Document:

Exhibit

4.2

 

DESCRIPTION

OF SECURITIES

 

As

of December 31, 2021, Pearl Holdings Acquisition Corp (“we,” “our,” “us” or the “company”)

had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”): (i) its units, each consisting of one Class A ordinary share and one-half of one redeemable warrant, (ii) Class A ordinary

shares, par value $0.0001 per share (the “Class A ordinary shares” or “public shares”), and (iii) redeemable

warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50. In addition, this Description

of Securities also references the company’s Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares”

or “founder shares”), which are not registered pursuant to Section 12 of the Exchange Act but are convertible into Class

A ordinary shares. The description of the Class B ordinary shares is included to assist in the description of the Class A ordinary shares.

Unless the context otherwise requires, references to our “sponsor” are to Pearl Holdings Sponsor LLC and references to our

“initial shareholders” are to our sponsor and our independent directors that held our founder shares prior to our initial

public offering (our “IPO”).

 

We

are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association,

the Companies Act and common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association (“M&AA”),

we are authorized to issue 500,000,000 Class A ordinary shares, $0.0001 par value each, 50,000,000 Class B ordinary shares, $0.0001 par

value each, and 5,000,000 undesignated preference shares, $0.0001 par value each. The following description summarizes the material terms

of our shares set out more particularly in our M&AA. Because the below is only a summary, it may not contain all the information

that is important to you.

 

Units

 

Each

unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to

purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described below. Pursuant to the warrant

agreement that governs the warrants (the “warrant agreement”), a warrant holder may exercise its warrants only for a whole

number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant

holder.

 

Holders

have the option to hold units or separate their units into the component securities. Holders will need to have their brokers contact

our transfer agent in order to separate the units into Class A ordinary shares and warrants. Additionally, the units will automatically

separate into their component parts and will not be traded after completion of our initial business combination.

 

     

    

    

 

Ordinary

Shares

 

Class

A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be

voted on by shareholders and vote together as a single class, except as required by law; provided that, prior to our initial business

combination, holders of our Class B ordinary shares will have the right to appoint all of our directors and remove members of the board

of directors for any reason, and holders of our Class A ordinary shares will not be entitled to vote on the appointment of directors

during such time. These provisions of our M&AA may only be amended by a special resolution passed by the holders of a majority of

at least 90% of our ordinary shares attending and voting in a general meeting. Unless specified in the Companies Act, our M&AA or

applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any

such matter voted on by our shareholders (other than the appointment or removal of directors prior to our initial business combination),

and, prior to our initial business combination, the affirmative vote of a majority of our founder shares is required to approve the appointment

or removal of directors. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our M&AA;

such actions include amending our M&AA and approving a statutory merger or consolidation with another company. Directors are appointed

for a term of two years. There is no cumulative voting with respect to the appointment of directors, with the result that the holders

of more than 50% of the founder shares voted for the appointment of directors can appoint all of the directors prior to our initial business

combination. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds

legally available therefor.

 

Because

our M&AA authorize the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into a business combination, we

may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are

authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval

in connection with our initial business combination.

 

In

accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after

our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary

general meetings to appoint directors. We may not hold an annual general meeting prior to the consummation of our initial business combination.

 

We

will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our

initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account

calculated as of two business days prior to the consummation of our initial business combination, including interest (which interest

shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described

herein. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting

commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner must identify

itself in order to validly redeem its shares. Our initial shareholders, directors and officers have entered into a letter agreement with

us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by

them in connection with the completion of our initial business combination or certain amendments to our M&AA. Permitted transferees

of our initial shareholders, directors or officers will be subject to the same obligations.

 

    2

    

    

 

Unlike

some blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations

and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote

is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or

stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant

to our M&AA, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC

prior to completing our initial business combination. Our M&AA require these tender offer documents to contain substantially the

same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s

proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements,

or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem

shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder

approval, we will complete our initial business combination only if we receive the approval of an ordinary resolution under Cayman Islands

law, which requires the affirmative vote of holders of a majority of ordinary shares who attend and vote at a general meeting of the

company. However, the participation of our sponsor, directors, officers, advisors or any of their affiliates in privately negotiated

transactions, if any, could result in the approval of our initial business combination even if a majority of our public shareholders

vote, or indicate their intention to vote, against such business combination. For purposes of seeking approval of the majority of our

issued and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum

is obtained. A quorum for such meeting will be present if the one-third of our issued and outstanding ordinary shares entitled to vote

at the meeting are represented in person or by proxy. Our sponsor, officers and directors will count toward this quorum and, pursuant

to the letter agreement, our sponsor, officers and directors have agreed to vote any founder shares and public shares held by them in

favor of our initial business combination. We intend to give not less than 10 days nor more than 60 days prior written notice of any

such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds,

and the voting agreements of our initial shareholders, may make it more likely that we will consummate our initial business combination.

 

If

we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business

combination pursuant to the tender offer rules, our M&AA provide that a public shareholder, together with any affiliate of such shareholder

or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange

Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the ordinary shares sold in this

offering, which we refer to as the “excess shares,” without our prior consent. However, we would not be restricting our shareholders’

ability to vote all of their shares (including excess shares) for or against our initial business combination. Our shareholders’

inability to redeem the excess shares will reduce their influence over our ability to complete our initial business combination, and

such shareholders could suffer a material loss in their investment if they sell such excess shares on the open market. Additionally,

such shareholders will not receive redemption distributions with respect to the excess shares if we complete the business combination.

As a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be

required to sell their shares in open market transactions, potentially at a loss.

 

    3

    

    

 

If

we seek shareholder approval in connection with our initial business combination, our initial shareholders have agreed (and their permitted

transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public

shares held by them in favor of our initial business combination. Our directors and officers have also entered into the letter agreement,

imposing similar obligations on them with respect to public shares acquired by them, if any. Additionally, each public shareholder may

elect to redeem its public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed

transaction.

 

Pursuant

to our M&AA, if we have not completed our initial business combination within 18 months (or up to 24 months if our sponsor exercises

its extension options) from the closing of the IPO, we will (1) cease all operations except for the purpose of winding up, (2) as promptly

as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash,

equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution

expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which

redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating

distributions, if any), and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining

shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to

provide for claims of creditors and the requirements of other applicable law. Our initial shareholders have entered into a letter agreement

with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to

their founder shares if we fail to complete our initial business combination within 18 months (or up to 24 months if our sponsor exercises

its extension options) from the closing of the IPO. However, if our initial shareholders, directors acquire public shares, they will

be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial

business combination within the prescribed time period.

 

In

the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders at such time will

be entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision

is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription

rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our shareholders with the

opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust

account, including interest (which interest shall be net of taxes payable), upon the completion of our initial business combination,

subject to the limitations described herein.

 

    4

    

    

 

Founder

Shares

 

The

founder shares are designated as Class B ordinary shares and are identical to the Class A ordinary shares included in the units sold

in the IPO, and holders of founder shares have the same shareholder rights as public shareholders, except that: (1) prior to our initial

business combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority

of our founder shares may remove a member of the board of directors for any reason; (2) the founder shares are subject to certain transfer

restrictions contained in a letter agreement that our initial shareholders, directors and officers have entered into with us; (3) pursuant

to such letter agreement, our initial shareholders, directors and officers have agreed to waive: (i) their redemption rights with respect

to any founder shares and public shares held by them, as applicable, in connection with the completion of our initial business combination;

(ii) their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote

to amend our M&AA (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business

combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months (or up to

24 months if our sponsor exercises its extension options) from the closing of the IPO or (B) with respect to any other provision relating

to shareholders’ rights or pre-initial business combination activity; and (iii) their rights to liquidating distributions from

the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within 18 months

(or up to 24 months if our sponsor exercises its extension options) from the closing of the IPO (although they will be entitled to liquidating

distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination

within the prescribed time frame); (4) the founder shares will automatically convert into our Class A ordinary shares at the time of

our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain

anti-dilution rights, as described in more detail below; and (5) the founder shares are entitled to registration rights. If we submit

our initial business combination to our public shareholders for a vote, our initial shareholders have agreed (and their permitted transferees

will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held

by them in favor of our initial business combination.

 

The

Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination, or earlier

at the option of the holder, on a one-for-one basis, subject to adjustment for share sub-divisions, share dividends, rights issuances,

reorganizations, recapitalizations and other similar transactions, and subject to further adjustment as provided herein. In the case

that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in

the IPO and related to the closing of our initial business combination, the ratio at which the Class B ordinary shares will convert into

Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree

to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares

issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of all

ordinary shares issued and outstanding upon completion of the IPO plus all Class A ordinary shares and equity-linked securities issued

or deemed issued in connection with our initial business combination, excluding any shares or equity-linked securities issued, or to

be issued, to any seller in our initial business combination. The term “equity-linked securities” refers to any debt or equity

securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in a financing transaction in connection

with our initial business combination, including but not limited to a private placement of equity or debt.

