Document:

Exhibit
10.9

 

FORM
OF INDEMNIFICATION AGREEMENT

 

This
Indemnification Agreement (“Agreement”) is made as of ____________, 2022 by and between SOS Hydration Inc., a Nevada
corporation (the “Company”), and ______________ (“Indemnitee”).

 

RECITALS

 

WHEREAS,
highly competent persons have become more reluctant to serve corporations as directors or 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 the corporation and due to the fact that such exposure frequently bears
no relationship to compensation paid to such officers and directors;

 

WHEREAS,
the Company and Indemnitee recognize that plaintiffs often seek damages in such large amounts and the costs of litigation may be so enormous
(whether or not the case is meritorious), that the defense and/or settlement of such litigation is often beyond the personal resources
of directors and officers;

 

WHEREAS,
the Company’s Articles of Incorporation (“Articles”) and Bylaws provide for the indemnification of the officers and
directors of the Company to the fullest extent permitted by the Nevada Revised Statutes of the State of Nevada (the “NRS”).
The Bylaws expressly provide that the indemnification provisions set forth therein are not exclusive and contemplate that contracts may
be entered into between the Company and its directors and officers with respect to indemnification;

 

WHEREAS,
The NRS empowers the Company to indemnify its officers, directors, employees and agents by agreement and to indemnify persons who serve,
at the Company’s request, as the directors, officers, employees or agents of other corporations or enterprises;

 

WHEREAS,
The NRS allows the Company to include in its Articles a provision limiting or eliminating the personal liability of a director for monetary
damages in respect of claims by shareholders and corporations for breach of certain fiduciary duties, and the Company has so provided
in its Articles that each director shall be exculpated from such liability to the maximum extent permitted by law;

 

WHEREAS,
the Company, after reasonable investigation, has determined that the liability insurance coverage presently available to the Company
may be inadequate in certain circumstances to cover all possible exposure for which Indemnitee should be protected;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining highly
competent persons to serve as directors and officers;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of
such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Company’s Articles and Bylaws and any resolutions adopted pursuant
thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS,
Indemnitee does not regard the protection available under the Company’s Articles, Bylaws and insurance as adequate in the present
circumstances, and may not be willing to serve as an officer or director 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 he be so indemnified.

    	 

    	 

    

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows:

 

Section
1. Services to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company,
as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation
or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue
Indemnitee in such position with respect to actions taken following any such resignation becoming effective. This Agreement shall not
be deemed an employment contract between the Company (or any of its subsidiaries or any other corporation, limited liability company,
partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving at the Company’s request
as a director, officer, employee, agent or fiduciary) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment
with the Company (or any of its subsidiaries or any other corporation, limited liability company, partnership, joint venture, trust employee
benefit plan or other enterprise of which Indemnitee was serving at the Company’s request as a director, officer, employee, agent
or fiduciary), if any, is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, except as
may be otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any other
corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee
was serving at the Company’s request as a director, officer, employee, agent or fiduciary). The foregoing notwithstanding, this
Agreement shall continue in force after Indemnitee has ceased to serve as an officer or director of the Company.

 

Section
2. Definitions. As used in this Agreement:

 

(a)
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:

 

i.
Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly
or indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the Company’s
then outstanding securities;

 

ii.
Change in Board. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person
who has entered into an agreement with the Company to effect a transaction described in Section 2(a)i, Section 2(a)iii
or Section 2(a)iv) whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members
of the Board;

 

iii.
Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation
and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

iv.
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the
sale or disposition by the Company of all or substantially all of the Company’s assets; and

 

    	 

    	 

    

v.
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 (as defined
below), whether or not the Company is then subject to such reporting requirement.

 

For
purposes of this Section 2(a), the following terms shall have the following meanings:

 

(A)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(B)
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however,
that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

(C)
“Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however,
that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving
a merger of the Company with another entity.

 

(b)
“Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary
of the Company or of any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or
other enterprise which such person is or was serving at the request of the Company.

 

(c)
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect
of which indemnification is sought by Indemnitee.

 

(d)
“Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and
all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include
(i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security
for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, and (ii) for purposes of Section
13(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights
under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

 

(e)
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation 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 the 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. The Company agrees to pay the reasonable fees and expenses of the Independent
Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out
of or relating to this Agreement or its engagement pursuant hereto.

 

(f)
“Proceeding” shall include any threatened, pending or completed action, suit, arbitration, 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, criminal, administrative, legislative,
or investigative nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party,
non-party witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action taken by him or of any action on his part while acting as director or officer of the Company, or by reason of the fact that he
is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, limited liability company,
partnership, joint venture, trust or 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; except
one initiated by an Indemnitee to enforce his rights under this Agreement.

    	 

    	 

    

 

Section
3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section
3 if, by reason of his Corporate Status, Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding,
other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, penalties, fines and amounts
paid in settlement actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue
or matter therein, if Indemnitee acted in good faith and in a manner he 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 his conduct was unlawful.

 

Section
4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions
of this Section 4 if, by reason of his Corporate Status, Indemnitee is, or is threatened to be made, a party to or a participant
in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by him or
on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the Company. No indemnification 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 a Nevada Court or any court in which the Proceeding was brought 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.

 

Section
5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement,
to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his 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 indemnify Indemnitee against all Expenses actually and reasonably incurred by him 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 indemnify Indemnitee against all Expenses actually
and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. If the Indemnitee
is not wholly successful in such Proceeding, the Company also shall indemnify Indemnitee against all Expenses reasonably incurred in
connection with a claim, issue or matter related to any claim, issue, or matter on which the Indemnitee was successful. For purposes
of this Section and without limiting the foregoing, if any Proceeding is disposed of, on the merits or otherwise (including a disposition
without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to the Company,
(iii) a plea of guilty or nolo contendere by Indemnitee, (iv) an adjudication that Indemnitee did not act in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and (v) with respect to any criminal proceeding,
an adjudication that Indemnitee had reasonable cause to believe Indemnitee’s conduct was unlawful, Indemnitee shall be considered
for purposes of this Agreement to have been successful with respect thereto.

 

Section
6. Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted
by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise participates in any
Proceeding to which Indemnitee is not a party, he shall be
indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

    	 

    	 

    

 

Section
7. Additional Indemnification.

 

(a)
Notwithstanding any limitation in Section 3, Section 4, or Section 5, the Company shall indemnify Indemnitee to
the fullest extent permitted by applicable law if Indemnitee, by reason of his Corporate Status, 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 and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

(b)
For purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted by applicable law”
shall include, but not be limited to:

 

i.
to the fullest extent permitted by the provision of the NRS that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the NRS, and

 

ii.
to the fullest extent authorized or permitted by any amendments to or replacements of the NRS adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

Section
8. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make
any indemnity in connection with any claim made against Indemnitee:

 

(a)
for any Proceedings with respect to which final judgment is rendered against Indemnitee for payment of (i) 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 (as defined in Section 2(a) hereof) or similar provisions of state statutory law or common law, or (ii) any reimbursement
of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the
Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements
that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 306 of the Sarbanes-Oxley Act), or

 

(b)
any Proceeding involving the enforcement of non-compete and/or non-disclosure agreements or the non-compete and/or non-disclosure provisions
of employment, consulting or similar agreements the Indemnitee may be a party to with the Company or any subsidiary of the Company or
any other applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any; or

 

(c)
except as provided in Section 13(d) of this Agreement, 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, in its sole discretion, pursuant to the powers vested in the Company under
applicable law.

 

Section
9. Advances of Expenses. The Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee by
reason of his Corporate Status in connection with any Proceeding, and such advancement shall be made within thirty (30) days after receipt
by the Corporation of (i) a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior
to or after final disposition of any Proceeding, and (ii) an undertaking by or on behalf of Indemnitee to repay such amount or amounts,
only if, and to the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Corporation
as authorized by this Agreement or otherwise. Such undertaking shall be accepted without reference to the financial ability of Indemnitee
to make such repayment. Advances shall be unsecured and interest free. Advances shall include any and all reasonable Expenses incurred
pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company
to support the advances
claimed. This Section 9 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section
8 or to any Proceeding for which the Company has assumed the defense thereof in accordance with Section 10(b) of this Agreement.

    	 

    	 

    

 

Section
10. Procedure for Notification and Defense of Claim.

 

(a)
Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification
to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification
under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification following the final disposition of such action, suit or proceeding. The omission by Indemnitee to notify
the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under
this Agreement unless, and to the extent that, such failure actually and materially prejudices the interests of the Company, and any
delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the
Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification.

 

(b)
In the event the Company shall be obligated to pay the Expenses of Indemnitee with respect to a Proceeding, as provided in this Agreement,
the Company shall be entitled to assume the defense of such Proceeding, with counsel reasonably acceptable to Indemnitee, upon delivery
of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and retention of such
counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred
by Indemnitee with respect to the same Proceeding, provided that (1) Indemnitee shall have the right to employ Indemnitee’s own
counsel in such Proceeding at Indemnitee’s expense and (2) if (i) the employment of counsel by Indemnitee has been previously authorized
in writing by the Company, (ii) counsel to the Company or Indemnitee shall have reasonably concluded that there may be a conflict of
interest or position, or reasonably believes that a conflict is likely to arise, on any significant issue between the Company and the
Indemnitee in the conduct of such defense or (iii) the Company shall not, in fact, have employed counsel to assume the defense of such
Proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company, except as otherwise expressly
provided by this Agreement.

 

(c)
The Company will be entitled to participate in the Proceeding at its own expense.

 

Section
11. Procedure Upon Application for Indemnification.

 

(a)
Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred
after the date of this Agreement, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee;
or (ii) if a Change in Control shall not have occurred after the date of this Agreement, (A) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of
the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee
or (D) if so directed by the Disinterested Directors, by the stockholders of the Company; and, 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 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 indemnifies and agrees to hold Indemnitee harmless therefrom.

    	 

    	 

    

(b)
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a)
hereof, the Independent Counsel shall be selected as provided in this Section 11(b). If a Change in Control shall not have occurred
after the date of this Agreement, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to
Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred after the
date of this Agreement, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection
be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising
it of the identity of the Independent Counsel so selected. 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 given, 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 has determined that
such objection is without merit. If, within twenty (20) days after the submission by Indemnitee or the Company, as the case may be, of
a written objection, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition
a court of competent jurisdiction 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 Court or by such other
person as the Court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall
act as Independent Counsel under Section 11(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant
to Section 13(a) 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).

 

Section
12. Presumptions and Effect of Certain Proceedings.

 

(a)
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall, to the
fullest extent not prohibited by law, 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 legal 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 legal 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.

 

(b)
Subject to Section 13(e), if the person, persons or entity empowered or selected under Section 11 of this Agreement to
determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt
by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not
prohibited by law, be deemed to have been made and Indemnitee shall 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 prohibition of such indemnification under applicable law; provided,
however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) 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; and provided, further, that the foregoing provisions
of this Section 12(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 11(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for
such determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting
thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting
of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination,
such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii)
if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) of this
Agreement.

    	 

    	 

    

 

(c)
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
he 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 his conduct was unlawful.

 

(d)
Reliance as Safe Harbor. 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 Company or other corporation, limited liability company,
partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving as a director, officer, employee,
agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers of the Company or other
corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee
was serving as a director, officer, employee, agent or fiduciary in the course of their duties, or on the advice of legal counsel for
the enterprise or on information or records given or reports made to the Company or other corporation, limited liability company, partnership,
joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving as a director, officer, employee, agent
or fiduciary by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the
Company or other corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise
of which Indemnitee was serving as a director, officer, employee, agent or fiduciary. The provisions of this Section 12(d) shall not
be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement.

 

(e)
Actions of Others. The knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Company
or other corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise of which
Indemnitee was serving as a director, officer, employee, agent or fiduciary shall not be imputed to Indemnitee for purposes of determining
the right to indemnification under this Agreement.

 

Section
13. Remedies of Indemnitee.

 

(a)
Subject to Section 13(e), in the event that (i) a determination is made pursuant to Section 11 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 11(a) of
this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5 or Section 6 or the last sentence of Section 11(a) of this Agreement within ten
(10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, Section
4 or Section 7 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled
to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee
the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court
of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.
Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which
Indemnitee first has the right to commence such proceeding pursuant to this Section 13(a); provided, however, that the
foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this
Agreement. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    	 

    	 

    

(b)
In the event that a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 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 13 the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c)
If a determination shall have been made pursuant to Section 11(a) 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 13,
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.

 

(d)
The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 13 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.
It is the intent of the Company that the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof
would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company shall indemnify Indemnitee
against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request
therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with
any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

(e)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

 

Section
14. Non-exclusivity; Survival of Rights; Insurance;.

 

(a)
The rights of indemnification and to receive advancement of Expenses 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 Company’s Articles, the Company’s
By-laws, any agreement, a vote of stockholders 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 action taken
or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Nevada
law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently
under the Company’s Articles, the Company’s By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee
shall enjoy by this Agreement the greater benefits so afforded by such change. 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.

 

(b)
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or 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, employee or agent under such policy or policies.
If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance
in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company and the Indemnitee shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of
such proceeding in accordance with the terms of such policies.

