Document:

COLLATERAL
ASSIGNMENT OF NOTES AND DOCUMENTS

 

THIS
ASSIGNMENT, Made as of the 23 day of October, 2017, from SHEPHERD’S FINANCE, LLC, a Delaware limited liability company
(“Borrower”), to PAUL SWANSON (the “Lender”).

 

WITNESSETH:

 

WHEREAS,
Lender and Borrower have entered into a line of credit agreement dated of even date herewith (the “Loan Agreement”),
providing for a revolving line of credit in a principal amount not to exceed $4,000,000 (the “Loan”) for the
Borrower to use for certain business purposes, which is evidenced by a promissory note of even date herewith, made and delivered
by the Borrower to the Lender;

 

WHEREAS,
the Borrower has agreed, pursuant to the Loan Agreement to assign as collateral for extending the Loan certain notes and other
collateral and related documents evidencing loans made by the Borrower.

 

NOW,
THEREFORE, the Borrower, for good and valuable consideration, and intending to be legally bound, hereby absolutely and unconditionally
transfers and assigns to Lender, WITH RECOURSE, and hereby creates in favor of Lender a security interest under the Uniform
Commercial Code of Florida in and to, the entire interest of the Borrower in, to and under the “Notes and Collateral Documents”
(as defined below), whether now executed or executed hereafter, together with all of the Borrower’s right, title and interest
in and to, and arising from the Notes and Collateral Documents.

 

“Notes
and Collateral Documents” shall include, but not be limited to those certain documents and items received by Borrower from
its borrowers when such loans are made, and any other documents received in connection with the making of such loans, on which
a Loan Advance has been requested by Borrower or made to Borrower by Lender, pursuant to the Loan Agreement.

 

    	 	 	 

     

    

 

Borrower
shall deliver via overnight courier the Notes and Collateral Documents to R. Scott Summers, PLLC, 69 Clay Street, Suite 201, Morgantown,
WV 26505 (the “Custodian”) prior to any Loan Advance as defined in the Loan Agreement being made pertaining to such
Notes and Collateral Documents, with an assignment to the Lender of all recorded security instruments (i.e. Mortgage and/or Assignment
of Leases and Rents) in satisfactory and recordable form, duly executed and acknowledged by Borrower. Such assignments will not
be recorded by the Lender, unless an Event of Default (as defined in the Loan Agreement) exists.

 

This
Assignment is made by the Borrower for the purpose of securing the performance by Borrower of its obligations under the Loan Agreement,
including but not limited to the payment of all sums payable under or pursuant to the notes, instruments, documents and agreements
securing, evidencing or otherwise pertaining to the Loan.

 

The
Borrower represents and warrants to Lender as follows, as of the date hereof and upon each request for an advance for a draw on
the Loan to be secured by the Notes and Collateral Documents: (a) the Borrower has not assigned or pledged, or created any liens,
encumbrances or security interests on, and hereby covenants that it will not assign or pledge, or created any liens, encumbrances
or security interests on (other than to Lender), so long as this Assignment shall remain in effect, any of its right, title or
interest under, in or to the Notes and Collateral Documents to anyone other than the Lender; (b) all sums required to be advanced
or paid by the Borrower under the terms of the Notes and Collateral Documents have been paid; and (c) the Notes and Collateral
Documents, as delivered to the Custodian have not been modified, amended or supplemented and are in all respects in full force
and effect and enforceable in accordance with their respective terms.

 

    	 	 2	 

     

    

 

Risk
of physical loss of any of the original documents transferred hereunder shall be borne by the Borrower until receipt by the Custodian
via the overnight courier.

 

The
rights and remedies of Lender hereunder are cumulative and not exclusive of any rights or remedies which it would have under any
of the other documents evidencing, securing or otherwise pertaining to the Loan, at law or in equity.

 

This
Assignment shall be binding upon the undersigned and its successors and assigns, and shall inure to the benefit of the Lender
and Lender’s heirs, personal representatives, successors and/or assigns.

 

IN
WITNESS WHEREOF, the undersigned has caused this instrument of Assignment to be executed the date first above written.

 

	 	SHEPHERD’S
    FINANCE, LLC
	 	 	 
	 	By:	/s/
Daniel M. Wallach
	 	 	Daniel
M. Wallach
	 	Its:	Chief
Executive Officer

 

STATE
OF Florida:

COUNTY
OF Duval:

 

The
foregoing instrument was acknowledged this 23 day of October, 2017, by DANIEL M. WALLACH, the Chief Executive Officer of SHEPHERD’S
FINANCE, LLC, a Delaware limited liability company, for and on behalf of said limited liability company.

 

	{Seal}	 	/s/
    Shannon R. Lee
	 	 	NOTARY
    PUBLIC

 

    	 	 3Exhibit 4.24		Company
                                         Number: 08142682

 

INACCESS
HOLDINGS LIMITED

 

 

ARTICLES
OF ASSOCIATION

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	1.	PRELIMINARY	2
	2.	LIMITED COMPANY	9
	3.	DIVIDENDS	10
	4.	VOTING	10
	5.	VARIATION OF CLASS RIGHTS	11
	6.	VOLUNTARY CONVERSION	12
	7.	AUTOMATIC CONVERSION	13
	8.	REDEMPTION RIGHTS OF A PREFERENCE SHARES	13
	9.	LIQUIDATION EVENTS AND SHARE SALES	15
	10.	ALLOTMENT OF RELEVANT SECURITIES	17
	11.	TRANSFER OF SHARES	20
	12.	PERMITTED TRANSFERS	21
	13.	PRE-EMPTION ON SHARE TRANSFERS	23
	14.	COMPULSORY TRANSFERS	28
	15.	CO-SALE RIGHTS	35
	16.	DRAG RIGHTS	37
	17.	PRIMACY OF CO-SALE AND DRAG RIGHTS	39
	18.	DIRECTORS’ CONFLICTS OF INTEREST	40
	19.	ALTERNATE DIRECTORS	41
	20.	SPECIAL DIRECTORS	42
	21.	REMOVAL OF DIRECTORS	43
	22.	INDEMNITY	44

 

    1 

     

    

 

THE
COMPANIES ACT 2006

 

PRIVATE
COMPANY LIMITED BY SHARES

 

ARTICLES
OF ASSOCIATION

 

OF

 

INACCESS
HOLDINGS LIMITED (the “Company”)

 

(the
“Articles”)

 

(As
adopted by special resolution of the Company passed on 7 July 2016)

 

 

PART
1

 

Preliminary
Matters

 

		1.	PRELIMINARY

 

		1.1.	Model
                                         Articles

 

These
Articles adopt the model articles for private companies limited by shares contained in Schedule 1 to the Companies (Model Articles)
Regulations 2008 (SI 2008/3229) (the “Model Articles”), but only insofar as these Articles do not exclude or
modify the Model Articles. Articles 13, 14, 21, 22(2), 26(5) and 44(4) of the Model Articles shall not apply to the Company.

 

		1.2.	Defined
                                         terms incorporated by reference

 

Save
as defined in these Articles or, insofar as these Articles do not exclude or modify the same, the Model Articles, words and expressions
contained in these Articles bear the same meaning as in the Companies Act 2006 unless the context otherwise requires.

 

		1.3.	Definitions

 

In
these Articles, the following terms shall, unless the context otherwise requires, have the following meanings:

 

“A1Preference
Shares” means the series A1 convertible and redeemable preference shares of £1.00 each having the rights set out
in these Articles;

 

    2 

     

    

 

“A2
Preference Shares” means the series A2 convertible and redeemable preference shares of £1.00 each having the rights
set out in these Articles;

 

“A
Preference Shares” means the A1 Preference Shares and the A2 Preference Shares;

 

“Act”
means the Companies Act 2006;

 

“Adoption”
means the date of adoption of these Articles by the Company;

 

“Affiliate”
in respect of any undertaking, means its subsidiary undertakings and parent undertakings and the subsidiary undertakings of each
such parent undertaking;

 

“Arrears”
in relation to any Share, means all accruals, deficiencies and arrears of any dividend in respect of such Share;

 

“As
Converted Basis” means, in reference to any calculation or number, that such calculation shall be made, or number determined,
on that basis that each A Preference Share is equivalent to such number of Ordinary Shares into which such A Preference Share
may then be converted in accordance with Article 6 or Article 7 (as the case may be) at the then applicable Conversion Ratio;

 

“Associate”
in respect of any person (the “Principal Person”), means:

 

		a)	any
                                         other person connected with the Principal Person; and
	 	 	 
		b)	any other
                                         person who the Board (acting reasonably and in good faith) determines to be otherwise
                                         closely associated with the Principal Person (as may include, if so determined by the
                                         Board and without limitation, any Permitted Transferee of the Principal Person);

 

“Auditors”
means the auditors of the Company;

 

“Bad
Leaver” means a person whose engagement as a director or employee of, or consultant to, a member of the Company’s
Group ceases (or where notice to cease such engagement has been given) in circumstances that would allow such engagement to be
terminated by reason of such person’s fraud, dishonesty, gross misconduct, material breach of obligation, or other circumstance
by reason of which such person may be summarily dismissed;

 

“BGL”
means Bluenrgy Group Limited, a company organised and existing under the laws of the Commonwealth of Australia;

 

“BGL
Default” means the failure to complete the Phase II Closing on or before the Phase II Closing Date as a result of BGL’s
default in respect of its obligations under the relevant documents prepared to give effect to Phase II Closing, but excludes a
decision by BGL to issue a No-Exercise Notice;

 

    3 

     

    

 

“BGL
Transfer” means the purchase by BGL (or its Affiliates) of Relevant Securities in connection with Phase II Closing and/or
Phase III Closing or otherwise;

 

“Board”
means the directors of the Company or a quorum of such directors present at a meeting of the board of directors or duly authorised
sub-committee thereof;

 

“Business
Day” means any day other than a Saturday or Sunday or a day which is a public holiday in London, England;

 

“Business
Sale” means the sale or transfer of the whole, or substantially the whole, of the business and assets of the Company;

 

“Capital
Reorganisation” means any:

 

		a)	issue
                                         of shares in the capital of the Company fully or partly paid up pursuant to a capitalisation
                                         of profits or reserves;
	 	 	 
		b)	sub-division
                                         or consolidation of shares in the capital of the Company;
	 	 	 
		c)	redesignation
                                         or re-classification of any shares in the capital of the Company; the redemption or repurchase
                                         of any shares in the capital of the Company; or
	 	 	 
		d)	any other
                                         reorganisation of the share capital of the Company;

 

“Compulsory
Transfer Event” means any of the events described as Compulsory Transfer Events in Articles 14.1(a) and 14.1(b);

 

“Control”
has the meaning ascribed to it by section 1124 of the Corporation Tax Act 2010;

 

“Controlling
Interest” means the possession, directly or indirectly, of interests in Shares conferring the right to exercise a majority
in number of all votes as may be exercisable at a general meeting of the members of the Company;

 

“Conversion
Ratio”means 1:1,subject to any adjustment made in accordance with Article 6.7;

 

“Date
of Acquisition” means:

 

		a)	such
                                         date as the Company shall have expressly agreed in writing to be the “Date of Acquisition”
                                         for the purpose of the application of these Articles in respect of the relevant Shares
                                         (or Relevant Securities pursuant to which the relevant Shares were subsequently issued);
                                         or
	 	 	 
		b)	in the
                                         absence of such express written agreement, the date on which the relevant Shares (or
                                         Relevant Securities pursuant to which the relevant Shares were subsequently issued) were
                                         first acquired by the relevant Leaver (or, if earlier, any of his Permitted Transferees
                                         or Associates).