 

    5

    

    

 

With

certain limited exceptions, pursuant to a letter agreement entered into with us, our initial shareholders, directors and officers have

agreed not to transfer, assign or sell any of their founder shares (except to our directors and officers and other persons or entities

affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of: (A) one year after

the completion of our initial business combination; and (B) subsequent to our initial business combination (x) if the last reported sale

price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights

issuances, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period

commencing at least 120 days after our initial business combination or (y) the date on which we complete a liquidation, merger, share

exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their

ordinary shares for cash, securities or other property.

 

Register

of Members

 

Under

Cayman Islands law, we must keep a register of members and there shall be entered therein:

 

		●	the

                                            names and addresses of the members, a statement of the shares held by each member, and of

                                            the amount paid or agreed to be considered as paid, on the shares of each member and the

                                            voting rights of the shares of each member;

 

		●	whether

                                            voting rights are attached to the share in issue;

 

		●	the

                                            date on which the name of any person was entered on the register as a member; and

 

		●	the

                                            date on which any person ceased to be a member.

 

Under

Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register

of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register

of members shall be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register

of members. Upon the closing of the IPO, the register of members was updated to reflect the issue of shares by us. The shareholders recorded

in the register of members shall be deemed to have legal title to the shares set against their name. However, there are certain limited

circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects

the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company

should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for

an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may

be subject to re-examination by a Cayman Islands court.

 

Redeemable

Warrants

 

Public

Shareholders’ Warrants

 

Each

whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment

as discussed below, at any time commencing 30 days after the completion of our initial business combination, except as described below.

Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This

means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation

of the units and only whole warrants will trade. The warrants will expire five years after the completion of our initial business combination,

at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

    6

    

    

 

We

will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle

such warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable

upon exercise of the warrants is then effective and a current prospectus relating thereto is current, subject to our satisfying our obligations

described below with respect to registration, or a valid exemption from registration is available, including in connection with a cashless

exercise permitted as a result of a notice of redemption described below. No warrant will be exercisable for cash or on a cashless basis,

and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon

such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.

In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of

such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In the event that

a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid

the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

 

We

registered the Class A ordinary shares issuable upon exercise of the warrants in the registration statement of which the prospectus related

to the IPO forms a part because the warrants will become exercisable 30 days after the completion of our initial business combination,

which may be within one year of the IPO. However, because the warrants will be exercisable until their expiration date of up to five

years after the completion of our initial business combination, in order to comply with the requirements of Section 10(a)(3) of the Securities

Act following the consummation of our initial business combination, under the terms of the warrant agreement, we have agreed that as

soon as practicable, but in no event later than 20 business days after the closing of our initial business combination, we will use our

commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement of which the prospectus

related to the IPO forms a part or a new registration statement for the registration, under the Securities Act, of the Class A ordinary

shares issuable upon exercise of the warrants. We will use our commercially reasonable efforts to cause the same to become effective

and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or

redemption of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the issuance

of the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of

the initial business combination, warrant holders may, until such time as there is an effective registration statement and during any

period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”

in accordance with Section 3(a)(9) of the Securities Act or another exemption. In addition, if our Class A ordinary shares are at the

time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered

security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of our public warrants who exercise

their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event

we elect to do so, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonable

efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event,

each holder would pay the exercise price by surrendering each such warrant for that number of Class A ordinary shares equal to the quotient

obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the

“fair market value” less the exercise price of the warrants by (y) the fair market value. The “fair market value”

shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to

the date on which the notice of exercise is received by the warrant agent.

 

    7

    

    

 

Redemption

of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem

the warrants (except as described herein with respect to the private placement warrants):

 

		●	in

                                            whole and not in part;

 

		●	at

                                            a price of $0.01 per warrant;

 

		●	upon

                                            not less than 30 days’ prior written notice of redemption to each warrant holder; and

 

		●	if,

                                            and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per

                                            share (as adjusted for adjustments to the number of shares issuable upon exercise or the

                                            exercise price of a warrant as described below) for any 20 trading days within any 30-trading

                                            day period ending on the third trading day prior to the date on which we send the notice

                                            of redemption to the warrant holders.

 

We

will not redeem the warrants as described above for cash unless a registration statement under the Securities Act covering the issuance

of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class

A ordinary shares is available throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise

our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities

laws. As a result, we may redeem warrants even if the holders are otherwise unable to exercise their warrants.

 

We

have established the $18.00 per share (as adjusted) redemption criterion discussed above to prevent a redemption call unless there is

at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a

notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled

redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for

adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described below) as well as the $11.50

warrant exercise price after the redemption notice is issued.

 

Beginning

on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants

on a cashless basis.

 

Pursuant

to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares into

which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our initial business

combination.

 

    8

    

    

 

No

fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional

interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder.

If, at the time of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant to the warrant

agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for

such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares, the Company (or

surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise

of the warrants.

 

Redemption

Procedures and Cashless Exercise. If we call the warrants for redemption as described above, our management will have the option

to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis” beginning three business

days after the notice of redemption is sent to the holders of warrants. In determining whether to require all holders to exercise their

warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants

that are outstanding and the dilutive effect on our shareholders of issuing the maximum number of Class A ordinary shares issuable upon

the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price

by surrendering their warrants for that number of Class A ordinary shares equal to (A) the quotient obtained by dividing (x) the product

of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined

below) less the exercise price of the warrants by (y) the fair market value. The “fair market value” will mean the average

closing price of the Class A ordinary shares for the 10 trading days immediately following the date on which the notice of redemption

is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information

necessary to calculate the number of Class A ordinary shares to be received upon exercise of the warrants, including the “fair

market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby

lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash

from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our team does not

take advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private placement

warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to

use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.

 

A

holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the

right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s

affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder

may specify) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise.

 

    9

    

    

 

Anti-dilution

Adjustments. If the number of issued and outstanding Class A ordinary shares is increased by a capitalization or share dividend payable

in Class A ordinary shares, or by a sub-division of Class A ordinary shares or other similar event, then, on the effective date of such

capitalization or share dividend, sub-division or similar event, the number of Class A ordinary shares issuable on exercise of each warrant

will be increased in proportion to such increase in the issued and outstanding Class A ordinary shares. A rights offering made to all

holders of Class A ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair

market value” (as defined below) will be deemed a share dividend of a number of Class A ordinary shares equal to the product of

(1) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in

such rights offering that are convertible into or exercisable for Class A ordinary shares) and (2) one minus the quotient of (x) the

price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (1) if the

rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class

A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable

upon exercise or conversion and (2) “historical fair market value” means the volume weighted average price of Class A ordinary

shares during the 10-trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade

on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

In

addition, if we, at any time while the warrants are outstanding and unexpired, pay to all of the holders of Class A ordinary shares a

dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class

A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends

or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class

A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50

(as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and other

similar transactions) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than

$0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial

business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder

vote to amend our M&AA (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial

business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months (or

up to 24 months if our sponsor exercises its extension options) from the closing of the IPO or (B) with respect to any other provision

relating to shareholders’ rights or pre-initial business combination activity, or (e) in connection with the redemption of our

public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective

immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets

paid on each Class A ordinary share in respect of such event.

 

If

the number of issued and outstanding Class A ordinary shares is decreased by a consolidation, combination or reclassification of Class

A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reclassification or similar

event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in

issued and outstanding Class A ordinary shares.

 

Whenever

the number of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise

price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator

of which will be the number of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment

and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter.

 

    10

    

    

 

In

addition, if (x) we issue additional ordinary shares or equity-linked securities for capital raising purposes in connection with the

closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such

issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to

our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable,

prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than

60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of

the completion of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class

A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business

combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted

(to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption

trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly

Issued Price.

 

In

case of any reclassification or reorganization of the issued and outstanding Class A ordinary shares (other than those described above

or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into

another corporation (other than a merger or consolidation in which we are the continuing corporation and that does not result in any

reclassification or reorganization of our issued and outstanding Class A ordinary shares), or in the case of any sale or conveyance to

another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with

which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the

terms and conditions specified in the warrants and in lieu of our Class A ordinary shares immediately theretofore purchasable and receivable

upon the exercise of the rights represented thereby, the kind and amount of shares, stock or other equity securities or property (including

cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or

transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.

However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable

upon such merger or consolidation, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable

will be deemed to be the weighted average of the kind and amount received per share by such holders in such merger or consolidation that

affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other

than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the company

as provided for in the company’s M&AA or as a result of the redemption of Class A ordinary shares by the company if a proposed

initial business combination is presented to the shareholders of the company for approval) under circumstances in which, upon completion

of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under

the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule

12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially

(within the meaning of Rule 13d-3 under the Exchange Act) securities representing more than 50% of the aggregate voting power represented

by the issued and outstanding equity securities of the company, the holder of a warrant will be entitled to receive the highest amount

of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such warrant holder

had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary

shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation

of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. Additionally,

if less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form

of ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established

over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of

the warrant properly exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price

will be reduced as specified in the warrant agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined

in the warrant agreement) of the warrant.