    	 

    	 

    

 

(c)
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
Expenses from such other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

(d)
The Company hereby acknowledges that, in addition to the rights provided in the Articles, the Bylaws and this Agreement, Indemnitee may
have certain rights to indemnification, advancement of Expenses and/or insurance (an “Indemnity Right”) provided by
another Person, whether now or in the future (a “Third Party Indemnitor”). Notwithstanding anything to the contrary
herein, the Company hereby agrees that in the event Indemnitee has an Indemnity Right, the Company (A) is the indemnitor of first resort
(i.e., its obligations to indemnify Indemnitee are primary and any obligation of the applicable Third Party Indemnitor or its insurers
to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee is secondary and excess);
(B) shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses,
judgments, penalties, fines and amounts paid in settlement by Indemnitee or on his behalf to the extent legally permitted and as required
hereunder, without regard to any rights Indemnitee may have against the Third Party Indemnitor or its insurers; and (C) irrevocably waives,
relinquishes and releases the Third Party Indemnitor and such insurers from any and all claims against the Third Party Indemnitor or
such insurers for contribution, by way of subrogation or any other recovery of any kind in respect thereof. In furtherance and not in
limitation of the foregoing, the Company agrees that in the event that any Third Party Indemnitor or its insurer should advance any Expenses
or make any payment to Indemnitee for matters subject to advancement or indemnification by the Company pursuant to this Agreement or
otherwise, the Company shall promptly reimburse such Third Party Indemnitor or insurer and that such Third Party Indemnitor or insurer
shall be subrogated to all of the claims or rights of Indemnitee hereunder or otherwise including to the payment of Expenses in an action
to collect. The Company agrees that any Third Party Indemnitor or its insurer not a party hereto shall be an express third party beneficiary
of this Section 14, able to enforce such Section 14 of this Agreement according to its terms.

 

Section
15. 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 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 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.

 

Section
16. Enforcement. 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 or officer of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

 

Section
17. Entire Agreement. Supersedes Prior Agreements. 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; provided, however, that this Agreement is a supplement to and in
furtherance of the Articles of the Company, any employment agreement between the Company and Indemnity and applicable law, and shall
not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section
18. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by the parties thereto. 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.

    	 

    	 

    

 

Section
19. Notice by Indemnitee. Indemnitee agrees promptly to notify 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
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 the Indemnitee under this Agreement or otherwise except to the extent the Corporation is prejudiced in
its defense of such action, suit or proceeding as a result of such failure.

 

Section
20. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have
been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it
is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall
have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

 

(a)
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
to the Company.

 

(b)
If to the Company to

 

4822
Sterling Dr.

Boulder,
CO 80301

Attention:
James Mayo

 

And
a copy to:

 

Rowland
W. Day II

465
Echo Bay Trail

Bigfork,
MT 59911

 

or
to any other address as may have been furnished to Indemnitee by the Company.

 

Section
21. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount
incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable
in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee
as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and
its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

Section
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 Nevada, without regard to its conflict of laws rules. Except
with respect to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall
be brought only in the Nevada District Court, located in Clark County, state of Nevada,(the “Nevada Court”), and not in any
other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive
jurisdiction of the Nevada Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii)
waive any objection to the laying of venue of any such action or proceeding in the Nevada Court, and (iv) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Nevada Court has been brought in an improper or inconvenient
forum.

 

    	 

    	 

    

Section
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.

 

Section
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.

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

 

 

	SOS HYDRATION
    INC.	 
	 	 	 
	By:
    	 	 
	Name:	 	 
	Title:	 	 

 

	INDEMNITEE	 
	 	 	 
	 	 
	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE
PAGE TO INDEMNIFICATION AGREEMENT]Exhibit
10.2

 

Certain personally identifiable information
contained in this document, marked by brackets as [***], has

 been omitted from this exhibit pursuant to Item 601(a)(6) under Regulation
S-K.

 

Execution
Version

 

RESTATED
AND AMENDED SHAREHOLDERS’ AGREEMENT

 

of
5 April 2022

 

between

 

	1.	Helix Acquisition
                                  Corp.

c/o
Cormorant Asset Management LLP, 200 Clarendon Street, 52nd Floor Boston, MA 02116, United States

(hereinafter
«Helix»)

 

and

 

	2.	Biotechnology
                                  Value Fund, L.P.

44
Montgomery Street, 40th Floor, San Francisco, CA 94104, United States

(hereinafter
«Series A Investor 1»)

 

	3.	Biotechnology
                                  Value Fund II, L.P.

44
Montgomery Street, 40th Floor, San Francisco, CA 94104, United States

(hereinafter
«Series A Investor 2»)

 

	4.	Biotechnology
                                  Value Trading Fund OS, L.P.

PO
Box 309 Ugland House, Grand Cayman, KY1-1104, Cayman Islands

(hereafter
«Series A Investor 3»)

 

	5.	Merck Healthcare
                                  KGaA, Darmstadt, Germany an affiliate of Merck KGaA, Darmstadt, Germany

Frankfurter
Str. 250, 64293 Darmstadt, Germany

(hereinafter
«Series A Investor 4»)

 

	6.	Florian
                                  Schönharting

[***]

(hereinafter
«Series A Investor 5»)

 

	7.	Simon Sturge

[***]

(hereinafter
«Series A Investor 6»)

 

(each
a «Series A Investor» or an «Investor» and collectively the «Series A Investors»
or the «Investors»)

 

and

 

     

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	8.	Jonkheer
                                  Arnout Michiel Ploos van Amstel

[***]

(hereinafter
«Founder 1»)

 

	9.	Dr. Jorge
                                  Santos da Silva

[***]

(hereinafter
«Founder 2»)

 

	10.	JeruCon
                                   Beratungsgesellschaft mbH

[***]

(hereinafter
«Founder 3»)

(each
a «Founder» and collectively the «Founders»)

 

	11.	Matthias
                                   Bodenstedt

[***]

(hereinafter
«Employee 1»)

 

	12.	Atif Khan

[***]

(hereinafter
«Employee 2»)

 

	13.	Nuala
                                   Brennan

[***]

(hereinafter
«Employee 3»)

 

	14.	Oliver
                                   Daltrop

[***]

(hereinafter
«Employee 4»)

 

	15.	Eva Cullen

[***]

(hereinafter
«Employee 5»)

 

(irrespective
of whether they hold Shares or Stock Options (both as defined below), each an «Employee» and collectively the «Employees»)

 

(the
Series A Investors, the Founders and the Employees collectively the «Existing Investors» and each an «Existing
Investor»)

 

and

 

	16.	MoonLake
                                   Immunotherapeutics AG

c/o
KD Zug-Treuhand AG, Untermüli 7, 6302 Zug

(hereinafter
the «Company»)

 

    2

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Table
of contents

 

	Preamble		6
	 	 	 
	1.	Definitions and Scope	7
	 	 	 
	2.	General Undertaking	7
	 	 	 
	3.	Ownership Structure AND
    CLASSES OF SHARES	7
	 	 	 
	3.1	Share Capital	7
	3.2	Different Classes of Shares	8
	3.3	Employee Equity Incentive Plan	8
	3.4	Subscription Rights	8
	 	 	 
	4.	ORDER OF PRECEDENCE /
    ARTICLES AND BOARD REGULATIONS	8
	4.1	Order of Precedence	8
	4.2	Articles of Association	9
	4.3	Board Regulations	9
	 	 	 
	5.	BOARD OF DIRECTORS	9
	5.1	Representation on the Board and Initial Composition	9
	5.2	Signing Authority	10
	5.3	Presence Quorum	10
	5.4	Implementation of Board Resolutions	10
	 	 	 
	6.	Shareholders’ Meeting	10
	6.1	General Undertaking	10
	6.2	Undertakings by the Existing Investors	11
	6.3	Restricting Covenants and Waivers by the Existing
    Investors	11
	6.3.1	Restricting Covenants and Waivers by all Existing Investors	11
	6.3.2	Restricting Covenants and Waivers by Series A Investor
    4	12
	6.4	Helix Call Options	12
	6.4.1	Triggering Events	12
	6.4.2	Exercise of Helix Call Options	12
	 	 	 
	7.	Transfer Restrictions	13
	7.1	General Provisions	13
	7.2	Permitted Transfers	13
	7.3	Restricted Transfers	14
	7.4	Drag-Along (Co-Sale Obligation)	14
	7.5	Triggering Event Option	15
	7.5.1	Triggering Event	15
	7.5.2	Exercise of Triggering Event Options	15
	7.6	Transfer of Class C Ordinary Shares	16

 

    3

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	8.	Exchange
    of common shares	16
	8.1	Exchange Procedures	16
	8.1.1	Delivery of Exchange Notice and Settlement	16
	8.1.2	Optional Cash Exchange by Helix	17
	8.1.3	Change of Control Exchange	18
	8.1.4	Exchange of Restricted Common Shares	18
	8.2	Reserved	18
	8.3	Splits, Distributions and Reclassifications	18
	8.4	Helix Covenants	19
	8.5	Exchange Taxes and Costs	19
	8.6	Helix Call Right	20
	8.7	Reserved	20
	8.8	Distribution Rights	20
	8.9	Tax Matters	20
	8.10	Representations and Warranties	20
	 	 	 
	9.	Reverse Founders’
    Vesting	21
	9.1	Vesting Schedule	21
	9.2	Good Leaver Event	21
	9.3	Bad Leaver Event	21
	9.4	Exercise of Leaver Call Options	22
	 	 	 
	10.	Accession	22
	 	 	 
	11.	Term and Termination	23
	 	 	 
	12.	Miscellaneous	24
	12.1	Nature of Parties’ Rights and Obligations	24
	12.2	Confidentiality	24
	12.3	Successors and Assigns	25
	12.4	Costs and Expenses	25
	12.5	Notices	25
	12.6	Entire Agreement	26
	12.7	Severability	26
	12.8	Amendments	27
	12.9	Form Requirements	27
	12.10	Effectiveness	27
	 	 	 
	13.	Governing Law and arbitration	28
	13.1	Governing Law	28
	13.2	Arbitration	28

 

    4

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	List
    of Annexes  	A-1 
	 	 
	Annex
    1: DEFINITIONS  	A-2 
	 	 
	Annex
    3: CAP TABLE  	A-10 
	 	 
	Annex
    4.2: ARTICLES  	A-11 
	 	 
	Annex
    4.3: BOARD REGULATIONS  	A-12 
	 	 
	Annex
    6.3.2: STANDSTILL  	A-13 
	 	 
	Annex
    8: EXCHANGE NOTICE  	A-15 

 

    5

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Preamble

 

	A.	The Company is
                                 organized in the form of a Swiss stock corporation («Aktiengesellschaft») registered
                                 with the commercial register of the Canton of Zug under the number CHE-433.093.536.

 

	B.	The
                                            Company’s core business is the research, development, manufacturing and marketing of
                                            biotechnological, pharmaceutical and similar products in Switzerland and abroad (the «Business»).

 

	C.	The
                                            Existing Investors (save for Simon Sturge and the Employees) and the Company have entered
                                            into an investment agreement dated 28 April 2021, and each Series A Investor has entered
                                            into a share purchase agreement with each Founder or the Company, respectively, dated 28
                                            April 2021 (collectively the «Share Purchase Agreements»), and a shareholders’
                                            agreement dated 28 April 2021 (the «Original Shareholders’ Agreement»)
                                            in connection with the Series A financing round of the Company. The Company and the Existing
                                            Investors have agreed to conduct a second financing round, whereby Helix, a Nasdaq-listed
                                            special purpose acquisition company, has entered into a business combination agreement (the
                                            «Business Combination Agreement») and an investment and subscription agreement
                                            (the «Investment Agreement»), each dated on 4 October 2021, in each case
                                            with the Existing Investors and the Company, whereby Helix will subscribe for a number of
                                            Voting Shares, each with a nominal value of CHF 0.01, and will subsequently pay a certain
                                            remaining investment amount by way of a cash contribution (Kapitalzuschuss) to the
                                            Company which will be recorded as “capital contribution reserves” (Kapitaleinlagereserven),
                                            and each of Series A Investor 1, 2 and 3, will transfer on the closing of the Business Combination
                                            Agreement and the Investment Agreement all its Common Shares to Helix in exchange for Class
                                            A Ordinary Shares of Helix (the «BVF Share Transfers»). The transactions
                                            contemplated by the Business Combination Agreement and the Investment Agreement are referred
                                            to herein as the «Transaction».

 

	D.	The
                                            Parties agreed that the Existing Investors holding Common Shares may continue to own Common
                                            Shares of the Company after the Transaction has been implemented and shall be granted the
                                            right to exchange these Common Shares and Class C Ordinary Shares (the latter will be allocated
                                            to Existing Investors holding Common Shares at completion of the Transaction to convey to
                                            the Existing Investors voting shares of Helix) into Class A Ordinary Shares in accordance
                                            with the provisions of this Agreement. Existing Investors acquiring Common Shares upon exercise
                                            of Stock Options after the closing of the Transaction shall be granted the same rights as
                                            Existing Investors holding Common Shares at completion. The Parties wish to limit certain
                                            statutory shareholders rights of the Existing Investors in the Company as provided herein.

 

	E.	Concurrently
                                            with the registration of the Voting Shares in the Commercial Register of the Canton of Zug,
                                            Switzerland, as part of the consummation of the Transaction, the Parties execute this Agreement
                                            to govern their respective rights and obligations as Shareholders of the Company and provide
                                            for the rules governing the operation of the Company.

 

    6

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Based
on the foregoing, the Parties agree as follows:

 

	1.	Definitions and Scope

 

Capitalized
terms used in this Agreement shall have the meaning as set forth in Annex 1.

 

This
Agreement shall apply with respect to all Shares and Stock Options held by the Parties now and in the future.

 

	2.	General Undertaking

 

The
Shareholders acknowledge their common intent to procure, and to generally co-operate with each other so as to ensure, that the Company
will be managed and operated in accordance with this Agreement.

 

Each
Shareholder hereby undertakes to the other Shareholders to (i) generally exercise their powers and voting rights as a shareholder of
the Company and (ii) procure that the Director(s) nominated by such Shareholder(s) exercise their powers and voting rights on the Board
to the extent legally permissible and compatible with the fiduciary duties of such Director(s), in a manner which is consistent with
the terms of this Agreement, and to ensure that the provisions of this Agreement are given full effect at all times during the term of
this Agreement.

