Document:

Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made
as of July 24, 2019 by and between Fellazo Inc., a Cayman Islands exempted company (the “Company”), and Continental
Stock Transfer & Trust Company, a New York limited liability trust company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-231654 (“Registration Statement”) for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange
Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);
and

 

WHEREAS, Maxim Group
LLC (“Maxim”) is acting as the representative of the underwriters in the IPO pursuant to an underwriting agreement
between the Company and Maxim, as representative of the underwriters (“Underwriting Agreement”); and

 

WHEREAS, the Company
initially has 12 months from the consummation of the IPO (the “Initial Period”) to consummate an initial business combination
(as described in the Registration Statement, a “Business Combination”); and

 

WHEREAS, if a Business
Combination is not consummated within the Initial Period, Swipy Ltd., a Cayman Islands exempted company (the “Sponsor”)
may extend such period up to three times, each by a three-month period, up to a maximum of 21 months in the aggregate, by depositing
$500,000 (or $575,000 if the underwriters’ over-allotment option is exercised in full, plus any amount eventually deposited
on account of any Extension) into the Trust Account no later than the 12 month anniversary of the IPO, the 15 month anniversary
of the IPO or the 18 month anniversary of the IPO (each, an “Applicable Deadline”) for each three month extension (each,
an “Extension”) for up to an aggregate of $1,500,000 (or $1,725,000 if the underwriters’ over-allotment option
is exercised in full); and

 

WHEREAS, simultaneously
with the IPO, the Sponsor will be purchasing an aggregate of 214,500 units (or 229,500 units if the over-allotment option is exercised
in full) (“Initial Private Units”) from the Company for an aggregate purchase price of $2,145,000 (or $2,295,000 if
the over-allotment option is exercised in full); and 

 

WHEREAS, in the event
the underwriters exercise their over-allotment option in full or in part, the Sponsor and Maxim will purchase up to an aggregate
of an additional 750,000 units (“Over-Allotment Private Units,” together with the Initial Private Units, the “Private
Units”) for an aggregate purchase price of up to $7,500,000; and 

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association,
$50,000,000 of the net proceeds of the IPO and sale of the Private Units ($57,500,000 if the underwriters’ over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the
Company and the holders of the Company’s ordinary shares, no par value per share (“Ordinary Shares”), issued
in the IPO as hereinafter provided (the amounts to be delivered to the Trustee, including any amount deposited in connection with
any Extension, will be referred to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold
the Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be
referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant to
the Underwriting Agreement, a portion of the Property, up to $1,500,000 (or $1,725,000 if the underwriters’ over-allotment
option is exercised in full), subject to adjustment in accordance with the Underwriting Agreement, is attributable to deferred
underwriting discounts and commissions that may become payable by the Company to the underwriters upon the consummation of a Business
Combination (the “Deferred Discount”); and

 

WHEREAS, the Company
and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

 

     

     

    

 

IT IS AGREED: 

 

	 	1.	Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee at JP Morgan Chase Bank, N.A. located in the United States and at a brokerage institution
selected by the Trustee that is satisfactory to the Company;

 

(b) Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), having a maturity of 185 days or less, and/or in any open ended investment company registered under the Investment
Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(1), (d)(2),
(d)(3), and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury
obligations; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder and the Trustee may earn bank credits or other consideration; 

 

(d) Collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e) Promptly
notify the Company and Maxim of all communications received by the Trustee with respect to any Property requiring action by the
Company; 

 

(f) Supply
any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

(g) Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h) Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the
Company by its Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary, affirmed by counsel for the
Company and, if Exhibit A, acknowledged by Maxim, complete the liquidation of the Trust Account and distribute the Property in
the Trust Account, including interest (which interest shall be net of any taxes payable and up to Fifty Thousand Dollars ($50,000)
of interest that may be released to the Company to pay dissolution expenses, if applicable, it being understood that the Trustee
has no obligation to monitor or question the Company’s position that an allocation has been made for taxes payable), only
as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a
Termination Letter has not been received by the Trustee by the last date set forth in the Company’s Amended and Restated
Memorandum and Articles of Association, as the same may be amended from time to time (the “Last Date”), the Trust Account
shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and the
Property in the Trust Account, including interest (which interest shall be net of any taxes payable and less up to Fifty Thousand
Dollars ($50,000) of interest that may be released to the Company to pay dissolution expenses, if applicable), shall be distributed
to the Public Shareholders as of the Last Date;

 

(j) Upon
receipt of an Amendment Notification Letter (defined below), distribute to Public Shareholders who exercised their redemption rights
in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares for
which such Public Shareholders have exercised redemption rights in connection with such Amendment; and

 

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(k) 
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit F hereto at least five days
prior to the Applicable Deadline, signed on behalf of the Company by one of the Company’s executive officers and affirmed
by counsel for the Company, and receipt of the dollar amount specified in the Extension Letter on or prior to the Applicable Deadline,
to follow the instructions set forth in the Extension Letter. 