 

    11

    

    

 

The

warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent,

and us. The warrant agreement provides that (a) the terms of the warrants may be amended without the consent of any holder for the purpose

of (i) curing any ambiguity or correcting any mistake, including to conform the provisions of the warrant agreement to the description

of the terms of the warrants and the warrant agreement set forth in the prospectus related to the IPO, or defective provision, (ii) removing

or reducing our ability to redeem the public warrants, or (iii) adding or changing any provisions with respect to matters or questions

arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem

to not adversely affect the rights of the registered holders of the warrants, (b) the warrant agreement may be amended by the parties

thereto with the vote or written consent of the registered holders of at least 50% of the then outstanding public warrants and private

placement warrants, voting together as a single class, to allow for the warrants to be or continue to be classified as equity in the

company’s financial statements, and (c) all other modifications or amendments (i) with respect to the terms of the public warrants

or any provision of the warrant agreement with respect to the public warrants, requires the vote or written consent of the registered

holders of at least 50% of the then outstanding public warrants and (ii) with respect to the terms of the private placement warrants

or any provision of the warrant agreement with respect to the private placement warrants requires the vote or written consent of at least

50% of the then outstanding private placement warrants. You should review a copy of the warrant agreement for a complete description

of the terms and conditions applicable to the warrants.

 

The

warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants

and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be

entitled to one vote for each share held of record on all matters to be voted on by shareholders.

 

No

fractional warrants will be issued upon separation of the units and only whole warrants will trade.

 

We

have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the

warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern

District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action,

proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or

any claim for which the federal district courts of the United States of America are the sole and exclusive forum.

 

    12

    

    

 

Our

Transfer Agent and Warrant Agent

 

The

transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have

agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each

of its shareholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees

that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence,

willful misconduct or bad faith of the indemnified person or entity.

 

Certain

Differences in Corporate Law

 

Cayman

Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law

statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary

of the material differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated

in the United States and their shareholders.

 

Mergers

and Similar Arrangements. In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands

companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated

by the laws of that other jurisdiction).

 

Where

the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger

or consolidation containing certain prescribed information. That plan of merger or consolidation must then be authorized by either (a)

a special resolution (usually a majority of 662⁄3% in value who attend and vote at a general meeting) of the shareholders of each

company; or (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. No

shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares

of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest

of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is

satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar

of Companies will register the plan of merger or consolidation.

 

    13

    

    

 

Where

the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the

directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they

are of the opinion that the requirements set out below have been met: (1) that the merger or consolidation is permitted or not prohibited

by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated,

and that those laws and any requirements of those constitutional documents have been or will be complied with; (2) that no petition or

other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign

company in any jurisdictions; (3) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction

and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (4) that no scheme, order, compromise

or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company

are and continue to be suspended or restricted.

 

Where

the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required

to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been

met: (1) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not

intended to defraud unsecured creditors of the foreign company; (2) that in respect of the transfer of any security interest granted

by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or

waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company;

and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (3) that

the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the

laws of the relevant foreign jurisdiction; and (4) that there is no other reason why it would be against the public interest to permit

the merger or consolidation.

 

Where

the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair

value of his or her shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that

procedure is as follows: (a) the shareholder must give his or her written objection to the merger or consolidation to the constituent

company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his

or her shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the merger or

consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written

objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent

company a written notice of his or her intention to dissent including, among other details, a demand for payment of the fair value of

his or her shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above or seven days

following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving

company or the consolidated company must make a written offer to each dissenting shareholder to purchase his or her shares at a price

that the company determines is the fair value and if the company and the shareholder agrees to the price within 30 days following the

date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fails

to agree to a price within such 30-day period, within 20 days following the date on which such 30-day period expires, the company (and

any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must

be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their

shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of

the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value.

Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination

of fair value is reached. These rights of a dissenting shareholder are not to be available in certain circumstances, for example, to

dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer

quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on

a national securities exchange or shares of the surviving or consolidated company.

 

    14

    

    

 

Moreover,

Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain

circumstances, such schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held

companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount to a merger. In

the event that a merger was sought pursuant to a scheme of arrangement (the procedures of which are more rigorous and take longer to

complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved

by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition

represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either

in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of

the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express

to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it is satisfied

that:

 

		●	we

                                            are not proposing to act illegally or beyond the scope of our corporate authority and we

                                            have complied with the statutory provisions as to majority vote;

 

		●	the

                                            shareholders have been fairly represented at the meeting in question;

 

		●	the

                                            arrangement is such as a business-person would reasonably approve; and

 

		●	the

                                            arrangement is not one that would more properly be sanctioned under some other provision

                                            of the Companies Act or that would amount to a “fraud on the minority.”

 

If

a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable

to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing rights

to receive payment in cash for the judicially determined value of the shares.

 

Squeeze-out

Provisions. When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months,

the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer.

An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud,

bad faith, collusion or inequitable treatment of the shareholders.

 

Further,

transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means to

these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements, of an operating

business.

 

    15

    

    

 

Shareholders’

Suits. Our Cayman Islands legal counsel is not aware of any reported class action having been brought in a Cayman Islands court.

Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability of such

actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example)

our directors or officers usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English

authorities, which would in all likelihood be of persuasive authority and applied by a court in the Cayman Islands, exceptions to the

foregoing principle apply in circumstances in which:

 

		●	a

                                            company is acting, or proposing to act, illegally or beyond the scope of its authority;

 

		●	the

                                            act complained of, although not beyond the scope of the authority, could be effected if duly

                                            authorized by more than the number of votes that have actually been obtained; or

 

		●	those

                                            who control the company are perpetrating a “fraud on the minority.”

 

A

shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about

to be infringed.

 

Enforcement

of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the United States and provides less

protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the federal courts of the United

States.

 

The

courts of the Cayman Islands are unlikely (1) to recognize or enforce against us judgments of courts of the United States predicated

upon the civil liability provisions of the federal securities laws of the United States or any state and (2) in original actions brought

in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws

of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances,

although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman

Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits

based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for

which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such

judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent

with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be

of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or

multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent

proceedings are being brought elsewhere.

 

    16

    

    

 

Special

Considerations for Exempted Companies. We are an exempted company with limited liability under the Companies Act. The Companies Act

distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts

business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company

are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

 

		●	an

                                            exempted company does not have to file an annual return of its shareholders with the Registrar

                                            of Companies;

 

		●	an

                                            exempted company’s register of members is not open to inspection;

 

		●	an

                                            exempted company does not have to hold an annual general meeting;

 

		●	an

                                            exempted company may issue shares with no par value;

 

		●	an

                                            exempted company may obtain an undertaking against the imposition of any future taxation

                                            (such undertakings are usually given for 20 years in the first instance);

 

		●	an

                                            exempted company may register by way of continuation in another jurisdiction and be deregistered

                                            in the Cayman Islands;

 

		●	an

                                            exempted company may register as a limited duration company; and

 

		●	an

                                            exempted company may register as a segregated portfolio company.

 

“Limited

liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the

company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper

purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

 

Our

Amended and Restated Memorandum and Articles of Association

 

Our

M&AA contain certain requirements and restrictions that will apply to us until the completion of our initial business combination.

These provisions (other than amendments relating to provisions governing the appointment or removal of directors prior to our initial

business combination, which require the approval of the holders of a majority of at least 90% of our ordinary shares attending and voting

in a general meeting) cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be

a special resolution where it has been approved by either (1) holders of at least two-thirds (or any higher threshold specified in a

company’s articles of association) of a company’s ordinary shares at a general meeting for which notice specifying the intention

to propose the resolution as a special resolution has been given or (2) if so authorized by a company’s articles of association,

by a unanimous written resolution of all of the company’s shareholders. Other than as described above, our M&AA provide that

special resolutions must be approved either by holders of at least two-thirds of our ordinary shares who attend and vote at a general

meeting (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

    17

    

    

 

Our

initial shareholders may participate in any vote to amend our M&AA and will have the discretion to vote in any manner they choose.