 

	3.	Ownership Structure AND
                                  CLASSES OF SHARES

 

	3.1	Share Capital

 

As
at completion of the Transaction, including the conversion of the Series A Preferred Shares into Common Shares and the execution and
completion of the BVF Share Transfers described in Preamble C, the share capital and ownership structure of the Company and the holdings
of each Existing Investor and Helix in the respective class of Shares shall be as set forth in the cap table in Annex 3.

 

Annex 3
provides for an overview of the capital and ownership structure on a fully-diluted basis as at completion of the Transaction.

 

The
Company represents and warrants that Annex 3 is true, accurate and complete as of the date hereof and that the Existing Investors
and the Employees are all parties holding shares or equity-linked instruments (like Stock Options) in the Company as of the date hereof.

 

    7

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	3.2	Different Classes of Shares

 

As
at completion of the Transaction pursuant to the terms and conditions of the Business Combination Agreement and the Investment Agreement,
the Company’s share capital shall be divided into two different classes of Shares: Common Shares and Voting Shares.

 

The
respective rights attaching to each of the two different classes of Shares shall be as set forth in this Agreement, and, subject to the
order of precedence set forth in the second paragraph of Section 4.1 of this Agreement, in the Articles.

 

	3.3	Employee
                                            Equity Incentive Plan

 

The
Parties acknowledge that the Company has implemented a share participation plan (SPP) and an employee stock option plan (ESOP), together
the «Plans» and agree to cause the Company, in the Board’s discretion, to continue to grant up to (i) 28,412
stock options with respect to the acquisition of up to 28,412 Common Shares with a par value of CHF 0.1 per Common Share or (ii)
28,412 Common Shares, each with a par value of CHF 0.1, under the Plans (the «Stock Options»); it being understood
that, at the signing of this Agreement, 6,600 options have been granted to employees of the Company of which none have been exercised
by Employee shareholders.

 

To
source the Common Shares issuable upon exercise of the Stock Options, the Company has a conditional share capital of CHF 2,847.20
allowing for the issuance of 28,472 Common Shares, as set forth in Articles (the «Conditional Capital»). The Common
Shares needed for the Stock Options shall be exclusively sourced from the existing Conditional Capital.

 

	3.4	Subscription
                                            Rights

 

Each
Existing Investor undertakes to Helix to waive, and hereby waives, any priority subscription rights (Vorwegzeichnungsrechte) and
subscription rights (Bezugsrechte) in the event of an increase of the Company’s share capital.

 

	4.	ORDER
                                            OF PRECEDENCE / ARTICLES AND BOARD REGULATIONS
	 	 

	4.1	Order
                                            of Precedence

 

The
rights and obligations of the Shareholders in their respective capacities as shareholders of the Company, the organization of the Company,
the organization of the Board and the rights and responsibilities of the Directors shall be governed by this Agreement, the Articles,
the Board Regulations and other governing documents of the Company, as amended from time to time, in accordance with the relevant provisions
contained therein.

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Unless
expressly provided otherwise herein, the Articles, the Board Regulations and other governing documents of the Company shall, to the fullest
extent permissible under applicable laws, include at all times any provisions required to give full effect to the terms and conditions
of this Agreement, if and to the extent so requested by Helix.

 

In
the event of any conflict or discrepancies between the provisions of this Agreement and the Articles, the Board Regulations or any other
governing documents of the Company, the provisions of this Agreement shall prevail to the extent such conflicts or discrepancies pertain
to matters between and among the Shareholders.

 

	4.2	Articles
                                            of Association

 

As
at completion of the Transaction, the Articles shall be substantially in the form as attached hereto as Annex 4.2.

 

	4.3	Board
                                            Regulations

 

As
at completion of the Transaction, the Company’s board regulations shall be substantially in the form as attached hereto as Annex 4.3
(the «Board Regulations»).

 

	5.	BOARD
                                            OF DIRECTORS

 

	5.1	Representation
                                            on the Board and Initial Composition

 

The
Board of Directors shall consist of at least five or more members who are elected by the Shareholders’ Meeting in accordance with
the Articles and applicable law, whereby each category of Shares is entitled to be represented on the Board, subject to different contractual
arrangements set forth herein.

 

The
initial Directors shall be Spike Loy, Arnout Michiel Ploos van Amstel, Simon Sturge, and Andrew Phillips or such other designee of a
majority of the Shareholders holding the majority of the Voting Shares as representatives of Helix on the Board and Dr. Jorge Santos
da Silva, as representative of the Common Shares.

 

The
initial Chairperson shall be Simon Sturge. The Chairperson shall have the casting vote.

 

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	5.2	Signing Authority

 

The
Board shall not grant individual signing authorities (Einzelzeichnungsberechtigung) to Directors and/or officers of the Company
and all Directors shall be granted collective signing powers (Kollektivzeichnungsberechtigung zu Zweien), unless only one Director
or officer is domiciled in Switzerland.

 

	5.3	Presence
                                            Quorum

 

Upon
first invitation, a Board meeting is validly constituted, if at least the majority of all Board members (including a representative of
the Shareholder holding the majority of the Voting Shares) is present (including by virtual meeting in electronic form, video or telephone
conference or other means of direct communication).

 

If
the presence quorum set forth in the preceding paragraph is not met upon first invitation, the Board meeting shall be postponed and called
again with at least five (5) calendar days prior invitation and such second meeting shall take place at the same place and time and on
the same weekday during normal business hours (Eastern Time) two weeks after the meeting date specified in the first invitation unless
otherwise agreed by all Board members. In such second meeting, the Board meeting shall be validly constituted if at least the majority
of all Board members are present.

 

No
quorum requirement shall apply for meetings at which the Board merely confirms in front of a notary the execution of a capital increase
and resolves on changes of the Articles in connection with a share capital increase resolved by the general meeting of the shareholders
(in particular Art. 634a, 651 par. 4, 651a, 652e, 652g and 653g CO).

 

	5.4	Implementation
                                            of Board Resolutions

 

Each
Shareholder hereby undertakes to the other Shareholders to do all acts necessary to implement the resolutions and other actions by the
Board taken in accordance with this Section 5.

 

	6.	Shareholders’
                                            Meeting
	 	 

	6.1	General
                                            Undertaking

 

Each
Shareholder hereby undertakes to the other Shareholders to use commercially reasonable efforts to ensure that the Shareholders’
Meetings may be conducted in the form of plenary meetings (Universalversammlungen) in the sense of Art. 701 CO.

 

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	6.2	Undertakings by the Existing Investors

 

Each
Existing Investor hereby undertakes to the other Parties:

 

		a)	not
                                            to exercise any of its shareholders’ rights pertaining to its Shares, other than the
                                            voting rights in accordance with the provisions of this Agreement and the rights as Parties
                                            to this Agreement; and

 

		b)	to
                                            exercise its voting rights pertaining to its Shares always in line with the proposals of
                                            the Board.

                                            Irrespective of the foregoing and for the avoidance of doubt, in case Helix does not vote
                                            in line with the proposals of the Board, each Existing Investor shall exercise its voting
                                            rights pertaining to its Shares in the same manner as Helix.

 

	6.3	Restricting
                                            Covenants and Waivers by the Existing Investors

 

	6.3.1	Restricting
                                            Covenants and Waivers by all Existing Investors

 

Each
Existing Investor hereby contractually undertakes to the other Parties to not exercise, and in that sense waives, the following statutory
rights as shareholder in the Company to the fullest extent permissible by law during the term of this Agreement:

 

		a)	the
                                            right to request the return of benefits, paid to Shareholders, Directors and their Affiliates
                                            (Art. 678 and 679 CO);

 

		b)	the
                                            right to request information about the affairs of the Company other than in the course of
                                            the Shareholders’ Meeting pursuant to Art. 697 CO;

 

		c)	the
                                            right to request the Shareholders’ Meeting to initiate a special audit (Art. 697a CO)
                                            and the right to request any governmental authority to appoint a special auditor (Art. 697b
                                            CO);

 

		d)	the
                                            right to request the Board to call a Shareholders’ Meeting and/or to put a certain
                                            item on the agenda of a Shareholders’ Meeting (Art. 699 CO);

 

		e)	the
                                            right to challenge resolutions by the Shareholders’ Meetings (Art. 706 et seq. CO)
                                            and/or to request that resolutions by the Shareholders’ Meetings shall be null and
                                            void (Art. 706b CO) before any Governmental Authority;

 

		f)	the
                                            right to request and/or elect a representative in the Board for the Common Share class (Art.
                                            709 CO);

 

		g)	the
                                            right to request that resolutions and other actions by the Board shall be null and void (Art.
                                            714 and 706b CO) before any Governmental Authority;

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		h)	the
                                            right to request a Governmental Authority to dissolve the Company for good cause (Art. 736
                                            para. 4 CO);

 

		i)	the
                                            right to bring liability claims as shareholder against the founders, the Directors, all persons
                                            involved in establishing the Company, all persons engaged in the business management and/or
                                            liquidation of the Company, and/or auditors (Art. 753 – 755 CO); and

 

		j)	the
                                            right to request a Governmental Authority to determine an appropriate compensation payment
                                            in the case of a statutory merger (Art. 105 Swiss Federal Merger Act).

 

	6.3.2	Restricting
                                            Covenants and Waivers by Series A Investor 4

 

Series
A Investor 4 hereby contractually undertakes to the other Parties to adhere to the Standstill Provisions and the related undertakings
set forth in Annex 6.3.2.

 

	6.4	Helix
                                            Call Options

 

	6.4.1	Triggering
                                            Events

 

Regardless
of whether or not the Lock-up Period has expired, Helix shall have the right, but not the obligation (the «Helix Call Options»),
(i) to require an Existing Investor to Exchange its Common Shares for Class A Ordinary Shares in accordance with the terms of Section 8.1
if an Existing Investor does not comply with its contractual duties and obligations according to Sections 3.4, 6.1, 6.2 and/or 6.3.1
(the «Helix Call Option Triggering Events 1») subject to the terms and conditions set forth herein and/or (ii) to
require Series A Investor 4 to sell all of its Common Shares to Helix and to surrender to Helix all of its outstanding Class C Ordinary
Shares for cancelation and all of its Class A Ordinary Shares to Helix, each at their nominal value, if Series A Investor 4 does not
comply with its contractual duties and obligations according to Section 6.3.2 (the «Helix Call Option Triggering Events
2») subject to the terms and conditions set forth herein.

 

	6.4.2	Exercise of Helix Call Options

 

Helix
shall immediately notify the respective non-complying Existing Investor of the occurrence of any of the Helix Call Option Triggering
Events 1. If Helix wishes to exercise its respective Helix Call Option it shall so notify the relevant non-complying Existing Investor
and the other Parties within no later than 30 calendar days following any of the Helix Call Option Triggering Events 1 becoming known
to it in all material respects and state in such notice the number of relevant Shares being subject to the Exchange in accordance with
the terms of Section 8.1 («Helix Call Option 1 Exercise Notice»).

 

Helix
shall immediately notify Series A Investor 4 of the occurrence of any of the Helix Call Option Triggering Events 2. If Helix wishes to
exercise its respective Helix Call Option it shall so notify Series A Investor 4 and the other Parties within no later than 30 calendar
days following any of the Helix Call Option Triggering Events 2 becoming known to it in all material respects and state in such notice
the number of Common Shares to be sold to Helix, the corresponding number of Class C Ordinary Shares to be surrendered to Helix for cancellation
and the number of Class A Ordinary Shares, to be sold to Helix at their nominal value each («Helix Call Option 2 Exercise Notice»
and together with the Helix Call Option 1 Exercise Notice, the «Helix Call Option Exercise Notices»). Promptly following
the delivery of the Helix Call Option 2 Exercise Notice, Series A Investor 4 shall transfer and assign to Helix all of the Common Shares,
the Class C Ordinary Shares and the Class A Ordinary Shares as specified in the Helix Call Option 2 Exercise Notice to Helix and Helix
shall transfer to Series A Investor 4 an amount corresponding to the nominal amounts of all Common Shares and the Class A Ordinary Shares
in Helix as specified in the Helix Call Option 2 Exercise Notice to Series A Investor 4.

 

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	7.	Transfer Restrictions
	 	 

	7.1	General Provisions

 

Each
Party acknowledges and agrees that Shares shall be transferable or otherwise become subject to transactions only in accordance with Section 6.4
(Helix Call Options), this Section 7 (Transfer Restrictions), Section 8 (Exchange of Common Shares), Section 9
(Reverse Founders’ Vesting), and Section 11 (Helix Termination Event Option).

 

Each
Shareholder hereby agrees to use its commercially reasonable efforts to cause the Director(s), if any, nominated by such Shareholder
to execute their powers and voting rights on the Board so as to cause that each transfer of Shares in accordance with Sections 6
and 7, and only such transfer of Shares, shall be approved by the Board and registered in the Company’s share register.

 

The
Shares shall not be pledged, assigned by way of security or otherwise used as security and shall remain free and clear of any liens,
encumbrances, charges or any other third-party rights. Unless expressly provided otherwise in this Agreement, the Shares shall not be
transferable for a period of six (6) months after the Effective Date (the «Lock-up Period»).