 

	 	2.	Limited Distributions of Income from Trust Account.

 

(a) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by
the Company to cover any tax obligation owed by the Company.

 

(b) Upon
written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto
as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to
the Company up to Fifty Thousand Dollars ($50,000) of interest income earned on the Property and requested by the Company to cover
expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable
to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned
on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations
on such interest income or otherwise then due at that time.

 

(c) The
limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except
as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) or 1(j) hereof.

 

(d) The
Company shall provide Maxim with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after such issuance. 

 

	 	3.	Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Vice Chairman of the
Board, Chief Executive Officer, President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs
1(i), 1(j), 1(k), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal
or telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized above to give
written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b) Subject
to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any
claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall
have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent
of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

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(c) Pay
the Trustee an initial acceptance fee and an annual fee as set forth on Schedule A hereto, which fees shall be subject to modification
by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees and further agreed
that any fees owed to the Trustee shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section
1(i) solely in connection with the consummation of a Business Combination. Otherwise, fees and disbursements shall be paid by the
Company from other funds held outside the Trust Account. The Company shall pay the Trustee the initial acceptance fee and first
year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date;

 

(d) In
connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of tabulating shareholder votes verifying the vote of the Company’s
shareholders regarding such Business Combination;

 

(e) In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement;

 

(f) Within
five business days after Maxim, on behalf of the underwriters in the IPO, exercise the over-allotment option (or any unexercised
portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to Maxim) of
the total amount of the Deferred Discount (as adjusted in accordance with the Underwriting Agreement);

 

(g) If
the Company seeks to amend any provisions of its Memorandum and Articles of Association relating to shareholders’ rights
or pre-Business Combination activity (including the substance and time within which the Company has to complete a Business Combination)
(in each case, an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification
Letter”) in the form of Exhibit E providing instructions for the distribution of funds to Public Shareholders who exercise
their redemption option in connection with such Amendment;

 

(h) If
applicable, issue a press release at least three days prior to the Applicable Deadline announcing that, at least five days prior
to the Applicable Deadline, the Company received notice from the Sponsor that the Sponsor intends to extend the Applicable Deadline;
and

 

(i) Promptly
following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business Combination has been
extended.

 

	 	4.	Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a) Take
any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence or willful misconduct;

 

(b) Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(c) Change
the investment of any Property, other than in compliance with paragraph 1(c);

 

(d) Refund
any depreciation in principal of any Property;

 

(e) Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

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(f) The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence, fraud or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as and with reasonable care to the truth and acceptability of any
information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by
the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written
consent thereto; 

 

(g) Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement; and

 

(h) File
local, state and/or Federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property.

 

(i) Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property, other than accrued interest to the extent
otherwise provided by this Agreement, shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the
Company from funds not held in the Trust Account or released to it under Section 2(a) hereof).

 

(j) Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein.

 

(k) Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 1(j), 2(a) or 2(b) above.

 

5.               Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and
its assets outside the Trust Account and not against the Property or any monies in the Trust Account 

 

	 	6.	Termination. This Agreement shall terminate as follows:

 

(a) If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b) At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Paragraph 3(b).

 

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	 	7.	Miscellaneous.

 

(a) The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds
transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers and
all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary bank. Except for any liability
arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss,
liability or expense resulting from any error in the information or transmission of the wire.

 

(b) This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, applicable to contracts
wholly performed within the borders of such states and without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. It may be executed in several original or facsimile
counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. The Company
hereby appoints, without power of revocation, Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York
10105, Fax No.: (212) 370-7889, Attn: Stuart Neuhauser, Esq., as their respective agent to accept and acknowledge on its behalf
service of any and all process which may be served in any arbitration, action, proceeding or counterclaim in any way relating to
or arising out of this Agreement. The Company further agrees to take any and all action as may be necessary to maintain such designation
and appointment of such agent in full force and effect for a period of seven years from the date of this Agreement.