 

    4 

     

    

 

In
the case of any ambiguity or uncertainty, the Date of Acquisition in respect of the relevant Shares (or Relevant Securities pursuant
to which the relevant Shares were subsequently issued) shall be such date as the Board shall determine (and such determination
shall be final and binding on all persons (save in the case of fraud by the Board));

 

“Group”
in respect of any undertaking, such undertaking together with its Affiliates;

 

“Holder”
or “Shareholder” means, in relation to any Share, the member whose name is for the time being entered in the
register of members of the Company as the holder of that Share;

 

“Independent
Expert” means an accountant or other expert (acting as expert and not as an arbitrator) nominated by the Company and
who, in the opinion of the Board, has no personal interest which might be reasonably expected to conflict with the performance
of the role for which he is so nominated;

 

“Leaver”
means any person who ceases to be a director or employee of, or a consultant to, the Company or any other member of the Company’s
Group (and who does not thereafter continue as either a director or employee of, or a consultant to, any member of the Company’s
Group);

 

“Liquidation
Event” means a return of assets by the Company to Shareholders on a liquidation or capital reduction (including following
a Business Sale);

 

“Market
Value” has the meaning give to it in Article 14.4;

 

“Monthly
Proportion” means:

 

		a)	in
                                         respect of any relevant month, such proportion as the Company shall have expressly agreed
                                         in writing to be the “Monthly Proportion” for that month for the purpose
                                         of the application of these Articles in respect of the relevant Shares (or Relevant Securities
                                         pursuant to which the relevant Shares were subsequently issued); or
	 	 	 
		b)	in the
                                         absence of such express written agreement, that proportion which is equal to 1/N where
                                         “N” is the number of months comprising the total Vesting Period applicable
                                         in respect of the relevant Shares (or Relevant Securities pursuant to which the relevant
                                         Shares were subsequently issued).

 

In
the case of any ambiguity or uncertainty, the Monthly Proportion for any month(s) in respect the relevant Shares (or Relevant
Securities pursuant to which the relevant Shares were subsequently issued) shall be such period as the Board shall determine (which
determination shall be final and binding on all persons (save in the case of fraud by the Board));

 

    5 

     

    

 

“No-Exercise
Notice” means a notice served by BGL (or an Affiliate of BGL) pursuant to the purchase agreement setting out the terms
of Phase II Closing notifying the relevant parties that BGL (or its Affiliates) will not proceed with Phase II Closing;

 

“Nominating
Shareholder” has the meaning given to such term in Article 20;

 

“Option
Pool” has the meaning given to it in the Subscription and Shareholders’ Agreement;

 

“Ordinary
Shares” means ordinary shares of £1.00 each in nominal value having the rights set out in these Articles;

 

“Permitted
Issue” means:

 

		a)	an
                                         allotment or issue of (or agreement to allot or issue) Relevant Securities pursuant to
                                         any sub-division of Shares; or
	 	 	 
		b)	the grant
                                         of options from the Option Pool;

 

“Permitted
Transfer” means a transfer of Shares permitted by Article 12;

 

“Permitted
Transferee” means a person to which Shares may be transferred pursuant to a Permitted Transfer;

 

“Phase
II Closing” means completion of the sale and purchase by BGL (or any of its Affiliates) of such number of Relevant Securities
that represents approximately 70% in number of the Relevant Securities in issue on the Phase II Closing Date;

 

“Phase
II Closing Date” means 16 January 2017, or such earlier date as BGL may notify to the Company in writing;

 

“Phase
III Closing” means completion of the sale and purchase by BGL (or any of its Affiliates) of all Relevant Securities
not already owned by it on the Phase III Closing Date;

 

“Phase
III Closing Date” means 15 July 2017 or such earlier date as may be permitted under the purchase agreement setting out
the terms of Phase III Closing;

 

“Privileged
Relation” in relation to any individual, means the spouse or civil partner (as defined in the Civil Partnership Act
2004) or widow of such individual and the descendants (including step and adopted children) of such individual;

 

“PTCF”
means Piraeus TA.NE.O. Capital Fund, a Greek Venture Capital Mutual Fund (“A.K.E.S.”) established under the laws of
Greece and having its registered office at 10 Stadiou Street, 10564 Athens, Greece;

 

    6 

     

    

 

“Qualifying
Shareholder” means a Holder of not less than ten per cent. (10%) in number of the Shares (calculated on an As Converted
Basis), provided that PTCF shall be a Qualifying Shareholder for so long as it holds at least one Share;

 

“Relevant
Securities” means:

 

		a)	Shares;
                                         and
	 	 	 
		b)	any other
                                         security, option, warrant, agreement or instrument which confers any right to subscribe,
                                         exchange for, convert into or otherwise acquire any Share(s);

 

“Sale”
means a Business Sale or Share Sale;

 

“Sale
Consideration Price” in respect of any Share, means such amount (if any) as would be paid in respect of such share
if the proceeds of the relevant Share Sale were applied in accordance with Article 9.3 (subject to Article 9.3(b)). For the
avoidance of doubt, the Sale Consideration Price in respect of a Share may be nil if no amount would be payable in respect of
such Share if such proceeds were so applied in accordance Article 9.3 (subject to Article9.3(b));

 

“Sale
Price” has the meaning given to it in Article 13.1(a);

 

“Series
A Majority” means the Holders of a majority in number of issued A Preference Shares;

 

“Shares”
means the Ordinary Shares and the A Preference Shares (and “Share” shall mean a share of any such class);

 

“Share
Sale” means a sale or other transfer of the whole or any part of the issued share capital of the Company to any person
(or any merger or scheme of arrangement resulting in any person holding shares in the capital of the Company) and resulting in
that person (together with all persons (if any) acting in concert (within the meaning given in the City Code on Takeovers and
Mergers) with such person) acquiring a Controlling Interest in the Company;

 

“Special
Director” has the meaning given to such term in Article 20;

 

“Subscription
and Shareholders Agreement” means the subscription and shareholders’ agreement entered into by the Shareholders
and the Company on or around the date of Adoption;

 

“Subscription
Price” in respect of any Share, means:

 

		a)	subject
                                         to (c) below, such amount as the Company shall have expressly agreed in writing to be
                                         deemed to be the Subscription Price with respect to that Share; 
	 	 	 
		b)	subject
                                         to (c) below, in the absence of such express written agreement, the amount paid up or
                                         credited as paid up on that Share; and
	 	 	 
		c)	notwithstanding
                                         the above, in respect of any A2 Preference Share held by PTCF (or any of its Permitted
                                         Transferees), shall be €66.147076;

 

    7 

     

    

 

“Vesting
Period” means:

 

		a)	such
                                         period as the Company shall have expressly agreed in writing to be the “Vesting
                                         Period” for the purpose of the application of these Articles in respect of the
                                         relevant Shares (or Relevant Securities pursuant to which the relevant Shares were subsequently
                                         issued); or
	 	 	 
		b)	in the
                                         absence of such express written agreement, a period of 48 months.

 

In
the case of any ambiguity or uncertainty, the Vesting Period in respect of the relevant Shares (or Relevant Securities pursuant
to which the relevant Shares were subsequently issued) shall be such period as the Board shall determine (and such determination
shall be final and binding on all persons (save in the case of fraud by the Board)).

For
the avoidance of doubt, each Vesting Period in respect of any Share (or Relevant Security) shall commence on the Date of Acquisition
in respect of such Share (or Relevant Security).

 

		1.4.	Interpretation

 

Unless
the context otherwise requires, the following rules of interpretation shall apply to these Articles:

 

		(a)	the
                                         expression “connected” with reference to a person or group of persons
                                         has the meaning given to it in section 1122 and 1123 of the Corporation Taxes Act 2010
                                         (subject to the deletion of section 1122(8));
	 	 	 
		(b)	references
                                         to the singular shall include the plural and vice versa;
	 	 	 
		(c)	references
                                         to any gender or neuter includes the other genders and the neuter;
	 	 	 
		(d)	references
                                         to a “person” shall be construed so as to include:

 

		(i)	any
                                         individual, firm, body corporate, governmental authority, joint venture, association,
                                         undertaking, partnership or limited partnership (whether or not having separate legal
                                         personality); and
	 	 	 
		(ii)	a
                                         reference to the estate and successors of any such person.

 

    8 

     

    

 

		(e)	“company”
                                         includes any body corporate;
	 	 	 
		(f)	for
                                         the purposes of the definition of a “Compulsory Transfer Event” and
                                         inArticles 21.1(c) and 21.1(d) every reference to an English legal term is deemed to
                                         include reference to any analogous legal term in any other jurisdiction;
	 	 	 
		(g)	references
                                         to “£” or “sterling” or “GBP”
                                         are to pounds sterling, the lawful currency of the United Kingdom;
	 	 	 
		(h)	references
                                         to “€” or “EUR” are to euros, the lawful currency
                                         of the eurozone; and
	 	 	 
		(i)	where
                                         any amount is designated in a currency other than GBP (a “Foreign Currency”)
                                         then, for the purposes of these Articles and the application of the provisions hereof,
                                         such Foreign Currency shall be equivalent and equal to such GBP amount as the Board may
                                         determine (acting reasonably and in good faith).

 

		2.	LIMITED
                                         COMPANY

 

	2.1.	The
                                         Company is a private company within the meaning of the Act and its registered office
                                         shall be situated in England & Wales.
	 	 
	2.2.	The liability
                                         of each member is limited to the amount, if any, unpaid on the shares held by him.
	 	 
	2.3.	The share capital
                                         of the Company is comprised of Ordinary Shares, A1 Preference Shares and A2 Preference
                                         Shares.
	 	 
	2.4.	No limit shall
                                         apply to the amount of the Company’s share capital.

 

    9 

     

    

 

PART
2

 

Share
Rights

 

		3.	DIVIDENDS

 

	3.1.	All
                                         dividends and other distributions (other than made pursuant to any of Article 9 or as
                                         otherwise as expressly provided by these Articles) shall be paid to all Holders of Shares
                                         pro rata as to the number of Shares held by each Shareholder.
	 	 
	3.2.	Notwithstanding
                                         Article 3.1, any distribution made by way of issuing, or paying up (or crediting as being
                                         paid up) any amount in respect of, any shares in the capital of the Company shall be
                                         made in such manner as may be provided for in, or permitted by, these Articles or otherwise
                                         as may be approved in writing by the Board and a Series A Majority.
	 	 
	3.3.	No dividend or
                                         distribution (other than made pursuant to any of Article 9or as otherwise expressly required
                                         by these Articles) shall be made until all A Preference Shares have been redeemed in accordance
                                         with Article 8 and amounts due to any Holders of A Preference Shares as a result thereof
                                         have been paid to the relevant Holders (save with the written consent of all Holders
                                         of A Preference Shares).
	 	 
	3.4.	Notwithstanding
                                         Article 3.1 and for so long as any A Preference Shares remain outstanding, no dividend
                                         or distribution (other than made pursuant to any of Article 9 or as otherwise as expressly
                                         required by these Articles) shall be made in respect of the Ordinary Shares unless the
                                         Holders of A Preference Shares are entitled to participate in such dividend or distribution
                                         on an As Converted Basis. This Article3.4 may be disapplied by notice in writing to the
                                         Company from the Series A Majority (acting with the approval of the Board).

 

	4.	VOTING
	 	 
	4.1.	Subject to any
                                         special rights or restrictions as to voting attached to any Shares by or in accordance
                                         with these Articles:

 

		(a)	each
                                         Ordinary Share shall, on a poll, carry one vote per Ordinary Share; and
	 	 	 
		(b)	each
                                         A Preference Share shall, on a poll, carry one vote per A Preference Share (on an As
                                         Converted Basis).

 

    10 

     

    

 

		4.2.	Polls

 

		(a)	A
                                         poll on a resolution at a general meeting or class meeting may be demanded by any Shareholder
                                         entitled to vote on that resolution.
	 	 	 
		(b)	Polls
                                         must be taken in such manner as the chairman of the meeting directs. A poll on any question
                                         must be held either immediately or at such time and place as the chairman directs not
                                         being more than 14 days after the poll is demanded. The requirement to hold a poll shall
                                         not prevent the continuance of a meeting for the transaction of any business other than
                                         the question on which the poll was demanded.

 

		4.3.	Written
                                         resolution

 

For
the purposes of section 297 of the Act, a proposed written resolution of the members shall lapse if not passed by the end of such
period after the circulation date of such resolution as is determined by the directors in respect of that resolution or, if no
such period is so determined, the resolution shall lapse if not passed by the end of the period of 28 days beginning with its
circulation date.

 

	5.	VARIATION
                                         OF CLASS RIGHTS
	 	 
	5.1.	The special rights
                                         attached to the A1 Preference Shares, including (but not limited to) the rights conferred
                                         under Articles 3 (Dividends), 4 (Voting), 6 (Voluntary Conversion),
                                         8 (Redemption Rights of A Preference Shares), 9 (Liquidation Events and Share
                                         Sales), 10 (Allotment of Relevant Securities), 12 (Permitted Transfers),
                                         13 (Pre-emption on Share Transfers) and 15 (Co-sale Rights), may be varied
                                         or abrogated only with the consent by special resolution of the class of A1 Preference
                                         Shares (whether by way of written resolution or passed in a class meeting).
	 	 
