Document:

Exhibit
10.4

 

STANDBY
EQUITY PURCHASE AGREEMENT

 

THIS
STANDBY EQUITY PURCHASE AGREEMENT (this “Agreement”) dated as of September 22, 2022, is made by and between YA
II PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”), and MAPLE GROVE HOLDINGS PUBLIC
LIMITED COMPANY, a public limited company incorporated in the Republic of Ireland (the “Company”).

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company, upon the closing of the Business
Combination (as defined below) shall have the right to issue and sell to the Investor, from time to time as provided herein, and the
Investor shall purchase from the Company, up to $70,000,000 of the Company’s Ordinary Shares with a nominal value of US$0.0001
per share (the “Ordinary Shares”);

 

WHEREAS,
upon the closing of the Business Combination, the Ordinary Shares will be listed for trading on the Nasdaq Stock Market; and

 

WHEREAS,
the offer and sale of the Ordinary Shares issuable hereunder will be made in reliance upon Section 4(a)(2) under the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or upon such other
exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the transactions
to be made hereunder.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

Article
I. Certain Definitions

 

“Additional
Shares” shall have the meaning set forth in Section 2.01(d)(ii).

 

“Adjusted
Advance Amount” shall have the meaning set forth in Section 2.01(d)(i).

 

“Advance”
shall mean any issuance and sale of Advance Shares from the Company to the Investor pursuant to Article II hereof.

 

“Advance
Date” shall mean the 1st Trading Day after expiration of the applicable Pricing Period for each Advance.

 

“Advance
Notice” shall mean a written notice in the form of Exhibit A attached hereto to the Investor executed by an officer of the
Company and setting forth a number of Advance Shares that the Company desires to issue and sell to the Investor.

 

“Advance
Notice Date” shall mean each date the Company is deemed to have delivered (in accordance with Section 2.01(b) of this Agreement)
an Advance Notice to the Investor, subject to the terms of this Agreement.

 

“Advance
Shares” shall mean the Ordinary Shares that the Company shall issue and sell to the Investor.

 

     

     

    

 

“Affiliate”
shall have the meaning set forth in Section 3.07.

 

“Agreement”
shall have the meaning set forth in the preamble of this Agreement.

 

“Applicable
Laws” shall mean all applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies, guidelines
and codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation
(i) all applicable laws that relate to money laundering, terrorist financing, financial record keeping and reporting, (ii) all applicable
laws that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt
Practices Act of 1977, and (iii) any Sanctions laws.

 

“Black
Out Period” shall have the meaning set forth in Section 6.01(e).

 

“Business
Combination” shall mean the transactions contemplated by the Business Combination Agreement, dated as of September 22, 2022
(the “Business Combination Agreement”), by and among IGAC, PlayUp Limited, an Australian public company (“PlayUp”),
the Company, and Project Maple Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“Merger
Sub”), whereby (i) Merger Sub will merge with and into IGAC, with IGAC continuing as the surviving entity and a wholly owned
subsidiary of the Company and (ii) the Company will acquire PlayUp by means of a scheme of arrangement under Australian law, with PlayUp
also continuing as a wholly owned subsidiary of the Company.

 

“Closing”
shall have the meaning set forth in Section 2.02.

 

“Commitment
Amount” shall mean $70,000,000 of Ordinary Shares, provided that, in no event may a number of Ordinary Shares be issued
hereunder that is more than (i) 500,000,000, minus (ii) the number of Ordinary Shares issued at the closing of the Business Combination,
provided further that, the Company shall not affect any sales under this Agreement and the Investor shall not have the obligation
to purchase Ordinary Shares under this Agreement to the extent (but only to the extent) that after giving effect to such purchase and
sale the aggregate number of Ordinary Shares issued under this Agreement would exceed 19.99% of the outstanding Ordinary Shares as of
the Effective Date (the “Exchange Cap”), provided however that, the Exchange Cap will not apply if (a) the
Company’s shareholders have approved issuances in excess of the Exchange Cap in accordance with the rules of the Principal Market,
(b) the Company is permitted to follow its home country practices instead of the stockholder approval requirements of Nasdaq Rule 5635
or (c) the average price of all applicable sales of Ordinary Shares hereunder (including any sales covered by an Advance Notice that
has been delivered prior to the determination of whether this clause (c) applies) equals or exceeds the lower of (i) the Nasdaq Official
Closing Price (as reflected on Nasdaq.com) immediately preceding the Effective Date; or (ii) the average Nasdaq Official Closing Price
for the five Trading Days immediately preceding the Effective Date.

 

“Commitment
Fee Shares” shall have the meaning set forth in Section 12.04

 

    2

     

    

 

“Commitment
Period” shall mean the period commencing on the Effective Date and expiring upon the date of termination of this Agreement
in accordance with Section 10.01.

 

“Company”
shall have the meaning set forth in the preamble of this Agreement.

 

“Company
Indemnitees” shall have the meaning set forth in Section 5.02.

 

“Condition Satisfaction Date” shall have
the meaning set forth in Section 7.01.

 

“Daily
Traded Amount” shall mean the daily trading volume of the Company’s Ordinary Shares on the Principal Market during regular
trading hours as reported by Bloomberg L.P.

 

“Effective
Date” shall mean the 6th Trading Day following the date of closing of the Business Combination.

 

“Environmental
Laws” shall have the meaning set forth in Section 4.13.

 

“Exchange
Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange
Cap” shall have the meaning set forth in 0

 

“Excluded
Day” shall have the meaning set forth in Section 2.01(d)(i).

 

“Hazardous
Materials” shall have the meaning set forth in Section 4.13.

 

“IGAC”
shall mean IG Acquisition Corp., a Delaware corporation.

 

“Indemnified
Liabilities” shall have the meaning set forth in Section 5.01.

 

“Investor”
shall have the meaning set forth in the preamble of this Agreement.

 

“Investor
Indemnitees” shall have the meaning set forth in Section 5.01.

 

“Market
Price” shall mean an Option 1 Market Price or Option 2 Market Price, as applicable.

 

“Material
Adverse Effect” shall mean any event, occurrence or condition that has had or would reasonably be expected to have (i) a material
adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a material
adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the Company and its Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis
its obligations under this Agreement.

 

“Material
Outside Event” shall have the meaning set forth in Section 6.08.

 

    3

     

    

 

“Maximum
Advance Amount” in respect of each Advance Notice means the greater of: (i) an amount equal to 100% of the average of the Daily
Traded Amount during the five (5) Trading Days immediately preceding an Advance Notice, or (ii) 5,000,000 Ordinary Shares.

 

“Minimum
Acceptable Price” or “MAP” shall mean the minimum price notified by the Company to the Investor in each
Advance Notice, if applicable.

 

“OFAC”
shall have the meaning set forth in Section 4.29.

 

“Option
1 Market Price” shall mean the VWAP of the Ordinary Shares during the Option 1 Pricing Period.

 

“Option
2 Market Price” shall mean the lowest daily VWAP of the Ordinary Shares during the Option 2 Pricing Period.

 

“Option
1 Pricing Period” shall mean the period on the applicable Advance Notice Date with respect to an Advance Notice selecting an
Option 1 Pricing Period commencing upon receipt by the Company of written confirmation (which may be by email) of acceptance of such
Advance Notice by the Investor, and which confirmation shall specify such commencement time, and ending on 4:00 p.m. New York City time
on the applicable Advance Notice Date.

 

“Option
2 Pricing Period” shall mean the three consecutive Trading Days commencing on the Advance Notice Date.

 

“Ordinary
Shares” shall have the meaning set forth in the recitals of this Agreement. “Ownership Limitation” shall
have the meaning set forth in Section 2.01(c)(i).

 

“Person”
shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof.

 

“Plan
of Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares.

 

“Pricing
Period” shall mean the Option 1 Pricing Period or Option 2 Pricing Period, as applicable.

 

“Principal
Market” shall mean the Nasdaq Stock Market; provided however, that in the event the Company’s Ordinary Shares are ever
listed or traded on the New York Stock Exchange, or the NYSE American, then the “Principal Market” shall mean such other
market or exchange on which the Company’s Ordinary Shares are then listed or traded to the extent such other market or exchange
is the principal trading market or exchange for the Ordinary Shares.

 

“Promissory
Note” shall have the meaning set forth in Section 2.05.

 

    4

     

    

 

“Prospectus”
shall mean any prospectus (including, without limitation, all amendments and supplements thereto) used by the Company in connection with
a Registration Statement.

 

“Prospectus
Supplement” shall mean any prospectus supplement to a Prospectus filed with the SEC pursuant to Rule 424(b) under the Securities
Act, including, without limitation, any prospectus supplement to be filed in accordance with 0 hereof.

 

“Purchase
Price” shall mean the price per Advance Share obtained by multiplying the Market Price by 97%.

 

“Registrable
Securities” shall mean (i) the Shares and (ii) any securities issued or issuable with respect to any of the foregoing by way
of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or
other reorganization or otherwise.

 

“Registration
Limitation” shall have the meaning set forth in Section 2.01(c)(ii).

 

“Registration
Statement” shall mean a registration statement on Form F-1 or Form F-3 or on such other form promulgated by the SEC for which
the Company then qualifies and which counsel for the Company shall deem appropriate, and which form shall be available for the registration
of the resale by the Investor of the Registrable Securities under the Securities Act, which registration statement provides for the resale
from time to time of the Shares as provided herein.

 

“Regulation
D” shall mean the provisions of Regulation D promulgated under the Securities Act.

 

“Sanctions”
shall have the meaning set forth in Section 4.29.

 

“Sanctioned
Countries” shall have the meaning set forth in Section 4.29.