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i), 1 (j), 1(k), 2(a) and 2(c) (which may not be modified, amended or deleted without the affirmative vote of at
least 65% of the then outstanding Ordinary Shares attending and voting on such amendment at the relevant meeting; provided that
no such amendment will affect any Public Shareholder who has otherwise indicated his election to redeem his, her or its Ordinary
Shares in connection with a shareholder vote sought to amend this Agreement to extend to the time he, she or its would be entitled
to a return of his pro rata amount in the Trust Account), this Agreement or any provision hereof may only be changed, amended or
modified (other than to correct a typographical error) by a writing signed by each of the parties hereto; provided, however, that
no such change, amendment or modification may be made without the prior written consent of Maxim. As to any claim, cross-claim
or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee may require from
Company counsel an opinion as to the propriety of any proposed amendment.

 

(d) The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder.

 

(e) Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer &Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Conzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Fellazo Inc.

Jinshan Building East, Unit 1903

568 Jinshan West Road

Yong Kang City, Zhejiang Province

People’s
Republic of China 321300

Attn: Nicholas
Ting Lun Wong, Chief Executive Officer

 

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in either case with a copy to:

 

Maxim Group LLC

405 Lexington Avenue, 2nd floor

New York, NY 10174

Attn: Clifford A. Teller

 

and 

 

Ellenoff Grossman & Schole
LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso, Esq.

Fax No.: (212) 407-4990

 

 

(f) This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g) Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds
in the Trust Account under any circumstance. In the event that the Trustee has a claim against the Company under this Agreement,
the Trustee will pursue such claim solely against the Company and not against the Property held in the Trust Account.

 

(h) This
Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i) This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

(j) Each
of the Company and the Trustee hereby acknowledges that Maxim, on behalf of the several underwriters, is a third party beneficiary
of this Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee

 

	 	By:	 /s/ Francis E. Wolf Jr.
	 	 	Name: Francis E. Wolf Jr.
	 	 	Title: Vice President

 

	 	FELLAZO INC.

 

	 	By:	 /s/ Nicholas Ting Lun Wong
	 	 	Name: Nicholas Ting Lun Wong
	 	 	Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Investment Management
Trust Agreement]

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial one-time acceptance fee	 	Trust agreement negotiation, completion of Know Your Customer review, account set-up, and initial closing of IPO by wire transfer, set up and monitoring of the required principal crediting beginning year 2.	 	$	3,500	 
	 	 	 	 	 	 	 
	Trusteeship annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(j)	 	 	Prevailing rates 	 

 

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EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. – [_____] Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Fellazo Inc. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of             , 2019 (“Trust Agreement”), this is to advise you that the Company
has entered into an agreement (“Business Agreement”) with __________________ (“Target Business”) to consummate
a business combination with Target Business (“Business Combination”) on or about [insert date]. The Company
shall notify you at least 48 hours in advance of the actual date (or such shorter time as you may agree) of the consummation of
the Business Combination (“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on __________ and to transfer
the proceeds to the above-referenced account at JP Morgan Chase Bank to the effect that, on the Consummation Date, all of funds
held in the Trust Account will be immediately available for transfer to the account or accounts that Maxim (with respect to the
Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are
on deposit in the trust account awaiting distribution, neither Maxim nor the Company will earn any interest or dividends.

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of __________________, which verifies the vote of
the Company’s shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions
from it and Maxim with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”), including
payment of the Deferred Discount from the Trust Account. You are hereby directed and authorized to transfer the funds held in the
Trust Account immediately upon your receipt of the counsel’s letter and the Instruction Letter, (x) to Maxim in an amount
equal to the Deferred Discount (as adjusted in accordance with the Underwriting Agreement) as directed by Maxim and (y) the remainder
in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be
liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as
to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution
of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 

In the event that the
Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on
or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from
the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice. 

 

 

 

	 	Very truly yours,
	 	 
	 	FELLAZO INC.

