization or similar transaction.

 

“Company Ordinary Shares”
means the Company’s Ordinary Shares, par value $1.00.

 

     

     

    

 

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

 

“Directors” shall mean
the Directors of the Company.

 

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

 

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

 

“Filing Deadline” shall
have the meaning given in Section 2.1.1.

 

“Form F-1 Shelf” shall
have the meaning given in Section 2.1.1.

 

“Form F-3 Shelf” shall
have the meaning given in Section 2.1.1.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

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

 

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

 

“Minimum Takedown Threshold”
shall have the meaning given in Section 2.1.3

 

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

 

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

 

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

 

“Registrable Securities”
shall mean (a) any outstanding Company Ordinary Shares or any other equity security (including warrants to purchase Company Ordinary Shares
and Company Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company held by a Holder immediately
following the Closing (including any securities distributable pursuant to the Business Combination Agreement), (b) any outstanding Company
Ordinary Shares or any other equity security (including warrants to purchase Company Ordinary Shares and Company Ordinary Shares issued
or issuable upon the exercise of any other equity security) of the Company acquired by a Holder following the date hereof to the extent
that such securities are “restricted securities” (as defined in Rule 144) or are otherwise held by an “affiliate”
(as defined in Rule 144) of the Company, and (c) any other equity security of the Company or any of its subsidiaries issued or issuable
with respect to any securities referenced in clause (a) or (b) above by way of a stock dividend or stock split or in connection with a
recapitalization, merger, consolidation, spin-off, reorganization or similar transaction; provided, however, that, as to
any particular Registrable Security, such securities shall cease to be Registrable Securities upon the earliest to occur of: (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 by the applicable Holder; (B) such securities
shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have
been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities
Act; (C) such securities shall have ceased to be outstanding; (D) such securities (i) may be sold without registration pursuant to Rule
144 or any successor rule promulgated under the Securities Act (but with no volume or other restrictions or limitations including as to
manner or timing of sale) and (ii) the holder of such securities has beneficial ownership of less than 5% of the outstanding Company Ordinary
Shares; and (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public
securities transaction. For the purposes of the immediately preceding sentence, “beneficial ownership” shall be determined
in accordance with Section 13(d) of the Exchange Act and Rule 13d-3 thereunder.

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(F) reasonable
fees and expenses of one (1) legal counsel (for all Demanding Holders and Requesting Holders) selected by the majority-in-interest of
the Demanding Holders initiating an Underwritten Shelf Takedown.

 

“Registration Statement”
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting Holder”
shall have the meaning given in Section 2.1.4.

 

“Rule 144” shall mean
Rule 144 promulgated under the Securities Act (or any successor rule then in effect).

 

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

 

“Shelf Registration”
shall mean a registration of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant
to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf Takedown” shall
mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration.

 

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

 

“Transfer” shall mean
the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose
of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect
to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b).

 

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

 

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

 

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

 

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

 

    3

     

    

 

Article
II

REGISTRATIONS

 

2.1 Shelf
Registration.

 

2.1.1 Filing.
The Company shall file, as soon as practicable, but in any event within sixty (60) days after the Closing Date (the “Filing
Deadline”), a Registration Statement for a Shelf Registration on Form F-1 (the “Form F-1 Shelf”)
or, if the Company is eligible to use a Form F-3 Shelf, a Registration Statement for a Shelf Registration on Form F-3 (the “Form
F-3 Shelf”), in each case, covering the resale of all the Registrable Securities (determined as of two business days prior
to such filing) on a delayed or continuous basis. The Company shall use commercially reasonable efforts to cause such Shelf Registration
to be declared effective as soon as possible after filing, but in no event later than the earlier of (i) sixty (60) days following the
Filing Deadline and (ii) three (3) business days after the Commission notifies the Company that it will not review such Shelf Registration,
if applicable (the “Effectiveness Deadline”); provided, that, if such Shelf Registration filed pursuant to this
Section 2.1.1 is reviewed by, and the Company receives comments from, the Commission with respect to such Shelf Registration,
the Effectiveness Deadline shall be extended to ninety (90) days following the Filing Deadline. Such Shelf Registration shall provide
for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to, and
requested by, any Holder named therein. The Company shall maintain a Shelf Registration in accordance with the terms hereof, and shall
prepare and file with the Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep
a Shelf Registration continuously effective, available for use and in compliance with the provisions of the Securities Act until such
time as there are no longer any Registrable Securities. In the event the Company files a Form F-1 Shelf, the Company shall use its commercially
reasonable efforts to convert the Form F-1 Shelf (and any Subsequent Shelf Registration) to a Form F-3 Shelf as soon as practicable after
the Company is eligible to use Form F-3.