Specifically, our M&AA provide, among other things, that:

 

		●	if

                                            we have not completed our initial business combination within 18 months (or up to 24 months

                                            if our sponsor exercises its extension options) from the closing of the IPO, we will: (1)

                                            cease all operations except for the purpose of winding up; (2) as promptly as reasonably

                                            possible but not more than 10 business days thereafter, redeem 100% of the public shares,

                                            at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the

                                            trust account, including interest (less up to $100,000 of interest to pay dissolution expenses

                                            and which interest shall be net of taxes payable), divided by the number of then issued and

                                            outstanding public shares, which redemption will completely extinguish public shareholders’

                                            rights as shareholders (including the right to receive further liquidating distributions,

                                            if any); and (3) as promptly as reasonably possible following such redemption, subject to

                                            the approval of our remaining shareholders and our board of directors, liquidate and dissolve,

                                            subject in each case to our obligations under Cayman Islands law to provide for claims of

                                            creditors and the requirements of other applicable law;

 

		●	prior

                                            to our initial business combination, we may not issue additional ordinary shares that would

                                            entitle the holders thereof to (1) receive funds from the trust account or (2) vote as a

                                            class with our public shares on any initial business combination;

 

		●	although

                                            we do not intend to enter into a business combination with a target business that is affiliated

                                            with our sponsor, our directors or our officers, we are not prohibited from doing so. In

                                            the event we enter into such a transaction, we, or a committee of independent and disinterested

                                            directors, will obtain an opinion from an independent investment banking firm or another

                                            independent entity that commonly renders valuation opinions that such a business combination

                                            is fair to our company from a financial point of view. We are not required to obtain such

                                            an opinion in any other context;

 

		●	if

                                            a shareholder vote on our initial business combination is not required by law and we do not

                                            decide to hold a shareholder vote for business or other reasons, we will offer to redeem

                                            our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will

                                            file tender offer documents with the SEC prior to completing our initial business combination

                                            which contain substantially the same financial and other information about our initial business

                                            combination and the redemption rights as is required under Regulation 14A of the Exchange

                                            Act;

 

		●	as

                                            long as our securities are listed on Nasdaq, our initial business combination must be with

                                            one or more operating businesses or assets with a fair market value equal to at least 80%

                                            of the assets held in the trust account (excluding the deferred underwriting commissions

                                            and taxes payable on the income earned on the trust account) at the time of the agreement

                                            to enter into our initial business combination;

 

    18

    

    

 

		●	if

                                            our shareholders approve an amendment to our M&AA (A) to modify the substance or timing

                                            of our obligation to allow redemption in connection with our initial business combination

                                            or to redeem 100% of our public shares if we do not complete our initial business combination

                                            within 18 months (or up to 24 months if our sponsor exercises its extension options) from

                                            the closing of the IPO or (B) with respect to any other provision relating to shareholders’

                                            rights or pre-initial business combination activity, we will provide our public shareholders

                                            with the opportunity to redeem all or a portion of their ordinary shares upon such approval

                                            at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the

                                            trust account, including interest (which interest shall be net of taxes payable), divided

                                            by the number of then issued and outstanding public shares; and

 

		●	we

                                            will not effectuate our initial business combination solely with another blank check company

                                            or a similar company with nominal operations.

 

In

addition, our M&AA provide that under no circumstances will we redeem our public shares in an amount that would cause our net tangible

assets to be less than $5,000,001 following such redemptions.

 

The

Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval

of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares attending and voting at a general

meeting. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval

of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless

of whether its memorandum and articles of association provide otherwise. Accordingly, although we could amend any of the provisions relating

to our structure and business plan which are contained in our M&AA, we view all of these provisions as binding obligations to our

shareholders and neither we, nor our directors or officers, will take any action to amend or waive any of these provisions unless we

provide dissenting public shareholders with the opportunity to redeem their public shares.

 

Anti-Money

Laundering — Cayman Islands

 

If

any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is

engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information

for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession,

business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of

the Cayman Islands, pursuant to the Proceeds of Crime Act (As Revised) of the Cayman Islands if the disclosure relates to criminal conduct

or money laundering, or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the

Terrorism Act (As Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and

property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed

by any enactment or otherwise.

 

    19

    

    

 

Data

Protection — Cayman Islands

 

We

have certain duties under the Data Protection Act (As Revised) of the Cayman Islands (the “Data Protection Act”) based on

internationally accepted principles of data privacy.

 

Privacy

Notice

 

Introduction

 

This

privacy notice puts our shareholders on notice that through your investment in the Company you will provide us with certain personal

information that constitutes personal data within the meaning of the Data Protection Act (“personal data”). In the following

discussion, the “company” refers to us and our affiliates and/or delegates, except where the context requires otherwise.

 

Investor

Data

 

We

will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could

be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the

extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which

we are subject. We will only transfer personal data in accordance with the requirements of the Data Protection Act, and will apply appropriate

technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal

data and against the accidental loss, destruction or damage to the personal data.

 

In

our use of this personal data, we will be characterized as a “data controller” for the purposes of the Data Protection Act,

while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act

as our “data processors” for the purposes of the Data Protection Act or may process personal information for their own lawful

purposes in connection with services provided to us.

 

We

may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating

to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact

details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence

records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment activity.

 

Who

this Affects

 

If

you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements

such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in

relation your investment in the company, this will be relevant for those individuals and you should transmit the content of this Privacy

Notice to such individuals or otherwise advise them of its content.

 

    20

    

    

 

How

the Company May Use a Shareholder’s Personal Data

 

The

company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

 

(a)

where this is necessary for the performance of our rights and obligations under any purchase agreements;

 

(b)

where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money

laundering and FATCA/CRS requirements); and/or

 

(c)

where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental

rights or freedoms.

 

Should

we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will

contact you.

 

Why

We May Transfer Your Personal Data

 

In

certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the

relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange

this information with foreign authorities, including tax authorities.

 

We

anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain

entities located outside the United States, the Cayman Islands or the European Economic Area), who will process your personal data on

our behalf.

 

The

Data Protection Measures We Take

 

Any

transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance

with the requirements of the Data Protection Act.

 

We

and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures

designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage

to, personal data.

 

We

shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms

or those data subjects to whom the relevant personal data relates.

 

    21

    

    

 

Certain

Anti-Takeover Provisions of our Amended and Restated Memorandum and Articles of Association

 

Our

authorized but unissued ordinary shares and preference shares are available for future issuances without shareholder approval and could

be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit

plans. The existence of authorized but unissued and unreserved ordinary shares and preference shares could render more difficult or discourage

an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Listing

of Securities

 

Our

Class A ordinary shares, units and warrants are listed on Nasdaq under the symbols “PRLH,” “PRLHU” and “PRLHW,”

respectively.

 

    22Exhibit

10.6

 

INDEMNITY

AGREEMENT

 

THIS

INDEMNITY AGREEMENT (this “Agreement”) is made as of December 14, 2021.

 

Between:

 

	(1)	Pearl

                                            Holdings Acquisition Corp,

                                            an exempted company incorporated under the laws of the Cayman Islands with registered office

                                            at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”);

                                            and

 

	(2)	Craig

                                            E. Barnett (“Indemnitee”).

 

Whereas:

 

	(A)	Highly

                                            competent persons have become more reluctant to serve publicly-held companies as directors,

                                            officers or in other capacities unless they are provided with adequate protection through

                                            insurance or adequate indemnification against inordinate risks of claims and actions against

                                            them arising out of their service to and activities on behalf of such companies;

 

	(B)	The

                                            board of directors of the Company (the “Board”) has determined that, in

                                            order to attract and retain qualified individuals, the Company will attempt to maintain on

                                            an ongoing basis, at its sole expense, liability insurance to protect persons serving the

                                            Company and any of its subsidiaries from certain liabilities. Although the furnishing of

                                            such insurance has been a customary and widespread practice among publicly traded companies

                                            and other business enterprises, the Company believes that, given current market conditions

                                            and trends, such insurance may be available to it in the future only at higher premiums and

                                            with more exclusions. At the same time, directors, officers and other persons in service

                                            to companies or business enterprises are being increasingly subjected to expensive and time-consuming

                                            litigation relating to, among other things, matters that traditionally would have been brought

                                            only against the Company or business enterprise itself. The amended and restated memorandum

                                            and articles of association of the Company (the “Articles”) provide for

                                            the indemnification of the officers and directors of the Company. The Articles expressly

                                            provide that the indemnification provisions set forth therein are not exclusive, and thereby

                                            contemplate that contracts may be entered into between the Company and members of the board

                                            of directors, officers and other persons with respect to indemnification, hold harmless,

                                            exoneration, advancement and reimbursement rights;

 

	(C)	The

                                            uncertainties relating to such insurance and to indemnification have increased the difficulty

                                            of attracting and retaining such persons;

 

	(D)	The

                                            Board has determined that the increased difficulty in attracting and retaining such persons

                                            is detrimental to the best interests of the Company’s shareholders and that the Company

                                            should act to assure such persons that there will be increased certainty of such protection

                                            in the future;

 

     

     

    

 

	(E)	It

                                            is reasonable, prudent and necessary for the Company contractually to obligate itself to

                                            indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to

                                            the fullest extent permitted by applicable law and the Articles so that they will serve or

                                            continue to serve the Company free from undue concern that they will not be so protected

                                            against liabilities;

 

	(F)	This

                                            Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted

                                            pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate

                                            any rights of Indemnitee thereunder;

 

	(G)	Indemnitee

                                            may not be willing to serve as an officer or director, advisor or in another capacity without

                                            adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee

                                            is willing to serve, continue to serve and to take on additional service for or on behalf

                                            of the Company on the condition that Indemnitee be so indemnified; and

 

NOW,

THEREFORE, in consideration of the promises and the covenants contained herein and subject to the provisions of the Letter Agreement

dated as of December 13, 2021 among the Company, Indemnitee and other parties thereto pursuant to the Underwriting Agreement dated as

of December 13, 2021 between the Company and the representative of the several Underwriters named therein in connection with the Company’s

initial public offering, the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS

AND CONDITIONS

 

	1	SERVICES

                                            TO THE COMPANY

 

In

consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director,

advisor, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected, appointed or

retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing notwithstanding, this

Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee

or in any other capacity of the Company, as provided in Section ‎17. This Agreement, however, shall not impose any obligation on

Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other

agreements or commitments of the parties, if any.