 

“SEC”
shall mean the U.S. Securities and Exchange Commission.

 

“SEC
Documents” shall have the meaning set forth in Section 4.05.

 

“Securities
Act” shall have the meaning set forth in the recitals of this Agreement.

 

“Settlement
Document” shall have the meaning set forth in Section 2.02(a).

 

“Shares”
shall mean the Commitment Fee Shares and the Ordinary Shares to be issued from time to time hereunder pursuant to an Advance.

 

“Subsidiaries”
shall mean any Person in which the Company, directly or indirectly, (x) owns a majority of the outstanding capital stock or holds a majority
of the equity or similar interest of such Person or (y) controls or operates all or substantially all of the business, operations or
administration of such Person, and the foregoing are collectively referred to herein as “Subsidiaries.”

 

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“Trading
Day” shall mean any day during which the Principal Market shall be open for business.

 

“Transaction
Documents” shall have the meaning set forth in Section 4.02.

 

“Volume
Threshold” shall mean a number of Ordinary Shares equal to the quotient of (a) the number of Advance Shares requested by the
Company in an Advance Notice divided by (b) 0.3.

 

“VWAP”
shall mean, for any Trading Day, the daily volume weighted average price of the Ordinary Shares for such Trading Day on the Principal
Market during regular trading hours as reported by Bloomberg L.P.

 

Article
II. Advances

 

Section
2.01 Advances; Mechanics. Upon the terms and subject to the conditions of this Agreement, during the Commitment Period, the Company,
at its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor shall purchase
from the Company, Advance Shares by the delivery to the Investor of Advance Notices on the following terms:

 

		(a)	Advance
Notice. At any time during the Commitment Period, the Company may require the Investor to purchase Shares by delivering an Advance
Notice to the Investor, subject to the satisfaction or waiver by the Investor of the conditions set forth in Section 7.01, and in accordance
with the following provisions:

 

		(i)	The
Company shall, in its sole discretion, select the number of Advance Shares, not to exceed the Maximum Advance Amount, it desires to issue
and sell to the Investor in each Advance Notice, the time it desires to deliver each Advance Notice, and the Pricing Period to be used,
provided however, if a Promissory Note is outstanding, then the Option 2 Pricing Period shall apply.

 

		(ii)	There
shall be no mandatory minimum Advances and no non-usages fee for not utilizing the Commitment Amount or any part thereof.

 

		(b)	Date
of Delivery of Advance Notice. Advance Notices shall be delivered in accordance with the instructions set forth on the bottom of
Exhibit A attached hereto. An Advance Notice selecting an Option 1 Pricing Period shall only be delivered on a Trading Day and
shall be deemed delivered on the day such notice is received by e-mail. An Advance Notice selecting an Option 2 Pricing Period shall
be deemed delivered on (i) the day it is received by the Investor if such notice is received by e-mail at or before 8:30 a.m. Eastern
Time (or such later time if agreed to by the Investor in its sole discretion) in accordance with the instructions set forth on the bottom
of Exhibit A attached hereto, or (ii) the immediately succeeding day if it is received by e-mail after 8:30 a.m. Eastern Time.
Upon receipt of an Advance Notice, the Investor shall promptly (and, in respect to an Advance Notice selecting an Option 1 Pricing Period,
in no event more than one-half hour after receipt) provide written confirmation (which may be by e-mail) of receipt of such Advance Notice,
and which confirmation, in the case of an Advance Notice selecting an Option 1 Pricing Period shall specify the commencement time of
the Option 1 Pricing Period.

 

		(c)	Advance
Limitations. Regardless of the number of Advance Shares requested by the Company in the Advance Notice, the final number of Shares
to be issued and sold pursuant to an Advance Notice shall be reduced (if at all) in accordance with each of the following limitations:

 

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		(i)	Ownership
Limitation; Commitment Amount. Notwithstanding anything to the contrary contained in this Agreement, the Investor shall not be obligated
to purchase or acquire, and shall not purchase or acquire, any Ordinary Shares under this Agreement which, when aggregated with all other
Ordinary Shares beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and
Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates (on an aggregated basis)
to exceed 4.99% of the then outstanding voting power or number of Ordinary Shares (the “Ownership Limitation”). Upon
the written request of the Investor, the Company shall promptly (but no later than the next business day on which the transfer agent
for the Ordinary Shares is open for business) confirm orally or in writing to the Investor the number of Ordinary Shares then outstanding.
In connection with each Advance Notice delivered by the Company, any portion of the Advance that would (i) cause the Investor to exceed
the Ownership Limitation or (ii) cause the aggregate number of Shares issued and sold to the Investor hereunder to exceed the Commitment
Amount shall automatically be withdrawn with no further action required by the Company, and such Advance Notice shall be deemed automatically
modified to reduce the amount of the Advance requested by an amount equal to such withdrawn portion; provided that in the event of any
such automatic withdrawal and automatic modification, the Investor will promptly notify the Company of such event.

 

		(ii)	Registration
Limitation and Exchange Cap. In no event shall an Advance exceed the amount registered under the Registration Statement then in effect
(the “Registration Limitation”) or the Exchange Cap, to the extent applicable. In connection with each Advance Notice,
any portion of an Advance that would exceed the Registration Limitation or the Exchange Cap shall automatically be withdrawn with no
further action required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount
of the requested Advance by an amount equal to such withdrawn portion in respect of each Advance Notice; provided that in the event of
any such automatic withdrawal and automatic modification, Investor will promptly notify the Company of such event.

 

		(iii)	Volume
Threshold. In connection with an Advance Notice where the Company selected an Option 1 Pricing Period, if the total number of Ordinary
Shares traded on the Principal Market during the applicable Option 1 Pricing Period is less than the Volume Threshold, then the number
of Advance Shares issued and sold pursuant to such Advance Notice shall be reduced to the greater of (a) 30% of the trading volume of
the Company’s Ordinary Shares on the Principal Market during the Option 1 Pricing Period as reported by Bloomberg L.P., or (b)
the number of Ordinary Shares sold by the Investor during such Option 1 Pricing Period, but not to exceed the amount requested in the
Advance Notice.

 

		(d)	Minimum
Acceptable Price.

 

		(i)	With
respect to each Advance Notice selecting an Option 2 Pricing Period, the Company may notify the Investor of the MAP with respect to such
Advance by indicating a MAP on such Advance Notice. If no MAP is specified in an Advance Notice, then no MAP shall be in effect in connection
with such Advance. Each Trading Day during an Option 2 Pricing Period for which (A) with respect to each Advance Notice with a MAP, the
VWAP of the Ordinary Shares is below the MAP in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an
“Excluded Day”), shall result in an automatic reduction to the number of Advance Shares set forth in such Advance
Notice by one-third (the resulting amount of each Advance being the “Adjusted Advance Amount”), and each Excluded
Day shall be excluded from the Option 2 Pricing Period for purposes of determining the Market Price.

 

		(ii)	The
total Advance Shares in respect of each Advance (after reductions have been made to arrive at the Adjusted Advance Amount, if any) shall
be automatically increased by such number of Ordinary Shares (the “Additional Shares”) equal to the number of Ordinary
Shares sold by the Investor on such Excluded Day, if any, and the price paid per share for each Additional Share shall be equal to the
MAP in effect with respect to such Advance Notice (without any further discount), provided that this increase shall not cause the total
Advance Shares to exceed the amount set forth in the original Advance Notice or any limitations set forth in Section 2.01(c).

 

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		(e)	Unconditional
Contract. Notwithstanding any other provision in this Agreement, the Company and the Investor acknowledge and agree that upon the
Investor’s receipt of a valid Advance Notice the parties shall be deemed to have entered into an unconditional contract binding
on both parties for the purchase and sale of Advance Shares pursuant to such Advance Notice in accordance with the terms of this Agreement
and (i) subject to Applicable Laws and (ii) subject to Section 3.08, the Investor may sell Ordinary Shares during the Pricing Period.

 

Section
2.02 Closings. The closing of each Advance and each sale and purchase of Advance Shares (each, a “Closing”)
shall take place as soon as practicable on or after each Advance Date in accordance with the procedures set forth below. The parties
acknowledge that the Purchase Price is not known at the time the Advance Notice is delivered (at which time the Investor is irrevocably
bound) but shall be determined on each Closing based on the daily prices of the Ordinary Shares that are the inputs to the determination
of the Purchase Price as set forth further below. In connection with each Closing, the Company and the Investor shall fulfill each of
its obligations as set forth below:

 

		(a)	On
each Advance Date, the Investor shall deliver to the Company a written document, in the form attached hereto as Exhibit B (each a “Settlement
Document”), setting forth the final number of Shares to be purchased by the Investor (taking into account any adjustments pursuant
to Section 2.01), the Market Price, the Purchase Price, the aggregate proceeds to be paid by the Investor to the Company, and
a report by Bloomberg, L.P. indicating the VWAP for each of the Trading Days during the Pricing Period (or, if not reported on Bloomberg,
L.P., another reporting service reasonably agreed to by the parties), in each case in accordance with the terms and conditions of this
Agreement.

 

		(b)	Promptly
after receipt of the Settlement Document with respect to each Advance (and, in any event, not later than one Trading Day after such receipt),
the Company will, or will cause its transfer agent to, electronically transfer such number of Advance Shares to be purchased by the Investor
(as set forth in the Settlement Document) by crediting the Investor’s account or its designee’s account at the Depository
Trust Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by
the parties hereto, and transmit notification to the Investor that such share transfer has been requested. Promptly upon receipt of such
notification, the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the Settlement Document)
in cash in immediately available funds to an account designated by the Company in writing and transmit notification to the Company that
such funds transfer has been requested. No fractional shares shall be issued, and any fractional amounts shall be rounded to the next
higher whole number of shares. To facilitate the transfer of the Ordinary Shares by the Investor, the Ordinary Shares will not bear any
restrictive legends so long as there is an effective Registration Statement covering the resale of such Ordinary Shares (it being understood
and agreed by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Ordinary Shares pursuant
to the Plan of Distribution set forth in the Prospectus included in the Registration Statement and otherwise in compliance with the requirements
of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption).