 

2.1.2 Subsequent
Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to promptly
cause such Shelf Registration to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order
suspending the effectiveness of such Shelf Registration), and shall use its commercially reasonable efforts to promptly amend such Shelf
Registration in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration
or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration”) registering
the resale of all Registrable Securities (determined as of two business days prior to such filing), and pursuant to any method or combination
of methods legally available to, and requested by, any Holder named therein. If a Subsequent Shelf Registration is filed, the Company
shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities
Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be
an automatic shelf registration statement (as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known
seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination
date) and (ii) keep such Subsequent Shelf Registration continuously effective, available for use and in compliance with the provisions
of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall
be on Form F-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on
another appropriate form.

 

    4

     

    

 

2.1.3 Requests
for Underwritten Shelf Takedowns. At any time and from time to time when an effective Shelf Registration is on file with the Commission,
one or more of the Holders (such Holder or Holders being in such case, “Demanding Holders”) may request to sell
all or any portion of its Registrable Securities in an Underwritten Offering that is registered pursuant to the Shelf Registration (each,
an “Underwritten Shelf Takedown”); provided, however, that the Company shall only be obligated
to effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed to be sold by the Demanding Holders
with a total offering price reasonably expected to exceed, in the aggregate, $50,000,000 (the “Minimum Takedown Threshold”).
All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company, which shall specify the approximate
number of Registrable Securities proposed to be sold by the Demanding Holders in the Underwritten Shelf Takedown. Subject to Section 2.4.4,
the Company shall have the right to select the Underwriters for such offering (which shall consist of one or more reputable nationally
recognized investment banks), subject to the initial Demanding Holders’ prior approval (which shall not be unreasonably withheld,
conditioned or delayed). The Holders may demand not more than two (2) Underwritten Shelf Takedowns in any twelve (12) month period.

 

2.1.4 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the
Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such Underwritten
Shelf Takedown (the “Requesting Holders”) (if any) that the dollar amount or number of Registrable Securities
that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Company Ordinary Shares or
other equity securities that the Company desires to sell and all other Company Ordinary Shares or other equity securities, if any, that
have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration rights held
by any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
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 such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, before including any Company Ordinary Shares or other equity securities
proposed to be sold by Company or by other holders of Company Ordinary Shares or other equity securities, the Registrable Securities of
the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each
Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Shelf Takedown and the aggregate number
of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Shelf Takedown)
that can be sold without exceeding the Maximum Number of Securities.

 

2.1.5 Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw
from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”)
to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Shelf Takedown; provided that
the other Holders may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still
be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the other Holders. If withdrawn,
a demand for an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown for purposes of Section 2.1.3,
unless the Demanding Holders reimburse the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown. Following
the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal Notice to any other Holders that had elected
to participate in such Shelf Takedown.

 

    5

     

    

 

2.2 Piggyback
Registration.

 

2.2.1 Piggyback
Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of, or if the
Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the
account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, an Underwritten
Shelf Takedown pursuant to Section 2.1.3 hereof), other than a Registration Statement (or any registered offering with respect
thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement on Form
F-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), (iii)
for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company
shall give written notice of such proposed offering to all of the Holders of Registrable Securities as soon as practicable but not less
than ten (10) days before the anticipated filing date of such Registration Statement or, in the case of an Underwritten Offering pursuant
to a Shelf Registration, the applicable “red herring” prospectus or prospectus supplement used for marketing such offering,
which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable
Securities the opportunity to include in such registered offering such number of Registrable Securities as such Holders may request in
writing within five (5) days after receipt of such written notice (such registered offering, a “Piggyback Registration”).
Subject to Section 2.2.2, the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback
Registration and, if applicable, shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of such
Piggyback Registration to permit the Registrable Securities requested by the Holders pursuant to this Section 2.2.1 to be
included therein on the same terms and conditions as any similar securities of the Company included in such registered offering and to
permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
The inclusion of any Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Holder agreement to enter
into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering.