 

	 	By:	 

 

	And 	 
	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 
	MAXIM GROUP LLC	 

 

	By:	 	 

  

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EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [insert no.]___ - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Fellazo Inc. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of            , 2019 (“Trust Agreement”), this is to advise you that
the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s
Amended and Restated Memorandum and Articles of Association, as described in the Company’s prospectus relating to its IPO. Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on ______________ and
to transfer the total proceeds to the Trust Operating Account at JP Morgan Chase Bank, NA to await distribution to the Public Shareholders.
The Company has selected ____________, 20__ as the effective date for the purpose of determining when the Public Shareholders will
entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company
on the liquidation proceeds while on deposit in the Trust Operating Account. You agree to be the Paying Agent of record and in
your separate capacity as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms
of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution
of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	FELLAZO INC.

 

	 	By:	 

 

cc: Maxim Group LLC

 

    11

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor 

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [insert no.]___

 

Ladies and Gentlemen:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between Fellazo Inc. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of            , 2019 (“Trust Agreement”), the Company hereby requests
that you deliver to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs
such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

	[WIRE INSTRUCTION INFORMATION]

 

	 	FELLAZO INC.

 

	 	By:	 

 

	cc: Maxim Group LLC

 

    12

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No. [______]

 

Ladies and Gentlemen:

 

Pursuant to Section
2(b) of the Investment Management Trust Agreement between Fellazo Inc. (“Company”) and Continental Stock Transfer
& Trust Company (“Trustee”), dated as of            , 2019
(“Trust Agreement”), the Company hereby requests that you deliver to the Company $[       ] of the interest income earned
on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section
2(b), if any, the maximum amount set forth in Section 2(b). The Company needs such funds to pay its expenses relating to its liquidation.
In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such
funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	Very truly yours,	 
	 	 
	FELLAZO INC.	 

 

	By:	 	 

 

cc: Maxim Group LLC

  

    13

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No. [______] - Amendment
Notification Letter

 

Ladies and Gentlemen:

 

Reference is made to the Investment Management
Trust Agreement between Fellazo Inc. (“Company”) and Continental Stock Transfer & Trust Company, dated as of            ,
2019 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have the meanings ascribed
to them in the Trust Agreement.

 

Pursuant to Sections 1(j) and 3(g) of the
Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account on [       ] in order to transfer $_____
of the proceeds of the Trust to the Trust Operating Account at [JP Morgan Chase Bank, NA] for distribution to the shareholders
that have requested redemption of their shares in connection with such Amendment.

 

	[WIRE INSTRUCTION INFORMATION]	 

 

	 	Very truly yours,
	 	 
	 	FELLAZO INC.

 

	 	By:	 

 

cc: Maxim Group LLC

 

    14

     

    

 

EXHIBIT F

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street Plaza, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [   ] Extension Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k) of the Investment
Management Trust Agreement between Fellazo Inc. (“Company”) and Continental Stock Transfer & Trust Company, dated
as of            , 2019 (“Trust Agreement”), this is to advise you that the Company is extending the time available in order to
consummate a Business Combination with the Target Businesses for an additional three (3) months, from _______ to _________ (the
“Extension”).

 

This Extension Letter shall serve as the
notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to deposit $_____, which will be wired to you, into the Trust Account upon receipt. These funds
should be invested in [__________________________] or [the same manner as the funds currently on deposit in the Trust Account].

 

This is the ____ of up to three Extension
Letters that the Company is permitted to deliver to you pursuant to the Trust Agreement. 

 

	 	Very truly yours,
	 	 
	 	FELLAZO INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	cc:	Maxim Group LLC

 

15Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of July 24, 2019, by and among Fellazo Inc, a Cayman
Islands company (the “Company”), Swipy Ltd. (the “Sponsor”), and any other
holder of Registrable Securities (as defined below) which becomes a party to this Agreement pursuant to Section 6.2.

 

WHEREAS, the Sponsor
currently holds all of the outstanding Ordinary Shares of the Company issued prior to the consummation of the Company’s initial
public offering (the “Initial Shares”);

 

WHEREAS, the Sponsor
is privately purchasing 214,500 Units simultaneously with the consummation of the Company’s initial public offering (the
“Initial Private Units”), and the Sponsor will purchase up to an aggregate of 15,000
additional Units (together with the Initial Private Units, the “Private Units”) in the event the underwriters
of the Company’s initial public offering exercise the over-allotment option in full or in part; and

 

WHEREAS, the Sponsor
and the Company desire to enter into this Agreement to provide the Sponsor with certain rights relating to the registration of
certain securities of the Company.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 

1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“AAA”
is defined in Section 6.11.