	5.2.	The special rights
                                         attached to the A2 Preference Shares, including (but not limited to) the rights conferred
                                         under Articles 3 (Dividends), 4 (Voting), 6 (Voluntary Conversion),
                                         8 (Redemption Rights of A Preference Shares), 9 (Liquidation Events and Share
                                         Sales), 10 (Allotment of Relevant Securities), 12 (Permitted Transfers),
                                         13 (Pre-emption on Share Transfers),15 (Co-sale Rights) and the definitions
                                         of “Conversion Ratio” and “Subscription Price” as regards PTCF,
                                         may be varied or abrogated only with the consent by special resolution of the class of
                                         A2 Preference Shares (whether by way of written resolution or passed in a class meeting).

 

    11 

     

    

 

	6.	VOLUNTARY
                                         CONVERSION
	 	 
	6.1.	Notwithstanding
                                         Article 8, each Holder of A Preference Shares may at any time convert all, or any part
                                         of, its holding of A Preference Shares into a number of Ordinary Shares calculated as
                                         follows:

 

WxX=Z

where:

 

W
= the applicable Conversion Ratio;

 

X
=the number of the A Preference Shares to be converted; and

 

Z
=the number of Ordinary Shares into which the A Preference Shares to be so converted shall so convert.

 

	6.2.	Such
                                         right of conversion may be effected by notice (a “Conversion Notice”)
                                         in writing given to the Company signed by the Holder of the relevant A Preference Shares.
                                         Conversion of A Preference Shares the subject of a Conversion Notice shall take effect
                                         upon receipt by the Company of such notice (or, if later, upon satisfaction of any further
                                         conditions as so specified in such Conversion Notice).
	 	 
	6.3.	Certificates in
                                         respect of A Preference Shares converted into Ordinary Shares shall thereupon be invalidated
                                         and shall be returned to the Company. The Company may withhold the issue of any new certificate
                                         in respect of the resulting Ordinary Shares pending its receipt of any certificate for
                                         such A Preference Shares (or an indemnity in a form approved by the Company in respect
                                         of a lost or destroyed certificate).
	 	 
	6.4.	The rights attaching
                                         to Ordinary Shares resulting from a conversion pursuant to this Article 6 shall rank
                                         paripassu in all respects with the rights attaching to all other Ordinary Shares (save
                                         as to the Subscription Price thereof and subject to Article 6.7).
	 	 
	6.5.	Nothing in this
                                         Article 6 shall entitle any person to any fraction of any Share and any such fraction
                                         of a Share shall be disregarded and may be otherwise applied by the Company at the discretion
                                         of the directors subject only to the Act.
	 	 
	6.6.	If at the time
                                         of conversion of any A Preference Shares any Arrears thereon are outstanding, then the
                                         aggregate amount of such Arrears shall be outstanding on the Ordinary Shares arising
                                         from such conversion (being divided pro rata amongst such Ordinary Shares).
	 	 
	6.7.	In the event of
                                         a Capital Reorganisation, the Auditors (acting as experts and not as arbitrators) shall
                                         determine whether it is fair and reasonable to adjust the Conversion Ratio and, if so
                                         determined, the Conversion Ratio shall be adjusted in such manner as is determined by
                                         the Auditors (acting as experts and not as arbitrators) to be fair and reasonable. For
                                         the avoidance of doubt, if so determined by the Auditors different Conversion Ratios
                                         may apply in respect of different Shares. The Auditor’s fees and expenses shall
                                         be paid by the Company.

 

    12 

     

    

 

	7.	AUTOMATIC
                                         CONVERSION
	 	 
	7.1.	In the event that
                                         Phase II Closing does not occur on the Phase II Closing Date as a result of a BGL Default,
                                         the Company shall within three (3) Business Days following the BGL Default serve a notice
                                         in writing (the “Automatic Conversion Notice”) on the Holders of A1
                                         Preference Shares (and any of their Permitted Transferees) giving notice to each such
                                         Holder that their A1 Preference Shares will automatically convert into Ordinary Shares
                                         on the date specified in the Automatic Conversion Notice, which shall be 10 days following
                                         the date of the BGL Default (the “Automatic Conversion Date”).
	 	 
	7.2.	If, following
                                         receipt of the Automatic Conversion Notice, the Holders of A1 Preference Shares do not
                                         remedy the BGL Default by the Automatic Conversion Date, all A1 Preference Shares shall
                                         convert into Ordinary Shares in accordance with the formula set out in Article 6.1.
	 	 
	7.3.	Articles 6.3,
                                         6.4,6.5 and 6.7 shall apply to a conversion of A1 Preference Shares into Ordinary Shares
                                         pursuant to this Article 7mutatis mutandis.
	 	 
	7.4.	Any Arrears outstanding
                                         on an A1 Preference Share converted pursuant to this Article 7 shall be extinguished
                                         upon such conversion.
	 	 
	8.	REDEMPTION
                                         RIGHTS OF A PREFERENCE SHARES
	 	 
	8.1.	The A Preference
                                         Shares shall not be redeemable if Phase II Closing occurs on or before the Phase II Closing
                                         Date (as extended by the period of time set out in Article 7.2).
	 	 
	8.2.	If Phase II Closing
                                         does not occur on or before the Phase II Closing Date (as extended by the period of time
                                         set out in Article 7.2):

 

		(a)	in
                                         circumstances (i) other than as a result of a BGL Default; or (ii) as a result of a BGL
                                         Default but where automatic conversion of the A1 Preference Shares does not occur in
                                         accordance with Article 7, the A1 Preference Shares; and
	 	 	 
		(b)	in
                                         any circumstances, the A2 Preference Shares,

 

shall,
in each case and subject to Article 6.1 and the Act, be redeemable by the Company in whole and not in part at any time following
the Phase II Closing Date (as extended by the period of time set out in Article 7.2) in accordance with Articles 8.4 to 8.6 (inclusive).

 

    13 

     

    

 

	8.3.	If
                                         Phase II Closing does not occur on or before the Phase II Closing Date (as extended by
                                         the period of time set out in Article 7.2) and there is a Share Sale after the Phase
                                         II Closing Date, all A Preference Shares not sold as part of that Share Sale shall be
                                         redeemed by the Company on the date that is 10 Business Days after completion of Share
                                         Sale without the need for any further action on behalf of a Holder of A Preference Shares
                                         or the Company in accordance with Articles 8.5 to 8.6 (inclusive).
	 	 
	8.4.	The Company shall
                                         give to the Holders of the A Preference Shares falling to be redeemed prior notice in
                                         writing of the redemption (the “Company Redemption Notice”). The Company
                                         Redemption Notice shall:

 

		(a)	specify
                                         the date fixed for redemption;
	 	 	 
		(b)	provide
                                         full disclose of any discussions and/or negotiations between the Company (or any directors)
                                         and any potential purchasers of the Company’s Shares;
	 	 	 
		(c)	contain
                                         the following statement by a director “I, [name], a director of Inaccess
                                         Holdings Limited (company number 08142682) (the “Company”) hereby
                                         confirm that, as of the date of this notice, which is provided in accordance with Article
                                         8 of the articles of association of the Company, and save as set out herein, there are
                                         no negotiations or discussions ongoing or proposed with any party or parties that relate
                                         to or have as their subject matter the potential sale of the entire issued share capital
                                         of the Company or any other matter not previously disclosed that could materially increase
                                         the enterprise value of the Company”; and
	 	 	 
		(d)	be
                                         given not less than 20 Business Days nor more than 28 Business Days prior to the date
                                         fixed for redemption.

 

	8.5.	On
                                         the date fixed for redemption, each of the Holders of the A Preference Shares falling
                                         to be redeemed shall be bound to deliver to the Company, at the Company’s registered
                                         office, the certificate(s) for such A Preference Shares (or an indemnity, in a form reasonably
                                         satisfactory to the Board, in respect of any lost certificate) in order that the same
                                         may be cancelled.
	 	 
	8.6.	There shall be
                                         paid on the redemption of each A Preference Share an amount equal to:

 

		(a)	the
                                         Subscription Price thereof; and
	 	 	 
		(b)	all
                                         Arrears in respect thereof, calculated down to and including the date of actual payment.

 

and
such aggregate amount shall, subject to the Company having sufficient lawful reserves or other monies which may be lawfully applied
for such redemption, at that time become a debt due from and immediately payable by the Company to the Holders of such A Preference
Shares.

 

    14 

     

    

 

PART
3

 

Distributions
on Liquidation Events and Share Sales

 

	9.	LIQUIDATION
                                         EVENTS AND SHARE SALES
	 	 
	9.1.	Liquidation
                                         Event

 

On
a Liquidation Event, the assets of the Company remaining after the satisfaction of its liabilities shall be applied amongst, and
distributed to, Shareholders in the following order of priority:

 

		(a)	first,
                                         to each Holder of A Preference Shares, an amount equal to the Subscription Price in respect
                                         of each A Preference Share held by him together with a sum equal to any Arrears on such
                                         shares calculated down to and including the date of the Liquidation Event, SAVE THAT
                                         if the available assets are not sufficient to distribute in full the amounts so due in
                                         respect of all A Preference Shares, then the available assets (if any) shall be distributed
                                         rateably as between the Holders of A Preference Shares in proportion to the Subscription
                                         Price plus Arrears in respect of each A Preference Share (and no distribution shall be
                                         made pursuant to Article 9.1(b)); and
	 	 	 
		(b)	thereafter,
                                         in distributing the balance of remaining available assets, if any (after accounting in
                                         full for the distribution of assets under Article 9.1(a)),to the Holders of Ordinary
                                         Shares pro rata in respect of the number of Ordinary Shares held.

 

		9.2.	Business
                                         Sale

 

As
soon as practicable after the receipt of the consideration payable to the Company in respect of a Business Sale, the Company shall
distribute the remaining assets of the Company after satisfaction of its liabilities in accordance with Article 9.1.

 

		9.3.	Share
                                         Sale

 

		(a)	On
                                         a Share Sale (other than a BGL Transfer), the proceeds of such Share Sale (the “Sale
                                         Proceeds”) shall be applied amongst the Holders who have transferred Shares
                                         as part of such Share Sale (“Transferors”) in the following order
                                         of priority:

 

    15 

     

    

 

		(i)	first,
                                         to each Transferor of A Preference Shares, an amount equal to the Subscription Price
                                         in respect of each A Preference Share transferred by him as part of such Share Sale together
                                         with a sum equal to any Arrears on such shares calculated down to and including the date
                                         of the Share Sale, SAVE THAT if the Sale Proceeds are not sufficient to permit the application
                                         in full of the amounts so due in respect of all A Preference Shares transferred as part
                                         of the Share Sale, then the Sale Proceeds shall be applied rateably as between such Transferors
                                         in proportion to the Subscription Price plus Arrears in respect of each A Preference
                                         Share so transferred as part of such Share Sale (and no application of Sale Proceeds
                                         shall be made pursuant to Article9.3(a)(ii)); and
	 	 	 
		(ii)	thereafter,
                                         in applying the balance of remaining Sale Proceeds, if any (after accounting in full
                                         for the application of Sale Proceeds under Article9.3(a)(i)), to each Holder of Ordinary
                                         Shares pro rata in respect of the number of Ordinary Shares transferred by each such
                                         Transferor as part of such Share Sale.

 

		(b)	If
                                         any available assets on a Liquidation Event or any Sale Proceeds include: (i) any non-cash
                                         assets or proceeds (“Non-Cash Consideration”); and/or (ii) any deferred
                                         and/or contingent assets or proceeds (“Delayed Consideration”) then
                                         Articles 9.1, 9.2 and 9.3 shall apply to such Non-Cash Consideration and/or Delayed Consideration
                                         in such manner as the Board (acting reasonably and in good faith) may determine, subject
                                         to the approval by a Series A Majority (if any A Preference Shares remain outstanding).
                                         Such determination may include, without limitation, the cash equivalent value of any
                                         such assets or proceeds and/or the timing of any payment or distribution thereof.