 

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

 

(a) If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering: (A) first, the Company Ordinary Shares or other equity securities that the Company desires to sell, which can
be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested
be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Company Ordinary Shares or other equity
securities, if any, as to which Registration or a registered offering has been requested pursuant to written contractual piggy-back registration
rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

 

    6

     

    

 

(b) If
the Registration or registered offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the Company Ordinary Shares or other equity
securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant
to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested be included
in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included in such
Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A) and (B), the Company Ordinary Shares or other equity securities
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Company Ordinary Shares or
other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written
contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities; and

 

(c) If
the Registration or registered offering is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section 2.1
hereof, then the Company shall include in any such Registration or registered offering securities pursuant to Section 2.1.5.

 

2.2.3 Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdrawal from an Underwritten
Shelf Takedown, and related obligations, shall be governed by Section 2.1.5) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration
used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration (which, in no circumstance, shall include the Shelf Registration) at any time prior to the effectiveness
of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.5), the
Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2.2.3.

 

2.2.4 Unlimited
Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.5, any Piggyback Registration effected
pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.

 

2.3 Market
Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade), each
Holder of Registrable Securities agrees that it shall not Transfer any Company Ordinary Shares or other equity securities of the Company
(other than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during the
sixty (60)-day period (or such shorter time agreed to by the managing Underwriter(s)) beginning on the date of pricing of such offering,
except in the event the Underwriters managing the offering otherwise agree by written consent. Each Holder of Registrable Securities 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 such Holders). For the sake of clarity, no Holder shall be obligated under the provisions of this Section 2.3
to the extent such Holder no longer owns Registrable Securities.

 

    7

     

    

 

2.4 Block
Trades.

 

2.4.1 Notwithstanding
the foregoing, at any time and from time to time when an effective Shelf Registration is on file with the Commission, if a Demanding Holder
wishes to engage in an underwritten registered offering not involving a “roadshow,” an offer commonly known as a “block
trade” (a “Block Trade”), with a total offering price reasonably expected to exceed, in the aggregate,
either (x) $50,000,000 or (y) all remaining Registrable Securities held by the Demanding Holder, then notwithstanding the time periods
provided for in Section 2.1.3, such Demanding Holder only need to notify the Company of the Block Trade at least five (5)
business days prior to the day such offering is to commence and the Company shall as expeditiously as possible use its commercially reasonable
efforts to facilitate such Block Trade; provided that the Demanding Holders representing a majority of the Registrable Securities
wishing to engage in the Block Trade shall use commercially reasonable efforts to work with the Company and any Underwriters prior to
making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related
to the Block Trade.

 

2.4.2 Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade, a
majority-in-interest of the Demanding Holders initiating such Block Trade shall have the right to submit a Withdrawal Notice to the Company
and the Underwriter or Underwriters (if any) of their intention to withdraw from such Block Trade. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a block trade prior to its
withdrawal under this Section 2.4.2.

 

2.4.3 Notwithstanding
anything to the contrary in this Agreement, Section 2.2 hereof shall not apply to a Block Trade initiated by a Demanding Holder
pursuant to this Agreement.

 

2.4.4 The
Demanding Holder 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).

 

Article
III

COMPANY PROCEDURES

 

3.1 General
Procedures. If the Company is required to effect the Registration of Registrable Securities, the Company shall use its commercially
reasonable efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan
of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

3.1.8 at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly
upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;

 

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

 

3.1.10 permit
a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate,
at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors
and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection
with the Registration; provided, however, that such representatives or Underwriters agree to confidentiality arrangements
reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

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

 

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

 

    9

     

    

 

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

 

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

 

3.1.15 with
respect to an Underwritten Offering pursuant to Section 2.1.4, use its commercially reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter
in such Underwritten Offering; and

 

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

 

Notwithstanding the foregoing, the Company shall
not be required to provide any documents or information to an Underwriter if such Underwriter has not then been named with respect to
the applicable Underwritten Offering.