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination” means an acquisition, share exchange, share reconstruction and amalgamation, contractual control arrangement
or other similar business combination with the Company and one or more businesses or entities.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange
Act.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Form S-3” is
defined in Section 2.2.4.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying Party”
is defined in Section 4.3.

 

     

     

    

 

“Initial Shares”
is defined in the preamble to this Agreement.

 

“Initial Private
Units” is defined in the preamble to this Agreement.

 

“Maximum Number of Securities”
is defined in Section 2.1.4.

 

“Notices” is defined
in Section 6.3.

 

“Ordinary Shares”
means the Ordinary Shares of the Company, no par value.

 

“Piggy-Back Registration”
is defined in Section 2.2.1.

 

“Private Units”
is defined in the preamble to this Agreement.

 

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

 

“Registrable
Securities” means (i) all of the Initial Shares, (ii) all of the Private Units, (iii) all of the Working Capital
Units, (iii) all Ordinary Shares issued or issuable upon the exercise or conversion of any Warrants or Rights included in
the Private Units or Working Capital Units, (iv) all Warrants and Rights included in the Private Units or Working Capital
Units and (v) any warrants, share capital or other securities of the Company issued as a dividend or other distribution with
respect to or in exchange for or in replacement of such Initial Shares, Private Units (and underlying Ordinary Shares, Warrants
and Rights) and Working Capital Units (and underlying Ordinary Shares, Warrants and Rights). As to any particular Registrable Securities,
such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for
them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution
of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding, or (d)
the Registrable Securities are freely saleable under Rule 144 without volume or other restrictions or limitations. 

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or
other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement
on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange
for securities or assets of another entity).

 

“Rights”
means the rights of the Company underlying the Units, each entitling the holder thereof to receive one-tenth of one ordinary share
on the consummation of an initial Business Combination.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Sponsor” is defined
in the preamble to this Agreement.

 

“Sponsor Indemnified Party”
is defined in Section 4.1.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

    2

     

    

 

“Units”
means the units of the Company, each comprised of one ordinary share, one Right and one Warrant.

 

“Warrants” means
the warrants of the Company underlying the Units, each to purchase one half of one Ordinary Share.

 

“Working
Capital Units” means any Units held by the Sponsor, officers or directors of the Company or their affiliates which
may be issued in payment of working capital loans made to the Company.

 

2. REGISTRATION
RIGHTS.

 

2.1 Demand Registration.

 

2.1.1 Request
for Registration. At any time and from time to time on or after the date that the Company consummates a Business Combination,
the holders of a majority-in-interest of such Private Units (or underlying Ordinary Shares), Working Capital Units (or underlying
Ordinary Shares) or other Registrable Securities, as the case may be, held by the Sponsor, officers or directors of the Company
or their affiliates, or the transferees of the Sponsor, may make a written demand for registration under the Securities Act of
all or part of their Private Units (or underlying Ordinary Shares), Working Capital Units (or underlying Ordinary Shares) or other
Registrable Securities, as the case may be (a “Demand Registration”). Any demand for a Demand Registration
shall specify the number of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The
Company will notify, in writing, all holders of Registrable Securities of the demand within ten (10) days of the Company’s
receipt of such demand, and each holder of Registrable Securities who wishes to include all or a portion of his, her or its Registrable
Securities in the Demand Registration (each such holder including Registrable Securities in such registration, including the holder(s)
making the initial demand, a “Demanding Holder”) shall so notify the Company, in writing, within fifteen
(15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be
entitled to have their Registrable Securities included in the Demand Registration, subject to Sections 2.1.4 and 3.5 and the provisos
set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of three (3) Demand Registrations
under this Section 2.1.1 in respect of all Registrable Securities. 

 

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

 

2.1.3 Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their
written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall
be in the form of an underwritten public offering. In such event, the right of any holder to include its Registrable Securities
in such registration shall be conditioned upon such holder’s participation in such underwritten offering and the inclusion
of such holder’s Registrable Securities in such underwritten offering to the extent provided herein. All Demanding Holders
proposing to distribute their Registrable Securities through such underwritten offering shall enter into an underwriting agreement
in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders
initiating the Demand Registration. 