 

	7.2	Permitted
                                            Transfers

 

The
restrictions under Sections 7.3, of this Agreement shall not apply to the following transfers (each a «Permitted Transfer»):

 

		a)	any
                                            transfer of Shares pursuant to Section 6.4;

 

		b)	After
                                            the expiry of the Lock-up Period, any Exchange of Shares, other than the unvested Leaver
                                            Shares and otherwise locked-up portion of Shares of the Founders and or the Employee shareholders
                                            (for instance, pursuant to the terms of the Plans or any other equity linked incentive schemes
                                            or arrangements), held by the Existing Investors for Class A Ordinary Shares pursuant to
                                            the terms of Section 8;

 

		c)	any
                                            Exchange of Common Shares and Restricted Common Shares in case of a Helix COC pursuant to
                                            the terms of Sections 8.1.3 and 8.1.4;

 

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		d)	after
                                            the expiry of the Lock-up Period, a transfer of Shares to an Affiliate provided that (i)
                                            such Affiliate declares to all Parties in writing to be bound by the terms and conditions
                                            of this Agreement and to assume, jointly and severally, the transferring Shareholder’s
                                            rights and obligations hereunder and (ii) if the Affiliate is about to cease being an Affiliate,
                                            then such Affiliate must immediately retransfer the transferred Shares to the transferring
                                            Shareholder or an Affiliate of such transferring Shareholder;

 

		e)	after
                                            the expiry of the Lock-up Period, a transfer of Shares held by current or former employees,
                                            Directors and/or service providers of the Company or its subsidiaries to the Company or to
                                            Helix;

 

		f)	after
                                            the expiry of the Lock-up Period, any transfer of Shares upon prior written approval by Helix;
                                            

 

		g)	after
                                            the expiry of the Lock-up Period, any transfer of Shares, other than the unvested Leaver
                                            Shares or otherwise locked-up portion of Shares of the Founders and or the Employee shareholders
                                            (for instance, pursuant to the terms of the Plans or any other equity linked incentive schemes),
                                            amongst the Existing Investors; provided, that such transfer would not result in a Helix
                                            COC following an Exchange of all or a portion of the Shares held by the acquiring Existing
                                            Investors after the transfer; 

 

		h)	after
                                            the expiry of the Lock-up Period, any transfer of Shares pursuant to Section 7.4; 

 

		i)	any
                                            transfer of Shares pursuant to Section 7.5; 

 

		j)	any
                                            transfer of Shares pursuant to Section 11; and

 

		k)	the
                                            BVF Share Transfers.

 

	7.3	Restricted
                                            Transfers

 

After
the expiry of the Lock-up Period, no Existing Investor shall transfer any of its Shares to any third party, unless such transfer is a
Permitted Transfer.

 

	7.4	Drag-Along
                                            (Co-Sale Obligation)

 

In
the event that Helix wishes to (a) transfer 100% of its aggregate shareholdings in the Company in one or a series of related transactions
to a proposed acquirer who wishes to acquire all Shares in the Company pursuant to a bona fide purchase offer or (b) conduct and
votes in favor of a merger consolidation (other than one in which Shareholders of the Company own a majority by voting power of the outstanding
shares of the surviving or acquiring corporation) or a sale, lease, transfer, exclusive license or other disposition of all or substantially
all of the assets of the Company («Deemed Liquidation Event») which is approved by the Board (each of (a) and (b)
a «Drag-Along Event»), Helix shall have the right (but not the obligation) to require each and every Existing Investor
(i) to Exchange its Common Shares for Class A Ordinary Shares and/or (ii) to exercise its Stock Options into Common Shares and to subsequently
Exchange such Common Shares for Class A Ordinary Shares in accordance with the terms of Section 8.1 upon completion of the Deemed
Liquidation Event («Drag-Along Right»).

 

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In
case of a Drag-Along Event, Helix shall notify the other Existing Investors thereof with copy to the Company, mutatis mutandis
in accordance with Section 8.1 («Drag-Along Notice»). The Company shall inform each Existing Investor forthwith
but not later than five (5) calendar days after receipt of the Drag-Along Notice of (i) the date it received the Drag-Along Notice and
(ii) the day the six (6) month period for completion of the Deemed Liquidation Event expires.

 

The
Deemed Liquidation Event shall be completed no later than within six (6) months after the date of receipt of the Drag-Along Notice by
the Company. If after the expiry of six (6) months after the date of receipt of the Drag-Along Notice by the Company such Deemed Liquidation
Event has not been completed, each Existing Investor shall no longer be obliged to Exchange its Common Shares for Class A Ordinary Shares
in accordance with the terms of Section 8.1.

 

	7.5	Triggering
                                            Event Option

 

	7.5.1	Triggering
                                            Event

 

Regardless
of whether or not the Lock-up Period has expired, Helix shall have (a) the right, but not the obligation (the «Triggering Event
Option 1»), (i) to require an Existing Investor to Exchange its Common Shares for Class A Ordinary Shares and/or (ii) to exercise
its Stock Options into Common Shares and to subsequently Exchange such Common Shares for Class A Ordinary Shares in accordance with the
terms of Section 8.1 if an Existing Investor becomes insolvent, bankrupt, petitions or applies to any court, tribunal or other body
or authority for creditor protection or for the appointment of, or there shall otherwise be appointed any administrator, receiver, liquidator,
trustee or other similar officer of such Existing Investor or of all or a substantial part of such Existing Investor’s assets (the
«Triggering Event 1») and (b) the right, but not the obligation (the «Triggering Event Option 2»
and together with the Triggering Event Option 1, the «Triggering Event Options»), (i) to require all Existing Investors
to Exchange their Common Shares for Class A Ordinary Shares and/or (ii) to exercise their Stock Options into Common Shares and to subsequently
Exchange such Common Shares for Class A Ordinary Shares in accordance with the terms of Section 8.1 if the Company becomes insolvent,
bankrupt, petitions or applies to any court, tribunal or other body or authority for creditor protection or for the appointment of, or
there shall otherwise be appointed any administrator, receiver, liquidator, trustee or other similar officer of the Company or of all
or a substantial part of the Company’s assets (the «Triggering Event 2» and together with the Triggering Event
1, the «Triggering Events»).

 

	7.5.2	Exercise
                                            of Triggering Event Options

 

The
relevant Existing Investor or the Company, as applicable, their legal successor, receiver, insolvency judge or any other person with
the right to act on behalf of the relevant Existing Investor or the Company or their estate, shall immediately notify Helix of the occurrence
of the Triggering Event. If Helix wishes to exercise its Triggering Event Option it shall so notify the relevant Existing Investor or
the Company (or, as the case may be, their legal successor, receiver, insolvency judge or any other person with the right to act on behalf
of the relevant Existing Investor or the Company or their estate) and the other Parties within no later than 30 calendar days following
receipt of the notice of the Triggering Event or, as the case may be, following the Triggering Event becoming known to them in all material
respects and state in such notice the number of relevant Common Shares being subject to the Exchange in accordance with the terms of
Section 8.1 («Triggering Event Option Exercise Notice»).

 

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	7.6	Transfer of Class C Ordinary Shares

 

		a)	Each
                                            Party acknowledges and agrees that Class C Ordinary Shares shall be transferable or otherwise
                                            become subject to transactions only in accordance with Section 6.4 (Helix Call Options),
                                            this Section 7 (Transfer Restrictions), Section 8 (Exchange of Common
                                            Shares), Section 9 (Reverse Founders’ Vesting), and Section 11
                                            (Helix Termination Event Option).

 

		b)	Except
                                            as provided otherwise in this Agreement, no Existing Investor holding Class C Ordinary Shares
                                            shall at any time transfer any of its Class C Ordinary Shares («Class C Ordinary
                                            Shares Transfer Restriction»).

 

		c)	The
                                            Class C Ordinary Shares Transfer Restriction as set forth in the preceding subsection 7.6(b)
                                            shall not apply in the event of a Permitted Transfer of Common Shares as set forth in Section 7.2,
                                            in which case the transferring Existing Investor shall have the obligation to transfer together
                                            with the transferred Common Shares a corresponding number of Class C Ordinary Shares (such
                                            number to be calculated in accordance with the Exchange Ratio) to the transferee. 

 

	8.	Exchange
                                            of common shares

 

	8.1	Exchange
                                            Procedures
	 	 

	8.1.1	Delivery
                                            of Exchange Notice and Settlement

 

	a)	Following
                                            the expiry of the Lock-up Period, subject to the transfer restrictions set forth in Section 7
                                            and upon the terms and subject to the conditions set forth in this Section 8, the Existing
                                            Investors shall have the right to, by delivery of an Exchange Notice to Helix (with a copy
                                            to the Company), Exchange their Common Shares for a number of Class A Ordinary Shares such
                                            Existing Investor is entitled to receive based on the Exchange Ratio on the Exchange Date,
                                            whereupon a number of Class C Ordinary Shares belonging to the Exchanging Holder equal to
                                            the number of Class A Ordinary Shares to be received by such Exchanging Holder shall be surrendered
                                            by the Exchanging Holder and, on surrender, automatically cancelled in connection with the
                                            Exchange. 

 

	b)	Promptly
                                 following the delivery of the Exchange Notice and in advance of any such Exchange, (i) the Exchanging
                                 Holder shall transfer the Exchanged Shares to Helix and (ii) Helix shall transfer to the Exchanging
                                 Holder the number of Class A Ordinary Shares and/or the Cash Exchange Payment that the Exchanging Holder
                                 is entitled to receive in the Exchange. In addition, on the Exchange Date, the Exchanging Holder shall
                                 surrender a number of Class C Ordinary Shares belonging to the Exchanging Holder that is equal to the
                                 number of Class A Ordinary Shares that the Exchanging Holder is entitled to receive based on the Exchange
                                 Ratio, which such Class C Ordinary Shares shall, on surrender, be automatically cancelled.

 

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	c)	Each
                                 Common Share that is being transferred by the Exchanging Holder will be exchangeable for a number of
                                 Class A Ordinary Shares that is equal to the product of the number of Common Shares being transferred
                                 by such Exchanging Holder multiplied by the Exchange Ratio. Each Exchange Notice shall be in the form
                                 set forth on Annex 8 and shall include all information required to be included therein.

 

	d)	In
                                            addition to any other rights available to the Exchanging Holder and in addition to the obligation
                                            of Helix to deliver the Class A Ordinary Shares, if Helix fails to deliver to the Exchanging
                                            Holder the Class A Ordinary Shares in accordance with the provisions of this Article 8 on
                                            or before the Exchange Date (other than any such failure that is solely due to any action
                                            by the Exchanging Holder), and if after such date the Exchanging Holder is required by its
                                            broker to purchase (in an open market transaction or otherwise) or the Exchanging Holder’s
                                            brokerage firm otherwise purchases, Class A Ordinary Shares to deliver in satisfaction of
                                            a sale by the Exchanging Holder of the Class A Ordinary Shares which the Exchanging Holder
                                            anticipated receiving upon such exercise (a «Buy-In»), then Helix shall
                                            pay in cash to the Exchanging Holder the amount, if any, by which (x) the Exchanging Holder’s
                                            total purchase price (including brokerage commissions, if any) for the Class A Ordinary Shares
                                            so purchased as required by its broker exceeds (y) the amount obtained by multiplying (1)
                                            the number of Class A Ordinary Shares that Helix was required to deliver to the Exchanging
                                            Holder in connection with the Exchange by (2) the price at which the sell order giving rise
                                            to such purchase obligation was executed. The Exchanging Holder shall provide to Helix (with
                                            a copy to the Company) written notice indicating the amounts payable to the Exchanging Holder
                                            in respect of the Buy-In and, upon request of Helix, evidence of the amount of such loss.
                                            Nothing herein shall limit a Exchanging Holder’s right to pursue any other remedies
                                            available to it hereunder, including, without limitation, a decree of specific performance
                                            and/or injunctive relief with respect to Helix’s failure to timely deliver Class A
                                            Ordinary Shares as required pursuant to the terms hereof.

 

	8.1.2	Optional
                                            Cash Exchange by Helix

 

	a)	Within
                                            one (1) Trading Day of the delivery by an Exchanging Holder of an Exchange Notice, Helix
                                            may elect to settle all or a portion of the Exchange in cash in an amount equal to the Cash
                                            Exchange Payment (in lieu of the receipt by the Exchanging Holder of Class A Ordinary Shares)
                                            (a «Cash Exchange»), exercisable by giving written notice of such election
                                            to the Exchanging Holder within such one (1) Trading Day period (such notice, the «Cash
                                            Exchange Notice»). In the event that the settlement of an exchanged Common Share
                                            into Class A Ordinary Shares leads to a fraction of such shares in connection with an Exchange,
                                            Helix shall either round to the nearest whole share or pay the cash equivalent amount in
                                            lieu of any such fractional Class A Ordinary Share. The Cash Exchange Notice shall set forth
                                            the portion of the Common Shares subject to the Cash Exchange that will be exchanged for
                                            cash in lieu of the receipt by the Exchanging Holder of Class A Ordinary Shares. At any time
                                            following the giving of a Cash Exchange Notice and prior to the Exchange Date of the Cash
                                            Exchange, Helix may elect (exercisable by giving written notice of such election to the Exchanging
                                            Holder) to revoke the Cash Exchange Notice with respect to all of the Exchanged Shares and
                                            make the Stock Exchange Payment with respect to any such Exchanged Shares on the Exchange
                                            Date.

 

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		8.1.3	Change of
                                            Control Exchange

 

Regardless
of whether or not the Lock-up Period has expired, in the event of a Change of Control of Helix (a «Helix COC»), Helix
may elect, pursuant to a written notice given to the Existing Investors at least thirty (30) days prior to the consummation of the Helix
COC (a «COC Notice»), to require each such Existing Investor to exercise Stock Options, if any, and/or to effect an
Exchange with respect to all of such Existing Investor’s Common Shares (including any Common Shares received through the exercise
of Stock Options), taking into account the conversion of such Existing Investor’s Restricted Common Shares into Common Shares as
a result of any such Helix COC (any such exchange, a «COC Exchange») which shall be effective immediately prior to
the consummation of the Helix COC (but such Exchange shall be conditioned on the consummation of such Helix COC, and shall not be effective
if such Helix COC is not consummated) (the date of such Exchange, the «COC Exchange Date»). In connection with a COC
Exchange, such Exchange shall be settled (including, if Helix elects by delivery of a COC Notice, directly by Helix) (x) with the Stock
Exchange Payment with respect to the Common Shares subject to the COC Exchange or (y) in cash, so long as in each case each such Exchanging
Holder receives the identical consideration, on a per Common Share basis, that the holder of a Class A Ordinary Share would receive in
connection with such Helix COC.