 

		(c)	On
or prior to the Advance Date, each of the Company and the Investor shall deliver to the other all documents, instruments and writings
expressly required to be delivered by either of them pursuant to this Agreement in order to implement and effect the transactions contemplated
herein.

 

		(d)	Notwithstanding
anything to the contrary in this Agreement, if on any day during the Pricing Period (i) the Company notifies Investor that a Material
Outside Event has occurred, or (ii) the Company notifies the Investor of a Black Out Period, the parties agree that the pending Advance
shall end and the final number of Advance Shares to be purchased by the Investor at the Closing for such Advance shall be equal to the
number of Ordinary Shares sold by the Investor during the applicable Pricing Period prior to the notification from the Company of a Material
Outside Event or Black Out Period.

 

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Section
2.03 Hardship.

 

		(a)	In
the event the Investor sells Ordinary Shares after receipt of an Advance Notice and the Company fails to perform its obligations as mandated
in Section 2.02, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto
and in addition to any other remedy to which the Investor is entitled at law or in equity, including, without limitation, specific performance,
it will hold the Investor harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred,
arising out of or in connection with such default by the Company and acknowledges that irreparable damage may occur in the event of any
such default. It is accordingly agreed that the Investor shall be entitled to an injunction or injunctions to prevent such breaches of
this Agreement and to specifically enforce (subject to Applicable Laws and other rules of the Principal Market), without the posting
of a bond or other security, the terms and provisions of this Agreement.

 

		(b)	In
the event the Company provides an Advance Notice and the Investor fails to perform its obligations as mandated in Section 2.02, the Investor
agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other
remedy to which the Company is entitled at law or in equity, including, without limitation, specific performance, it will hold the Company
harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in
connection with such default by the Investor and acknowledges that irreparable damage may occur in the event of any such default. It
is accordingly agreed that the Company shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and
to specifically enforce (subject to the Securities Act and other rules of the Principal Market), without the posting of a bond or other
security, the terms and provisions of this Agreement.

 

Section
2.04 Completion of Resale Pursuant to the Registration Statement. After the Investor has purchased the full Commitment Amount
and has completed the subsequent resale of the full Commitment Amount pursuant to the Registration Statement, Investor will notify the
Company that all subsequent resales are completed and the Company will be under no further obligation to maintain the effectiveness of
the Registration Statement. The Company also shall have no further obligation to maintain the effectiveness of the Registration Statement
after the 180th day following the earlier to occur of the latest Closing that has occurred or the termination of this Agreement in accordance
with its terms.

 

Section
2.05 Pre-Advance Loans. Subject to the mutual consent of the parties, from time to time, the Company may request, and the Investor
shall provide, a pre-advance loan from the Investor in the principal amount to be determined by the parties, pursuant to a promissory
note (each, a “Promissory Note”), on terms and conditions to be agreed by the parties.

 

Article
III. Representations and Warranties of Investor

 

The
Investor represents and warrants to the Company, as of the date hereof, as of each Advance Notice Date and each Advance Date that:

 

Section
3.01 Organization and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the
Cayman Islands and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement, including
all transactions contemplated hereby, and to purchase or acquire Shares in accordance with the terms hereof. The decision to invest and
the execution and delivery of this Agreement by the Investor, the performance by the Investor of its obligations hereunder and the consummation
by the Investor of the transactions contemplated hereby have been duly authorized and require no other proceedings on the part of the
Investor. The undersigned has the right, power and authority to execute and deliver this Agreement and all other instruments on behalf
of the Investor or its shareholders. This Agreement has been duly executed and delivered by the Investor and, assuming the execution
and delivery hereof and acceptance thereof by the Company, will constitute the legal, valid and binding obligations of the Investor,
enforceable against the Investor in accordance with its terms.

 

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Section
3.02 Evaluation of Risks. The Investor has such knowledge and experience in financial, tax and business matters as to be capable
of evaluating the merits and risks of, and bearing the economic risks entailed by, an investment in the Ordinary Shares of the Company
and of protecting its interests in connection with the transactions contemplated hereby. The Investor acknowledges and agrees that its
investment in the Company involves a high degree of risk, and that the Investor may lose all or a part of its investment.

 

Section
3.03 No Legal, Investment or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review this
Agreement and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor
is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of the Company’s
representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Ordinary Shares
hereunder, the transactions contemplated by this Agreement or the laws of any jurisdiction, and the Investor acknowledges that the Investor
may lose all or a part of its investment.

 

Section
3.04 Investment Purpose. The Investor is acquiring the Ordinary Shares for its own account, for investment purposes and not with
a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under
or exempt from the registration requirements of the Securities Act; provided, however, that by making the representations herein, the
Investor does not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and
reserves the right to dispose of the Shares at any time in accordance with, or pursuant to, a Registration Statement filed pursuant to
this Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any agreement or understanding,
directly or indirectly, with any Person to sell or distribute any of the Shares. The Investor acknowledges that it will be disclosed
as an “underwriter” and a “selling shareholder” in each Registration Statement and in any prospectus contained
therein to the extent required by applicable law and to the extent the prospectus is related to the resale of Registrable Securities.

 

Section
3.05 Accredited Investor. The Investor is an “Accredited Investor” as that term is defined in Rule 501(a)(3)
of Regulation D.

 

Section
3.06 Information. The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to
the business, finances and operations of the Company and information the Investor deemed material to making an informed investment decision.
The Investor and its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management
and have received answers to such questions. Neither such inquiries nor any other due diligence investigations conducted by such Investor
or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right to rely on
the Company’s representations and warranties contained in this Agreement. The Investor acknowledges and agrees that the Company
has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations and warranties of
the Company, its employees or any third party other than the representations and warranties of the Company contained in this Agreement.
The Investor understands that its investment involves a high degree of risk. The Investor has sought such accounting, legal and tax advice,
as it has considered necessary to make an informed investment decision with respect to the transactions contemplated hereby.

 

Section
3.07 Not an Affiliate. The Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with the Company or any “Affiliate” of the Company (as that
term is defined in Rule 405 promulgated under the Securities Act).

 

Section
3.08 No Prior Short Sales. At no time prior to the date of this Agreement has the Investor, its sole member, any of their respective
officers, or any entity managed or controlled by the Investor or its sole member, engaged in or effected, in any manner whatsoever, directly
or indirectly, for its own principal account, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO
of the Exchange Act) of the Ordinary Shares or (ii) hedging transaction, which establishes a net short position with respect to the Ordinary
Shares that remains in effect as of the date of this Agreement.

 

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Section
3.09 Resale of Shares. The Investor represents, warrants and covenants that it will resell the Shares only pursuant to the Registration
Statement in which the resale of such Shares is registered under the Securities Act, in a manner described under the caption “Plan
of Distribution” in such Registration Statement, and in a manner in compliance with all applicable federal and state securities
laws, rules and regulations, or pursuant to an exception for the registration provisions of the Securities Act, if applicable.

 

Section
3.10 General Solicitation. Neither the Investor, nor any of its affiliates, nor any person acting on its or their behalf, has
engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with any offer or sale of the Ordinary Shares by the Investor.

 

Section
3.11 Shell Status. The Investor acknowledges that, as of the date hereof, the Company (a) is a newly-formed shell company formed
for the purposes of effecting the Business Combination, (b) has no operations or significant assets, (c) is not a reporting company under
the Exchange Act, (d) has never filed or been required to file SEC Documents (as defined below) with the SEC and (e) has never prepared
or been required to prepare financial statements.

 

Section
3.12 Broker/Dealer Relationship. The Investor shall, from time to time, provide the Company and the Company’s transfer agent
with all information regarding any broker-dealer used to effectuate sales of Ordinary Shares that it may purchase pursuant to this Agreement
(each, a “Broker-Dealer”) as reasonably requested by the Company and for which such information is required in order
for the Company to carry out its obligations under this Agreement or comply with any Applicable Laws. The Investor shall be solely responsible
for all fees and commissions of the Broker-Dealer (if any), which shall not exceed customary.

 

Article
IV. Representations and Warranties of the Company

 

Except
as set forth in the SEC Documents, the Company represents and warrants to the Investor that, upon the closing of the Business Combination
and each Advance Notice Date and each Advance Date (other than representations and warranties which address matters only as of a certain
date, which shall be true and correct as written as of such certain date):

 

Section
4.01 Organization and Qualification. Each of the Company and its Subsidiaries is an entity duly organized and validly existing
under the laws of their respective jurisdiction of organization, and has the requisite power and authority to own its properties and
to carry on its business as now being conducted. Each of the Company and its Subsidiaries is duly qualified to do business and is in
good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes such qualification
necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect.