 

    16 

     

    

 

PART
4

 

New
Issues

 

	10.	ALLOTMENT
                                         OF RELEVANT SECURITIES
	 	 
	10.1.	Authority
                                         to allot

 

The
directors shall be generally and unconditionally authorised pursuant to section 551 of the Act to exercise all the powers of the
Company to allot shares in the Company and grant rights to subscribe for, or to convert any security into, shares in the Company
up to an aggregate nominal amount of £750,000, provided that such authorities will expire on the date being five years from
the date of Adoption, but the Company may before any such authority expires make an offer or agreement which would or might require
the Company to allot shares in the Company and/or grant rights to subscribe for, or to convert any security into, shares in the
Company after such authority expires and the Board may allot shares in the Company and grant such rights pursuant to any such
offer or agreement as if such authority had not expired.

 

		10.2.	Pre-emption
                                         rights

 

		(a)	Subject
                                         to Article 10.2(j), the Company shall not allot or issue (or agree to allot or issue)
                                         (a “New Issue”) any Relevant Securities (other than by way of Permitted
                                         Issue) (“New Securities”) unless the Company has first offered each
                                         Qualifying Shareholder (subject to Article 10.2(g)) the right to subscribe New Securities
                                         on the same terms (including, without limitation, as to price) as are proposed to be
                                         offered pursuant to such New Issue (the “Terms of Issue”) in accordance
                                         with this Article 10.2.
	 	 	 
		(b)	An
                                         offer made by the Company to the Shareholders under this Article 10.2 (a “Pre-emptive
                                         Offer”) shall be in writing and shall include details of: (i) the Terms of
                                         Issue; (ii) the period during which the offer may be accepted (which shall be not less
                                         than 10 days, and not more than 20 days, as from the date of the offer) (the “Offer
                                         Period”); (iii) the maximum number of New Securities as may be comprised in
                                         the New Issue (the “Total Number”); and (iv) the number of such New
                                         Securities as may be initially allocated to each Qualifying Shareholder to which the
                                         offer is so made (an “Initial Entitlement”) which allocation shall
                                         be made on a pro rata basis by reference to the number of Shares held by each Qualifying
                                         Shareholder as a proportion of the total number of Shares then in issue (in each case
                                         on an As Converted Basis).

 

    17 

     

    

 

		(c)	A
                                         Pre-emptive Offer may be accepted by written notice to the Company, which notice shall
                                         state the maximum number of New Securities the relevant Qualifying Shareholder desires
                                         to so subscribe (which may not exceed the Total Number). The New Securities such Qualifying
                                         Shareholder so desires to subscribe in excess of its Initial Entitlement are referred
                                         to as “Excess Securities” and such a Shareholder being an “Excess
                                         Subscriber”.
	 	 	 
		(d)	At
                                         the end of the Offer Period (or, if earlier, upon all persons to whom the Pre-emptive
                                         Offer was made having accepted (or waived their rights under) such offer) the Company
                                         shall determine the final allocation of New Securities amongst persons who have accepted
                                         the Pre-emptive Offer (a “Final Entitlement”) as follows:

 

		(i)	each Qualifying
                                                                                                  Shareholder shall be allocated a number of New Securities in respect of which it has
                                                                                                  accepted the Pre-emptive Offer up to its Initial Entitlement;
	 	 	 
		(ii)	to
                                         the extent a Qualifying Shareholder has not accepted the Pre-emptive Offer in respect
                                         of the whole of its Initial Entitlement then the unallocated balance of its Initial Entitlement
                                         shall be re-allocated as between the Excess Subscribers (if any) on a pro rata basis
                                         by reference to the number of Shares held by each Excess Subscriber (subject to Article
                                         10.2(d)(iv)). Unallocated New Securities shall continue to be allocated amongst Excess
                                         Subscribers mutatis mutandis in accordance with the foregoing provisions of this
                                         Article 10.2(d)(ii) until all New Securities are so allocated (or, if earlier, until
                                         no Qualifying Shareholder desires to purchase any further New Securities (as stated in
                                         its acceptance of the Pre-emptive Offer));
	 	 	 
		(iii)	any
                                         allocation of any fraction of any New Security may, at the option of the Board, be disregarded
                                         or allocated by lot as between Qualifying Shareholders desiring to purchase such New
                                         Securities; and
	 	 	 
		(iv)	in
                                         no event shall the Final Entitlement of any Qualifying Shareholder exceed the maximum
                                         number of New Securities which such shareholder desires to subscribe (as stated in its
                                         acceptance of the Pre-emptive Offer),

 

and
the Company shall give written notice to each Qualifying Shareholder to whom New Securities are so allocated confirming such Holder’s
Final Entitlement (if any) whereupon such Holder shall be bound to subscribe such New Securities pursuant to the Terms of Issue.

 

    18 

     

    

 

		(e)	To
                                         the extent the Total Number of the New Securities exceeds the aggregate of all Final
                                         Entitlements, then the Company shall be free to allot and/or issue (and/or agree to allot
                                         and/or issue) such excess New Securities on the Terms of Issue to such persons as the
                                         Board shall determine (provided that such allotment and/or issue is made (or agreement
                                         to so allot and/or issue is entered into) within 60 days following the date on which the
                                         Final Entitlements are notified by the Company pursuant to Article 10.2(d)).
	 	 	 
		(f)	Subject
                                         to Article 10.2(g), a Holder may assign (in whole or in part) its right to subscribe
                                         its Final Entitlement to any of its Permitted Transferees provided that such Permitted
                                         Transferee shall when so subscribing for New Securities execute and deliver to the Company
                                         a deed of adherence to any applicable agreement as between the Company and some (or all)
                                         of its Shareholders as concerns the conduct of the affairs of the Company (such deed
                                         of adherence to be in such form as reasonably required by the directors).
	 	 	 
		(g)	The directors
                                         may exclude from any Pre-emptive Offer any Shareholder(s) other than a Holder of A Preference
                                         Shares (and may prohibit any assignment pursuant to Article 10.2(f) or otherwise preclude
                                         any subscription of New Securities by any such person(s)) if the directors reasonably
                                         believe that the communication of such Pre-emptive Offer or subscription of New Securities
                                         by such person(s) would be unlawful or would require the Company to incur disproportionate
                                         cost and expense in order to comply with applicable laws concerning the communication
                                         of such Pre-emptive Offer to such person(s) and/or the subscription of New Securities
                                         by such person(s). 
	 	 	 
		(h)	The Company
                                         may, by written notice to the Shareholders, withdraw a Pre-emptive Offer (whereupon all
                                         acceptances and Final Entitlements in respect thereof shall be void and of no effect,
                                         all consideration advanced to the Company in respect thereof shall be returned, and the
                                         Company shall have no further liability or obligation in respect of the withdrawal of
                                         the Pre-emptive Offer). The Company may not proceed to make a New Issue where the Pre-emptive
                                         Offer in respect thereof has been so withdrawn.
	 	 	 
		(i)	The statutory
                                         pre-emption rights contained in section 561 of the Act shall not apply to the Company.
	 	 	 
		(j)	The pre-emption
                                         rights and other provisions contained in Article 10.2 shall not apply where all of the
                                         Holders of A Preference Shares have so agreed in writing to the disapplication of the
                                         provisions of Article 10.2 in respect of a New Issue.

 

		10.3.	Power
                                         to pay commission

 

The
Company may exercise the powers of paying commissions conferred by the Act.

 

    19 

     

    

 

PART
5

 

Share
Transfers

 

	11.	TRANSFER
                                         OF SHARES
	 	 
	11.1.	Restriction
                                         on the transfers of Shares

 

		(a)	At
                                         any time:

 

		(i)	up
                                         to the earlier of (A) Phase II Closing; (B) the delivery to the Company of a No-Exercise
                                         Notice; or (C) the Phase II Closing Date (as extended by the period of time set out in
                                         Article 7.2) where Phase II Closing does not occur for any reason, no Shareholder may
                                         transfer any interest in any Share other than in accordance with Article 12 (Permitted
                                         Transfers), Article 14 (Compulsory Transfers) or Article 16 (Drag Right);and
	 	 	 
		(ii)	after
                                         the earlier of (A) Phase II Closing; (B) the delivery to the Company of a No-Exercise
                                         Notice; or (C) the Phase II Closing Date (as extended by the period of time set out in
                                         Article 7.2) where Phase II Closing does not occur for any reason, no Shareholder may
                                         transfer any interest in any Share other than in accordance with Article 12 (Permitted
                                         Transfers), Article 13 (Preemption of Share Transfers), Article 14 (Compulsory
                                         Transfers), Article 15 (Co-sale Rights), or Article 16 (Drag Right).

 

		(b)	Notwithstanding
                                         any other provision of these Articles, any transfer of any interest in any Share made
                                         pursuant to a BGL Transfer shall be made free of any restriction set out in these Articles.
	 	 	 
		(c)	Any
                                         purported transfer in breach of this Article 11.1 shall be of no effect and the directors
                                         shall refuse to register any such purported transfer

 

		11.2.	Transfers
                                         or grants of interests

 

References
in Articles11.1 and 13.1 to a ‘transfer’ of any Share includes a transfer or grant of any interest in any Share
or of any right attaching to any Share, whether by way of sale, gift, holding on trust, charge, mortgage or pledge, or in any
other way, and whether at law or in equity, and also includes an agreement to make any such transfer or grant or to exercise
the voting rights attaching to a Share at the direction of any third party.

 

    20 

     

    

 

		11.3.	Registration
                                         of transfers

 

The
directors shall register all transfers of Shares permitted by and effected in accordance with these Articles within 14 days of
the following being lodged at the registered office of the Company (or such other place in the United Kingdom as the directors
may have notified to Shareholders for such purpose):

 

		(a)	the
                                         duly stamped transfer (or transfer certified as being exempt from stamp duty);
	 	 	 
		(b)	the
                                         certificates for the Shares to which the transfer relates (or an indemnity in lieu of
                                         lost or destroyed certificates in a form reasonably satisfactory to the directors);
	 	 	 
		(c)	where
                                         made in reliance on Article 12 (Permitted Transfers), such documentation as the
                                         directors may reasonably require evidencing the compliance of the transfer with such
                                         Article; and
	 	 	 
		(d)	if
                                         so required by the directors, a duly executed deed of adherence to any applicable agreement
                                         as between the Company and some (or all) of its Shareholders as concerns the conduct
                                         of the affairs of the Company (such deed of adherence to be in such form as reasonably
                                         required by the directors).

 

	12.	PERMITTED
                                         TRANSFERS
	 	 
	12.1.	Save with respect
                                         to any Shares the subject of a Transfer Notice (or a Compulsory Transfer Notice) or notice
                                         served under Article 16.1(a), the following transfers may, subject to Article 11.3, be
                                         made without restriction:

 

		(a)	a
                                         transfer of Shares by any Shareholder to any other person where the Company has determined
                                         that such transferee shall be deemed a ‘Permitted Transferee’ of such transferor;
	 	 	 
		(b)	a
                                         transfer of Shares by an individual to:

 

		(i)	a
                                         Privileged Relation (aged 18 or over) of such individual; or
	 	 	 
		(ii)	the
                                         trustee(s) of a trust (acting in that capacity) where the only beneficiaries of such
                                         trust are the relevant individual and/or his Privileged Relations;

 

		(c)	a
                                         transfer of Shares by a Shareholder which is an undertaking to any of its Affiliates
                                         or to any undertaking that is Controlled (directly or indirectly) by the same person
                                         as the Shareholder, provided that if the transferee ceases to be an Affiliate of such
                                         transferor, or ceases to be Controlled (directly or indirectly) by the same person that
                                         Controls the transferor, the transferee shall:

 

    21 

     

    

 

		(i)	immediately
                                         notify the Company of such occurrence; and
	 	 	 
		(ii)	if
                                         so required by the Company, immediately re-transfer the Shares in question to the transferor
                                         (or an Affiliate thereof and failing such retransfer, the Company may authorise some
                                         person to execute transfers of the relevant Shares in favour of such transferor and may
                                         thereupon enter the name of such transferor in the register of members of the Company
                                         as the Holder of such Shares;

 

		(d)	a
                                         transfer of Shares by a Shareholder which is:

 