 

    3

     

    

 

2.1.4 Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten public offering
advises the Company and the Demanding Holders in writing that the dollar amount or number of Registrable Securities that the Demanding
Holders desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell
and the Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of securities
that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of securities, as applicable, the
“Maximum Number of Securities”), then the Company shall include in such registration: (i) first, the
Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with
the number of Registrable Securities that each such holder has requested be included in such registration, regardless of the number
of Registrable Securities held by each such holder (such proportion is referred to herein as "Pro Rata"))
that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (i), the Ordinary Shares or other equity securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i) and (ii), the other securities registrable pursuant to the terms
of the Unit Purchase Option issued to the representative of the underwriters of the Company’s initial public offering, or
its designees, in connection with the Company’s initial public offering (the “Unit Purchase Option”
and such registrable securities, the “Option Securities”) as to which “piggy-back” registration
has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Securities; and (iv)
fourth, to the extent that the Maximum Number of Securities have not been reached under the foregoing clauses (i) and (ii), the
Ordinary Shares or other equity securities for the account of other persons that the Company is obligated to register pursuant
to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities. 

 

2.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering or are not entitled to
include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw
from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior
to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not
count as a Demand Registration provided for in Section 2.1.  Notwithstanding any such withdrawal, the Company shall pay all
expenses incurred by the holders of Registrable Securities in connection with such Demand Registration as provided in Section 3.3. 

 

2.2 Piggy-Back
Registration.

 

2.2.1 Piggy-Back
Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company
for their account (or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1),
other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible
into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice
of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days
before the anticipated filing date of such Registration Statement, which notice shall describe the amount and type of securities
to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters,
if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the
sale of such number of Registrable Securities as such holders may request in writing within five (5) days following receipt of
such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable Securities to be
included in such registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed underwritten
offering to permit the Registrable Securities requested by holders pursuant to this Section 2.2.1 to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the Company included in such registration and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves
an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such Piggy-Back Registration.

 

    4

     

    

 

2.2.2 Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities participating in such Piggy-Back registration in writing that the
dollar amount or number of Ordinary Shares that the Company desires to sell, taken together with Ordinary Shares, if any, as to
which registration has been demanded pursuant to written contractual arrangements with persons other than the holders of Registrable
Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2, and the Ordinary
Shares, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights
of other shareholders of the Company, exceeds the Maximum Number of Securities, then the Company shall include in any such registration: 

 

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

 

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

 

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

 

    5

     

    

 

2.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a
demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3. 

 

2.2.4 Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be
available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice
of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the
registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities or other securities of the Company, if any, of any other holder
or holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written
notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration pursuant to
this Section 2.2.4: (i) if Form S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together
with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than $500,000. Registrations effected
pursuant to this Section 2.2.4 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

3. REGISTRATION
PROCEDURES.

 

3.1 Filings;
Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section
2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with
the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request: 

 

3.1.1 Filing
Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for
which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for
the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its best efforts to cause such Registration Statement to become effective and use its best efforts to keep it effective
for the period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders of Registrable Securities
included in such Registration Statement a certificate signed by the President or Chairman of the Company stating that, in the good
faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its shareholders
for such Registration Statement to be effected at such time; provided further, however, that the Company shall not have the right
to exercise the right set forth in the immediately preceding proviso more than once in any 365-day period in respect of a Demand
Registration hereunder. 

 

    6

     

    

 

3.1.2 Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of
such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement
(including each preliminary prospectus), and such other documents as the holders of Registrable Securities included in such registration
or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by
such holders. 

 

3.1.3 Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be reasonably requested by
the majority-in-interest of the holders with Registrable Securities registered on such Registration Statement, and as necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable
Securities cease to be Registrable Securities as defined by the Agreement. 

 

3.1.4 Notification.
After the filing of any Registration Statement pursuant to this Agreement, any prospectus related thereto or any amendment or supplement
to such Registration Statement or prospectus, the Company shall promptly, and in no event more than two (2) business days after
such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further
notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of
any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall
take all actions required to prevent the entry of such stop order or to remove it if entered); (iv) any request by the Commission
for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information;
and (v) the occurrence of an event requiring the preparation of a supplement or amendment to such Registration Statement or
prospectus so that, after such amendment is filed or prospectus delivered to the purchasers of the securities covered by such Registration
Statement, such Registration Statement or prospectus will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary in order to make the statements therein (in the case of the prospectus,
in the light of the circumstances under which they were made), not misleading, and the Company shall promptly make available to
the holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before
filing with the Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated
by reference, the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to
the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to
provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company
shall not file any Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated by
reference, to which such holders or their legal counsel shall reasonably object. 