 

	2	DEFINITIONS

 

As

used in this Agreement:

 

	2.1	References

                                            to “agent” shall mean any person who is or was a director, officer or

                                            employee of the Company or a subsidiary of the Company or other person authorized by the

                                            Company to act for the Company, to include such person serving in such capacity as a director,

                                            officer, employee, advisor, fiduciary or other official of another company, corporation,

                                            partnership, limited liability company, joint venture, trust or other enterprise at the request

                                            of, for the convenience of, or to represent the interests of the Company or a subsidiary

                                            of the Company.

 

    2

     

    

 

	2.2	The

                                            terms “Beneficial Owner” and “Beneficial Ownership”

                                            shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined

                                            below) as in effect on the date hereof.

 

	2.3	A

                                            “Change in Control” shall be deemed to occur upon the earliest to occur

                                            after the date of this Agreement of any of the following events:

 

		(a)	Acquisition

                                            of Shares by Third Party. Other than an affiliate of Pearl Holdings Sponsor LLC, a Cayman

                                            Islands limited liability company (the “Sponsor”), any Person (as defined

                                            below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company

                                            representing fifteen percent (15%) or more of the combined voting power of the Company’s

                                            then outstanding securities entitled to vote generally in the election of directors, unless

                                            (1) the change in the relative Beneficial Ownership of the Company’s securities by

                                            any Person results solely from a reduction in the aggregate number of outstanding shares

                                            entitled to vote generally in the election of directors, or (2) such acquisition was approved

                                            in advance by the Continuing Directors (as defined below) and such acquisition would not

                                            constitute a Change in Control under part (c) of this definition;

 

		(b)	Change

                                            in Board of Directors. Individuals who, as of the date hereof, constitute the Board,

                                            and any new director whose election by the Board or nomination for election by the Company’s

                                            shareholders was approved by a vote of at least two-thirds of the directors then still in

                                            office who were directors on the date hereof or whose election or nomination for election

                                            was previously so approved (collectively, the “Continuing Directors”),

                                            cease for any reason to constitute at least a majority of the members of the Board;

 

		(c)	Corporate

                                            Transactions. The effective date of a merger, share exchange, asset acquisition, share

                                            purchase, reorganization or similar business combination, involving the Company and one or

                                            more businesses (a “Business Combination”), in each case, unless, following

                                            such Business Combination: (1) all or substantially all of the individuals and entities

                                            who were the Beneficial Owners of securities entitled to vote generally in the election of

                                            directors immediately prior to such Business Combination beneficially own, directly or indirectly,

                                            more than fifty-one percent (51%) of the combined voting power of the then outstanding securities

                                            of the Company entitled to vote generally in the election of directors resulting from such

                                            Business Combination (including, without limitation, a company or corporation which as a

                                            result of such transaction owns the Company or all or substantially all of the Company’s

                                            assets either directly or through one or more Subsidiaries) in substantially the same proportions

                                            as their ownership immediately prior to such Business Combination, of the securities entitled

                                            to vote generally in the election of directors; (2) other than an affiliate of the Sponsor,

                                            no Person (excluding any company or corporation resulting from such Business Combination)

                                            is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the

                                            combined voting power of the then outstanding securities entitled to vote generally in the

                                            election of directors of the surviving company or corporation except to the extent that such

                                            ownership existed prior to the Business Combination; and (3) at least a majority of the Board

                                            of Directors of the company or corporation resulting from such Business Combination were

                                            Continuing Directors at the time of the execution of the initial agreement, or of the action

                                            of the Board of Directors, providing for such Business Combination;

 

    3

     

    

 

		(d)	Liquidation.

                                            The approval by the shareholders of the Company of a complete liquidation of the Company

                                            or an agreement or series of agreements for the sale or disposition by the Company of all

                                            or substantially all of the Company’s assets, other than factoring the Company’s

                                            current receivables or escrows due (or, if such approval is not required, the decision by

                                            the Board to proceed with such a liquidation, sale, or disposition in one transaction or

                                            a series of related transactions); or

 

		(e)	Other

                                            Events. There occurs any other event of a nature that would be required to be reported

                                            in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar

                                            item on any similar schedule or form) promulgated under the Exchange Act, whether or not

                                            the Company is then subject to such reporting requirement.

 

	2.4	“Corporate

                                            Status” describes the status of a person who is or was a director, officer, trustee,

                                            general partner, manager, managing member, fiduciary, employee or agent of the Company or

                                            of any other Enterprise (as defined below) which such person is or was serving at the request

                                            of the Company.

 

	2.5	“Delaware

                                            Court” shall mean the Court of Chancery of the State of Delaware.

 

	2.6	“Disinterested

                                            Director” shall mean a director of the Company who is not and was not a party to

                                            the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

 

	2.7	“Enterprise”

                                            shall mean the Company and any other company, corporation, constituent corporation (including

                                            any constituent of a constituent) absorbed in a merger or consolidation to which the Company

                                            (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership,

                                            joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or

                                            was serving at the request of the Company as a director, officer, trustee, general partner,

                                            manager, managing member, fiduciary, employee or agent.

 

	2.8	“Exchange

                                            Act” shall mean the Securities Exchange Act of 1934, as amended.

 

	2.9	“Expenses”

                                            shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,

                                            including, without limitation, all attorneys’ fees and costs, retainers, court costs,

                                            transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators

                                            and professional advisors, duplicating costs, printing and binding costs, telephone charges,

                                            postage, delivery service fees, fax transmission charges, secretarial services and all other

                                            disbursements, obligations or expenses in connection with prosecuting, defending, preparing

                                            to prosecute or defend, investigating, being or preparing to be a witness in, settlement

                                            or appeal of, or otherwise participating in, a Proceeding, including reasonable compensation

                                            for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company

                                            or any third party. Expenses also shall include Expenses incurred in connection with any

                                            appeal resulting from any Proceeding, including, without limitation, the principal, premium,

                                            security for, and other costs relating to any cost bond, supersedeas bond, or other appeal

                                            bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by

                                            Indemnitee or the amount of judgments or fines against Indemnitee.

 

    4

     

    

 

	2.10	“Independent

                                            Counsel” shall mean a law firm or a member of a law firm with significant experience

                                            in matters of corporate law and neither presently is, nor in the past five years has been,

                                            retained to represent: (i) the Company or Indemnitee in any matter material to either such

                                            party (other than with respect to matters concerning Indemnitee under this Agreement, or

                                            of other indemnitees under similar indemnification agreements); or (ii) any other party to

                                            the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the

                                            foregoing, the term “Independent Counsel” shall not include any person

                                            who, under the applicable standards of professional conduct then prevailing, would have a

                                            conflict of interest in representing either the Company or Indemnitee in an action to determine

                                            Indemnitee’s rights under this Agreement.

 

	2.11	References

                                            to “fines” shall include any excise tax assessed on Indemnitee with respect

                                            to any employee benefit plan; references to “serving at the request of the Company”

                                            shall include any service as a director, officer, employee, agent or fiduciary of the Company

                                            which imposes duties on, or involves services by, such director, officer, employee, agent

                                            or fiduciary with respect to an employee benefit plan, its participants or beneficiaries;

                                            and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be

                                            in the best interests of the participants and beneficiaries of an employee benefit plan,

                                            Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests

                                            of the Company” as referred to in this Agreement.

 

	2.12	The

                                            term “Person” shall have the meaning as set forth in Sections 13(d) and

                                            14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person”

                                            shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company;

                                            (iii) any employment benefit plan of the Company or of a Subsidiary of the Company or

                                            of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially

                                            the same proportions as their ownership of shares of the Company; and (iv) any trustee

                                            or other fiduciary holding securities under an employee benefit plan of the Company or of

                                            a Subsidiary of the Company or of a company or corporation owned directly or indirectly by

                                            the shareholders of the Company in substantially the same proportions as their ownership

                                            of shares of the Company.

 

	2.13	The

                                            term “Proceeding” shall include any threatened, pending or completed action,

                                            suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry,

                                            administrative hearing or any other actual, threatened or completed proceeding, whether brought

                                            in the right of the Company or otherwise and whether of a civil (including intentional or

                                            unintentional tort claims), criminal, administrative, or investigative or related nature,

                                            in which Indemnitee was, is, will or might be involved as a party or otherwise by reason

                                            of the fact that Indemnitee is or was a director or officer of the Company, by reason of

                                            any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on

                                            Indemnitee’s part while acting as a director or officer of the Company, or by reason

                                            of the fact that Indemnitee is or was serving at the request of the Company as a director,

                                            officer, trustee, general partner, manager, managing member, fiduciary, employee or agent

                                            of any other Enterprise, in each case whether or not serving in such capacity at the time

                                            any liability or expense is incurred for which indemnification, reimbursement, or advancement

                                            of expenses can be provided under this Agreement.