 

		8.1.4	Exchange
                                            of Restricted Common Shares

 

To
the extent that any Restricted Common Shares are subject to an Exchange Notice and are treated as Exchanged Shares under this Shareholders’
Agreement, then any vesting restrictions under Section 9 that are applicable to such Exchanged Shares shall automatically apply to the
Class A Ordinary Shares issued to the Shareholders in the Exchange, irrespective whether this Agreement is terminated for such Exchanging
Holder.

 

		8.2	Reserved

 

		8.3	Splits,
                                            Distributions and Reclassifications

 

The
Exchange Ratio and/or the components of a Paired Interest shall be adjusted accordingly if there is: (i) any subdivision (by any stock,
share or partnership interest split, stock, share or partnership interest distribution, reclassification, reorganization, recapitalization
or otherwise) or combination (by reverse stock, consolidation or unit split, reclassification, reorganization, recapitalization or otherwise)
of the Class C Ordinary Shares or Common Shares that is not accompanied by a substantially equivalent subdivision or combination of the
Class A Ordinary Shares; or (ii) any subdivision (by any stock or share split, stock dividend or distribution, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse stock split, consolidation, reclassification, reorganization, recapitalization
or otherwise) of the Class A Ordinary Shares that is not accompanied by a substantially equivalent subdivision or combination of the
shares of Class C Ordinary Shares and Common Shares. If there is any subdivision (by any stock, share or partnership interest split,
stock, share or partnership interest distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by
reverse stock, consolidation or unit split, reclassification, reorganization, recapitalization or otherwise) in which the Class A Ordinary
Shares are converted or changed into another security, securities or other property, then upon any subsequent Exchange, an Exchanging
Holder shall be entitled to receive the amount of such security, securities or other property that such Exchanging Holder would have
received (including as a result of any election by such Shareholder, if afforded to all holders of Class A Ordinary Shares) if such Exchange
had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction,
taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, consolidation, reclassification, recapitalization or otherwise) of such
security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization
or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other
similar transaction in which the shares of Class A Ordinary Shares are converted or changed into another security, securities or other
property, this Section 8.3 shall continue to be applicable, with respect to such other security or property. To the fullest extent
permitted by applicable law, this Shareholders’ Agreement shall apply to the Paired Interests held by the Shareholders and their
permitted transferees as of the date hereof, as well as any Paired Interests hereafter acquired by a Shareholder and his or her or its
permitted transferees, subject to Section 4. This Shareholders’ Agreement shall apply to, and all references to “Paired
Interests” shall be deemed to include, any security, securities or other property of Helix or the Company which may be issued in
respect of, in exchange for or in substitution of shares of Class C Ordinary Shares or Common Shares, as applicable, by reason of any
distribution or dividend, split, subdivision, reverse split, consolidation, combination, reclassification, reorganization, recapitalization,
merger, exchange (other than an Exchange) or other transaction. This Section 8.3 is intended to preserve the intended economic effect
of Section 3 and this Section 8 and to put each Shareholder in the same economic position, to the greatest extent possible,
with respect to Exchanges as if such reclassification, reorganization, recapitalization or other similar transaction had not occurred
and shall be interpreted in a manner consistent with such intent.

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		8.4	Helix Covenants

 

Helix
shall at all times keep available, solely for the purpose of issuance upon an Exchange, out of its authorized but unissued Class A Ordinary
Shares, such number of Class A Ordinary Shares that shall be issuable upon the Exchange (taking into account the Exchange Ratio) of all
outstanding Common Shares (including any Common Shares issued upon exercise of Stock Options as set forth herein) and Restricted Common
Shares (other than those Common Shares held by Helix or any Subsidiary of Helix); provided, that nothing contained in this Shareholders’
Agreement shall be construed to preclude Helix from satisfying its obligations with respect to an Exchange by delivery of a Cash Exchange
Payment. Helix covenants that all Class A Ordinary Shares that shall be issued upon an Exchange shall, upon issuance thereof, be validly
issued, fully paid and non-assessable, free and clear of all liens and encumbrances. In addition, for so long as the Class A Ordinary
Shares are listed on a stock exchange or automated or electronic quotation system, Helix shall cause all Class A Ordinary Shares issued
upon an Exchange to be listed on such stock exchange or automated or electronic quotation system at the time of such issuance. For purposes
of this Section 8.4, references to the “Class A Ordinary Shares” shall be deemed to include any Equity Securities issued
or issuable as a result of any reclassification, combination, subdivision or similar transaction of the Class A Ordinary Shares that
any Shareholder would be entitled to receive pursuant to Section 8.3.

 

		8.5	Exchange
                                            Taxes and Costs

 

The
issuance of Class A Ordinary Shares upon an Exchange shall be made without charge to the Exchanging Holder for any stamp or other similar
tax in respect of such issuance; provided, however, that if any such Class A Ordinary Shares are to be issued in a name other than that
of the Exchanging Holder (subject to the restrictions in Section 4), then the person or persons in whose name the shares are to
be issued shall pay to Helix the amount of any additional tax that may be payable in respect of any transfer involved in such issuance
in excess of the amount otherwise due if such shares were issued in the name of the Exchanging Holder or shall establish to the satisfaction
of Helix that such additional tax has been paid or is not payable.

 

Apart
from the above, all necessary and required costs and taxes incurred and/or arising in connection with an Exchange, including (but not
limited to) security transfer and similar taxes, stock exchange fees, and other transfer related costs shall be borne by Helix (for the
avoidance of doubt, other than income taxes), regardless of whether they are incurred by the Exchanging Holder or Helix. For the avoidance
of doubt, the BVF Share Transfers do not qualify as an Exchange in the foregoing sense and each of the Parties thereto shall bear its
own costs and taxes incurred and/or arising in connection with the BVF Share Transfers.

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		8.6	Reserved

 

		8.7	Reserved

 

		8.8	Distribution
                                            Rights

 

No
Exchange shall impair the right of the Exchanging Holder to receive any distributions payable on the Common Shares redeemed pursuant
to such Exchange in respect of a record date that occurs prior to the Exchange Date for such Exchange. No Exchanging Holder, or a person
designated by an Exchanging Holder to receive Class A Ordinary Shares, shall be entitled to receive, with respect to such record date,
distributions or dividends both on Common Shares redeemed by the Company from such Exchanging Holder and on Class A Ordinary Shares received
by such Exchanging Holder, or other Person so designated, if applicable, in such Exchange.

 

		8.9	Tax
                                            Matters

 

Helix,
the Company, and any applicable (paying) agent shall be entitled to apply, deduct or withhold taxes to the extent required by applicable
Law. Prior to any Exchange, or upon the Company’s reasonable request, each Existing Investor shall deliver to the Company, or its
paying agent, if applicable (with a copy to Helix), a duly executed, accurate and properly completed Internal Revenue Service Form W-9
or an appropriate IRS Form W-8, as applicable. If the information on any such form provided by an Existing Investor changes, or upon
the Company’s reasonable request, the Existing Investor shall provide the Company with an updated version of such form.

 

The
Parties agree to reasonably cooperate to structure any Exchange in a manner that is tax efficient to the Exchanging Holder.

 

		8.10	Representations
                                            and Warranties

 

In
connection with any Exchange, (i) upon the acceptance of the Class A Ordinary Shares or an amount of cash equal to the Cash Exchange
Payment, the Exchanging Holder shall represent and warrant that the Exchanging Holder is the owner of the number of Common Shares that
the Exchanging Holder is electing to Exchange and that such Common Shares are not subject to any liens or restrictions on transfer (other
than restrictions imposed by this Shareholders’ Agreement, the memorandum and articles of association and governing documents of
Helix and applicable Law), and (ii) if Helix elects a Stock Exchange Payment, Helix shall represent that (A) the Class A Ordinary Shares
issued to the Exchanging Holder in settlement of the Stock Exchange Payment are duly authorized, validly issued, fully paid and non-assessable
and were issued in compliance in all material respects with applicable securities laws, and (B) the issuance of such Class A Ordinary
Shares issued to the Exchanging Holder in settlement of the Stock Exchange Payment does not conflict with or result in any breach of
the organizational documents of Helix.

 

    20

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		9.	Reverse
                                            Founders’ Vesting

 

		9.1	Vesting
                                            Schedule

 

90%
of the Shares held by each of the Founders following the closing of the Share Purchase Agreements (the «Leaver Shares»)
shall be considered unvested and, therefore, be subject to a reverse vesting and respective call option (the «Leaver Call Options»)
as further set forth in this Section 9.

 

The
Leaver Shares of each Founder shall (reverse) vest over a period of 2 years as follows (the «Vesting Period»): On
the date which is 1 month from the date of the Original Shareholders’ Agreement and, subsequently, each following month until the
second anniversary of the closing of the Share Purchase Agreements, 4.166% of the Leaver Shares shall vest, whereas (i) fractions of
Shares shall be rounded up to the next full number and (ii) any excess Leaver Shares shall vest on the last vesting instalment.

 

Upon
the occurrence of a Sale, all unvested Leaver Shares shall accelerate (i.e. vest) fully as per the date of the occurrence of the Sale.

 

		9.2	Good
                                            Leaver Event

 

If,
before the end of the Vesting Period, the employment relationship of the relevant Founder is terminated and the Founder qualifies as
a Good Leaver, all unvested Leaver Shares shall accelerate (i.e. vest) fully as per the date of the end of the employment relationship
of the relevant Founder.

 

		9.3	Bad
                                            Leaver Event

 

If,
before the end of the Vesting Period, the employment relationship of the relevant Founder is terminated and the Founder qualifies as
a Bad Leaver, the Company in first priority (within the limitations of Art. 659 CO and 680 CO) and Helix in second priority, shall have
an option to purchase all or a portion of the Leaver Shares that are unvested on the day the termination becomes effective at nominal
value.

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		9.4	Exercise of
                                            Leaver Call Options

 

In
the event of a termination of the employment relationship of a Founder, provided such Founder qualifies as a Bad Leaver, the Company
shall notify the other Parties within 30 days of the effective date of termination (the «Leaver Notice»).

 

Each
beneficiary (being the Company and Helix) of the Leaver Call Option wishing to exercise their Leaver Call Option shall so notify the
Company and the other Parties within 30 calendar days following receipt of the Leaver Notice and state in such notice the number of relevant
Shares it intends to purchase («Leaver Call Option Exercise Notice»). Irrespective of the above, the Company may elect
that Helix exercises all Leaver Call Option.

 

The
transfer of the relevant Leaver Shares against payment of the purchase price (nominal value) shall be consummated within 60 calendar
days from the date of Leaver Call Option Exercise Notice.

 

Each
Founder hereby (i) assigns and transfers to the other relevant Parties (being the Company or Helix), and each such other relevant Party
hereby accepts such assignment and transfer, upon and with effect as of the occurrence of a transfer event, in each case, as required
to effect a transfer of Shares by such Founder pursuant to this Section 9, (ii) undertakes to procure that the Director(s) nominated
by such Shareholder execute their powers and voting rights on the Board so as to ensure that each transfer of Shares in accordance with
this Section 9 and only such transfer of Shares be approved by the Board and registered in the Company’s share register, and
(iii) undertakes to execute all documents (including, but not limited to, separate assignment declarations) and take all other actions
as may be reasonably required to effect each transfer of Shares in accordance with this Section 9.

 

		10.	Accession

 

Each
Shareholder and the Company undertakes to the other Shareholders that no person or entity shall become a Shareholder of the Company or
a holder of Stock Options unless and until such person or entity shall first have submitted to the Company an accession declaration satisfactory
to the Company pursuant to which such person or entity agrees to be fully bound by and be entitled pursuant to the terms and conditions
of this Agreement. The Parties agree that the accession of a third party may take place by unilateral declaration to the Company (representing
the Parties); provided, that the conditions stipulated by this Agreement for the acquisition of Shares by the third party have been met
or the Stock Option has been exercised in line with its terms. Any party acceding to this Agreement in the foregoing sense or becoming
holder of Common Shares pursuant to Sections 7.2(d) and 7.2(f) of this Agreement shall be deemed as from the time of accession an
Existing Investor (as defined and used herein) for the purpose of this Agreement with corresponding rights and obligations.

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		11.	Term
                                            and Termination

 

This
Agreement shall come into force for each Party and replace the Original Shareholders’ Agreement and the Employee Shareholders’
Agreement upon the Effective Date and shall continue to be effective and in force until the earlier of:

 

		a)	the
                                            date on which the last Existing Investor has Exchanged its last Common Share and after having
                                            exercised all Stock Options, if any, for a Class A Ordinary Share in accordance with the
                                            terms of Section 8; and

 

		b)	15
                                            years.

 

After
expiry of the fixed term pursuant to Section 11 b) and subject to Section 11 a), this Agreement shall continue to
be in effect for successive periods of 5 years unless terminated by any Shareholder upon 12 months’ prior written notice to all
other Parties. Any termination by a Shareholder shall only be effective with respect to the respective Shareholder, and shall be without
prejudice to the continued binding effect of this Agreement for all other Parties. Any accrued rights and obligations of the relevant
Party existing at the time of such termination and, for the avoidance of doubt, any restrictions and/or obligations contained in Section 12.2
shall continue to apply to such Party as provided therein.

 

Any
Shareholder that ceases to be a Shareholder of the Company in accordance with the provisions of this Agreement and, for the purpose of
the BVF Share Transfers only, the Business Combination Agreement and the Investment Agreement, shall automatically cease to be a Party
to this Agreement and shall be released from the provisions hereof; provided, however, that if the Existing Investors could lose their
rights under Section 8 of this Agreement as a result of any such Shareholder ceasing to be a Party to this Agreement and being released
from the provisions thereof, then such Existing Investors shall be given reasonable advance notice of such event. Such cessation and
release shall be without prejudice to any accrued rights and obligations of the relevant Shareholder existing at the time of such cessation
and release and, for the avoidance of doubt, any restrictions and/or obligations contained in Section 12.2 shall continue to apply
as provided therein.