 

3.1.5 State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction. 

 

    7

     

    

 

 

3.1.6 Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made
to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of
Registrable Securities included in such registration statement. No holder of Registrable Securities included in such registration
statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with
respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such
sale with such holder’s material agreements and organizational documents, and with respect to written information relating
to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

 

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

 

3.1.8 Records.
The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested
by any of them in connection with such Registration Statement. 

 

3.1.9 Opinions
and Comfort Letters. In the case of any underwritten offering or if reasonably requested by any participant in any other offering
pursuant to a Registration Statement filed pursuant to this Agreement, the Company shall obtain opinions of counsel representing
the Company for the purposes of a registration pursuant to this Agreement, addressed to the holders participating in such registration,
the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to such registration
in respect of which such opinion is being given as such holders, placement agent, sales agent, or Underwriter may reasonably request
and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a holders of a
majority-in-interest of the Registrable Securities included in such registration. In the case of any underwritten offering or if
reasonably requested by any participant in any other offering pursuant to a Registration Statement filed pursuant to this Agreement,
the Company shall obtain a “cold comfort” letters from the Company’s independent registered public accountants
in the event of an underwritten public offering pursuant to this Agreement, in customary form and covering such matters of the
type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably
satisfactory to a holders of a majority-in-interest of the Registrable Securities included in such registration. The Company shall
furnish to each holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed to such
holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii) any comfort letter from the
Company’s independent public accountants delivered to any Underwriter.

 

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

 

3.1.11 Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority-in-interest
of the Registrable Securities included in such registration. 

 

    8

     

    

 

3.1.12 Road
Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000,
the Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any underwritten offering. 

 

3.2 Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 3.1.4(iv) or (v), or, in the case of a resale registration on Form S-3 pursuant to Section 2.2.4 hereof, upon any suspension
by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of
the ability of all “insiders” covered by such program to transact in the Company’s securities because of the
existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4 or the restriction on the ability
of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company,
each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s possession,
of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

 

3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.2.4,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal expenses
(including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in
connection with the listing of the Registrable Securities (including as required by Section 3.1.11); (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters
requested pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts retained by the Company in connection
with such registration; and (ix) the fees and expenses of one legal counsel selected by the holders of a majority-in-interest of
the Registrable Securities included in such registration. The Company shall have no obligation to pay any underwriting discounts
or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts
or selling commissions shall be borne by such holders in proportion to the number of Registrable Securities included in such offering
for each such holder.

 

3.4 Information.
The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto,
in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection
with the Company’s obligation to comply with Federal and applicable state securities laws.

 

    9

     

    

 

4. INDEMNIFICATION
AND CONTRIBUTION.

 

4.1 Indemnification
by the Company. The Company agrees to indemnify and hold harmless the Sponsor and each other holder of Registrable Securities,
and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
if any, who controls the Sponsor and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, a “Sponsor Indemnified Party”), from and against any expenses,
losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement
(or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained
in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any
omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder applicable
to the Company and relating to action or inaction required of the Company in connection with any such registration; and the Company
shall promptly reimburse the Sponsor Indemnified Party for any legal and any other expenses reasonably incurred by such Sponsor
Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or
action; provided, however, that the Company will not be liable in any such case to the extent that any such expense, loss, claim,
damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged omission
made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or
supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such selling holder expressly
for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors,
partners, members and agents and each person who controls such Underwriter on substantially the same basis as that of the indemnification
provided above in this Section 4.1.

 

4.2 Indemnification
by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration
is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder,
indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling
holder and each other person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities
Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission
to state a material fact required to be stated therein or necessary to make the statement therein not misleading, but only if the
statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such
selling holder expressly for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder
or controlling person for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending
any such loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several
and not joint and shall be limited to the amount of any net proceeds actually received by such selling holder in such offering
giving rise to such liability.

 

4.3 Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify
such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability
or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely
to the extent the Indemnifying Party is actually, materially prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the
Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with
the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon advice of counsel of such Indemnified
Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment
or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could
have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement
includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding. 