 

    5

     

    

 

	2.14	The

                                            term “Subsidiary,” with respect to any Person, shall mean any company,

                                            corporation, limited liability company, partnership, joint venture, trust or other entity

                                            of which a majority of the voting power of the voting equity securities or equity interest

                                            is owned, directly or indirectly, by that Person.

 

	3	INDEMNITY

                                            IN THIRD-PARTY PROCEEDINGS

 

To

the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee

in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as

a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment

in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless

and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest,

assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts

paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding

or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not

opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s

conduct was unlawful.

 

	4	INDEMNITY

                                            IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

 

To

the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee

in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as

a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of

Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against

all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any

claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed

to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section

4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company,

unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application

that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled

to indemnification, to be held harmless or to exoneration.

 

    6

     

    

 

	5	INDEMNIFICATION

                                            FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding

any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s

Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of

any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the

Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection

therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more

but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law

and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee

or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful

in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless

and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue,

or matter on which Indemnitee was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue

or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue

or matter.

 

	6	INDEMNIFICATION

                                            FOR EXPENSES OF A WITNESS

 

Notwithstanding

any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate

Status, a witness or deponent in any Proceeding to which Indemnitee is not a party or threatened to be made a party, Indemnitee shall,

to the fullest extent permitted by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses

actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

	7	ADDITIONAL

                                            INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

 

	7.1	Notwithstanding

                                            any limitation in Section 3, 4, or 5, except for Section 27, the Company shall, to the fullest

                                            extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate

                                            Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding

                                            (including a Proceeding by or in the right of the Company to procure a judgment in its favor)

                                            against all Expenses, judgments, fines, penalties and amounts paid in settlement (including

                                            all interest, assessments and other charges paid or payable in connection with or in respect

                                            of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and

                                            reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification,

                                            hold harmless or exoneration rights shall be available under this Section 7.1 on account

                                            of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duties to

                                            the Company or its shareholders or is an act or omission not in good faith or which involves

                                            intentional misconduct or a knowing violation of applicable law.

 

    7

     

    

 

	7.2	Notwithstanding

                                            any limitation in Section 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the

                                            fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and

                                            exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any

                                            Proceeding (including a Proceeding by or in the right of the Company to procure a judgment

                                            in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement

                                            (including all interest, assessments and other charges paid or payable in connection with

                                            or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)

                                            actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

	8	CONTRIBUTION

                                            IN THE EVENT OF JOINT LIABILITY

 

	8.1	To

                                            the fullest extent permissible under applicable law and the Articles, if the indemnification,

                                            hold harmless and/or exoneration rights provided for in this Agreement are unavailable to

                                            Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,

                                            holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire

                                            amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts

                                            paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without

                                            requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes

                                            any right of contribution it may have at any time against Indemnitee.

 

	8.2	The

                                            Company shall not enter into any settlement of any Proceeding in which the Company is jointly

                                            liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement

                                            provides for a full and final release of all claims asserted against Indemnitee.

 

	8.3	The

                                            Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any

                                            claims for contribution which may be brought by officers, directors or employees of the Company

                                            other than Indemnitee who may be jointly liable with Indemnitee.

 

	9	EXCLUSIONS

 

The

Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment

in connection with any claim made against Indemnitee:

 

		(a)	for

                                            which payment has actually been received by or on behalf of Indemnitee under any insurance

                                            policy or other indemnity or advancement provision and which payment has not subsequently

                                            been returned, except with respect to any excess beyond the amount actually received under

                                            any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

 

    8

     

    

 

		(b)	for

                                            an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee

                                            of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or

                                            any successor rule) or similar provisions of state statutory law or common law; or

 

		(c)	prior

                                            to a Change in Control, other than as provided in Sections 14.5 and 14.6 hereof, in connection

                                            with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any

                                            Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or

                                            its directors, officers, employees or other indemnitees, unless (i) the Board authorized

                                            the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company

                                            provides the indemnification, hold harmless or exoneration payment, in its sole discretion,

                                            pursuant to the powers vested in the Company under applicable law.

 

	10	ADVANCES

                                            OF EXPENSES; DEFENSE OF CLAIM

 

	10.1	Notwithstanding

                                            any provision of this Agreement to the contrary except for Section 27, and to the fullest

                                            extent not prohibited by applicable law or the Articles, the Company shall pay the Expenses

                                            incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee

                                            within three months) in connection with any Proceeding within ten (10) days after the receipt

                                            by the Company of a statement or statements requesting such advances from time to time, prior

                                            to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted

                                            by law, be unsecured and interest free. Advances shall be made without regard to Indemnitee’s

                                            ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement

                                            to be indemnified, held harmless or exonerated under the other provisions of this Agreement.

                                            Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to

                                            enforce this right of advancement, including Expenses incurred preparing and forwarding statements

                                            to the Company to support the advances claimed. To the fullest extent required by applicable

                                            law, such payments of Expenses in advance of the final disposition of the Proceeding shall

                                            be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,

                                            to repay the advance to the extent that it is ultimately determined that Indemnitee is not

                                            entitled to be indemnified by the Company under the provisions of this Agreement, the Articles,

                                            applicable law or otherwise. This Section 10.1 shall not apply to any claim made by Indemnitee

                                            for which an indemnification, hold harmless or exoneration payment is excluded pursuant to

                                            Section 9.

 

	10.2	The

                                            Company will be entitled to participate in the Proceeding at its own expense.

 

	10.3	The

                                            Company shall not settle any action, claim or Proceeding (in whole or in part) which would

                                            impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s

                                            prior written consent.

 

    9

     

    

 

	11	PROCEDURE

                                            FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

	11.1	Indemnitee

                                            agrees to notify promptly the Company in writing upon being served with any summons, citation,

                                            subpoena, complaint, indictment, information or other document relating to any Proceeding

                                            or matter which may be subject to indemnification, hold harmless or exoneration rights, or

                                            advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company

                                            shall not relieve the Company of any obligation which it may have to Indemnitee under this

                                            Agreement, or otherwise.

 

	11.2	Indemnitee

                                            may deliver to the Company a written application to indemnify, hold harmless or exonerate

                                            Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time

                                            to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.

                                            Following such a written application for indemnification by Indemnitee, Indemnitee’s

                                            entitlement to indemnification shall be determined according to Section 12.1 of this Agreement.

 

	12	PROCEDURE

                                            UPON APPLICATION FOR INDEMNIFICATION

 

	12.1	A

                                            determination, if required by applicable law, with respect to Indemnitee’s entitlement

                                            to indemnification shall be made in the specific case by one of the following methods, which

                                            shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors,

                                            even though less than a quorum of the Board (ii) by Independent Counsel in a written opinion

                                            to the Board, a copy of which shall be delivered to Indemnitee; or (iii) by vote of the shareholders

                                            by ordinary resolution. The Company will promptly advise Indemnitee in writing with respect

                                            to any determination that Indemnitee is or is not entitled to indemnification, including

                                            a description of any reason or basis for which indemnification has been denied. If it is

                                            so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall

                                            be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate

                                            with the person, persons or entity making such determination with respect to Indemnitee’s

                                            entitlement to indemnification, including providing to such person, persons or entity upon

                                            reasonable advance request any documentation or information which is not privileged or otherwise

                                            protected from disclosure and which is reasonably available to Indemnitee and reasonably

                                            necessary to such determination. Any costs or Expenses (including attorneys’ fees and

                                            disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity

                                            making such determination shall be borne by the Company (irrespective of the determination

                                            as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to

                                            indemnify and to hold Indemnitee harmless therefrom.

 

    10

     

    

 

	12.2	In

                                            the event the determination of entitlement to indemnification is to be made by Independent

                                            Counsel pursuant to Section 12.1 hereof, the Independent Counsel shall be selected as provided

                                            in this Section 12.2. The Independent Counsel shall be selected by Indemnitee (unless Indemnitee

                                            shall request that such selection be made by the Board), and Indemnitee shall give written

                                            notice to the Company advising it of the identity of the Independent Counsel so selected

                                            and certifying that the Independent Counsel so selected meets the requirements of “Independent

                                            Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected

                                            by the Board, the Company shall give written notice to Indemnitee advising Indemnitee of

                                            the identity of the Independent Counsel so selected and certifying that the Independent Counsel

                                            so selected meets the requirements of “Independent Counsel” as defined in Section

                                            2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may,

                                            within ten (10) days after such written notice of selection shall have been received, deliver

                                            to the Company or to Indemnitee, as the case may be, a written objection to such selection;

                                            provided, however, that such objection may be asserted only on the ground that

                                            the Independent Counsel so selected does not meet the requirements of “Independent

                                            Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth

                                            with particularity the factual basis of such assertion. Absent a proper and timely objection,

                                            the person so selected shall act as Independent Counsel. If such written objection is so

                                            made and substantiated, the Independent Counsel so selected may not serve as Independent

                                            Counsel unless and until such objection is withdrawn or a court of competent jurisdiction

                                            has determined that such objection is without merit. If, within twenty (20) days after submission

                                            by Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof, no

                                            Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee

                                            may petition the Delaware Court for resolution of any objection which shall have been made

                                            by the Company or Indemnitee to the other’s selection of Independent Counsel and/or

                                            for the appointment as Independent Counsel of a person selected by the Delaware Court, and

                                            the person with respect to whom all objections are so resolved or the person so appointed

                                            shall act as Independent Counsel under Section 12.1 hereof. Upon the due commencement of

                                            any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent

                                            Counsel shall be discharged and relieved of any further responsibility in such capacity (subject

                                            to the applicable standards of professional conduct then prevailing).