		(i)	a
                                         person whose principal business is to arrange, manage or advise upon investments (being,
                                         where applicable, duly authorised by the Financial Conduct Authority or other relevant
                                         regulator) (an “Investment Manager”); or 
	 	 	 
		(ii)	a
                                         collective investment scheme, partnership, syndicate or other entity whose principal
                                         business is to make investments and whose business is managed by an Investment Manager
                                         (an “Investment Fund”); or
	 	 	 
		(iii)	a
                                         nominee of an Investment Manager or Investment Fund,

 

to
any of the following transferees:

 

		(iv)	where
                                         the Shareholder is an Investment Manager (or a nominee thereof), to any person who is
                                         (A) a participant (directly or indirectly) or partner in or member of any Investment
                                         Fund which is managed by such Investment Manager (but only in connected with a distribution
                                         of assets by such Investment Fund); (B) an Investment Fund whose business is managed
                                         by the Investment Manager who is or whose nominee is the transferor; or (C) any other
                                         Investment Manager who manages the business of the Investment Fund in respect of which
                                         Shares are held; or
	 	 	 
		(v)	where
                                         the Shareholder is an Investment Fund (or a nominee thereof), or any person who is (A)
                                         a participant (directly or indirectly) or partner is a member of such Investment Fund
                                         (but only in connection with a distribution of assets by such Investment Fund); (B) any
                                         other Investment Fund (or nominee thereof) whose business is managed by the same Investment
                                         Manager as manages the transferor Investment Fund; or (C) an Investment Manager who manages
                                         the business of the transferor Investment Fund,

 

or
to a nominee of any such Permitted Transferee; and

 

    22 

     

    

 

		(e)	a
                                         transfer of Shares by a Shareholder which is an undertaking to:

 

		(i)	a
                                         nominee (acting in that capacity) holding such Shares for the sole benefit of such transferor
                                         (or any Permitted Transferee thereof); or
	 	 	 
		(ii)	a
                                         trustee (acting in that capacity) where the only beneficiaries of such trust are the
                                         transferor (and/or any of the Permitted Transferees thereof),

 

provided
that if such nominee/ trustee ceases to so hold the Shares transferred to it (including, without limitation, if any person beneficially
interested in such Shares ceases to be a Permitted Transferee of the transferor) then the nominee/trustee shall:

 

		(iii)	immediately
                                         notify the Company of such occurrence; and
	 	 	 
		(iv)	if
                                         so required by the Company, immediately re-transfer the Shares in question to the transferor
                                         (or a Permitted Transferee thereof) and failing such re-transfer, the Company may authorise
                                         some person to execute transfers of the relevant Shares in favour of such transferor
                                         (or a Permitted Transferee thereof) and may thereupon enter the name of such person in
                                         the register of members of the Company as the Holder of such Shares.

 

		12.2.	Any
                                         interest in Shares the subject of a Compulsory Transfer Notice under Article 14.2
                                         or a Transfer Agreement under Article 15 may not be transferred under Article 12.1 without
                                         the written approval of the Board.

 

	13.	PRE-EMPTION
                                         ON SHARE TRANSFERS
	 	 
	13.1.	Transfer Notices

 

		(a)	A
                                         person (a “Seller”) who wishes to transfer any Shares(s) (except in
                                         accordance with Article 12 (Permitted Transfers) or Article 16 (Drag Rights))
                                         shall first give written notice to the Company (a “Transfer Notice”).
                                         A Transfer Notice shall constitute the Company the Seller’s agent for the sale,
                                         free from all encumbrances, of the whole of the legal and beneficial title to the Shares
                                         specified therein (the “Sale Shares”).

 

    23 

     

    

 

		(b)	A
                                         Transfer Notice shall specify:

 

		(i)	the
                                         number and class of Sale Shares;
	 	 	 
		(ii)	a
                                         cash price per Share at which the Sale Shares are offered for sale (save that, in respect
                                         of a Compulsory Transfer Notice, the price shall be Market Value (or, if applicable,
                                         the sale price determined in accordance with Article 14.4(b) or Article 14.4(c) (as the
                                         case may be))) (the “Sale Price”);
	 	 	 
		(iii)	whether
                                         or not the Seller’s offer is conditional on acceptances being received for all
                                         of the Sale Shares (a “Total Transfer Condition”); and
	 	 	 
		(iv)	other
                                         than in the case of a Compulsory Transfer Notice, the name of the person(s) (the “Proposed
                                         Buyer(s)”) to whom the Seller proposes to sell the Sale Shares.

 

		(c)	No
                                         Compulsory Transfer Notice shall contain a Total Transfer Condition. Save for any Total
                                         Transfer Condition, a Transfer Notice may not be conditional.
	 	 	 
		(d)	A
                                         Transfer Notice shall be irrevocable.

 

		13.2.	Offer
                                         of Sale Shares

 

		(a)	Subject
                                         to Article 14.3, the Company shall promptly following service of a Transfer Notice (and,
                                         if a Compulsory Transfer Notice, following determination of the applicable Market Value
                                         (or, if applicable, determination of the Sale Price in accordance with Article 14.4(b)
                                         or Article 14.4(c) (as the case may be))) give written notice offering the Sale Shares
                                         for sale as follows:

 

		(i)	in
                                         respect of Sale Shares which are A Preference Shares, to the Holders of A Preference
                                         Shares; and
	 	 	 
		(ii)	in
                                         respect of Sale Shares which are Ordinary Shares, to the Holders of A Preference Shares
                                         and to the Holders of Ordinary Shares (as if such Holders were members of the same class),

 

    24 

     

    

 

provided
in each case that no such notice so offering the Sale Shares shall be given to the Seller or any other person(s)
then offering Shares pursuant to any further Transfer Notice(s) (nor any Associate or Affiliate of any of the foregoing) and
no such notice so offering Sale Shares shall be required to be given to any Permitted Transferee of any Seller (or any
Permitted Transferee of any Associate or Affiliate of any Seller). Further no such notice offering the Sale Shares shall be
required to be given to any person(s) if and to the extent the directors reasonably believe that the communication of such
offer, or the acceptance thereof, by such person(s) would be unlawful or would require the Company to incur disproportionate
cost and expense in order to comply with applicable laws concerning the communication of such offer to such person(s) and/or
the acceptance of such offer by such person(s). The persons to whom such a notices so offering the Sale Shares are to be
given in accordance with Article 13.2(a) (or, if applicable, Article 14.3(a)(ii)) being the
“Eligible Offerees”.

 

		(b)	A
                                         notice given by the Company to Eligible Offerees pursuant to Article 13.2(a) shall state:
                                         (i) the matters specified in the Transfer Notice; (ii) the period during which the offer
                                         of Sale Shares may be accepted (which shall be a period shall be determined by the Board
                                         and shall be not less than 10 Business Days, and not more than 20 Business Days, as from the
                                         date of the notice so given by the Company) (the “Sale Period”); and
                                         (iii) the number of Sale Shares as may be initially allocated for purchase by such Eligible
                                         Offeree (an “Initial Allocation”) determined (save where Article 14.3(a)(ii)
                                         applies), as follows:

 

		(i)	in
                                         respect of a Sale of Shares which are A Preference Shares, the Initial Allocation shall
                                         be determined on a pro rata basis by reference to the number of APreference Shares held
                                         by each Eligible Offeree as a proportion of the total number of A Preference Shares held
                                         by all Eligible Offerees;
	 	 	 
		(ii)	in
                                         respect of a Sale of Shares which are Ordinary Shares, the Initial Allocation shall be
                                         determined on a pro rata basis by reference to the number of Shares held by each Eligible
                                         Offeree as a proportion of the total number of Shares held by all Eligible Offerees (calculated
                                         on an As Converted Basis).

 

		(c)	Save
                                         where Article 14.3(a)(ii) applies, during the Sale Period an Eligible Offeree may by
                                         written notice to the Company accept the offer so made to it, in which event its acceptance
                                         notice shall state the maximum number of Sale Shares the Eligible Offeree desires to
                                         purchase (which may not exceed the total number of Sale Shares). The number of Sale Shares
                                         an Eligible Offeree so desires to purchase in excess of its Initial Allocation are referred
                                         to as “Excess Shares”and such an Eligible offeree being an “Excess
                                         Offeree”.

 

    25 

     

    

 

		(d)	Save
                                         where Article 14.3(a)(ii) applies, at the end of the Sale Period (or, if earlier, upon
                                         all Eligible offerees having accepted (or waived their rights under) such offer) the
                                         Company shall determine the final allocation of Sale Shares to each Eligible Offeree
                                         (a “Final Allocation”) as follows:

 

		(i)	each
                                         Eligible Offeree shall be allocated a number of Sale Shares in respect of which it has
                                         accepted the offer up to its Initial Allocation;
	 	 	 
		(ii)	to the
                                         extent an Eligible Offeree has not accepted the offer in respect of the whole of its
                                         Initial Allocation then:

 

		(A)	in
                                         respect of Sale Shares which are A Preference Shares, the unallocated balance of its
                                         Initial Allocation shall be re-allocated as between the Excess Offerees (if any) on a
                                         pro rata basis by reference to the number of A Preference Shares held by each Excess
                                         Offeree (subject always to Article 13.2(d)(iv)). Unallocated Sale Shares shall continue
                                         to be allocated amongst Excess Offerees mutatis mutandis in accordance with the
                                         foregoing provisions of this Article 13.2(d)(ii)(A) until all Sale Shares are so allocated
                                         (or, if earlier, until no Excess Offeree desires to purchase any further Sale Shares
                                         (as stated in its acceptance of the offer));
	 	 	 
		(B)	in
                                         respect of Sale Shares which are Ordinary Shares, the unallocated balance of its Initial
                                         Allocation shall be re-allocated as between the Excess Offerees on a pro rata basis by
                                         reference to the number of Shares held by each Excess Offeree (subject always to Article
                                         13.2(d)(iv)). Unallocated Sale Shares shall continue to be allocated amongst Excess Offerees mutatis
                                         mutandis in accordance with the foregoing provisions of this Article 13.2(d)(ii)(B)
                                         until all Sale Shares are so allocated (or, if earlier, until no Excess Offeree desires
                                         to purchase any further Sale Shares (as stated in its acceptance of the offer));

 

    26 

     

    

 

		(iii)	any
                                         allocation of any fraction of any Sale Share may, at the option of the Board, be disregarded
                                         or allocated by lot as between Eligible Offerees desiring to purchase such Sale Share;
                                         and
	 	 	 
		(iv)	in
                                         no event shall the Final Allocation of an Eligible Offeree exceed the maximum number
                                         of Sale Shares which such person desires to purchase as stated in its acceptance of the
                                         offer.

 

		(e)	Notwithstanding
                                         the foregoing, if the Transfer Notice included a valid Total Transfer Condition, then
                                         if the aggregate Final Allocations as determined in accordance with the above provisions
                                         of this Article 13.2 are less than the number of Sale Shares, then:

 

		(i)	the
                                         offer to Eligible Offerees shall lapse and the Final Allocation of each Eligible Offeree
                                         shall instead be nil; and
	 	 	 
		(ii)	the
                                         Seller shall be entitled to sell the Sale Shares to the Proposed Buyer in accordance
                                         with Article 13.4.

 

		13.3.	Sale
                                         to Eligible Offerees

 

		(a)	Promptly
                                         following the determination of the Final Allocations, the Company shall give written
                                         notice (an “Allocations Notice”) to each Eligible Offeree and the
                                         Seller setting out details of the Final Allocations.
	 	 	 
		(b)	Save
                                         where all Final Allocations are nil, the Allocations Notice shall specify a date determined
                                         by the Board (the “Sale Date”) on which the sale and purchase of Sale
                                         Shares in accordance with the Allocations Notice shall occur.
	 	 	 
		(c)	On
                                         the Sale Date each Eligible Offeree shall purchase, and the Seller shall sell to each
                                         Eligible Offeree with full title guarantee free from all encumbrances and third party
                                         interests, the Sale Shares the subject of such Eligible Offeree’s Final Allocation
                                         at the Sale Price per Sale Share and:

 

		(i)	the
                                         Seller shall deliver a duly executed instrument of transfer in respect of such Sale Shares
                                         to the relevant Eligible Offeree (or to the Company to be received on trust for such
                                         Eligible Offeree) together with the share certificate in respect thereof (or an indemnity
                                         in a form approved by the Board in respect of any lost or destroyed certificate); and
	 	 	 
		(ii)	such
                                         Eligible Offeree shall pay to the Seller (or to the Company to be received on trust for
                                         the Seller) the aggregate price payable at the Sale Price in respect of the Sale Shares
                                         to be so purchased by the Eligible Offeree.