 

    10

     

    

 

4.4 Contribution. 

 

4.4.1 If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable or insufficient to any Indemnified Party
in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action,
as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying
Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

4.4.2 The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding Section 4.4.1. 

 

4.4.3 The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in Section
4.4.1 shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified
Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.4,
no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds
(after payment of any underwriting fees, discounts, commissions or taxes) actually received by such selling holder from the sale
of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

 

5. UNDERWRITING
AND DISTRIBUTION.

 

5.1 Rule
144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities, the
Company shall deliver to such Holder a written certification of a duly authorized officer as to (A) whether the Company has
filed (i) all reports and other materials required to be filed pursuant to Sections 13(a) or 15(d) of the Exchange Act, as
applicable, during the preceding 12 months (or for such shorter period that the Company was required to file such reports
and materials), other than Current Reports on Form 8-K and (ii) current “Form 10 information” (within the meaning
of Rule 144 under the Securities Act) with the Commission reflecting the Company’s status as an entity that is no longer
an issuer described in paragraph (i)(1)(i) of Rule 144 under the Securities Act and (B) the first date that the Company filed “Form
10 information” (within the meaning of Rule 144 under the Securities Act) with the Commission.

 

6. MISCELLANEOUS. 

 

6.1 Other
Registration Rights. The Company represents and warrants that no person, other than the holders of the Registrable Securities,
has any right to require the Company to register any of the Company’s share capital for sale or to include the Company’s
share capital in any registration filed by the Company for the sale of share capital for its own account or for the account of
any other person. 

 

    11

     

    

 

6.2 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable
Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and to the
extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties, to the permitted assigns of the Sponsor or holder of Registrable Securities
or of any assignee of the Sponsor or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits
on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2.  Any additional
holder of Registrable Securities may become party to this Agreement by executing and delivering a joinder to the Company and the
Sponsor in form and substance reasonably satisfactory to the Company.

 

6.3 Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by
written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery. 

 

To the Company:

 

Fellazo Inc. 

Jinshan Building East, Unit 1903

568 Jinshan West Road

Yong Kang City, Zhejiang Province, China 321300

Attn: Nicholas Ting Lun Wong

 

with a copy to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

 

To the Sponsor, to the address set forth below the Sponsor’s
name on Exhibit A hereto.

 

6.4 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

6.5 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
shall constitute one and the same instrument. 

 

6.6 Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether
oral or written. 

 

    12

     

    

 

6.7 Modifications
and Amendments. No amendment, modification or termination of this Agreement shall be binding upon any party unless executed
in writing by such party. 

 

6.8 Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement. 

 

6.9 Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall
be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver
or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance
of any other obligations or acts.

 

6.10 Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Sponsor or any other holder of Registrable Securities may proceed to protect and enforce its rights by
suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction
against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal
or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers
or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative
and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law,
in equity, by statute or otherwise. 

 

6.11 Governing
Law. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would
result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding
or claim arising out of or relating in any way to this Agreement shall be resolved through final and biding arbitration in accordance
with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration shall
be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be conducted
in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator
panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom enforcement is
sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal fees and expenses,
shall be borne by the non-prevailing party or as otherwise directed by the arbitrators. The Company hereby appoints, without power
of revocation, Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, NY 10105, Fax No.: (212) 370-7889, Attn:
Richard Anslow, Esq., as their respective agent to accept and acknowledge on its behalf service of any and all process which may
be served in any arbitration, action, proceeding or counterclaim in any way relating to or arising out of this Agreement. The Company
further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full
force and effect for a period of seven years from the date of this Agreement.

 

6.12 WAIVER
OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT,
COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE SPONSOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE
OR ENFORCEMENT HEREOF.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    13

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Registration Rights Agreement to be executed and delivered by their duly authorized representatives as of the date first written
above. 

 

	 	COMPANY:
	 	 
	 	FELLAZO INC.

 

	 	By:	 /s/ Nicholas Ting Lun Wong
	 	 	Name:	Nicholas Ting Lun Wong
	 	 	Title:	Chief Executive Officer

 

	 	SPONSOR:
	 	 
	 	SWIPY LTD.

 

	 	By:	 /s/ Nicholas Ting Lun Wong
	 	 	Name:	Nicholas Ting Lun Wong
	 	 	Title:	Director

 

 

[Signature Page to Registration Rights
Agreement]

  

     

     

    

 

EXHIBIT A

 

	Name	 	Address
	Swipy Ltd. 	 	
        Swipy Ltd.

        C/O Maples Corporate Services Limited

        PO Box 309, Ugland House

        Grand Cayman, KY1-1104

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