 

	12.3	The

                                            Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully

                                            indemnify and hold harmless such Independent Counsel against any and all Expenses, claims,

                                            liabilities and damages arising out of or relating to this Agreement or its engagement pursuant

                                            hereto.

 

	13	PRESUMPTIONS

                                            AND EFFECT OF CERTAIN PROCEEDINGS

 

	13.1	In

                                            making a determination with respect to entitlement to indemnification hereunder, the person,

                                            persons or entity making such determination shall presume that Indemnitee is entitled to

                                            indemnification under this Agreement if Indemnitee has submitted a request for indemnification

                                            in accordance with Section 11.2 of this Agreement, and the Company shall have the burden

                                            of proof to overcome that presumption in connection with the making by any person, persons

                                            or entity of any determination contrary to that presumption. Neither the failure of the Company

                                            (including by its directors or Independent Counsel) to have made a determination prior to

                                            the commencement of any action pursuant to this Agreement that indemnification is proper

                                            in the circumstances because Indemnitee has met the applicable standard of conduct, nor an

                                            actual determination by the Company (including by its directors or Independent Counsel) that

                                            Indemnitee has not met such applicable standard of conduct, shall be a defense to the action

                                            or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

    11

     

    

 

	13.2	If

                                            the person, persons or entity empowered or selected under Section 12 of this Agreement to

                                            determine whether Indemnitee is entitled to indemnification shall not have made a determination

                                            within thirty (30) days after receipt by the Company of the request therefor, the requisite

                                            determination of entitlement to indemnification shall be deemed to have been made and Indemnitee

                                            shall, to the fullest extent permitted by applicable law and the Articles, be entitled to

                                            such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission

                                            of a material fact necessary to make Indemnitee’s statement not materially misleading,

                                            in connection with the request for indemnification, or (ii) a final judicial determination

                                            that any or all such indemnification is expressly prohibited under applicable law; provided,

                                            however, that such 30-day period may be extended for a reasonable time, not to exceed

                                            an additional fifteen (15) days, if the person, persons or entity making the determination

                                            with respect to entitlement to indemnification in good faith requires such additional time

                                            for the obtaining or evaluating of documentation and/or information relating thereto.

 

	13.3	The

                                            termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,

                                            settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not

                                            (except as otherwise expressly provided in this Agreement) of itself adversely affect the

                                            right of Indemnitee to indemnification or create a presumption that Indemnitee did not act

                                            in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed

                                            to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee

                                            had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

	13.4	For

                                            purposes of any determination of good faith, Indemnitee shall be deemed to have acted in

                                            good faith if Indemnitee’s action is based on the records or books of account of the

                                            Enterprise, including financial statements, or on information supplied to Indemnitee by the

                                            directors, managers, managing members, or officers of the Enterprise in the course of their

                                            duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of

                                            the Board or any director, trustee, general partner, manager or managing member or on information

                                            or records given or reports made to the Enterprise, its Board, any committee of the Board

                                            or any director, trustee, general partner, manager or managing member by an independent certified

                                            public accountant or by an appraiser or other expert selected by the Enterprise, its Board,

                                            any committee of the Board or any director, trustee, general partner, manager or managing

                                            member. The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit

                                            in any way the other circumstances in which Indemnitee may be deemed or found to have met

                                            the applicable standard of conduct set forth in this Agreement.

 

	13.5	The

                                            knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner,

                                            manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed

                                            to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

    12

     

    

 

		14	REMEDIES

                                            OF INDEMNITEE

 

		14.1	In

                                            the event that (i) a determination is made pursuant to Section 12 of this Agreement that

                                            Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses,

                                            to the fullest extent permitted by applicable law and the Articles, is not timely made pursuant

                                            to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification

                                            shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days after

                                            receipt by the Company of the request for indemnification, (iv) payment of indemnification

                                            is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement

                                            within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution

                                            payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment

                                            of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10)

                                            days after a determination has been made that Indemnitee is entitled to indemnification,

                                            or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under

                                            this Agreement or otherwise is not made within ten (10) days after receipt by the Company

                                            of a written request therefor, Indemnitee shall be entitled to an adjudication by the Delaware

                                            Court to such indemnification, hold harmless, exoneration, contribution or advancement rights.

                                            Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration

                                            to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules and Mediation

                                            Procedures of the American Arbitration Association. Except as set forth herein, the provisions

                                            of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration.

                                            The Company shall not oppose Indemnitee’s right to seek any such adjudication or award

                                            in arbitration.

 

		14.2	In

                                            the event that a determination shall have been made pursuant to Section 12.1 of this Agreement

                                            that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration

                                            commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial,

                                            or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse

                                            determination. In any judicial proceeding or arbitration commenced pursuant to this Section

                                            14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated

                                            and to receive advances of Expenses under this Agreement and the Company shall have the burden

                                            of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to

                                            receive advances of Expenses, as the case may be, and the Company may not refer to or introduce

                                            into evidence any determination pursuant to Section 12.1 of this Agreement adverse to Indemnitee

                                            for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to

                                            this Section 14, Indemnitee shall not be required to reimburse the Company for any advances

                                            pursuant to Section 10 until a final determination is made with respect to Indemnitee’s

                                            entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

		14.3	If

                                            a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee

                                            is entitled to indemnification, the Company shall be bound by such determination in any judicial

                                            proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement

                                            by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s

                                            statement not materially misleading, in connection with the request for indemnification,

                                            or (ii) a prohibition of such indemnification under applicable law.

 

    13

     

    

 

		14.4	The

                                            Company shall be precluded from asserting in any judicial proceeding or arbitration commenced

                                            pursuant to this Section 14 that the procedures and presumptions of this Agreement are not

                                            valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator

                                            that the Company is bound by all the provisions of this Agreement.

 

		14.5	The

                                            Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable

                                            law and the Articles against all Expenses and, if requested by Indemnitee, shall (within

                                            ten (10) days after the Company’s receipt of such written request) pay to Indemnitee,

                                            to the fullest extent permitted by applicable law and the Articles, such Expenses which are

                                            incurred by Indemnitee in connection with any judicial proceeding or arbitration brought

                                            by Indemnitee (i) to enforce Indemnitee’s rights under, or to recover damages for breach

                                            of, this Agreement or any other indemnification, hold harmless, exoneration, advancement

                                            or contribution agreement or provision of the Articles now or hereafter in effect; or (ii)

                                            for recovery or advances under any insurance policy maintained by any person for the benefit

                                            of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined

                                            to be entitled to such indemnification, hold harmless or exoneration right, advancement,

                                            contribution or insurance recovery, as the case may be (unless such judicial proceeding or

                                            arbitration was not brought by Indemnitee in good faith).

 

		14.6	Interest

                                            shall be paid by the Company to Indemnitee at a rate to be agreed between the Company and

                                            Indemnitee for amounts which the Company indemnifies, holds harmless or exonerates, or is

                                            obliged to indemnify, hold harmless or exonerate for the period commencing with the date

                                            on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution,

                                            reimbursement or advancement of any Expenses and ending with the date on which such payment

                                            is made to Indemnitee by the Company.

 

		15	SECURITY

 

Notwithstanding

anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may

at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable

bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released

without the prior written consent of Indemnitee.

 

    14

     

    

 

		16	NON-EXCLUSIVITY;

                                            SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

 

		16.1	The

                                            rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other

                                            rights to which Indemnitee may at any time be entitled under applicable law, the Articles,

                                            any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment,

                                            alteration or repeal of this Agreement or of any provision hereof shall limit or restrict

                                            any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of

                                            when such Proceeding is first threatened, commenced or completed) arising out of, or related

                                            to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status

                                            prior to such amendment, alteration or repeal. To the extent that a change in applicable

                                            law, whether by statute or judicial decision, permits greater indemnification, hold harmless

                                            or exoneration rights or advancement of Expenses than would be afforded currently under the

                                            Articles or this Agreement, then this Agreement (without any further action by the parties

                                            hereto) shall automatically be deemed to be amended to require that the Company indemnify

                                            Indemnitee to the fullest extent permitted by law. No right or remedy herein conferred is

                                            intended to be exclusive of any other right or remedy, and every other right and remedy shall

                                            be cumulative and in addition to every other right and remedy given hereunder or now or hereafter

                                            existing at law or in equity or otherwise. The assertion or employment of any right or remedy

                                            hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any

                                            other right or remedy.