 

For
Series A Investor 4, the restrictive covenants set forth in Section 6.3.2 and the Helix Call Options set forth in Section 6.4
and any parts of this Agreement referred to therein or relating thereto shall continue to apply for an indefinite period.

 

In
the event of death or bankruptcy of a Party or if a Shareholder otherwise ceases to be a Shareholder, this Agreement shall continue among
the remaining Parties (without prejudice to Section 12.3).

 

In
the event of termination of this Agreement Helix shall have the right, but not the obligation, to require all other Parties to Exchange
all of their Shares for Class A Ordinary Shares in accordance with the terms of Section 8.1 (the «Helix Termination Event
Option»).

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		12.	Miscellaneous

 

		12.1	Nature of
                                            Parties’ Rights and Obligations

 

Except
as specifically provided otherwise in this Agreement, the rights and obligations of the Parties hereunder shall be several (and not joint).
Each of the Parties may exercise and enforce their rights hereunder individually in accordance with this Agreement, and the non-performance
by the Company or another Shareholder shall neither relieve the Company nor any other Shareholder from performing its obligations under
this Agreement, nor shall the Company (provided it is not the defaulting Party) or any other Shareholder be liable for the non-performance
by the defaulting Party.

 

The
Parties shall not be permitted to perform legal acts in the name of and on account of the Parties collectively. The obligations of the
Parties hereunder are contractual in nature and the Parties agree that they do not form, and this Agreement shall not be deemed to constitute,
a simple partnership pursuant to Art. 530 et seq. CO.

 

		12.2	Confidentiality

 

Each
of the Parties agrees to keep secret and confidential and not to use, disclose or divulge to any third party or to enable or cause any
person to become aware of, any of the terms and conditions of this Agreement, and any information exchanged among the Parties in connection
with their investment and common shareholdings in the Company or pertaining to the business and the operation of the Company (all such
information collectively «Confidential Information»). The Parties shall ensure that their employees, directors and
any other representatives as well as the advisors of each Party to whom any such Confidential Information is entrusted comply with these
restrictions.

 

The
term Confidential Information shall not include any information (i) which as of the time of its disclosure by a Party was already lawfully
in the possession of the receiving Party as evidenced by written records, or (ii) which at the time of the disclosure was in the public
domain, or (iii) the disclosure of which was previously explicitly authorized by the respective Party.

 

The
non-disclosure obligation shall not apply to any disclosure of Confidential Information required by law or regulations, including, for
the avoidance of doubt, any stock market rules. In the event a disclosure of Confidential Information is required by law or regulations
(including, without limitation, for tax, audit or regulatory purposes), the disclosing Party shall use all reasonable efforts to arrange
for the confidential treatment of the materials and information so disclosed.

 

No
announcement or press releases regarding the transactions contemplated by the Business Combination Agreement shall be made by any Party
without the prior written consent of the Board (such consent not to be unreasonably withheld).

 

It
is acknowledged and agreed that Helix may report regularly to its investors and/or any of its Affiliates on information pertaining to
the Company and the equity investment made or to be made in the Company in accordance with its reporting obligations under its fund investment
documents or to the extent required for legal, tax, audit or regulatory purposes.

 

Nothing
herein shall restrict the Company from granting third parties customary due diligence access for purposes of financial, commercial, strategic
or similar transactions.

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		12.3	Successors
                                            and Assigns

 

This
Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective permitted successors and assigns;
provided, however, that neither the Company nor a Shareholder shall be entitled to assign or transfer any of the rights or obligations
hereunder to any other party except as explicitly provided for under this Agreement or with the prior written consent of Helix and the
Company. For the avoidance of doubt, if a Shareholder dies, the legal successor(s) shall automatically become a Party to this Agreement.

 

		12.4	Costs
                                            and Expenses

 

Except
as otherwise explicitly stated in this Agreement and without prejudice to the terms of the Investment Agreement or the Business Combination
Agreement, it is agreed that all Parties bear their respective costs and expenses arising out of or incurred in connection with this
Agreement and all transactions contemplated hereby.

 

		12.5	Notices

 

All
notices and other communications made or to be made under this Agreement (including an Exchange Notice) shall be: (i) given in electronic
form and be delivered by email to the addresses indicated below and (ii) deemed to have been given when received by email (with written
confirmation of receipt) prior to 5:00 p.m. local time of the recipient on a business day and, if otherwise, on the next business day.

 

For
purposes of email communication, the following addresses shall apply, unless otherwise notified by a Party:

 

	 	If
to Series A Investor 1, 2 and 3:	[***]
	 	 	 
	 	If to Series A Investor 4:	[***]
	 	 	 
	 	If to Series A Investor 5:	[***]
	 	 	 
	 	If to Series A Investor 6:	[***]
	 	 	 
	 	If to Founder 1:	[***]
	 	 	 
	 	If to Founder 2:	[***]
	 	 	 
	 	If to Founder 3:	[***]
	 	 	 
	 	If to Helix:	[***]
	 	 	 
	 	If to Employee 1	[***]
	 	 	 
	 	If to Employee 2	[***]
	 	 	 
	 	If to Employee 3	[***]
	 	 	 
	 	If to Employee 4	[***]
	 	 	 
	 	If to Employee 5	[***]
	 	 	 
	 	If to the Company:	[***]

 

    25

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

All
notices and other communications made or to be made under this Agreement (including an Exchange Notice) shall also provide a copy (which
shall not constitute notice) to:

 

	
    Gibson, Dunn & Crutcher LLP

    555 Mission Street

    San Francisco, CA 94105

    Attention: [***]

    Email: [***]
	
    Kellerhals Carrard Basel KlG

    Henric Petri-Strasse 35, 4010

    Basel, Switzerland

    Attention: [***]

    Email: [***]

 

If
the number of Shareholders exceeds 10, notices and other communications made or to be made to Shareholders by another Shareholder under
this Agreement may, alternatively, be given in electronic form and be delivered by email to the Chairperson, who shall forward the notices
and communications received without delay to each of the Shareholders.

 

		12.6	Entire
                                            Agreement

 

Except
as otherwise explicitly stated in this Agreement, this Agreement constitutes the entire agreement among the Parties with respect to the
subject matter hereof and supersedes any agreement or understanding with respect to the subject matter hereof that may have been concluded
between any of the Parties prior to the date of this Agreement, including but not limited to the Original Shareholders’ Agreement
and the Employee Shareholders’ Agreement.

 

		12.7	Severability

 

If
at any time any provision of this Agreement or any part thereof is or becomes invalid or unenforceable, then neither the validity nor
the enforceability of the remaining provisions or the remaining part of the provision shall in any way be affected or impaired thereby.
The Parties agree to replace the invalid or unenforceable provision or part thereof by a valid or enforceable provision, which shall
best reflect the Parties’ original intention and shall to the extent possible achieve the same economic result.

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		12.8	Amendments

 

This
Agreement (including this Section 12.8) may be amended only by an instrument in the form as set forth below in Section 12.9.

 

Amendments
or modifications of the Articles, Board Regulations, or other constitutive, organizational and governing documents shall not require
an amendment of this Agreement, provided, however, that such amendment or modification is made in accordance with the provisions hereof
including the consent requirements applicable for such amendments or modifications under this Agreement.

 

Notwithstanding
anything contained herein to the contrary, the Parties acknowledge and agree that this Agreement may be amended in writing by an instrument
signed solely by Helix, the Company and holders of a majority of the Common Shares with binding effect on all other Parties; provided,
however, that any such modification or amendment of any of the provisions of this Agreement shall neither affect any accrued rights of
any other Party nor impose any greater liability or any more onerous obligation than those contained in this Agreement on the other Parties
who do not sign such modification or amendment.

 

		12.9	Form
                                            Requirements

 

This
Agreement may be executed and amended in writing or in electronic form (such as Skribble, DocuSign or AdobeSign, or which contains an
electronic scan of the signature) and be delivered by post, courier or email; the counterpart so executed and delivered shall be deemed
to have been duly executed and validly delivered and be valid and effective for all purposes.

 

For
the avoidance of doubt, any instruments or documents required to be issued, signed, delivered and/or exchanged in connection with the
performance of this Agreement, including, without limitation, any documents for the transfer of Shares (such as assignment declarations)
must comply with form requirements imposed by applicable laws.

 

		12.10	Effectiveness

 

This
Agreement shall become effective as of the registration of the Nominal Capital Increase (as defined in the Investment Agreement) in the
commercial register of the Canton of Zug, Switzerland.

 

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		13.	Governing
                                            Law and arbitration

 

		13.1	Governing
                                            Law

 

This
Agreement shall in all respects be governed by and construed in accordance with the substantive laws of Switzerland, excluding the United
Nations Convention on Contracts for the International Sales of Goods of 11 April 1980 (CISG).

 

		13.2	Arbitration

 

Any
dispute, controversy, or claim arising out of, or in relation to, this Agreement, including the validity, invalidity, breach, or termination
thereof, shall be resolved by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Arbitration Centre
in force on the date on which the Notice of Arbitration is submitted in accordance with those Rules. The number of arbitrators shall
be three. The seat of the arbitration shall be Zurich and the arbitration proceedings shall be conducted in English; provided that evidence
may be submitted to the arbitration tribunal in German without translation into English.

 

*****

 

[Remainder
of page intentionally left blank / Signature pages to follow]

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Series
A Investor 1

 

Biotechnology
Value Fund L.P.

 

	Signature(s):	/s/
Mark Lampert	 

 

	Name(s):	Mark
                            Lampert	 

 

Series
A Investor 2

 

Biotechnology
Value Fund II L.P.

 

	Signature(s):	/s/
                            Mark Lampert	 

 

	Name(s):	Mark
    Lampert	 
	 	 	 
	Series A Investor 3	 
	 	 	 
	Biotechnology Value Trading Fund OS
    L.P.	 
	 	 	 
	 	 	 
	Signature(s):	/s/ Mark Lampert	 
	 	 	 
	Name(s):	Mark Lampert	 
	 	 	 
	Series A Investor 4	 
	 	 	 
	Merck Healthcare KGaA, Darmstadt, Germany	 
	an affiliate of Merck KGaA, Darmstadt,
    Germany	 
	 	 	 
	Signature:	/s/ Jens Eckhardt	 
	 	 	 
	Name:	Jens Eckhardt	 
	 	 	 
	Signature:	/s/ Dr. Matthias
    Müllenbeck, MBA	 
	 	 	 
	Name:	Dr. Matthias Müllenbeck,
    MBA	
	 	 	 
	Series A Investor 5	 
	 	 	 
	Signature(s):	/s/ Florian
    Schonharting	 
	 	 	 
	Name(s):	Florian Schonharting	 

 

     

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	 	 	 
	Series A Investor 6	 
	 	 	 
	Signature(s):	/s/ Simon
    Sturge	 
	 	 	 
	Name(s):	Simon Sturge	 
	 	 	 
	Helix Acquisition Corp.	 
	 	 	 
	Signature(s):	/s/ Andrew
    Phillips	 
	 	 	 
	Name(s):	Andrew Phillips	 
	 	 	 
	Founder 1	 	 
	 	 	 
	Signature(s):	/s/ A. Ploos
    van Amstel	 
	 	 	 
	Name(s):	A. Ploos van
    Amstel	 
	 	 	 
	Founder 2	 
	 	 	 
	Signature(s):	/s/ Jorge
    Pedro Santos Radeck da Silva	 
	 	 	 
	Name(s):	Jorge Pedro
    Santos Radeck da Silva	 
	 	 	 
	Founder 3	 	 
	 	 	 
	JeruCon Beratungsgesellschaft mbH	 
	 	 	 
	Signature(s):	/s/ Kristian
    Reich	 
	 	 	 
	Name(s):	Kristian Reich	 
	 	 	 
	Matthias Bodenstedt	 
	 	 	 
	Signature(s):	/s/ Matthias
    Bodenstedt	 
	 	 	 
	Atif Khan	 	 
	 	 	 
	Signature(s):	/s/ Atif Khan	 
	 	 	 
	Nuala Brennan	 
	 	 	 
	Signature(s):	/s/ Nuala
    Brennan	 
	 	 	 
	Oliver Daltrop	 
	 	 	 
	Signature(s):	/s/ Oliver
    Daltrop	 
	 	 	 
	Eva Cullen	 
	 	 	 
	Signature(s):	/s/ Eva Cullen	 

 

     

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Annett Zippel	 	 
	 	 	 
	Signature(s):	/s/ Annett
    Zippel	 
	 	 	 
	Prof. Dr. Kristian Reich	 
	 	 	 
	Signature(s):	/s/ Prof.
    Dr. Kristian Reich	 
	 	 	 
	Aileen Desonglo	 
	 	 	 
	Signature(s):	/s/ Aileen
    Desonglo	 
	 	 	 
	Martin Yateman	 
	 	 	 
	Signature(s):	/s/ Martin
    Yateman	 
	 	 	 
	Bente Larsen	 	 
	 	 	 
	Signature(s):	/s/ Bente
    Larsen	 
	 	 	 
	Company	 	 
	 	 	 
	MoonLake Immunotherapeutics AG	 
	 	 	 
	Signature(s):	/s/ Matthias
    Bodenstedt	 
	 	 	 
	Name(s):	Matthias Bodenstedt	 

 

     

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

List
of Annexes

 

		Annex 1:	Definitions

 

		Annex 3:	Cap
                                            Table

 

		Annex 4.2:	Articles

 

		Annex 4.3:	Board
                                            Regulations

 

		Annex 6.3.2	Standstill

 

		Annex 8	Exchange
                                            Notice

 

    A-1

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Annex
1: DEFINITIONS

 

	Affiliates
	shall
    mean any individual, firm, corporation, partnership, association, limited liability company, trust or any other entity that directly
    or indirectly is controlled by or is under common control with a Party or that directly or indirectly controls a Party, including,
    without limitation, any venture capital fund or registered investment company now or hereafter existing that is managed or advised
    by such Party or by the same advisor as such Party, provided, however, that the ultimate beneficial owner of such Party is and remains
    the ultimate beneficial owner of the relevant firm, corporation, partnership, association, limited liability company, trust or other
    entity.
	 	 