 

Section
4.02 Authorization, Enforcement, Compliance with Other Instruments. The Company has the requisite corporate power and authority
to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Shares in accordance
with the terms hereof and thereof. The execution and delivery by the Company of this Agreement and the other Transaction Documents, and
the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the
Ordinary Shares) have been or (with respect to consummation) will be duly authorized by the Company’s board of directors and no
further consent or authorization will be required by the Company, its board of directors or its shareholders. This Agreement and the
other Transaction Documents to which the Company is a party have been (or, when executed and delivered, will be) duly executed and delivered
by the Company and, assuming the execution and delivery thereof and acceptance by the Investor, constitute (or, when duly executed and
delivered, will be) the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their
respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or other laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. “Transaction
Documents” means, collectively, this Agreement and each of the other agreements and instruments entered into or delivered by
any of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

 

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Section
4.03 Authorization of the Shares. The Shares to be issued under this Agreement have been, or with respect to Shares to be purchased
by the Investor pursuant to an Advance Notice, will be, when issued and delivered pursuant to the terms approved by the board of directors
of the Company or a duly authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided
herein, duly and validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security
interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar
rights, and will be registered pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform to the description thereof
set forth in or incorporated into the Prospectus.

 

Section 4.04 No Conflict. The execution,
delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Ordinary Shares) will not (i) result in a violation of the articles
of association or other organizational documents of the Company or its Subsidiaries (with respect to consummation, as the same may be
amended prior to the date on which any of the transactions contemplated hereby are consummated), (ii) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which the Company or its Subsidiaries is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations)
applicable to the Company or its Subsidiaries or by which any property or asset of the Company or its Subsidiaries is bound or affected
except, in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material
Adverse Effect.

 

Section 4.05 SEC Documents; Financial
Statements. The Company has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the
Exchange Act) all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the
Exchange Act for the two years preceding the date of such representation (or such shorter period as the Company was required by law
or regulation to file such material) (all of the foregoing filed within two years preceding the date of such representation or
amended or filed after the date of such representation, and all exhibits included therein and financial statements and schedules
thereto and documents incorporated by reference therein, and all registration statements filed by the Company under the Securities
Act (including any Registration Statements filed hereunder), being hereinafter referred to as the “SEC
Documents”). The Company has delivered or made available to the Investor through the SEC’s website at
http://www.sec.gov, true and complete copies of the SEC Documents, as applicable. As of their respective dates (or, with respect to
any filing that has been amended or superseded, the date of such amendment or superseding filing), the SEC Documents complied in all
material respects with the requirements of the Exchange Act or the Securities Act, as applicable, and the rules and regulations of
the SEC promulgated thereunder applicable to the SEC Documents, and did not contain any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading.

 

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Section 4.06 Financial Statements. The
consolidated financial statements of the Company included or incorporated by reference in the SEC Documents, together with the related
notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries
as of the dates indicated and the consolidated results of operations, cash flows and changes in shareholders’ equity of the Company
for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity
with International Financial Reporting Standards (“IFRS) applied on a consistent basis (except for (i) such adjustments to
accounting standards and practices as are noted therein, (ii) in the case of unaudited interim financial statements, to the extent such
financial statements may not include footnotes required by IFRS or may be condensed or summary statements and (iii) such adjustments which
are not material, either individually or in the aggregate) during the periods involved; the other financial and statistical data with
respect to the Company and the Subsidiaries contained or incorporated by reference in the SEC Documents are accurately and fairly presented
and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements
(historical or pro forma) that are required to be included or incorporated by reference in the SEC Documents that are not included or
incorporated by reference as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or
contingent (including any off-balance sheet obligations), not described in the SEC Documents (excluding the exhibits thereto); and all
disclosures contained or incorporated by reference in the SEC Documents regarding “non-IFRS financial measures” (as such term
is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item
10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language
included or incorporated by reference in the SEC Documents fairly presents the information called for in all material respects and has
been prepared in accordance with the SEC’s rules and guidelines applicable thereto.

 

Section 4.07 Registration Statement and Prospectus.
Each Registration Statement and the offer and sale of Shares as contemplated hereby will meet the requirements of Rule 415 under the Securities
Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be
described in a Registration Statement or a Prospectus, or to be filed as exhibits to a Registration Statement have been so described or
filed. Copies of each Registration Statement, any Prospectus, and any such amendments or supplements thereto and all documents incorporated
by reference therein that were filed with the Commission on or prior to the date of such representation have been delivered, or are available
through EDGAR, to the Investor and its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date
and completion of the distribution of the Shares, will not distribute any offering material in connection with the offering or sale of
the Shares other than a Registration Statement and the Prospectus to which the Investor has consented.

 

Section 4.08 No Misstatement or Omission.
Each Registration Statement, when it became or becomes effective, and any Prospectus, on the date of such Prospectus or amendment or supplement,
conformed and will conform in all material respects with the requirements of the Securities Act. At each Advance Date, the Registration
Statement, and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act. Each
Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Each Prospectus
did not, or will not, include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. The documents incorporated by reference in a Prospectus
or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed with
the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document
or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing
shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished
to the Company by the Investor specifically for use in the preparation thereof.

 

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Section 4.09 Conformity with Securities Act
and Exchange Act. Each Registration Statement, each Prospectus, or any amendment or supplement thereto, and the documents incorporated
by reference in each Registration Statement, Prospectus or any amendment or supplement thereto, when such documents were or are filed
with the SEC under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be,
conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

 

Section 4.10 Equity Capitalization.
As of the date of the closing of the Business Combination, the authorized share capital of the Company will be US$100,000 divided
into 800,000,000 Ordinary Shares and 200,000,000 Preferred Shares with a nominal value of US$0.0001 each and €25,000 divided
into 25,000 Deferred Ordinary Shares with a nominal value of €1.00 each. Upon the closing of the Business Combination, the
Ordinary Shares will be registered pursuant to Section 12(b) of the Exchange Act and will be listed on a Principal Market. The
Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Ordinary Shares under
the Exchange Act or delisting the Ordinary Shares from the Principal Market, nor has the Company received any notification that the
Commission or the Principal Market is contemplating terminating such registration or listing. To the Company’s knowledge, it
will be in compliance with all applicable listing requirements of the Principal Market upon the closing of the Business
Combination.

 

Section 4.11 Intellectual Property Rights.
The Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names, service marks,
service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations,
trade secrets and rights, if any, necessary to conduct their respective businesses as now conducted, except as would not cause a Material
Adverse Effect. The Company and its Subsidiaries have not received written notice of any infringement by the Company or its Subsidiaries
of trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark
registrations, or trade secrets, except as would not cause a Material Adverse Effect. To the knowledge of the Company, there is no claim,
action or proceeding being made or brought against, or to the Company’s knowledge, being threatened against the Company or its Subsidiaries
regarding trademark, trade name, patents, patent rights, invention, copyright, license, service names, service marks, service mark registrations,
trade secret or other infringement except as would not cause a Material Adverse Effect.

 

Section 4.12 Employee Relations. Neither
the Company nor any of its Subsidiaries is involved in any labor dispute nor, to the knowledge of the Company or any of its Subsidiaries,
is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse Effect.

 

Section 4.13 Environmental Laws. To the
Company’s knowledge, the Company and its Subsidiaries (i) have not received written notice alleging any failure to comply in all
material respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required
of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not received written notice alleging
any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i),
(ii) and (iii), the failure to so comply would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.
The term “Environmental Laws” means all applicable federal, state and local laws relating to pollution or protection
of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants,
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment,
or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous
Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

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Section 4.14 Title. Except as would not
cause a Material Adverse Effect, the Company (or its Subsidiaries) has indefeasible fee simple or leasehold title to its properties and
material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than
such as are not material to the business of the Company. Any real property and facilities held under lease by the Company and its Subsidiaries
are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the
use made and proposed to be made of such property and buildings by the Company and its Subsidiaries.

 

Section 4.15 Insurance. The Company and
each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts
as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged.
The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material
Adverse Effect.

 

Section 4.16 Regulatory Permits. Except
as would not cause a Material Adverse Effect, the Company and its Subsidiaries possess all material certificates, authorizations and permits
issued by the appropriate federal, state or foreign regulatory authorities necessary to own their respective businesses, and neither the
Company nor any such Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permits.

 

Section 4.17 Internal Accounting Controls.
The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed
in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access
to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

Section 4.18 Absence of Litigation. There
is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization
or body pending against or affecting the Company, the Ordinary Shares or any of the Company’s Subsidiaries, wherein an unfavorable
decision, ruling or finding would have a Material Adverse Effect.

 

Section 4.19 Subsidiaries. The Company
does not as of the date of this Agreement have any Subsidiaries.

 

Section 4.20 Tax Status. Except as
would not have a Material Adverse Effect, each of the Company and its Subsidiaries (i) has timely made or filed all foreign, federal
and state income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
timely paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on
such returns, reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision
reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or
declarations apply. The Company has not received written notification of any unpaid taxes in any material amount claimed to be due
by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such
claim where failure to pay would cause a Material Adverse Effect.

 

Section 4.21 Certain Transactions. Except
as not required to be disclosed pursuant to Applicable Laws, none of the officers or directors of the Company is presently a party to
any transaction with the Company (other than for services as employees, officers and directors), including any contract, agreement or
other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or
otherwise requiring payments to or from any officer or director, or to the knowledge of the Company, any corporation, partnership, trust
or other entity in which any officer or director has a substantial interest or is an officer, director, trustee or partner.

 

Section 4.22 Rights of First Refusal. The
Company is not obligated to offer the Ordinary Shares offered hereunder on a right of first refusal basis to any third parties including,
but not limited to, current or former shareholders of the Company, underwriters, brokers, agents or other third parties.

 

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Section 4.23 Dilution. The Company is aware
and acknowledges that issuance of Ordinary Shares hereunder could cause dilution to existing shareholders and could significantly increase
the outstanding number of Ordinary Shares.