 

		16.2	The

                                            Articles permit the Company to purchase and maintain insurance or furnish similar protection

                                            or make other arrangements including, but not limited to, providing a trust fund, letter

                                            of credit, or surety bond (“Indemnification Arrangements”) on behalf of

                                            Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf

                                            of Indemnitee or in such capacity as a director, officer, employee or agent of the Company,

                                            or arising out of Indemnitee’s status as such, whether or not the Company would have

                                            the power to indemnify Indemnitee against such liability under the provisions of this Agreement,

                                            as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification

                                            Arrangement shall not in any way limit or affect the rights and obligations of the Company

                                            or of Indemnitee under this Agreement except as expressly provided herein, and the execution

                                            and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or

                                            affect the rights and obligations of the Company or the other party or parties thereto under

                                            any such Indemnification Arrangement.

 

		16.3	To

                                            the extent that the Company maintains an insurance policy or policies providing liability

                                            insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries,

                                            employees or agents of the Company or of any other Enterprise which such person serves at

                                            the request of the Company, Indemnitee shall be covered by such policy or policies in accordance

                                            with its or their terms to the maximum extent of the coverage available for any such director,

                                            officer, trustee, partner, manager, managing member, fiduciary, employee or agent under such

                                            policy or policies. If, at the time the Company receives notice from any source of a Proceeding

                                            as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise),

                                            the Company has director and officer liability insurance in effect, the Company shall give

                                            prompt notice of such Proceeding to the insurers in accordance with the procedures set forth

                                            in the respective policies. The Company shall thereafter take all necessary or desirable

                                            action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result

                                            of such Proceeding in accordance with the terms of such policies.

 

    15

     

    

 

		16.4	In

                                            the event of any payment under this Agreement, the Company shall be subrogated to the extent

                                            of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers

                                            required and take all action necessary to secure such rights, including execution of such

                                            documents as are necessary to enable the Company to bring suit to enforce such rights.

 

		16.5	The

                                            Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder

                                            to Indemnitee who is or was serving at the request of the Company as a director, officer,

                                            trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise

                                            shall be reduced by any amount Indemnitee has actually received as indemnification, hold

                                            harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding

                                            any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee

                                            shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification,

                                            hold harmless, exoneration, advancement, contribution or insurance coverage among multiple

                                            parties possessing such duties to Indemnitee prior to the Company’s satisfaction and

                                            performance of all its obligations under this Agreement, and (ii) the Company shall perform

                                            fully its obligations under this Agreement without regard to whether Indemnitee holds, may

                                            pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution

                                            or insurance coverage rights against any person or entity other than the Company.

 

		17	DURATION

                                            OF AGREEMENT

 

All

agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer

of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other company,

corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the

Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal

thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate

Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification

or advancement can be provided under this Agreement.

 

		18	SEVERABILITY

 

If

any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the

validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any

Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is

not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the

fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable

law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this

Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision

held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give

effect to the intent manifested thereby.

 

    16

     

    

 

		19	ENFORCEMENT

                                            AND BINDING EFFECT

 

		19.1	The

                                            Company expressly confirms and agrees that it has entered into this Agreement and assumed

                                            the obligations imposed on it hereby in order to induce Indemnitee to serve as a director,

                                            officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying

                                            upon this Agreement in serving as a director, officer or key employee of the Company.

 

		19.2	Without

                                            limiting any of the rights of Indemnitee under the Articles as they may be amended from time

                                            to time, this Agreement constitutes the entire agreement between the parties hereto with

                                            respect to the subject matter hereof and supersedes all prior agreements and understandings,

                                            oral, written and implied, between the parties hereto with respect to the subject matter

                                            hereof.

 

		19.3	The

                                            indemnification, hold harmless, exoneration and advancement of expenses rights provided by

                                            or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties

                                            hereto and their respective successors and assigns (including any direct or indirect successor

                                            by purchase, merger, consolidation or otherwise to all or substantially all of the business

                                            and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a

                                            director, officer, employee or agent of the Company or a director, officer, trustee, general

                                            partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at

                                            the Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s

                                            spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

		19.4	The

                                            Company shall require and cause any successor (whether direct or indirect by purchase, merger,

                                            consolidation or otherwise) to all, substantially all or a substantial part, of the business

                                            and/or assets of the Company, by written agreement in form and substance satisfactory to

                                            Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and

                                            to the same extent that the Company would be required to perform if no such succession had

                                            taken place.

 

		19.5	The

                                            Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement,

                                            at some later date, may be inadequate, impracticable and difficult of proof, and further

                                            agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto

                                            agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive

                                            relief and/or specific performance hereof, without any necessity of showing actual damage

                                            or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee

                                            shall not be precluded from seeking or obtaining any other relief to which Indemnitee may

                                            be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to

                                            such specific performance and injunctive relief, including temporary restraining orders,

                                            preliminary injunctions and permanent injunctions, without the necessity of posting bonds

                                            or other undertaking in connection therewith. The Company acknowledges that in the absence

                                            of a waiver, a bond or undertaking may be required of Indemnitee by a Court of competent

                                            jurisdiction and the Company hereby waives any such requirement of such a bond or undertaking.

 

		20	MODIFICATION

                                            AND WAIVER

 

No

supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No

waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement

nor shall any waiver constitute a continuing waiver.

 

    17

     

    

 

		21	NOTICES

 

All

notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given

(i) if delivered by hand and received for by the party to whom said notice or other communication shall have been directed, on such delivery,

or (ii) if mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is

so mailed:

 

		(a)	If

                                            to Indemnitee, at the address indicated on the signature page of this Agreement or such other

                                            address as Indemnitee shall provide in writing to the Company.

 

		(b)	If

                                            to the Company, to:

 

Pearl

Holdings Acquisition Corp

767

Third Avenue, 11th Floor

New

York, NY 10017

Attn:

Chief Financial Officer

 

With

copies, which shall not constitute notice, to:

 

Skadden,

Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, California 90071

Attn: Michelle Gasaway, Esq.

or to any other address as may have been furnished to Indemnitee in writing by the Company.

 

		22	APPLICABLE

                                            LAW AND CONSENT TO JURISDICTION

 

This

Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of

the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant

to Section 14.1 of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding

arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal

court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware

Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying

of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any

such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole

or in part) to a jury trial.

 

    18

     

    

 

		23	IDENTICAL

                                            COUNTERPARTS

 

This

Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which

together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought

needs to be produced to evidence the existence of this Agreement.

 

		24	MISCELLANEOUS

 

Use

of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of

this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction

thereof.

 

		25	PERIOD

                                            OF LIMITATIONS

 

No

legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s

spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date of accrual of such

cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely

filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise

applicable to any such cause of action such shorter period shall govern.

 

		26	ADDITIONAL

                                            ACTS

 

If

for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Company

undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company

to fulfill its obligations under this Agreement.

 

		27	WAIVER

                                            OF CLAIMS TO TRUST ACCOUNT

 

Indemnitee

hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any

monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company

and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of,

any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

 

    19

     

    

 

		28	INTERPRETATION

 

In

this Agreement:

 

		(a)	“written”

                                            and “in writing” include all modes of representing or reproducing words in visible

                                            form, including in the form of an Electronic Record;

 

		(b)	“shall”

                                            shall be construed as imperative and “may” shall be construed as permissive;

 

		(c)	references

                                            to provisions of any law or regulation shall be construed as references to those provisions

                                            as amended, modified, re-enacted or replaced;

 

		(d)	any

                                            phrase introduced by the terms “including”, “include”, “in

                                            particular” or any similar expression shall be construed as illustrative and shall

                                            not limit the sense of the words preceding those terms;

 

the

term “and/or” is used herein to mean both “and” as well as “or. “ The use of “and/or”

in certain contexts in no respects qualifies or modifies the use of the terms “and” or “or” in others. The term

“or” shall not be interpreted to be exclusive and the term “and” shall not be interpreted to require the conjunctive

(in each case, unless the context otherwise requires);

 

[Signature

Page Follows]

 

    20

     

    

 

IN

WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	By:	/s/

  Craig E. Barnett
	 	 	Name:	Craig E. Barnett
	 	 	Address: 	c/o Pearl

  Holdings Acquisition Corp
	 	 	 	767 Third

  Avenue, 11th Floor
	 	 	 	New York, NY 10017

 

	 	PEARL

  HOLDINGS ACQUISITION CORP
	 	 	 
	 	By:	/s/

  Craig E. Barnett
	 	 	Name:	Craig E. Barnett
	 	 	Title:	Chief Executive Officer

 

[Signature

Page to Indemnity Agreement]

 

    21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]