 

3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that
the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,”
all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3 Requirements
for Participation in Underwritten Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder does
not provide the Company with its requested Holder Information, the Company may exclude such Holder’s Registrable Securities from
the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that such information is
necessary to effect the registration and such Holder continues thereafter to withhold such information. No person may participate in any
Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person
(i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii)
completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and
other customary documents as may be reasonably required under the terms of such underwriting arrangements. The exclusion of a Holder’s
Registrable Securities as a result of this Section 3.3 shall not affect the registration of the other Registrable Securities to
be included in such Registration.

 

3.4 Suspension
of Sales; Adverse Disclosure.

 

3.4.1 Upon
receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall
forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting
the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable
after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed.

 

3.4.2 Subject
to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement of financial
statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith judgment of the
majority of the Directors, be detrimental to the Company and the majority of the Directors concludes as a result that it is advisable
to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written notice of such
action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period
of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under
this Section 3.4.2, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of
the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities.

 

    10

     

    

 

3.4.3 S
Subject to Section 3.4.4, (a) during the period starting with the date sixty (60) days prior to the Company’s good faith
estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated
Registration and provided that the Company continues to actively employ, in good faith, all commercially reasonable efforts to maintain
the effectiveness of the applicable Registration Statement, or (b) if, pursuant to Section 2.1.4, Holders have requested an Underwritten
Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters to firmly underwrite such offering, the
Company may, upon giving prompt written notice of such action to the Holders, delay any other registered offering pursuant to Sections
2.1.4 or 2.4.

 

3.4.4 The
right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.4.2
or a registered offering pursuant to Section 3.4.3 shall be exercised by the Company, in the aggregate, not more than three (3)
times in any twelve-month period, and any such delay or suspension shall last for no more than sixty (60) days.

 

3.4.5 The
Company shall as promptly as commercially practicable notify the Holders of the expiration of any period during which it exercised its
rights under this Section 3.4.

 

3.5 Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of
the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants
that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such
Holder to sell Company Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions.
Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether
it has complied with such requirements.

 

Article
IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

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

 

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

 

    11

     

    

 

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

 

4.1.4 The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

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

 

    12

     

    

 

Article
V

MISCELLANEOUS

 

5.1 Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) two (2) business
days after being sent, if sent by reputable, internationally recognized overnight courier service or (iv) four (4) business days after
being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable party at
the following addresses (or at such other address for a party as shall be specified by like notice). Any notice or communication under
this Agreement must be addressed, if to the Company, to: Gorilla Technology Group Inc.,7F-1, No.302, Ruey Kuang Road, Neihu, Taipei, Taiwan,
R.O.C., Attn: Dr. Spincer Koh, CEO, Facsimile No.: +886-2-2627-7698, Telephone No.: +886-2-2627-7996, Email: spkoh@gorilla-technology.com,
and, if to any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any
party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change
of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2 Assignment;
No Third Party Beneficiaries.

 

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

 

5.2.2 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders.

 

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

 

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

 

5.3 Counterparts.
This Agreement may be executed in multiple counterparts and delivered electronically (including facsimile or PDF counterparts), each of
which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

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

 

    13

     

    

 

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

 

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

 

5.7 Other
Registration Rights. Other than (a) that certain Registration Rights Agreement, dated as of April 8, 2021 by and among SPAC,
Global SPAC Sponsors LLC and I-Bankers Securities, Inc., as amended by that certain First Amendment to Registration Rights Agreement dated
on even date herewith and (b) [●], no person, other than a Holder of Registered Securities, has any right to require the Company
to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company
for the sale of securities for its own account or for the account of any other person.

 

5.8 Term.
This Agreement shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities. The
provisions of Section 3.5 and ARTICLE IV shall survive any termination.

 

5.9 Holder
Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities
held by such Holder in order for the Company to make determinations hereunder.

 

[Signature Page Follows]

 

    14

     

    

 

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

 

COMPANY:

 

	Gorilla Technology Group Inc.	 
	 	 
	By:	 	 
	 	Name:	              	 
	 	Title:	 	 

 

HOLDERS:

 

[NAME]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature Page to Registration
Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]