 

Section 4.24 Acknowledgment Regarding Investor’s
Purchase of Shares. The Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length
investor with respect to this Agreement and the transactions contemplated hereunder. The Company further acknowledges that the Investor
is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions
contemplated hereunder and any advice given by the Investor or any of its representatives or agents in connection with this Agreement
and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares hereunder. The Company
is aware and acknowledges that it shall not be able to request Advances under this Agreement if a Registration Statement is not effective
or if any issuances of Ordinary Shares pursuant to any Advances would violate any rules of the Principal Market.

 

Section 4.25 Finder’s Fees. Neither
the Company nor any of the Subsidiaries has incurred any liability for any finder’s fees, brokerage commissions or similar payments
in connection with the transactions herein contemplated.

 

Section 4.26 Relationship of the
Parties. Neither the Company, nor any of its subsidiaries, affiliates, nor any person acting on its or their behalf is a client
or customer of the Investor or any of its affiliates and neither the Investor nor any of its affiliates has provided, or will
provide, any services to the Company or any of its affiliates, its subsidiaries, or any person acting on its or their behalf. The
Investor’s relationship to Company is solely as investor as provided for in the Transaction Documents.

 

Section 4.27 Forward-Looking Statements.
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in
the Registration Statement or a Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in
good faith.

 

Section 4.28 Compliance with Laws. The
Company and each of its Subsidiaries are in compliance with Applicable Laws; the Company has not received a notice of non-compliance that
any director, officer, or employee of the Company or any Subsidiary or, to the Company’s knowledge, any agent, affiliate or other
person acting on behalf of the Company or any Subsidiary has not complied with Applicable Laws, and is not aware of any pending change
or contemplated change to any applicable law or regulation or governmental position; in each case that would have a Material Adverse Effect.

 

Section 4.29 Sanctions Matters. Neither
the Company nor any of its Subsidiaries or, to the knowledge of the Company, any director, officer or controlled affiliate of the Company
or any director or officer of any Subsidiary, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any
sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”),
the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authorities, including,
without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign Sanctions
Evaders List or other relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident
in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory (including, without
limitation, the Crimea region, the Donetsk People’s Republic and Luhansk People’s Republic in Ukraine, Cuba, Iran, North Korea,
Sudan and Syria (the “Sanctioned Countries”)). Neither the Company nor any of its Subsidiaries will, directly or indirectly,
use the proceeds from the sale of Advance Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other Person (a) for the purpose of funding or facilitating any activities or business of or with any Person or in
any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country, or
(b) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the transactions
contemplated by this Agreement, whether as underwriter, advisor, investor or otherwise). For the past five years, neither the Company
nor any of its Subsidiaries has engaged in, and is now not engaged in, any dealings or transactions with any Person, or in any country
or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned Country.

 

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Article V. Indemnification

 

The Investor and the Company represent to the other
the following with respect to itself:

 

Section 5.01 Indemnification by the Company.
In consideration of the Investor’s execution and delivery of this Agreement and acquiring the Shares hereunder, and in addition
to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the
Investor and its investment manager, Yorkville Advisors Global, LP, and each of their respective officers, directors, managers, members,
partners, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this
Agreement) and each person who controls the Investor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act (collectively, the “Investor Indemnitees”) from and against any and all actions, causes of action, suits, claims,
losses, costs, penalties, fees, liabilities and damages, and reasonable and documented expenses in connection therewith (irrespective
of whether any such Investor Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable
attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any
of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus,
or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to the Company by or on behalf of the Investor specifically for inclusion therein; (b) any
material misrepresentation or breach of any material representation or material warranty made by the Company in this Agreement or any
other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach of any material covenant, material
agreement or material obligation of the Company contained in this Agreement or any other certificate, instrument or document contemplated
hereby or thereby. To the extent that the foregoing undertaking by the Company may be unenforceable under Applicable Law, the Company
shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under
Applicable Law.

 

Section 5.02 Indemnification by the
Investor. In consideration of the Company’s execution and delivery of this Agreement, and in addition to all of the
Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the Company
and all of its officers, directors, shareholders, employees and agents (including, without limitation, those retained in connection
with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnitees”) from and against
any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a result of, or arising out of, or
relating to (a) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement for the
registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment
thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the
Investor will only be liable for written information relating to the Investor furnished to the Company by or on behalf of the
Investor specifically for inclusion in the documents referred to in the foregoing indemnity, and will not be liable in any such case
to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged
untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished
to the Investor by or on behalf of the Company specifically for inclusion therein; (b) any misrepresentation or breach of any
representation or warranty made by the Investor in this Agreement or any instrument or document contemplated hereby or thereby
executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor contained in this Agreement or
any other certificate, instrument or document contemplated hereby or thereby executed by the Investor. To the extent that the
foregoing undertaking by the Investor may be unenforceable under Applicable Laws, the Investor shall make the maximum contribution
to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Laws.

 

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Section 5.03 Notice of Claim.
Promptly after receipt by an Investor Indemnitee or Company Indemnitee of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or Company
Indemnitee, as applicable, shall, if a claim for an Indemnified Liability in respect thereof is to be made against any indemnifying
party under this Article V, deliver to the indemnifying party a written notice of the commencement thereof; but the failure to so
notify the indemnifying party will not relieve it of liability under this Article V except to the extent the indemnifying party is
prejudiced by such failure. The indemnifying party shall have the right to participate in, and, to the extent the indemnifying party
so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel
mutually reasonably satisfactory to the indemnifying party and the Investor Indemnitee or Company Indemnitee, as the case may be;
provided, however, that an Investor Indemnitee or Company Indemnitee shall have the right to retain its own counsel with the actual
and reasonable third party fees and expenses of not more than one counsel for such Investor Indemnitee or Company Indemnitee to be
paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by
such counsel of the Investor Indemnitee or Company Indemnitee and the indemnifying party would be inappropriate due to actual or
potential differing interests between such Investor Indemnitee or Company Indemnitee and any other party represented by such counsel
in such proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with the indemnifying party in connection
with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party
all information reasonably available to the Investor Indemnitee or Company Indemnitee which relates to such action or claim. The
indemnifying party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised as to the status of the defense or
any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its prior written consent, provided, however, that the indemnifying party shall not unreasonably
withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Investor Indemnitee
or Company Indemnitee, as applicable, consent to entry of any judgment or enter into any settlement or other compromise which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnitee or Company
Indemnitee of a release from all liability in respect to such claim or litigation. Following indemnification as provided for
hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnitee or Company Indemnitee with respect to
all third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification
required by this Article V shall be made by periodic payments of the amount thereof during the course of the investigation or
defense, as and when bills are received and payment therefor is due.

 

Section 5.04 Remedies. The remedies provided
for in this Article V are not exclusive and shall not limit any right or remedy which may be available to any indemnified person at law
or equity. The obligations of the parties to indemnify or make contribution under this Article V shall survive expiration or termination
of this Agreement.

 

Section 5.05 Limitation of liability. Notwithstanding
the foregoing, no party shall be entitled to recover from the other party for punitive, indirect, incidental or consequential damages.

 

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Article VI.

Covenants

 

The Company covenants with the Investor, and the
Investor covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Commitment
Period:

 

Section 6.01 Registration Statement.

 

		(a)	Filing of a Registration Statement. The Company shall prepare and file with the SEC a Registration
Statement, or multiple Registration Statements for the resale by the Investor of the Registrable Securities. The Company in its sole discretion
may choose when to file such Registration Statements; provided, however, that the Company shall not have the ability to request
any Advances until the effectiveness of a Registration Statement.

 

		(b)	Maintaining a Registration Statement. The Company shall use commercially reasonable efforts to
maintain the effectiveness of any Registration Statement with respect to the Shares at all times during the Commitment Period, provided,
however, that if the Company has received notification pursuant to Section 2.04 that the Investor has completed resales pursuant to the
Registration Statement for the full Commitment Amount, then the Company shall be under no further obligation to maintain the effectiveness
of the Registration Statement. Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure that, when
filed, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including,
without limitation, all amendments and supplements thereto) used in connection with such Registration
Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or
necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not
misleading. During the Commitment Period, the Company shall notify the Investor promptly if (i) the Registration Statement shall cease
to be effective under the Securities Act, (ii) the Ordinary Shares shall cease to be authorized for listing on the Principal Market, (iii)
the Ordinary Shares cease to be registered under Section 12(b) or Section 12(g) of the Exchange Act or (iv) the Company fails to file
in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act.

 

		(c)	Filing Procedures. The Company shall (A) permit counsel to the Investor an opportunity to review
and comment upon (i) each Registration Statement at least three (3) Trading Days prior to its filing with the SEC and (ii) all amendments
and supplements to each Registration Statement (including, without limitation, the Prospectus contained therein) (except for Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports or Prospectus Supplements
the contents of which is limited to that set forth in such reports) within a reasonable number of days prior to their filing with the
SEC, and (B) shall reasonably consider any comments of the Investor and its counsel on any such Registration Statement or amendment or
supplement thereto or to any Prospectus contained therein. The Company shall promptly furnish to the Investor, without charge, (i) electronic
copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to each Registration Statement (which
correspondence shall be redacted to exclude any material, nonpublic information regarding the Company or any of its Subsidiaries), (ii)
after the same is prepared and filed with the SEC, one (1) electronic copy of each Registration Statement and any amendment(s) and supplement(s)
thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested
by the Investor, and all exhibits and (iii) upon the effectiveness of each Registration Statement, one (1) electronic copy of the Prospectus
included in such Registration Statement and all amendments and supplements thereto; provided, however, the Company shall not be required
to furnish any document to the extent such document is available on EDGAR).