	Agreement	shall
    mean this shareholders’ agreement including all of its Annexes and related documents, as amended from time to time.
	 	 
	Annex	shall
    mean an annex to this Agreement.
	 	 
	Articles	shall
    mean the articles of association (Statuten) of the Company attached to this Agreement in Annex 4.2 (as amended
    from time to time in accordance with the terms of this Agreement). 
	 	 
	Bad
    Leaver	shall
    mean any person whose employment relationship with the Company or any of its subsidiaries is terminated:

     

    a)    by
    the Company or the relevant subsidiary for any reason which justified or would have justified the termination of the employment agreement
    for cause (aus wichtigen Gründen) within the meaning of Art. 337 CO or such foreign law as may be applicable for determining
    termination for cause, provided that any reason qualifying as «cause» within Art. 337 CO shall constitute «cause»
    also for the purposes of any foreign applicable law; and

     

    b)    by
    the person in question for any reason which does not justify or would not have justified the termination of the employment agreement
    for cause (aus wichtigen Gründen) within the meaning of Art. 337 CO or such foreign law as may be applicable for determining
    termination for cause, provided that any reason qualifying as «cause» within Art. 337 CO shall constitute «cause»
    also for the purposes of any foreign applicable law.

     

	Board	shall
    mean the board of directors of the Company.
	 	 
	Board Regulations	shall
    mean the organizational regulations of the Company attached to this Agreement in Annex 4.3 (as amended from time to time
    by the Board in accordance with the terms of this Agreement).
	 	 
	Business	shall
    have the meaning given in preamble B.
	 	 
	Business Combination
    Agreement	shall
    have the meaning given in preamble C.
	 	 
	Buy–In	shall
    have the meaning given in Section 8.1.1 d).
	 	 
	BVF Share Transfers	shall
    have the meaning given in preamble C.
	 	 
	Cash Exchange	shall
    have the meaning given in Section 8.1.2 a).
	 	 
	Cash Exchange Payment	shall
    mean a cash payment (in lieu of Class A Ordinary Shares), in the amount equal to the product of (i) the arithmetic average of the
    VWAP for each of the three (3) consecutive Trading Days ending on the last Trading Day immediately prior to the delivery of the Exchange
    Notice, multiplied (ii) by the number of Class A Ordinary Shares which the Exchanging Holder would have obtained based on the
    Exchange Ratio.
	 	 
	Certificate
    Delivery	shall
    mean, in the case of any Class C Ordinary Shares to be transferred and surrendered by an Exchanging Holder in connection with an
    Exchange which are represented by a certificate or certificates, the process by which the Exchanging Holder shall also present and
    surrender such certificate or certificates representing such shares of Class C Ordinary Shares during normal business hours at the
    principal executive offices of Helix, or if any agent for the registration or transfer of Class C Ordinary Shares is then duly appointed
    and acting, at the office of such transfer agent, along with any instruments of transfer reasonably required by Helix or such transfer
    agent, as applicable, duly executed by Helix or Helix’s duly authorized representative. 
	 	 
	Chairperson	shall
    mean the chairman or chairwoman of the Board (VerwaltungsratspräsidentIn).

 

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    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Change of Control	shall mean:
	 	 
	 	a)	in respect of the Company, any
    transfer of Shares in one or a series of related transactions that results in the proposed acquirer (including a Shareholder) holding
    directly, or indirectly through one or more intermediaries, more than 50% of the then issued share capital of the Company;
	 	 	 
	 	b)	in respect of a Shareholder, any change in
    the control of such Shareholder, in one or a series of related changes or transactions (including a sale, merger, transfer of assets
    or any other form of disposition or corporate restructuring in respect of such holder) that result in another person not previously
    controlling such Shareholder, acquiring directly, or indirectly through one or more intermediaries, control of such Shareholder,
    whereby «control», «controlled» or «controlling» shall mean that a person (either acting alone
    or with its Affiliates), not previously controlling the Shareholder, becomes the legal or beneficial owner of more than 50% of the
    voting rights or equity capital in such Shareholder, or is otherwise able to exercise a controlling influence over the board of directors
    or management or officers or similar corporate body of such Shareholder; and
	 	 	 
	 	c)	in respect of Helix, any transfer of the share
    capital of Helix in one or a series of related transactions that results in the proposed acquirer (including a Shareholder) holding
    directly, or indirectly through one or more intermediaries, more than 50% of the then issued share capital of Helix, whereby such
    percentage shall be calculated on an as exchanged Common Shares into Class A Ordinary Shares basis.

 

	Class A Ordinary Shares	shall mean
    Helix Class A ordinary shares.
	 	 
	Class C Ordinary Shares	shall mean Helix Class C ordinary shares.
	 	 
	Class C Ordinary Shares Transfer Restriction	shall have the meaning given in Section 7.6(b).
	 	 
	CO	shall mean the Swiss Code of Obligations (Obligationenrecht),
    as amended.
	 	 
	COC Exchange	shall have the meaning given in Section 8.1.3.
	 	 
	COC Exchange Date	shall have the meaning given in Section 8.1.3.
	 	 
	COC Notice	shall have the meaning given in Section 8.1.3.

 

    A-3

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Commission	shall mean the U.S. Securities
    and Exchange Commission, including any Governmental Entity succeeding to the functions thereof.
	 	 
	Common Shares	shall mean the common shares of the Company
    with a nominal value of CHF 0.10 each, existing prior to and as of the consummation of the Transaction contemplated by the Business
    Combination Agreement and the Investment Agreement, for the avoidance of doubt, including the converted Series A Preferred Shares
    as described in preamble C.  
	 	 
	Company	shall have the meaning given on the cover page
    of this Agreement.
	 	 
	Conditional Capital	shall have the meaning given in Section 3.3.
	 	 
	Confidential Information	shall have the meaning given in Section 12.2.
	 	 
	Deemed Liquidation Event	shall have the meaning given in Section 7.4.
	 	 
	Director(s)	shall mean any member of the Board as appointed
    from time to time in accordance with this Agreement.
	 	 
	Drag-Along Event	shall have the meaning given in Section 7.4.
	 	 
	Drag-Along Notice	shall have the meaning given in Section 7.4.
	 	 
	Drag-Along Right	shall have the meaning given in Section 7.4.
	 	 
	Effective Date	shall mean the date as of the registration
    of the Nominal Capital Increase (as defined in the Investment Agreement) in the commercial register of the Canton of Zug, Switzerland.
	 	 
	Employee(s)	shall have the meaning given on page 2 of this
    Agreement.
	 	 
	Employee Shareholders’ Agreement	shall mean the employee shareholders’
    agreement of 23 July 2021, as amended from time to time.
	 	 
	Equity Securities	shall mean, with respect to any person, all
    of the shares of capital stock or equity of (or other ownership or profit interests in) such person, all of the warrants, options
    or other rights for the purchase or acquisition from such person of shares of capital stock or preferred interests or equity of (or
    other ownership or profit interests in) such person, all of the securities convertible into or exchangeable for shares of capital
    stock or equity of (or other ownership or profit interests in) such person, including convertible debt securities, or warrants, rights
    or options for the purchase or acquisition from such person of such shares or equity (or such other interests), restricted stock
    awards, restricted stock units, equity appreciation rights, phantom equity rights, profit participation and all of the other ownership
    or profit interests of such person (including partnership or member interests therein), whether voting or nonvoting.

 

    A-4

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Exchange	shall mean (a) the exchange of
    Common Shares held by an Existing Investor (together with the surrender and cancellation of the number of outstanding Class C Ordinary
    Shares held by such Existing Investor equal to the number of Class A Ordinary Shares such Existing Investor is entitled to receive
    based on the Exchange Ratio), with Helix, acting as counterparty for such exchange, for either (i) a Stock Exchange Payment or (ii)
    a Cash Exchange Payment.
	 	 
	Exchange Act	shall mean the Securities Exchange Act of 1934.
	 	 
	Exchange Date	shall mean any time promptly following the
    Exchange Notice, but no later than the date that is two (2) Trading Days after the Exchange Notice Date.
	 	 
	Exchange Notice 	shall mean a written election of Exchange in
    the form of Annex 8, duly executed by the Exchanging Holder.
	 	 
	Exchange Notice Date	shall mean, with respect to any Exchange Notice,
    the date such Exchange Notice is given to the Company in accordance with Section 8.
	 	 
	Exchange Ratio	shall mean the number of Class A Ordinary Shares
    for which a Common Share (together with the cancellation of the number of Class C Ordinary Shares equal to the number of such Class
    A Ordinary Shares) is entitled to be Exchanged. On the date of this Agreement, the Exchange Ratio shall be 33.638698, subject to
    adjustment pursuant to Section 8.3 of this Agreement. 
	 	 
	Exchanged Shares	shall mean, with respect to any Exchange, the
    Common Shares being exchanged pursuant to a relevant Exchange Notice, and 33.638698 Class C Ordinary Shares per Common Share held
    by the relevant Exchanging Holder.

 

    A-5

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Exchanging Holder	shall mean any Existing Investor
    holding Common Shares whose Common Shares are subject to an Exchange.
	 	 
	Existing Investor	shall have the meaning given on the cover page
    of this Agreement taking into account the extension of the defined term according to Section 10.
	 	 
	Founder/s	shall have the meaning given on the cover page
    of this Agreement.
	 	 
	Good Leaver	shall mean any person whose employment relationship
    with the Company or any of its subsidiaries is terminated for any reason other than a reason that would qualify the person to be
    a Bad Leaver.
	 	 
	Governmental Entity	shall mean any nation or government, any state,
    province or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative
    functions of or pertaining to government, including any court, arbitrator (public or private) or other body or administrative, regulatory
    or quasi-judicial authority, agency, department, board, commission or instrumentality of any federal, state, local or foreign jurisdiction.
	 	 
	Helix	shall have the meaning given on the cover
    page of this Agreement.
	 	 
	Helix Call Options	shall have the meaning given in Section
    6.4.1.
	 	 
	Helix Call Option 1 Exercise Notice	shall have the meaning given in Section
    6.4.2.
	 	 
	Helix Call Option 2 Exercise Notice	shall have the meaning given in Section
    6.4.2.
	 	 
	Helix Call Option Exercise Notice	shall have the meaning given in Section
    6.4.2.
	 	 
	Helix Call Option Triggering Events 1	shall have the meaning given in Section
    6.4.1.
	 	 
	Helix Call Option Triggering Events 2	shall have the meaning given in Section
    6.4.1.
	 	 
	Helix COC	shall have the meaning given in Section
    8.1.3.
	 	 
	Helix Termination Event Option	shall have the meaning given in Section
    11.
	 	 
	Investment Agreement	shall have the meaning given in preamble
    C.

 

    A-6

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Investor/s	shall have the meaning given on
    the cover page of this Agreement.
	 	 
	Law	shall mean all laws, acts, statutes, constitutions,
    treaties, ordinances, codes, rules, regulations and rulings of a Governmental Entity, including common law. All references to “Laws”
    shall be deemed to include any amendments thereto, and any successor Law, unless the context otherwise requires.
	 	 
	Leaver Call Options	shall have the meaning given in Section 9.1.
	 	 
	Leaver Call Option Exercise Notice	shall have the meaning given in Section 9.4.
	 	 
	Leaver Notice	shall have the meaning given in Section 9.4.
	 	 
	Leaver Shares	shall have the meaning given in Section 9.1.
	 	 
	Lock-up Period	shall have the meaning given in Section 7.1.
	 	 
	Original Shareholders’ Agreement	shall have the meaning given in preamble C.
	 	 
	Paired Interest	shall mean one Common Share together with 33.638698
    Class C Ordinary Share. 
	 	 
	Party/Parties	shall mean each Shareholder and the Company
    and any further parties acceding to this Agreement in accordance with its terms from time to time.
	 	 
	Person	shall mean any natural person, sole proprietorship,
    partnership, joint venture, trust, unincorporated association, corporation, limited liability company, entity or governmental entity.
	 	 
	Permitted Transfer	shall have the meaning given in Section 7.2
	 	 
	Plans	shall have the meaning given in Section 3.3.
	 	 
	Preamble 	shall mean the preamble of this Agreement.
    
	 	 
	Principal Trading Market	shall mean the Trading Market on which the
    Class A Ordinary Shares are primarily listed on and quoted for trading, which, as of the date of this Agreement, shall be the Nasdaq
    Capital Market.
	 	 
	Restricted Common Share	shall mean the Common Shares that are restricted
    subject to vesting, with the rights and privileges as set forth in this Shareholders’ Agreement.

 

	 	shall mean:
	 	 
	Sale	a)	the
    sale, transfer or other disposal (whether through a single transaction or a series of related transactions) of the Shares that result
    in a Change of Control of Helix or the Company; or

     

    

	 	 	 
	 	b)	any transaction qualifying as a Drag-Along
    Event.

 

    A-7

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Section	shall mean a section of this Agreement.
	 	 
	Securities Act	shall mean the Securities Act of 1933, as amended.
	 	 
	Series A Investor(s)	shall have the meaning given on the cover page
    of this Agreement and shall further include any party who has subsequently acceded to this Agreement in accordance with Section 9
    as a Series A Investor.
	 	 
	Series A Preferred Shares	shall mean the series A preferred registered
    shares of the Company existing prior to the consummation of the transactions contemplated by the Investment Agreement. 
	 	 
	Share Purchase Agreement	shall have the meaning given in preamble C.
	 	 