 

    27 

     

    

 

		(d)	If
                                         the Seller defaults in complying with its obligations under Article 13.3(c) then the
                                         Company shall have power and authority on behalf of the Seller to, and may so, authorise
                                         some person to execute transfers, and (where applicable) any indemnity in respect of
                                         any missing share certificate, on behalf of the Seller and deliver the same to the relevant
                                         Eligible Offeree(s) entitled thereto.

 

		13.4.	Sale
                                         to Proposed Buyer(s)

 

		(a)	Conditional
                                         on the Seller’s compliance with Articles 13.3 and 15, to the extent that any Sale
                                         Shares are not the subject of the Final Allocations for transfer to Eligible Offerees
                                         (“Unallocated Shares”), the Seller shall be entitled during the period
                                         of 50 Business Days subsequent to the date of the Allocations Notice to transfer those
                                         Unallocated Shares to the Proposed Buyer(s) named in the Transfer Notice (or an Affiliate
                                         thereof) (or such other person(s) as may be approved by an Investor Majority).
	 	 	 
		(b)	Any
                                         transfer of Unallocated Shares pursuant to Article 13.3(a) must:

 

		(i)	be
                                         made at a price per Share not less than the Sale Price (subject to any reallocation of
                                         such consideration in accordance with Article 9.3 in the event of a Share Sale); and
	 	 	 
		(ii)	be
                                         a transfer of all the Unallocated Shares if the Transfer Notice was subject to a Total
                                         Transfer Condition.

 

		(c)	Article
                                         13.4(a) shall not apply in respect of Sale Shares the subject of a Compulsory Transfer
                                         Notice.

 

		14.	COMPULSORY
                                         TRANSFERS

 

		14.1.	Compulsory
                                         Transfer Events

 

		(a)	For
                                         the purposes of these Articles, a Compulsory Transfer Event shall occur in relation to
                                         a Holder, if that Holder:

 

    28 

     

    

 

		(i)	makes
                                         any proposal for a composition in satisfaction of his debts, or a scheme of arrangement
                                         of his affairs, or makes any arrangement or compromise with his creditors generally or
                                         has a bankruptcy order made against him, or is subject to any order or resolution for
                                         the commencement of any winding-up, administration, liquidation or dissolution (or is
                                         otherwise subject to any event analogous to any of the foregoing in any jurisdiction);
	 	 	 
		(ii)	dies
                                         (if an individual) (other than to the extent such Shares are (or will be) transferred
                                         by the deceased’s estate to persons who (immediately prior to the deceased’s
                                         death) were Permitted Transferee(s) of the deceased);
	 	 	 
		(iii)	is
                                         an individual, and by reason of his mental health he becomes the subject of an order
                                         of the court (or applicable law) which wholly or partly prevents him from personally
                                         exercising the powers or rights he may otherwise have in his capacity as a Holder of
                                         Shares;
	 	 	 
		(iv)	is
                                         an undertaking (other than BGL, PTCF or a Permitted Transferee of BGL or PTCF) and it
                                         (or its parent undertaking) is subject to a change of Control (save where the person(s)
                                         so acquiring Control were Permitted Transferee(s); or
	 	 	 
		(v)	is
                                         a nominee or trustee, and if:

 

		(A)	any
                                         person holding any beneficial interest in the Shares so held by such Holder is subject
                                         to a Compulsory Transfer Event (or would be if such person himself were a Holder); or
	 	 	 
		(B)	any
                                         person acquires any beneficial interest in the Shares so held by such Holder in breach
                                         of Article 11.1.

 

		(b)	If
                                         a person becomes a Leaver (or notice is given, or received, pursuant to which he will
                                         become a Leaver) then a Compulsory Transfer Event shall occur in respect of such person
                                         and, if and to the extent so determined by the Board, his Permitted Transferees and Associates,
                                         except that for the avoidance of doubt, in the event that a Special Director becomes
                                         a Leaver, a Compulsory Transfer Event will not be taken to occur in respect of that Special
                                         Director’s Nominating Shareholder as a result of this Article 14.1(b).

 

    29 

     

    

 

		(c)	Where
                                         any person has been (or was liable to have been) the subject of a Compulsory Transfer
                                         Event, if such person thereby ceases to hold (or does not otherwise hold) any interest
                                         in issued Shares, then if such person subsequently acquires any interest in any Shares
                                         a Compulsory Transfer Notice may, if so determined by the Board, be served on the Holder
                                         thereof in respect of such Shares.
	 	 	 
		(d)	If
                                         a Compulsory Transfer Event occurs in respect of any Holder, then such Holder shall promptly
                                         notify the Board in writing of such occurrence (and shall provide such further information
                                         in relation thereto as the Board may reasonably request).

 

		14.2.	Compulsory
                                         Transfer Notices

 

		(a)	If
                                         any Holder is the subject of a Compulsory Transfer Event the Board may require that a
                                         transfer notice (a “Compulsory Transfer Notice”) be served:

 

		(i)	where
                                         the Compulsory Transfer Event arises under any of Articles 14.1(a)(i) to 14.1(a)(iv),
                                         then in respect of all of the Shares held by the relevant Holder;
	 	 	 
		(ii)	where
                                         the Compulsory Transfer Event arises under Article 14.1(a)(v), then in respect of
                                         such number of Shares as the relevant Holder shall evidence in writing to the reasonable
                                         satisfaction of the Board as being beneficially held for any person(s) within the scope
                                         of:

 

		(A)	Article
                                         14.1(a)(v)(A) (but excluding Shares which would be Retained Shares if Article 14.2(a)(iii)
                                         would apply if the person beneficially entitled to such Shares were the Holder); and/or
	 	 	 
		(B)	Article
                                         14.1(a)(v)(B),

 

and
if such evidence is not so provided by such Holder then all (or such lesser proportion may be determined by the Board) of the
Shares held by the relevant Holder;

 

		(iii)	where
                                         the Compulsory Transfer Event arises under Article 14.1(b), then:

 

		(A)	if
                                         the relevant Leaver is a Bad Leaver, then in respect of:

 

		(1)	all
                                         Shares held by the Leaver; and
	 	 	 
		(2)	such Shares                                          held by
                                                                                                  such Leaver’s Permitted Transferees and Associates as the Board may in                                          each
                                                                                                  case so determine; or

 

    30 

     

    

 

		(B)	if
                                         the relevant Leaver is not a Bad Leaver, then in respect of:

 

		(1)	all
                                         Shares (other than Retained Shares) held by the Leaver; and
	 	 	 
		(2)	such
                                         Shares (other than Retained Shares) held by such Leaver’s Permitted Transferees
                                         and Associates as the Board may in each case so determine.

 

		(b)	A
                                         Compulsory Transfer Notice shall be deemed served (whether or not actually served by
                                         the relevant Holder) on the date the Board requires such notice to be served in accordance
                                         with Article 14.2(a).
	 	 	 
		(c)	A
                                         Compulsory Transfer Notice may only be revoked by the Board.
	 	 	 
		(d)	The
                                         provisions of Article 14.2(a) shall be subject to any agreement to the contrary made
                                         by the Company in accordance with Article 14.2(e).
	 	 	 
		(e)	If
                                         so approved by the Board, the Company may (in its discretion) agree in writing that a
                                         Compulsory Transfer Notice shall not apply in respect of some (or all) of those Shares
                                         as would (but for this Article 14.2(e)) otherwise be the subject of a Compulsory Transfer
                                         Notice as determined in accordance with Article 14.2(a).

 

		14.3.	Company’s
                                         re-purchase of Leaver’s Shares

 

		(a)	In
                                         respect of any Shares which are held by a Leaver (or Associate of a Leaver) which are
                                         the subject of aCompulsory Transfer Notice, if so determined by the Board, the Company
                                         may:

 

		(i)	subject
                                         to the Act, re-purchase any such Shares (“Re-purchase Shares”) at
                                         the applicable Sale Price (whereupon such Shares shall be cancelled); or
	 	 	 
		(ii)	offer
                                         such Sale Shares to any person that the Board may in its discretion so decide, provided
                                         that any such person is (or who thereafter becomes):

 

		(A)	a
                                         director or employee of, or a consultant to, the Company or any other member of the Company’s
                                         Group; or
	 	 	 
		(B)	an
                                         Associate of any person within (A) as aforesaid; or
	 	 	 
		(C)	a
                                         trustee or nominee who shall hold such Sale Shares on behalf of any person(s) (or class
                                         of present and/or future person(s) whether or not then identifiable) within (A) as aforesaid.

 

    31 

     

    

 

		(b)	Where
                                         Article 14.3(a) applies, the Company shall notify the seller of any proposed repurchase
                                         of Shares pursuant to Article 14.3(a) and the date such re-purchase shall be made and
                                         on which date the seller shall sell with full title guarantee free from all encumbrances
                                         and third party interests the Re-purchase Shares to the Company at the Sale Price per
                                         share and:

 

		(i)	the
                                         seller shall deliver a duly executed instrument of transfer in respect of such Re-purchase
                                         Shares to the Company together with the share certificate in respect thereof (or an indemnity
                                         in a form approved by the Board in respect of any lost or destroyed certificate); and
	 	 	 
		(ii)	the
                                         Company shall pay to the seller the aggregate price payable at the Sale Price in respect
                                         of the Re-purchase Shares to be so re-purchased.

 

		(c)	If
                                         the seller defaults in complying with its obligations under Article 14.3(b) then the
                                         Company shall have power and authority on behalf of the seller to, and may so, authorise
                                         some person to execute transfers, and (where applicable) any indemnity in respect of
                                         any missing share certificate, on behalf of the seller and deliver the same to the Company.

 

		14.4.	Market
                                         Value and Bad Leaver Sale Price 

 

		(a)	The
                                         “Market Value” of any Shares shall be:

 

		(i)	such
                                         price as may be agreed in writing between the Holder thereof and the Company (and approved
                                         by the Board); or
	 	 	 
		(ii)	in
                                         the absence of such agreement under Article 14.4(a) such price as the Board (acting reasonably
                                         and in good faith) shall determine and notify to such Holder in writing,

 

    32 

     

    

 

save
that if, within the period of five (5) Business Days following notification of the Board’s determination of Market Value
pursuant to Article 14.4(a)(ii), the relevant Holder gives written notice to the Company of his objection to such determination,
then the Market Value shall instead (unless otherwise agreed in writing between such Holder and the Company (and approved by the
Board)) be such value as an Independent Expert shall certify to be in his opinion the market value thereof (as at the date of
his certificate). In arriving at his opinion the Independent Expert will value the Shares on a going concern basis and assume
an unrestricted sale between a willing seller and a willing buyer (ignoring any reduction or increase in value which may be ascribed
to any Shares by virtue of the fact that they may represent a minority or majority interest) and the Independent Expert may choose
to consider (or not consider) any further matters as the Independent Expert may in his sole discretion decide. The fees and expenses
of the Independent Expert shall be payable by the Company and/or the Holder of such Shares in such proportion as the Independent
Expert may so determine and notify to the Company (and, to the extent payable by the relevant Holder, the Company may apply any
consideration for the sale of such Shares received by the Company on behalf of the Holder in satisfaction any such obligation
of the Holder to pay towards that part of the Independent Expert’s fees so payable by the Holder).

 

		(b)	Where
                                         a Leaver is a Bad Leaver the Sale Price of each Share the subject of a Compulsory Transfer
                                         Notice deemed served by such Bad Leaver (and, to the extent so determined by the Board
                                         subject to Article 14.1(b), each of his Permitted Transferees and Associates) shall be
                                         the lesser of:

 

		(i)	the
                                         Subscription Price paid in respect of the relevant Share (or, if so approved by the Board
                                         such other price as the Bad Leaver (or, as the case may be, his Permitted Transferee
                                         or Associate) may have actually paid for the relevant Share); and
	 	 	 
		(ii)	the
                                         Market Value of the relevant Share.