 

    19

     

    

 

		(d)	Amendments and Other Filings. The Company shall (i) prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to a Registration Statement and the related prospectus used in connection with such
Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary
to keep such Registration Statement effective at all times during the Commitment Period, and prepare and file with the SEC such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) during the Commitment
Period, cause the related prospectus to be amended or supplemented by any required prospectus supplement (subject to the terms of this
Agreement), and as so supplemented or amended to be filed pursuant to Rule 424 promulgated under the Securities Act; (iii) during the
Commitment Period, provide the Investor copies of all written correspondence
from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein which
would constitute material non-public information), and (iv) during the Commitment Period, comply with the provisions of the Securities
Act with respect to the Registration Statement. In the case of amendments and supplements to a Registration Statement which are required
to be filed pursuant to this Agreement (including pursuant to this Section 6.01(d) by reason of the Company’s filing a report on
Form 10-K, Form 10-Q, or Form 8-K or any analogous report under the Exchange Act, the Company shall file such report in a prospectus supplement
filed pursuant to Rule 424 promulgated under the Securities Act to incorporate such filing into the Registration Statement, if applicable,
or shall file such amendments or supplements with the SEC either on the day on which the Exchange Act report is filed which created the
requirement for the Company to amend or supplement the Registration Statement, if feasible, or otherwise promptly thereafter.

 

		(e)	Blue-Sky. The Company shall use its commercially reasonable
efforts to, if required by Applicable Laws, (i) register and qualify the Ordinary Shares covered by a Registration Statement under such
other securities or “blue sky” laws of such jurisdictions in the United States as the Investor reasonably requests, (ii)
prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Commitment Period, (iii) take such other actions
as may be necessary to maintain such registrations and qualifications in effect at all times during the Commitment Period, and (iv) take
all other actions reasonably necessary or advisable to qualify the Ordinary Shares for sale in such jurisdictions; provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its Certificate of
Incorporation or Bylaws or any other organizational documents of the Company or any of its Subsidiaries, (x) qualify to do business in
any jurisdiction where it would not otherwise be required to qualify but for this 0, (y) subject itself to general taxation in any such
jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor
of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Ordinary
Shares for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual
notice of the initiation or threat of any proceeding for such purpose.

 

Section 6.02 Suspension of Registration Statement.

 

		(a)	Establishment of a Black Out Period. During the Commitment
Period, the Company from time to time may suspend the use of the Registration Statement by written notice to the Investor in the event
that the Company determines in its sole discretion in good faith that such suspension is necessary to (A) delay the disclosure of material
nonpublic information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in
the best interests of the Company or (B) amend or supplement the Registration Statement or Prospectus so that such Registration Statement
or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading (a “Black Out Period”).

 

    20

     

    

 

		(b)	No Sales by Investor During the Black Out Period. During such Black Out Period, the Investor agrees
not to sell any Ordinary Shares of the Company pursuant to such Registration Statement, but may sell shares pursuant to an exemption from
registration, if available, subject to the Investor’s compliance with Applicable Laws.

 

		(c)	Limitations on the Black Out Period. The Company shall not impose any Black Out Period that is
longer than 30 days or in a manner that is more restrictive (including, without limitation, as to duration) than the comparable restrictions
that the Company may impose on transfers of the Company’s equity securities by its directors and senior executive officers. In addition,
the Company shall not deliver any Advance Notice during any Black Out Period. If the public announcement of such material, nonpublic information
is made during a Black Out Period, the Black Out Period shall terminate immediately after such announcement, and the Company shall immediately
notify the Investor of the termination of the Black Out Period.

 

Section 6.03 Listing of Ordinary Shares.
As of each Advance Date, the Shares to be sold by the Company from time to time hereunder will have been registered under Section 12(b)
of the Exchange Act and approved for listing on the Principal Market, subject to official notice of issuance.

 

Section 6.04 Opinion of Counsel. Prior
to the date of the delivery by the Company of the first Advance Notice, the Investor shall have received an opinion letter from counsel
to the Company in form and substance reasonably satisfactory to the Investor.

 

Section 6.05 Exchange Act Registration.
The Company will file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act
and will not take any action or file any document (whether or not permitted by Exchange Act or the rules thereunder) to terminate or suspend
its reporting and filing obligations under the Exchange Act.

 

Section 6.06 Transfer Agent Instructions.
During the Commitment Period (or such shorter time as permitted by Section 2.04 of this Agreement) and subject to Applicable Laws, the
Company shall cause (including, if necessary, by causing legal counsel for the Company to deliver an opinion) the transfer agent for the
Ordinary Shares to remove restrictive legends from Ordinary Shares purchased by the Investor pursuant to this Agreement, provided that
counsel for the Company shall have been furnished with such documents as they may require for the purpose of enabling them to render the
opinions or make the statements requested by the transfer agent, or in order to evidence the accuracy of any of the representations or
warranties, or the fulfillment of any of the covenants, obligations or conditions, contained herein.

 

Section 6.07 Corporate Existence. The Company
will use commercially reasonable efforts to preserve and continue the corporate existence of the Company during the Commitment Period.

 

    21

     

    

 

Section 6.08 Notice of Certain Events Affecting
Registration; Suspension of Right to Make an Advance. During the Commitment Period, the Company will promptly notify the Investor,
and confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration Statement
or related Prospectus (in each of which cases the information provided to Investor will be kept strictly confidential): (i) except for
requests made in connection with SEC investigations disclosed in the SEC Documents, receipt of any request for additional information
by the SEC or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement or any
request for amendments or supplements to the Registration Statement or related Prospectus; (ii) the issuance by the SEC or any other Federal
governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose; (iii) receipt of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Ordinary Shares for sale in any jurisdiction or the initiation or written threat of any proceeding for such purpose; (iv)
the happening of any event that makes any statement made in the Registration Statement or related Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration
Statement, related Prospectus or documents so that, in the case of the Registration Statement, it will not contain any 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 that in the case of the related Prospectus, it will not contain any 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, in the light of the circumstances under which they were
made, not misleading, or of the necessity to amend the Registration Statement or supplement a related Prospectus to comply with the Securities
Act or any other law (and the Company will promptly make available to the Investor any such supplement or amendment to the related Prospectus);
(v) the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be required under
Applicable Laws; (vi) the Ordinary Shares shall cease to be authorized for listing on the Principal Market; or (vii) the Company fails
to file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act. The Company shall
not deliver to the Investor any Advance Notice, and the Company shall not sell any Shares pursuant to any pending Advance Notice (other
than as required pursuant to Section 2.02(d)), during the continuation of any of the foregoing events (each of the events described in
the immediately preceding clauses (i) through (vii), inclusive, a “Material Outside Event”).

 

Section 6.09 Expenses. The Company,
whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay all expenses
incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing and filing of
the Registration Statement and each amendment and supplement thereto, of each prospectus and of each amendment and supplement
thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement, (iii) all fees and
disbursements of the Company’s counsel, accountants and other advisors (but not, for the avoidance doubt, the fees and
disbursements of Investor’s counsel, accountants and other advisors), (iv) the qualification of the Shares under securities
laws in accordance with the provisions of this Agreement, including filing fees in connection therewith, (v) the printing and
delivery of copies of any prospectus and any amendments or supplements thereto requested by the Investor, (vi) the fees and expenses
incurred in connection with the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing fees of
the SEC and the Principal Market.

 

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Section 6.10 Current Report. The Company
shall cause IGAC to, not later than 5:30 p.m., New York City time, on the fourth business day after the date of this Agreement, file with
the SEC a Current Report on Form 8-K disclosing the execution of this Agreement by the Company and the Investor (including any exhibits
thereto, the “Current Report”). The Company shall cause IGAC to provide the Investor and its legal counsel a reasonable
opportunity to comment on a draft of the Current Report prior to filing the Current Report with the SEC and shall give due consideration
to all such comments. From and after the filing of the Current Report with the SEC, the Company shall have and the Company shall have
caused IGAC to have publicly disclosed all material, nonpublic information delivered prior to the date of this Agreement to the Investor
(or the Investor’s representatives or agents) by the Company or any of its Subsidiaries, or any of their respective officers, directors,
employees, agents or representatives (if any) in connection with the transactions contemplated by this Agreement. Other than to the extent
contemplated by this Agreement, the Company shall not, and the Company shall cause each of its Subsidiaries and each of its, IGAC’s
and their respective officers, directors, employees and agents not to, provide the Investor with any material, non-public information
regarding the Company or any of its Subsidiaries without the express prior written consent of the Investor (which may be granted or withheld
in the Investor’s sole discretion); it being understood that the mere notification of Investor required pursuant to Section 6.08(iv)
hereof shall not in and of itself be deemed to be material nonpublic information. Notwithstanding anything contained in this Agreement
to the contrary, the Company expressly agrees that it shall publicly disclose and shall cause IGAC to publicly disclose in the Current
Report any information communicated to the Investor by or, to the knowledge of the Company, on behalf of the Company in connection with
the transactions contemplated herein, which, following the date hereof would, if not so disclosed, constitute material, non-public information
regarding the Company or its Subsidiaries. The Company understands and confirms that the Investor will reply on the foregoing representations
in effecting resales of Shares under the Registration Statement.

 

Section 6.11 Advance Notice Limitation.
The Company shall not deliver an Advance Notice if a shareholder meeting or corporate action date, or the record date for any shareholder
meeting or any corporate action, would fall during the period beginning two Trading Days prior to the date of delivery of such Advance
Notice and ending two Trading Days following the Closing of such Advance.

 

Section 6.12 Use of Proceeds. The proceeds
from the sale of the Shares by the Company to Investor shall be used by the Company in the manner as will be set forth in the Prospectus
included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant
to this Agreement.