	Shareholder	shall mean each and any holder of Shares who
    has executed this Agreement and shall further include any holder of Shares who has subsequently acceded to this Agreement as a Party
    in accordance with Section 10.
	 	 
	Shareholders’ Meeting	shall mean any duly convened ordinary or extraordinary
    shareholders’ meeting of the Company (including universal meetings).
	 	 
	Shares	shall mean any shares (Aktien) or participations
    (Partizipationsscheine) issued by the Company from time to time.
	 	 
	Standstill Provisions	shall have the meaning given in Annex 6.3.2.
	 	 
	Stock Exchange Payment	shall mean, with respect to any Exchange of
    Common Shares for which a Stock Exchange Payment is elected by Helix, a number of Class A Ordinary Shares equal to the number of
    Common Shares so exchanged.
	 	 
	Stock Option	shall have the meaning given in Section 3.3.
	 	 
	Subsidiaries	shall mean of any Person, any corporation,
    association, partnership, limited liability company, joint venture or other entity of which more than fifty percent (50%) of the
    voting power or equity is owned or controlled directly or indirectly by such Person, or one or more of the Subsidiaries of such Person,
    or a combination thereof. 

 

    A-8

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

	Trading Day	shall mean (i) a day on which the
    Class A Ordinary Shares are listed or quoted and traded on their Principal Trading Market (other than the OTC Bulletin Board), or
    (ii) if the Class A Ordinary Shares are not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Class
    A Ordinary Shares are traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Class A Ordinary
    Shares are not quoted on any Trading Market, a day on which the Class A Ordinary Shares are quoted in the over-the-counter market
    as reported in the “pink sheets” by Pink Sheets LLC (or any similar organization or agency succeeding to its functions
    of reporting prices).
	 	 
	Trading Market	shall mean whichever of the New York Stock
    Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or the OTC Bulletin
    Board on which the Class A Ordinary Shares are listed or quoted for trading on the date in question.
	 	 
	Transaction	shall have the meaning given in preamble
    C.
	 	 
	Triggering Event 1	shall have the meaning given in Section
    7.5.1.
	 	 
	Triggering Event 2	shall have the meaning given in Section
    7.5.1.
	 	 
	Triggering Events	shall have the meaning given in Section
    7.5.1.
	 	 
	Triggering Event Option 1	shall have the meaning given in Section
    7.5.1.
	 	 
	Triggering Event Option 2	shall have the meaning given in Section
    7.5.1.
	 	 
	Triggering Event Option Exercise Notice	shall have the meaning given in Section 7.5.2.
	 	 
	Vesting Period	shall have the meaning given in Section
    9.1.
	 	 
	Voting Shares	shall mean the preferred voting shares of the
    Company with a nominal value of CHF 0.01 each existing after the consummation of the transactions contemplated by the Investment
    Agreement and having 10 times the voting power of a Common Share.
	 	 
	VWAP	means the daily per share volume-weighted average
    price of the Class A Ordinary Shares on the Nasdaq, or, if the Nasdaq Global Market is not the principal trading market for the Class
    A Ordinary Shares on such day, then on the principal national securities exchange or securities market on which the Class A Shares
    are then traded, as displayed under the heading Bloomberg VWAP on the Bloomberg page designated for the Class A Ordinary Shares (or
    its equivalent successor if such page is not available) in respect of the period from the open of trading on such Trading Day until
    the close of trading on such Trading Day (or if such volume-weighted average price is unavailable) (a) the per share volume-weighted
    average price of a Class A Ordinary Shares on such Trading Day (determined without regard to after-hours trading or any other trading
    outside the regular trading session or trading hours), or (b) if such determination is not feasible, the market price per Class A
    Ordinary Shares, in either case as determined by a nationally recognized independent investment banking firm retained in good faith
    for this purpose by Helix.

 

    A-9

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Annex
3: CAP TABLE

 

[Omitted.]

 

    A-10

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Annex
4.2: ARTICLES

 

[Omitted.]

 

    A-11

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Annex
4.3: BOARD REGULATIONS

 

[Omitted.]

 

    A-12

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Annex
6.3.2: STANDSTILL

 

		a)	Series
                                            A Investor 4 agrees that, outside of its shareholding in the Company at the time hereof and
                                            the existing exchange rights into securities of Helix, neither Series A Investor 4 nor any
                                            of its Affiliates will, directly or indirectly:

 

		(i)	make,
                                            or in any way participate in, any solicitation of proxies to vote, or seek to advise or influence
                                            any person with respect to the voting of, any voting securities of the Company, Helix or
                                            any of their Subsidiaries, or seek or propose to influence, advise, change or control the
                                            management, board of directors, policies, affairs or strategy of the Company or Helix by
                                            way of any public communication, or other communications, to security holders intended for
                                            such purpose,

 

		(ii)	make
                                            a proposal for any acquisition of, or similar extraordinary transaction involving, the Company,
                                            Helix or a material portion of their securities or assets (other than non-public proposals
                                            made to such party’s board of directors; provided that, for the avoidance of doubt,
                                            any such proposal is made on a confidential basis and would not require any party to make
                                            a public announcement regarding any of the actions set forth in this Annex 6.3.2), it being
                                            understood, for the avoidance of doubt, that an exchange request from Series A Investor 4
                                            relating to its shareholding in the Company to be exchanged into shares in Helix or legal
                                            successor thereof shall not be deemed such acquisition of Helix securities hereunder and
                                            shall remain permitted at all times,

 

		(iii)	acquire,
                                            agree to acquire, or publicly propose or offer to acquire, whether by means of a private
                                            or open market purchase, a block trade, a tender or exchange offer, a merger, consolidation
                                            or other form of business combination transaction or in any other manner, (1) beneficial
                                            ownership (as defined in Rule 13d-3 under the Exchange Act) of, any economic interest in,
                                            any right to direct the voting or disposition of, or any other right with respect to any
                                            publicly traded securities of the Company, Helix or any of their Subsidiaries or (2) ownership
                                            of any publicly traded indebtedness of the Company, Helix or any of their Subsidiaries, in
                                            each case including any rights or options to acquire such ownership through derivative or
                                            any other form of transaction; provided that, Series A Investor 4 may acquire securities
                                            of Helix in a private placement transaction in connection with the transactions contemplated
                                            by the Business Combination Agreement,

 

		(iv)	seek
                                            to control or influence the management or policies of the Company, Helix, the board of directors
                                            of the Company or Helix or policies of the Company or Helix, including any of their Subsidiaries;
                                            for the avoidance of doubt, using shareholder rights (such as the right to vote at shareholder
                                            meetings) from the shares held in the Company and/or Helix at the time hereof shall continue
                                            to be permitted and not restricted in any way whatsoever, save for the restrictive covenants
                                            relating to the Company shares as per this Agreement, or

 

    A-13

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

		(v)	enter
                                            into any agreements or understandings with any Person (other than in connection with the
                                            transactions contemplated by the Business Combination Agreement) for the purpose of any of
                                            the actions described in clauses (i), (ii), (iii), or (iv) above; this paragraph a) including
                                            its subsections the «Standstill Provisions».

 

		b)	Notwithstanding
                                            anything to the contrary contained herein, the prohibitions set forth in this Annex 6.3.2
                                            Section a) above shall not apply to (i) any investment in any securities of the Company or
                                            Helix or any of their Subsidiaries or other Affiliates by or on behalf of any independently
                                            managed pension plan, employee benefit plan or trust, including without limitation (A) any
                                            direct or indirect interests in portfolio securities held by an investment company registered
                                            under the Investment Company Act of 1940, as amended, or (B) interests in securities composing
                                            part of a mutual fund or broad based, publicly traded market basket or index of stocks approved
                                            for such a plan or trust in which such plan or trust invests; or (ii) securities of the Company
                                            or Helix or any of their Subsidiaries or other Affiliates held by a Person acquired by Series
                                            A Investor 4 (or any of its Affiliates) on the date such Person first entered into an agreement
                                            to be acquired by Series A Investor 4 (or such Affiliate) or acquired after such Person was
                                            acquired by Series A Investor 4 (or such Affiliate) pursuant to an agreement requiring (but
                                            only to the extent requiring) such Person to acquire such securities, which agreement was
                                            in effect on the date such Person first entered into an agreement to be acquired by Series
                                            A Investor 4 (or such Affiliate), or (iii) any assets or securities of the Company or Helix,
                                            as debtor, that are acquired in a transaction subject to the approval of the competent bankruptcy
                                            court pursuant to proceedings under the applicable bankruptcy legislation in the relevant
                                            jurisdiction.

 

		c)	In
                                            addition, the Standstill Provisions shall automatically terminate and be of no further force
                                            and effect with respect to Series A Investor 4, without any action on the part of any Party
                                            hereto, at the earlier of (y) December 31, 2024 or (z) if either (i) the Company or Helix
                                            enters into a definitive written agreement with any Person other than Series A Investor 4
                                            (or any of its Affiliates) to consummate a transaction involving the acquisition of all or
                                            a majority of the voting power of the Company’s or Helix’s outstanding equity
                                            securities or all or substantially all of the consolidated assets of the Company or Helix
                                            and its consolidated Subsidiaries, other than in connection with the Business Combination
                                            Agreement (whether by merger, consolidation, business combination, tender or exchange offer,
                                            recapitalization, restructuring, sale, equity issuance or otherwise), or (ii) a tender or
                                            exchange offer for at least a majority of the Company’s or Helix’s outstanding
                                            equity securities, other than in connection with the Business Combination Agreement, is commenced
                                            by any Person other than Series A Investor 4 or any of its Affiliates and such third-party
                                            files a Schedule TO with the United States Securities and Exchange Commission and (A) Company’s
                                            or Helix’s board of directors has recommended in favor of such offer, or fails to recommend
                                            that its stockholders reject such offer within five business days after its commencement
                                            or (B) the Company or Helix has entered into a confidentiality agreement with the tendering
                                            Person or an affiliate of the tendering Person. Furthermore, if the Company or Helix engages
                                            in a formal process to sell itself or any of its material assets, then Company or Helix (as
                                            the case may be) shall, if consistent with the fiduciary duties of the Company or Helix (as
                                            the case may be) as determined by the Company or Helix (as the case may be), invite Series
                                            A Investor 4 to participate in such process at the same time as, and on substantially the
                                            same basis generally applicable to, other participants in such process.

 

Unless
otherwise defined herein, the capitalized terms shall have the meaning as ascribed to them in the Annex 1 (Definitions) of this
Agreement.

 

    A-14

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

Annex
8: EXCHANGE NOTICE

 

Dated:
_____________

 

MoonLake
Immunotherapeutics AG

c/o
KD Zug-Treuhand AG

Untermüli
7

6302
Zug

Attention:
Matthias Bodenstedt

 

Reference
is hereby made to the Restated and Amended Shareholders Agreement of MoonLake Immunotherapeutics AG, dated as of April 5, 2022 (as amended
from time to time in accordance with its terms, the “Shareholders’ Agreement”), a Swiss stock corporation (Aktiengesellschaft)
incorporated under the laws of Switzerland (the “Company”), by and among Helix Acquisition Corp, a Cayman Islands exempted
company (“Helix”), the Existing Investors to the Shareholders’ Agreement (the “Continuing Investors”) and
each other person who is or at any time becomes a holder of Common Shares in accordance with the terms of this Shareholders’ Agreement
and the CO (such persons, together with Helix and the Continuing Investors, the “Shareholders”). Capitalized terms used but
not defined herein shall have the meanings given to them in the Shareholders’ Agreement.

 

Effective
as of the Exchange Date as determined in accordance with the Shareholders’ Agreement, the undersigned Shareholder hereby transfers,
assigns and surrenders to __________________________ the number of Common Shares set forth below and the number of Class C Ordinary Shares
equal to the number of Class A Ordinary Shares such Shareholder is entitled to receive based on the Exchange Ratio in Exchange for the
issuance to the undersigned Shareholder of the number of Class A Ordinary Shares equal to the number of Common Shares so exchanged multiplied
by the Exchange Ratio, or, at the election of Helix, for a Cash Exchange Payment to the account set forth below, in each case in accordance
with the Shareholders’ Agreement. The undersigned hereby acknowledges that the Exchange of Common Shares shall include the cancellation
of that certain number of outstanding Class C Ordinary Shares held by the undersigned that have been surrendered in such Exchange.

 

 

Legal
Name of Shareholder: ________________________________

 

Address:
______________________________________________

 

Number
of Common Shares (incl. share numbers) to be Exchanged:

_____________________________________________________

 

Cash
Exchange Payment Instructions: ________________________

 

Stock
Exchange Payment Instructions: ____________________ ___

 

If
the Shareholder desires the Class A Ordinary Shares be settled through the facilities of The Depositary Trust Company (“DTC”),
please indicate the account of the DTC participant below.

 

In
the event Helix elects to certificate the Class A Ordinary Shares issued to the Shareholder, please indicate the following:

 

Legal
Name for Certificate Delivery: __________________________

 

Address
for Certificate Delivery:______________________ ______

 

The
undersigned hereby represents and warrants that the undersigned is the owner of the number of Common Shares the undersigned is electing
to Exchange pursuant to this Exchange Notice, and that such Common Shares are not subject to any liens or restrictions on transfer (other
than restrictions imposed by the Shareholders’ Agreement, the memorandum and articles of association and governing documents of
Helix and applicable Law).

 

The
undersigned hereby irrevocably constitutes and appoints any officer of Helix, as applicable, as the attorney of the undersigned, with
full power of substitution and resubstitution in the premises, solely to do any and all things and to take any and all actions necessary
to effect the Exchange elected hereby.

 

[Signatures
on Next Page]

 

    A-15

    Restated and Amended Shareholders’ Agreement – MoonLake Immunotherapeutics AG
 

    

 

IN
WITNESS WHEREOF the undersigned has caused this Exchange Notice to be executed and delivered as of the date first set forth above.

 

	 	[Shareholder]

    wet
    ink signature required

	 	 
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]