 

		(c)	Where
                                         a Leaver is not a Bad Leaver the Sale Price of each Share (other than a Retained Share)
                                         the subject of a Compulsory Transfer Notice deemed served by such Leaver (and, to the
                                         extent so determined by the Board subject to Article 14.1(b), each of his Permitted Transferees
                                         and Associates) shall be the Market Value of the relevant Share.
	 	 	 
		(d)	The
                                         determination of the Sale Price of any Share in accordance with this Article 14.4 shall
                                         be final and binding on all persons.

 

    33 

     

    

 

		14.5.	Retained
                                         Shares

 

		(a)	In
                                         respect of any Leaver (or, if so determined by the Board subject to Article 14.1(b),
                                         any Permitted Transferee or Associate of such Leaver), unless the relevant Leaver is
                                         a Bad Leaver, a proportion of the Shares held by such person shall be designated “Retained
                                         Shares”. The applicable proportion shall be determined as follows by reference
                                         to the date on which the relevant Leaver first became a Leaver:

 

	Date
on which the relevant Leaver
 first became a Leaver	Applicable
proportion of the Shares to which the relevant Date of
 Acquisition relates
	a) on or prior to the Date of Acquisition  	Nil
	 	 
	b) on or after
the Date of Acquisition	the
cumulative aggregate Monthly Proportion in respect of all relevant months elapsed during the Vesting Period subsequent to the
Date of Acquisition prior to the date on which the relevant Leaver first became a Leaver

 

(i.e.,
such that at the end of the Vesting Period, having commenced on the Date of Acquisition, the applicable proportion is 100%).

 

		(b)	Where
                                         a Leaver (and/or his Permitted Transferees and Associates) hold different classes of
                                         Share and/or subject to different Dates of Acquisition, then the applicable proportion
                                         of such Shares shall be severally determined and applied in accordance with Article 14.5(a)
                                         in respect of each such class of Share acquired on each such Date of Acquisition.
	 	 	 
		(c)	Retained
                                         Shares shall not constitute a separate class of share.
	 	 	 
		(d)	Where
                                         Shares held by a Permitted Transferee or Associate of a Leaver are to be designated Retained
                                         Shares, then the applicable proportion (as stated in Article 14.5(a)) shall be by reference
                                         to such Shares (which may be some or all of the Shares held by such Holder) as the Board
                                         shall determine to be held by such Holder in connection with its being a Permitted Transferee
                                         or Associate of such Leaver.
	 	 	 
		(e)	Notwithstanding
                                         Article 14.5(a), if so determined by the Board, any Shares may be designated as Retained
                                         Shares in accordance with such dates and/or applicable proportions or on any other basis
                                         agreed in writing between the Company and the relevant Holder.

 

    34 

     

    

 

		14.6.	Power
                                         of Company to purchase Shares

 

Subject
to the Act and without prejudice to any other provision of these Articles, the Company may purchase its own shares (pursuant to
Article 14.3 or otherwise) in accordance with Chapter 4 of Part 18 of the Act, including (without limitation) with cash up to
any amount in a financial year not exceeding the lower of (i) £15,000; and (ii) the value of five per cent. (5%) of the
Company’s issued share capital.

 

		15.	CO-SALE
                                         RIGHTS

 

Ordinary
Shares

 

		15.1.	In
                                         the event of a proposed transfer (or series of connected transfers) of any interest in
                                         Ordinary Shares(that in aggregate equal not less than 10 per cent. (10%) in number of
                                         the issued Ordinary Shares) by a Shareholder(the “Selling Shareholder”)
                                         at any time after Phase II Closing (except in accordance with Article 12 (Permitted
                                         Transfers), Article 14 (Compulsory Transfers), or Article 16 (Drag Rights))
                                         to any person (the “Buyer”), such transfer may not be made unless
                                         the Selling Shareholder has complied with the process set out in Article 13 (Preemption
                                         on Share Transfers) and given to the Company not less than 10 Business Days’
                                         advance notice in writing of the proposed sale (the “Co-Sale Notice”),
                                         which the Company shall forthwith send to each Shareholder that did not take up its pre-emptive
                                         right under Article 13 and which shall specify:

 

		(a)	the
                                         identity of the proposed Buyer;
	 	 	 
		(b)	the
                                         price per Share that the Buyer is proposing to pay;
	 	 	 
		(c)	the
                                         manner in which the consideration is to be satisfied;
	 	 	 
		(d)	the
                                         number of Shares that the Selling Shareholder proposes to sell; and 
	 	 	 
		(e)	the
                                         address where the counter-notice should be sent.

 

		15.2.	Each
                                         Shareholder shall be entitled, within 10 Business Days of transmission of the Co-Sale
                                         Notice (the “Acceptance Period”), to notify the Selling Shareholder
                                         that it wishes to sell a certain number of Shares held by them at the proposed Sale Price,
                                         by sending a counter-notice to the Selling Shareholder which shall specify the number
                                         of Shares that the Shareholder wishes to sell (each such Shareholder a “Accepting
                                         Shareholder”). The maximum number of Shares which an Accepting Shareholder
                                         can sell under this procedure shall be determined in accordance with the following formula:

 

(X/Y)
x Z

 

    35 

     

    

 

where:

 

X
= the number of Shares held by the Accepting Shareholder;

 

Y
= the total number of Shares; and

 

Z
= is the number of Shares the Selling Shareholder wishes to sell.

 

Any
Shareholder who does not send a counter-notice to the Selling Shareholder within the Acceptance Period shall be deemed to have
specified that it does not wish to sell any Shares.

 

		15.3.	Following
                                         the expiry of the Acceptance Period, the Selling Shareholder shall be entitled to sell
                                         to the Buyer on the terms notified to the Shareholders in the Co-Sale Notice a number
                                         of Shares not exceeding the number specified in the Co-Sale Notice less any Shares that
                                         the Accepting Shareholders have indicated they wish to sell, provided that at the same
                                         time the Buyer (or another person acting on behalf of the Buyer) purchases from the Accepting
                                         Shareholders the number of Shares they have respectively indicated they wish to sell
                                         on terms no less favourable than those obtained by the Selling Shareholder from the Buyer.

 

A
Preference Shares

 

		15.4.	Articles
                                         15.1 - 15.3 shall apply mutatis mutandis to the proposed transfer (or series of
                                         connected transfers) of any interest in A Preferences Shares (that in aggregate equal
                                         not less than 10 per cent. (10%) in number of the issued A Preference Shares) save that:
                                         

 

		(a)	only
                                         Holders of A Preference Shares shall be “Accepting Shareholders”; and
	 	 	 
		(b)	references
                                         to “Shares” in items X, Y and Z in Article 15.2 shall be construed as references
                                         to A Preference Shares.

 

    36 

     

    

 

	16.	DRAG
                                         RIGHTS
	 	 
	16.1.	Scope and
                                         application of Drag Rights

 

		(a)	If,
                                         following the Phase II Closing Date (whether or not Phase II Closing occurs),the terms
                                         of an agreement, offer or other arrangement (a “Transfer Agreement”)
                                         accepted in writing by the Holders of not less than a majority in number of the Shares
                                         and such Transfer Agreement provides for a sale or transfer of Shares to be made such
                                         that the transferee (the “Purchaser”) (together with all persons (if
                                         any) acting in concert (within the meaning given in the City Code on Takeovers and Mergers)
                                         with such transferee) proposes to acquire the entire issued Share capital of the Company
                                         at the applicable Sale Consideration Price per Share then:

 

		(i)	any
                                         Shareholder who has accepted such Transfer Agreement may (with the consent of the Purchaser)
                                         give notice of the proposed Transfer Agreement to any person who has not accepted the
                                         Transfer Agreement (a “Non-accepting Seller”) requesting that such
                                         Non-accepting Seller accept the terms thereof in respect of all Relevant Securities which
                                         he may hold (or thereafter acquire) and which are proposed to be acquired by the Purchaser
                                         pursuant to the Transfer Agreement (“Dragged Interests”), and if such
                                         Non-accepting Seller does not within 10 Business Days of such notice accept the Transfer
                                         Agreement in accordance with its terms in respect of all his Dragged Interests, such
                                         Non-accepting Seller shall in any event be deemed:

 

		(A)	to
                                         have irrevocably consented to, and waived any pre-emption rights he may have in relation
                                         to, any transfer or issue of any Relevant Securities in connection with the proposed
                                         acquisition by the Purchaser;
	 	 	 
		(B)	on
                                         the date for the sale and purchase of such Dragged Interests in accordance with the terms
                                         of the Transfer Agreement, to transfer to the Purchaser with full title guarantee free
                                         from all encumbrances and third party interests the Dragged Interests for the consideration
                                         (if any) payable in respect thereof pursuant to the terms of the Transfer Agreement;
                                         and
	 	 	 
		(C)	to
                                         be bound by the further terms and conditions of the Transfer Agreement applicable to
                                         the Non-accepting Seller to the maximum extent permitted by applicable laws (save in
                                         respect of any Dragged Interests held by PTCF (or any of its Permitted Transferees) who
                                         shall, in addition to the requirements of the remainder of this Article 16.1 (but excluding
                                         this sub-Article 16.1(a)(i)(C)), be required to give customary warranties as to authority
                                         and capacity to enter into the Transfer Agreement and related documentation and the ability
                                         to convey title to its Dragged Interests); and

 

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		(ii)	if
                                         any Non-accepting Seller fails to deliver executed form(s) of acceptance, transfer form(s),
                                         certificate(s) (or an indemnity in a form reasonably acceptable to the Board in respect
                                         of any lost certificate(s)), any notice(s) of exercise or waiver of any right(s), and/or
                                         any other document(s), in each case concerning any Dragged Interests and as may be necessary
                                         or desirable (as determined by the Board) in connection with the transactions the subject
                                         of the Transfer Agreement, then such person shall be deemed to have appointed any director
                                         of the Company to be his agent and attorney to approve, agree, execute and deliver any
                                         or all of the foregoing on his behalf and to deliver the same to the Purchaser. It shall
                                         be no impediment to completion of the transfer of any Dragged Interests that any certificate
                                         in respect thereof has not been produced.

 

		(b)	The
                                         Company (or its nominee) may receive, and give good receipt for, any consideration payable
                                         to any Non-accepting Seller, which consideration shall be held by the Company (or its
                                         nominee) for the benefit of such Non-accepting Seller. The Company shall be entitled
                                         to be paid from such consideration any amount otherwise payable by the Non-accepting
                                         Seller to any member of the Company’s Group (including, without limitation, any
                                         payments due in connection with the exercise of any option to acquire Shares). The payment
                                         of the remaining balance of such consideration due to the Non-accepting Seller may, in
                                         the sole discretion of the Board, be withheld pending any ratification by the Non-accepting
                                         Seller of the sale and transfer of Dragged Interests to the Purchaser and/or any act
                                         undertaken on behalf of (or deemed to be undertaken by) such Non-accepting Seller pursuant
                                         to this Article 16 and/or such Non-accepting Seller’s express written agreement
                                         (in a form acceptable to the Board) to be bound by the terms of the Transfer Agreement
                                         applicable to the Non-accepting Seller.

 

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		(c)	After
                                         the Purchaser (or his nominee) has been registered by the Company as the holder of any
                                         Dragged Interests transferred in accordance with this Article 15 the validity of such
                                         transaction shall not be questioned by any person.
	 	 	 
		(d)	The
                                         proceeds of any transfer of Shares in accordance with this Article 16 shall be allocated
                                         in accordance with Article 9.3.

 

		17.	PRIMACY
                                         OF CO-SALE AND DRAG RIGHTS

 

Save
as expressly provided in these Articles, all further provisions of the Articles and all other regulations of the Company
relating to the transfer of Shares and the rights to registration of transfers shall be read subject to the provisions of
Articles 15 and 16.