 

Section 6.13 Compliance with Laws. The
Company shall comply in all material respects with all Applicable Laws.

 

Section 6.14 Market Activities. Neither
the Company, nor any Subsidiary, nor any of their respective officers, directors or controlling persons will, directly or indirectly,
(i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute or result, in the
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Ordinary Shares or (ii)
sell, bid for, or purchase Ordinary Shares in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the
Shares.

 

Section 6.15 Trading Information. Upon
the Company’s request, the Investor agrees to provide the Company with trading reports setting forth the number and average sales
prices of shares of Common Stock sold by the Investor during the prior trading week.

 

Section 6.16 Selling Restrictions. (i)
Except as expressly set forth below, the Investor covenants that from and after the date hereof through and including the first Trading
Day following the expiration or termination of this Agreement as provided in Section 10.01 (the “Restricted Period”),
none of the Investor any of its officers, or any entity managed or controlled by the Investor (collectively, the “Restricted
Persons” and each of the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly,
(i) engage in any “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Ordinary
Shares or (ii) hedging transaction, which establishes a net short position with respect to any securities of the Company (including the
Ordinary Shares), with respect to each of clauses (i) and (ii) hereof, either for its own principal account or for the principal account
of any other Restricted Person. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall
(without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1)
selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of Ordinary
Shares equal to the number of Advance Shares that such Restricted Person is unconditionally obligated to purchase under a pending Advance
Notice but has not yet received from the Company or the transfer agent pursuant to this Agreement.

 

Section 6.17 Assignment. Neither this Agreement
nor any rights or obligations of the parties hereto may be assigned to any other Person.

 

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Article VII.

Conditions for Delivery of Advance Notice

 

Section 7.01 Conditions Precedent to the Right
of the Company to Deliver an Advance Notice. The right of the Company to deliver an Advance Notice and the obligations of the Investor
hereunder with respect to an Advance are subject to the satisfaction or waiver, on each Advance Notice Date (a “Condition Satisfaction
Date”), of each of the following conditions:

 

		(a)	Accuracy of the Company’s Representations and Warranties.
The representations and warranties of the Company in this Agreement shall be true and correct in all material respects as of the Advance
Notice Date (other than representations and warranties which address matters only as of a certain date, which shall be true and correct
as written as of such certain date).

 

		(b)	Registration of the Ordinary Shares with the SEC.
There is an effective Registration Statement pursuant to which the Investor is permitted to utilize the Prospectus thereunder to resell
all of the Ordinary Shares issuable pursuant to such Advance Notice.

 

		(c)	Authority. The Company shall have obtained all permits
and qualifications required by any applicable state for the offer and sale of all the Ordinary Shares issuable pursuant to such Advance
Notice, or shall have the availability of exemptions therefrom. The sale and issuance of such Ordinary Shares shall be legally permitted
by all laws and regulations to which the Company is subject.
	 	 	 

		(d)	No Material Outside Event. No Material Outside Event
shall have occurred and be continuing.
	 	 	 

		(e)	Performance by the Company. The Company shall have
performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to
be performed, satisfied or complied with by the Company at or prior the applicable Condition Satisfaction Date.
	 	 	 

		(f)	No Injunction. No statute, rule, regulation, executive
order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority
of competent jurisdiction that prohibits or directly, materially and adversely affects any of the transactions contemplated by this Agreement.
	 	 	 

		(g)	No Suspension of Trading in or Delisting of Ordinary Shares.
The Ordinary Shares are quoted for trading on the Principal Market and all of the Shares issuable pursuant to such Advance Notice will
be approved for trading on the Principal Market. The issuance of Ordinary Shares with respect to the applicable Advance Notice will not
violate the shareholder approval requirements of the Principal Market. The Company shall not have received any written notice that is
then still pending threatening the continued quotation of the Ordinary Shares on the Principal Market.
	 	 	 

		(h)	Authorized. There shall be a sufficient number of
authorized but unissued and otherwise unreserved Ordinary Shares for the issuance of all of the Shares issuable pursuant to such Advance
Notice.
	 	 	 

		(i)	Executed Advance Notice. The representations contained
in the applicable Advance Notice shall be true and correct in all material respects as of the applicable Condition Satisfaction Date.
	 	 	 

		(j)	Consecutive Advance Notices. Except with respect to the first
Advance Notice, the Company shall have delivered all Shares relating to all prior Advances, and at least 5 Trading Days shall have elapsed
from the immediately preceding Advance Date.

  

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Article VIII.

Non Exclusive Agreement

 

Notwithstanding anything
contained herein, this Agreement and the rights awarded to the Investor hereunder are non-exclusive, and the Company may, at any time
throughout the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any shares and/or securities and/or
convertible notes, bonds, debentures, options to acquire shares or other securities and/or other facilities which may be converted into
or replaced by Ordinary Shares or other securities of the Company, and to extend, renew and/or recycle any bonds and/or debentures, and/or
grant any rights with respect to its existing and/or future share capital.

 

Article IX.

Choice of Law/Jurisdiction

 

This Agreement shall be governed
by and interpreted in accordance with the laws of the State of New York without regard to the principles of conflict of laws. The parties
further agree that any action between them shall be heard in New York County, New York, and expressly consent to the jurisdiction and
venue of the Supreme Court of New York, sitting in New York County, New York and the United States District Court of the Southern District
of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant to this Agreement.

 

Article X. Termination

 

Section 10.01 Termination.

 

			

		(a)	Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest
of (i) the first day of the month next following the 36-month anniversary of the Effective Date, (ii) the date on which the Investor shall
have made payment of Advances pursuant to this Agreement for Ordinary Shares equal to the Commitment Amount or (iii) the termination of
the Business Combination Agreement.
	 	 	 
		(b)	The Company may terminate this Agreement effective upon five Trading Days’ prior written notice
to the Investor; provided that (i) there are no outstanding Advance Notices, the Ordinary Shares under which have yet to be issued, and
(ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement. This Agreement may be terminated at any time by
the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written
consent.
	 	 	 
		(c)	Nothing in this Section 10.01 shall be deemed to release the Company or the Investor from any liability
for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance by the other
party of its obligations under this Agreement. The indemnification provisions contained in Article V shall survive termination hereunder.

 

		(d)	Notwithstanding anything to the contrary in this Agreement,
no obligation, including the obligation to issue to the Investor the Commitment Fee Shares, shall arise until the consummation of the
Business Combination. If the Business Combination Agreement is terminated, other than in connection with the consummation of the Business
Combination, then this Agreement shall be terminated and of no further effect, without any liability of any party hereunder.

 

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Article XI. Notices

 

Other than with
respect to Advance Notices, which must be in writing and will be deemed delivered on the day set forth in Section 2.01(b), any notices,
consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing and
will be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by e-mail if sent on a
Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) 5 days after being sent by U.S. certified
mail, return receipt requested, (iv) 1 day after deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses for such communications (except for Advance Notices which shall be delivered
in accordance with Exhibit A hereof) shall be:

 

	If to the Company, to:	 	Maple Grove Holdings Public Limited Company
		 	48 Epsom Road
		 	Zetland NSW 2107 Australia
		 	Attention: Daniel Simic, Ash Kerr
		 	Email: Daniel.Simic@playup.com, Ashley.Kerr@playup.com
	 	 	 
	
    With a copy to (which shall not constitute notice or
delivery of process) to:
	 	
    DLA Piper Australia

    Level 22, No. 1 Martin Place

    Sydney NSW 2000, Australia

    Attention: Elliott Cheung

    Email: Elliott.Cheung@dlapiper.com

     

    and

	 	 	 
	 	 	DLA Piper LLP (US)
	 	 	200 South Biscayne Boulevard, Suite 2500
	 	 	Miami, FL 33131
	 	 	Attention: Joshua M. Samek, Esq.
	 	 	Email: Joshua.Samek@us.dlapiper.com
	 	 	 
	If to the Investor(s):	 	YA II PN, Ltd.
	 	 	1012 Springfield Avenue
	 	 	Mountainside, NJ 07092

	 	 	Attention:	Mark Angelo  
	 	 	 	Portfolio Manager
	 	 	Telephone:	(201) 985-8300    

 

	With a Copy (which shall not constitute notice or delivery
    of process) to:	 	Email: mangelo@yorkvilleadvisors.com
	 	 	David Fine, Esq.
	 	 	1012 Springfield Avenue
	 	 	Mountainside, NJ 07092
	 	 	Telephone: (201) 985-8300
	 	 	Email: legal@yorkvilleadvisors.com

 

or at such other address and/or e-mail and/or
to the attention of such other person as the recipient party has specified by written notice given to each other party three Business
Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver
or other communication, (ii) electronically generated by the sender’s email service provider containing the time, date, recipient
email address or (iii) provided by a nationally recognized overnight delivery service shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

 

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Article XII. Miscellaneous

 

Section 12.01 Counterparts. This Agreement
may be executed in identical counterparts, both which shall be considered one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party. Facsimile or other electronically scanned and delivered signatures (including
any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
and Records Act or other applicable law, e.g., www.docusign.com), including by e-mail attachment, shall be deemed to have been
duly and validly delivered and be valid and effective for all purposes of this Agreement.

 

Section 12.02 Entire Agreement; Amendments.
This Agreement supersedes all other prior oral or written agreements between the Investor, the Company, their respective affiliates and
persons acting on their behalf with respect to the matters discussed herein, and this Agreement contains the entire understanding of the
parties with respect to the matters covered herein and, except as specifically set forth herein, neither the Company nor the Investor
makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived
or amended other than by an instrument in writing signed by the parties to this Agreement.

 

Section 12.03 Reporting Entity for
the Ordinary Shares. The reporting entity relied upon for the determination of the trading price or trading volume of the
Ordinary Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or any successor thereto. The
written mutual consent of the Investor and the Company shall be required to employ any other reporting entity.

 

Section 12.04 Commitment and Structuring
Fee. Each of the parties shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others
engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except that IGAC has paid YA Global
II SPV, LLC, a subsidiary of the Investor, a structuring fee in the amount of $10,000, and, subject to the consummation of the Business
Combination, the Company will issue to the Investor an aggregate of 52,500 Ordinary Shares (the “Commitment Fee Shares”)
as a commitment fee on the Effective Date.

 

Section 12.05 Brokerage. Each of the
parties hereto represents that it has had no dealings in connection with this transaction with any finder or broker who will demand payment
of any fee or commission from the other party. The Company on the one hand, and the Investor, on the other hand, agree to indemnify the
other against and hold the other harmless from any and all liabilities to any person claiming brokerage commissions or finder’s
fees on account of services purported to have been rendered on behalf of the indemnifying party in connection with this Agreement or the
transactions contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    27

     

    

 

IN WITNESS
WHEREOF, the parties hereto have caused this Standby Equity Purchase Agreement to be executed by the undersigned, thereunto duly authorized,
as of the date first set forth above.

 

	 	COMPANY:
	 	MAPLE GROVE HOLDINGS PUBLIC LIMITED
    COMPANY
	 	 	 
	 	By:	/s/ Michael
    Garrard
	 	Name:  	Michael Garrard
	 	Title: 	Director
	 	 	 
	 	INVESTOR: 
	 	YA II PN, LTD.
	 	 	 
	 	By:	Yorkville Advisors Global, LP
	 	Its:	Investment Manager
	 	 	 
	 	By:	Yorkville Advisors Global II, LLC
	 	Its:	General Partner
	 	 	 
	 	By:	/s/ Matt Beckman
	 	Name: 	Matt Beckman
	 	Title:	Member

  

     

    

    

 

EXHIBIT A

ADVANCE NOTICE

 

Maple Grove Holdings Public Limited Company

 

Dated: ___________________________________Advance
Notice Number: ____

 

The undersigned, ___________________________,
hereby certifies, with respect to the sale of Ordinary Shares of Maple Grove Holdings Public Limited Company (the
“Company”) issuable in connection with this Advance Notice, delivered pursuant to that certain Standby Equity
Purchase Agreement, dated as of September 22, 2022 (the “Agreement”), as follows (with capitalized terms used
herein without definition having the same meanings as given to them in the Agreement):

 

1.
The undersigned is the duly elected_____________of the Company.

 

2.
There are no fundamental changes to the information set forth in the Registration Statement which would require the Company to
file a post-effective amendment to the Registration Statement.

 

3. The Company has
performed in all material respects all covenants and agreements to be performed by the Company contained in this Agreement on or
prior to the Advance Notice Date. All conditions to the delivery of this Advance Notice are satisfied as of the date hereof.

 

4.
The number of Advance Shares the Company is requesting is.

 

5. The Pricing Period
for this Advance shall be an [Option 1 Pricing Period]/[Option 2 Pricing Period].

 

6. The Minimum
Acceptable Price with respect to this Advance Notice is_________(if left blank then no Minimum Acceptable Price will be
applicable to this Advance). [Only applicable for an Option 2 Pricing Period]

 

7.   
The number of Ordinary Shares of the Company outstanding as of the date hereof is ____.

 

The undersigned has executed this Advance Notice
as of the date first set forth above.

 

	 	Maple Grove Holdings Public Limited Company
	 	 
	 	By:	       

 

Please deliver this Advance Notice by email to:

Email: Trading@yorkvilleadvisors.com

Attention: Trading Department and Compliance Officer

Confirmation Telephone Number: (201) 985-8300.

 

     

    

    

 

EXHIBIT B

FORM OF SETTLEMENT DOCUMENT

 

VIA EMAIL

 

Maple Grove Holdings Public Limited Company

Attn:

Email:

 

	Below
    please find the settlement information with respect to the Advance Notice Date of:
	[      ]
	1.
     	Advance
    requested in the Advance Notice	[      ]
	2.
     	Minimum
    Acceptable Price for this Advance (if any)	[      ]
	3.
     	Number
    of Excluded Days (if any)	[      ]
	4.
     	Adjusted
    Advance Amount (if applicable)	[      ]
	5.
     	Option
    [1]/[2] Market Price	[      ]
	6.
     	Purchase
    Price (Applicable Market Price x 97.0%) per share	[      ]
	7.
     	Number
    of Advance Shares due to the Investor	[      ]
	8.
     	Total
    Purchase Price due to the Company (6 x 7)	 

 

 If there were any Excluded Days then add the following
(see Section 2.01(d)):

 

	0.
     	Number
    of Additional Shares to be issued to the Investor	[      ]
	1.
     	Additional
    amount to be paid to the Company by the Investor (Additional Shares in row 9 x Minimum Acceptable Price)	[      ]
	2.
     	Total
    Amount to be paid to the Company (Purchase Price in row 9 + additional amount in row 10)	[      ]
	3.
     	Total
    Advance Shares to be issued to the Investor (Advance Shares due to the Investor in row 7 + Additional Shares in row 9)	[      ]

 

Please issue the number of Advance Shares due to
the Investor to the account of the Investor as follows: 

 

INVESTOR’S DTC PARTICIPANT #:

 

ACCOUNT NAME:

ACCOUNT NUMBER:

ADDRESS:

CITY:

COUNTRY:

CONTACT PERSON:

NUMBER AND/OR EMAIL:

 

Sincerely,

 

YA II PN, LTD.

 

Agreed and
approved By Maple Grove Holdings Public Limited Company:

 

	 	 
	Name:  	 	 
	Title:Exhibit 10.1

 

 

September 16, 2022

 

Crestline Assurance Holdings LLC

c/o John S. Cochran, Vice President

201 Main Street, Suite 1900

Fort Worth, TX 76102

 

Re: Midwest Holding Inc.

 

Dear John:

 

We are writing in reference
to the Stockholders Agreement (“Agreement”) entered into as of April 24, 2020 by and among Midwest Holding Inc.,
now a Delaware corporation (the “Company”); Crestline Assurance Holdings LLC, a Delaware limited liability company (“Crestline”);
Xenith Holdings LLC, a Delaware limited liability company; Vespoint LLC, a Delaware limited liability company; Michael
Minnich, an individual; and A. Michael Salem, an individual. Terms used herein and not defined shall have the meaning set
forth in the Agreement.

 

This letter memorializes the
understanding of the Company and Crestline as a result of discussions between Crestline’s CEO, Doug Bratton, and the Company’s
Board Chair, John Hompe:

 

1.      By
the terms of Section 2.1 of the Agreement, for so long as Crestline and its Affiliates own at least 10% of the Company’s outstanding
shares, Crestline is entitled to name an individual (the “Crestline Designated Director”) to be elected to the Company Board
and the Board of the Company’s Affiliate, American Life & Security Corp. (“ALSC”) – Doug currently serves
in that capacity.

 

2.      By
the terms of Section 3.3 of the Agreement, for so long as Crestline has the right to name the Crestline Designated Director, the
Company is obligated to permit and invite a person designated by Crestline (the “Observer”) to attend all meetings of the
Company Board, the ALSC Board and their respective committees – you currently serve in that capacity.

 

3.      In
light of the recent launch of CL Life and Annuity Insurance Company, the parties have determined that it is in the best interests of Crestline,
the Company, ALSC, Doug and you that, effective immediately, both Doug and you resign from all current positions with the Company and
ALSC. The parties agree that your resignations do not constitute a permanent waiver of Crestline’s rights under the Agreement to
appoint a Crestline Designated Director and an Observer; instead, Crestline is voluntarily choosing not to exercise them at this time
as set forth herein. The parties also acknowledge that, without further agreement in writing between Crestline and the Company, neither
the Company, the Company Board nor the ALSC Board will fill the respective positions vacated by Doug.

 

	2900 S. 70th St., STE 400	T: 402-489-8266
	Lincoln, NE 68506	www.midwestholding.com

 

     

     

    

 

 

By signing below, Crestline
is acknowledging that, effective immediately, it has agreed for Doug Bratton and John Cochran to resign from their roles as Crestline
Designated Director and Observer, respectively, while otherwise fully reserving its rights under the Agreement, and that this arrangement
shall remain in place until the earlier to occur of the date (i) the parties reach written agreement otherwise, (ii) that Crestline
is no longer an Affiliate of CL Life and Annuity Insurance Company and (iii) on which Crestline no longer has the right to elect
or appoint a member to the Board of Directors of the Company and a person to attend meetings of the Company Board as an Observer.

 

Unless otherwise specified
herein, all capitalized terms are deemed to be used as defined in the Agreement.

 

We appreciate your cooperation in this matter.

 

	 	Sincerely,
	 	 
	 	Midwest Holding Inc.
	 	 
	 	 
	 	By:	/s/ Georgette Nicholas
	 	 	Name: 	Georgette Nicholas
	 	 	Title: 	Chief Executive Officer

 

For good and valuable consideration,
the receipt and sufficiency of which is acknowledged, the undersigned hereby acknowledges that, effective immediately and with regard
to the Company Board and the ALSC Board as well as their respective committees, Doug Bratton will resign as the Crestline Designated Director
and John Cochran will resign as Observer, with full reservation of rights otherwise under the Agreement:

 

	 	Crestline Assurance Holdings LLC
	 	 
	 	 
	 	By:	/s/ John Cochran
	 	Name:	John Cochran
	 	Title:	Vice President

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