 

    39 

     

    

 

PART
6

 

Directors

 

	18.	DIRECTORS’
                                         CONFLICTS OF INTEREST
	 	 
	18.1.	Subject to the
                                         provisions of the Act and provided that he has disclosed to the Board the nature and
                                         extent of any relevant material interest of his, a director notwithstanding his office:

 

		(a)	may
                                         be a party to or otherwise interested in any transaction or arrangement with the Company
                                         or in relation to which the Company is in any way interested;
	 	 	 
		(b)	may
                                         be a director or other officer of, or employed or engaged by, or be a party to any transaction
                                         or arrangement with, or otherwise interested in any undertaking promoted by, the Company
                                         or any undertaking in which the Company is in any way interested;
	 	 	 
		(c)	may
                                         (and any undertaking of which he is a partner, member or director may) act in a professional
                                         capacity for the Company or any undertaking in which the Company is in any way interested;
	 	 	 
		(d)	shall
                                         not by reason of his office be accountable to the Company for any benefit which he derives
                                         from such office service or employment, or from any such transaction or arrangement,
                                         or from any interest in any such undertaking, and no such transaction or arrangement
                                         shall be liable to be avoided on the ground of any such interest or benefit; and
	 	 	 
		(e)	shall
                                         be entitled to vote and be counted in the quorum in relation to any matter concerning
                                         the foregoing paragraphs of this Article 18.1.

 

		18.2.	For
                                         the purposes of this Article 18:

 

		(a)	a
                                         general notice to the Board that a director is to be regarded as having an interest of
                                         the nature and extent specified in the notice in any transaction or arrangement in which
                                         a specified person or class of persons is interested shall be deemed to be a disclosure
                                         that the director has an interest in any such transaction of the nature and extent so
                                         specified;
	 	 	 
		(b)	an interest
                                         of which a director has no knowledge and of which it is unreasonable to expect him to
                                         have knowledge shall not be treated as an interest of his; and

 

    40 

     

    

 

		(c)	an
                                         interest of a person who is for any purpose of the Act (excluding any statutory modification
                                         not in force when these Articles were adopted) connected with a director shall be treated
                                         as an interest of the director and in relation to an alternate director an interest of
                                         his appointor shall be treated as an interest of the alternate director without prejudice
                                         to any interest which the alternate director has otherwise.

 

		18.3.	Subject
                                         to Articles 18.1 and 18.2, if a question arises as to the right of a director to participate
                                         in any meeting (or part of any meeting) for voting or quorum purposes, the question may
                                         be referred to the chairman of the meeting (or, where the question concerns the right
                                         of the chairman to participate, to the other members of the meeting who shall decide
                                         upon such matter by simple majority) and whose ruling in relation thereto shall be final
                                         and conclusive.

 

		18.4.	The
                                         directors may authorise conflicts of interest in accordance with section 175 of the Act.
                                         Without prejudice to any other provision of these Articles, in exercising their powers
                                         to so authorise conflicts of interest contained in section 175 of the Act, each such
                                         authorisation may be granted on such terms as the Board (excluding the conflicted director)
                                         may determine, including (without limitation) the imposition on the conflicted director
                                         of obligations of confidentiality, exclusion from meetings of the directors at which
                                         matters relating to the conflict are to be discussed, exclusion from voting on matters
                                         relating to the conflict or the release of the conflicted director from any obligation
                                         to make available to the Company information imparted to him by, or obtained by him from,
                                         any party to whom he owes any relevant conflicting duty and every such authorisation
                                         may be withdrawn at any time by a resolution of the Board (excluding the conflicted director).

 

		19.	ALTERNATE DIRECTORS

 

		19.1.	A
                                         director (including a Special Director) may appoint any person as his or her alternate
                                         for a period determined by that director (“Alternate Director”).

 

		19.2.	An
                                         Alternate Director is entitled to notice of directors’ meetings and, subject to
                                         these Articles if the appointor is not present at a meeting, is entitled to attend, be
                                         counted in a quorum and vote as a director. An Alternate Director is entitled to attend,
                                         but not vote, at each directors’ meeting at which the appointor is present.

 

		19.3.	An
                                         Alternate Director is an officer of the Company and is not an agent of the appointor.

 

    41 

     

    

 

		19.4.	The
                                         provisions of these Articles and the Shareholders Agreement which apply to directors
                                         also apply to Alternate Directors, except that Alternate Directors are not entitled to
                                         any remuneration from the Company.

 

		19.5.	The
                                         appointment of an Alternate Director may be revoked at any time by the appointor.

 

		19.6.	An
                                         Alternate Director’s appointment ends automatically when his or her appointor ceases
                                         to be a Director.

 

		19.7.	Any
                                         appointment or revocation under this clause must be effected by written notice delivered
                                         to the Company’s registered office.

 

		20.	SPECIAL
                                         DIRECTORS

 

		20.1.	The
                                         Company may (with the written consent of a Series A Majority) by instrument or agreement
                                         in writing confer on one or more persons (each a “Nominating Shareholder”)
                                         the right (a “Nomination Right”) to nominate a person to hold office
                                         as a Special Director in accordance with this Article 20.

 

		20.2.	If
                                         and for as long as the Nomination Right remains exercisable, then the relevant Nominating
                                         Shareholder shall be entitled to appoint any one person to hold office at any one time
                                         to act as a director of the Company (a “Special Director”) and to
                                         remove from office any person so appointed and to appoint another person in his place.

 

		20.3.	The
                                         Company shall procure, if so requested by a Nominating Shareholder, that any Special
                                         Director appointed by such Nominating Shareholder shall also be appointed and hold office
                                         (if and for so long as such person remains a Special Director) as a director of any subsidiary
                                         undertaking of the Company.

 

		20.4.	The
                                         conferring of a Nomination Right must expressly refer to such right being so conferred
                                         pursuant and subject to the provisions of this Article 20. A Nomination Right may be
                                         conferred on such further terms as the Board may approve and accordingly such right may
                                         (without limitation) be expressed to: (i) be exercisable subject to the satisfaction
                                         of one or more conditions (including, without limitation, any requirement as to any minimum
                                         number of Shares to be held by the Nominating Shareholder and its Permitted Transferees);
                                         and/or (ii) lapse upon the occurrence of certain events.

 

		20.5.	All
                                         Nomination Rights:

 

		(a)	shall
                                         automatically lapse upon completion of a Share Sale; and
	 	 	 
		(b)	shall
                                         be assignable by a Nominating Shareholder to any of its Permitted Transferees to whom
                                         the Nominating Shareholder may have transferred any interest in Shares (or otherwise
                                         if approved by the Board).

 

    42 

     

    

 

		20.6.	The
                                         Company may confer multiple Nomination Rights on the same Nominating Shareholder thereby
                                         entitling such Nominating Shareholder to appoint one Special Director per Nomination
                                         Right.

 

		20.7.	If
                                         a Nominating Shareholder is not a Shareholder, this Article 20 may be enforced by any
                                         Shareholder who is a Permitted Transferee of such Nominating Shareholder on behalf of
                                         such Nominating Shareholder. If neither the Nominating Shareholder nor any Permitted
                                         Transferee of the Nominating Shareholder is a Shareholder, then the Nomination Right
                                         of such Nominating Shareholder shall be unenforceable.

 

		20.8.	In
                                         the event that a resolution to remove a Special Director from office as a director of
                                         the Company is proposed pursuant to section 168 of the Act (or otherwise by resolution
                                         of the Shareholders) then, in respect of such resolution only, each Share held by the
                                         Nominating Shareholder having the right to appoint such a Special Director (and each
                                         Share held by each Permitted Transferee of such Nominating Shareholder) shall carry 1,000,000
                                         votes per Share (notwithstanding any provision of these Articles to the contrary).

 

		20.9.	Appointment
                                         and removal of a Special Director pursuant to this Article 20 shall be effected by written
                                         notice to the Company from the Nominating Shareholder so appointing or removing such
                                         Special Director, which appointment or removal (as the case may be) shall take effect
                                         on delivery at the Company’s registered office (or at any meeting of the Board
                                         or any committee thereof or at such later time as may be specified in the notice.

 

		21.	REMOVAL
                                         OF DIRECTORS

 

		21.1.	The
                                         office of a director shall be vacated if:

 

		(a)	he
                                         resigns by written notice delivered to the Company or tendered (whether or not in writing)
                                         at a meeting of the Board or to the chairman of the Board;
	 	 	 
		(b)	he
                                         ceases to be a director by virtue of a provision of the Act, is removed from office pursuant
                                         to the Articles or becomes prohibited by law from being a director;
	 	 	 
		(c)	he
                                         has a bankruptcy order made against him;
	 	 	 
	 	(d)	a composition or arrangement is made
with his creditors generally;
	 	 	 
	 	(e)	a registered medical practitioner who
is treating him gives a written opinion that he has become physically or mentally incapable of acting as a director and may remain
so for more than three months; not being a Special Director; or
	 	 	 
	 	(f)	save in respect of a Special Director,
he shall be removed from office by notice in writing served upon him signed by all of his co-directors (such number of co-directors
being not less than two).

 

    43 

     

    

 

PART
7

 

Miscellaneous

 

	22.	INDEMNITY
	 	 
	22.1.	Directors
                                         and secretaries may be indemnified subject to the statutes

 

Without
prejudice to any indemnity which any person referred to in this Article 22.1 may otherwise be entitled, every present and former
director, alternate director and secretary of the Company (each an “Indemnified Person”) shall be indemnified
by the Company against all liabilities, costs, charges and expenses incurred by him to any person(s) other than the Company or
any company associated with the Company (within the meaning of section 256 of the Act) in the execution and discharge of his duties
to the Company and/or any company associated with the company (within the meaning of section 256 of the Act) including any liability
incurred by any Indemnified Person to any person(s) other than the Company or any company associated with the Company (within
the meaning of section 256 of the Act) in defending any proceedings, civil or criminal, which relate to anything done or omitted
or alleged to be done or omitted by him as an officer or employee of the Company or any company associated with the Company (within
the meaning of section 256 of the Act) provided that the indemnity set out in this Article 22.1 shall not extend to any liability
arising out of the fraud or dishonesty of the relevant Indemnified Person or the obtaining of any personal profit or advantage
to which the relevant Indemnified Person was not entitled and further, in no event shall any Indemnified Person be entitled to
any indemnity against:

 

		(a)	any
                                         liability incurred by him to the Company or any company associated with the Company (within
                                         the meaning of section 256 of the Act);
	 	 	 
		(b)	any
                                         liability incurred by him to pay any fine imposed in any criminal proceedings;
	 	 	 
		(c)	any
                                         liability incurred by him to pay any sum payable to a regulatory authority by way of
                                         a penalty in respect of non-compliance with any requirement of a regulatory nature (howsoever
                                         arising);
	 	 	 
		(d)	any
                                         liability incurred by him in defending any criminal proceedings in which he has been
                                         convicted and such conviction has become final;

 

    44 

     

    

 

		(e)	any
                                         liability incurred by him in defending any civil proceedings brought by the Company or
                                         any company associated within the Company (within the meaning of section 256 of the Act)
                                         in which a final judgment has been given against him; nor
	 	 	 
		(f)	any
                                         liability incurred by him in connection with any application under sections 661(3) or
                                         (4) of the Act or section 115 of the Act where in either such case the court refuses
                                         to grant him relief and such refusal has become final.

 

		22.2.	Power
                                         to provide funds

 

The
Company may provide funds (either directly or indirectly) to any Indemnified Person to meet expenditure incurred or to be incurred
by him in proceedings (whether civil or criminal) brought by any person which relate to anything done or omitted, or alleged to
be done or omitted, by him as an officer or employee of the Company or any company associated with the Company (within the meaning
of section 256 of the Act) provided that he will be obliged to repay such funds no later than:

 

		(a)	in
                                         the event that he is convicted in criminal proceedings, the date when the conviction
                                         becomes final;
	 	 	 
		(b)	in
                                         the event of judgment being given against him in civil proceedings, the date when the
                                         judgment becomes final (except that such funds need not be repaid to the extent that
                                         the expenditure to which the funds were applied is recoverable under Article 22.1); or
	 	 	 
		(c)	in
                                         the event that the court refuses to grant him relief on any application under sections
                                         661(3) or (4) of the Act or section 115 of the Act, the date when the refusal becomes
                                         final.

 

		22.3.	Power
                                         to purchase and maintain insurance

 

Without
prejudice to the provisions of Article 22.1, the Company shall have power to purchase and maintain, at the cost of the Company,
insurance for, or for the benefit of, any persons who are or were at any time directors, officers (excluding auditors) or employees
(but not advisers) of the Company, or of any other company associated with the company (within the meaning of section 256 of the
Act) (an “Insured Person”). Such insurance may cover any liability of the Insured Person in connection with
any negligence, default, breach of duty or breach of trust by him in relation to any such company as aforesaid or otherwise in
connection with his duties powers or office.

 

45

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