Document:

Exhibit
10.1

 

Execution
Version

 

UNIT
PURCHASE AGREEMENT

 

between

 

THE
SELLERS NAMED HEREIN

 

and

 

OCEAN
POWER TECHNOLOGIES, INC.

 

dated
as of

 

February
1, 2021

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    I PURCHASE AND SALE	4
	Section
    1.01 Purchase and Sale.	4
	Section
    1.02 OPT Share Issuance.	4
	ARTICLE
    II CLOSING	5
	Section
    2.01 Closing.	5
	Section
    2.02 Seller Closing Deliverables.	6
	Section
    2.03 Buyer’s Deliveries.	7
	ARTICLE
    III REPRESENTATIONS AND WARRANTIES OF SELLERS	7
	Section
    3.01 Authority of the Sellers.	8
	Section
    3.02 Organization, Authority, and Qualification of the Company.	8
	Section
    3.03 Capitalization.	8
	Section
    3.04 No Subsidiaries.	9
	Section
    3.05 No Conflicts or Consents.	9
	Section
    3.06 Financial Statements.	9
	Section
    3.07 Undisclosed Liabilities.	9
	Section
    3.08 Absence of Certain Changes, Events, and Conditions.	10
	Section
    3.09 Contracts.	12
	Section
    3.10 Real Property; Title to Assets.	14
	Section
    3.11 Intellectual Property.	14
	Section
    3.12 Material Customers and Suppliers.	15
	Section
    3.13 Insurance.	16
	Section
    3.14 Legal Proceedings; Governmental Orders.	17
	Section
    3.15 Compliance with Laws; Permits.	17
	Section
    3.16 Environmental Matters.	18
	Section
    3.17 Employee Benefit Matters.	18
	Section
    3.18 Employment Matters.	20
	Section
    3.19 Taxes.	21
	Section
    3.20 Affiliate Transactions.	23
	Section
    3.21 OSHA Compliance.	23
	Section
    3.22 Payments; Export Control and Antiboycott Laws.	23

 

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	Section
    3.23 Securities and Investment Matters.	24
	Section
    3.24 Books and Records.	25
	Section
    3.25 Business Backlog and Proposals.	25
	Section
    3.26 Bank Accounts.	25
	Section
    3.27 Brokers.	25
	ARTICLE
    IV REPRESENTATIONS AND WARRANTIES OF BUYER	26
	Section
    4.01 Organization and Authority of Buyer.	26
	Section
    4.02 No Conflicts; Consents.	26
	Section
    4.03 Investment Purpose.	26
	Section
    4.04 Brokers.	26
	Section
    4.05 OPT Shares as Consideration.	26
	Section
    4.06 Buyer Reports and Financial Statements.	27
	Section
    4.07 Independent Investigation.	28
	ARTICLE
    V COVENANTS	28
	Section
    5.01 Confidentiality.	28
	Section
    5.02 Business Relationships.	28
	Section
    5.03 Non-Competition; Non-Solicitation.	29
	Section
    5.04 Share Ownership.	30
	Section
    5.05 No Claim Against the Company.	32
	Section
    5.06 Further Assurances.	32
	ARTICLE
    VI TAX MATTERS	32
	Section
    6.01 Tax Covenants.	32
	Section
    6.02 Straddle Period.	33
	Section
    6.03 Termination of Existing Tax Sharing Agreements.	33
	Section
    6.04 Tax Indemnification.	33
	Section
    6.05 Cooperation and Exchange of Information.	34
	Section
    6.06 Survival.	34
	ARTICLE
    VII INDEMNIFICATION	34
	Section
    7.01 Indemnification by Sellers.	34
	Section
    7.02 Indemnification by Buyer.	34
	Section
    7.03 Indemnification Procedures.	35
	Section
    7.04 Survival; Indemnity Limits.	35
	Section
    7.05 Tax Claims.	36
	Section
    7.06 Cumulative Remedies.	36
	ARTICLE
    VIII MISCELLANEOUS	37
	Section
    8.01 Expenses.	37
	Section
    8.02 Notices.	37
	Section
    8.03 Interpretation; Headings.	37
	Section
    8.04 Severability.	37
	Section
    8.05 Entire Agreement.	38
	Section
    8.06 Successors and Assigns.	38
	Section
    8.07 Amendment and Modification; Waiver.	38
	Section
    8.08 Governing Law; Submission to Jurisdiction.	38
	Section
    8.09 Counterparts.	38

 

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UNIT
PURCHASE AGREEMENT

 

This
Unit Purchase Agreement (this “Agreement”), dated as of February 1, 2021, is entered into between Jose H. Vazquez,
Bart D. Grasso and Frank D.M. Strachan IV (each, a “Seller,” and together, the “Sellers”),
and Ocean Power Technologies, Inc., a Delaware corporation (“Buyer”). Capitalized terms used in this Agreement
have the meanings given to such terms herein, as such definitions are identified by the cross-references set forth in Exhibit
A attached hereto.

 

RECITALS

 

WHEREAS,
Sellers own all of the issued and outstanding units of membership interests (the “Units”) of 3dent Technology,
LLC, a Texas limited liability company (the “Company”); and

 

WHEREAS,
Sellers wish to sell to Buyer, and Buyer wishes to purchase from Sellers, the Units, subject to the terms and conditions set forth
herein.

 

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

 

ARTICLE
I

Purchase
and sale

 

Section
1.01 Purchase and Sale. Subject to the terms
and conditions set forth herein, at the Closing, Sellers are selling to Buyer, and Buyer is purchasing from Sellers, the Units,
free and clear of any mortgage, pledge, lien, charge, security interest, claim, community property interest, option, equitable
interest, restriction of any kind (including any restriction on use, voting, transfer, receipt of income, or exercise of any other
ownership attribute), or other encumbrance (each, an “Encumbrance”), for the consideration specified in Section
1.02.

 

Section
1.02 OPT Share Issuance. As consideration for the Units, Buyer has caused 361,991
restricted shares (the “OPT Shares”) of its common stock, par value $.001 per share (the “OPT Common
Stock”), to be issued to the Sellers at a price of $2.21 per share, for an aggregate purchase price for the Units of
$800,000.11 (the “Purchase Price”), with each Seller to receive the number of OPT Shares, and in the account,
set forth in Section 1.02 of the Disclosure Schedules. Each Seller acknowledges and agrees that the OPT Shares shall bear
the following legend:

 

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THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”),
OR THE SECURITIES LAWS OF ANY STATE (“STATE ACT”) AND MAY NOT BE TRANSFERRED, SOLD, HYPOTHECATED OR OTHERWISE DISPOSED
OF, UNLESS (I) PURSUANT TO A REGISTRATION STATEMENT (AS SUCH TERM IS DEFINED IN THE ACT) WHICH HAS BEEN FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION AND HAS BECOME EFFECTIVE, AND PURSUANT TO ANY REGISTRATION REQUIRED PURSUANT TO ANY APPLICABLE STATE ACT,
OR (II) AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE ACT IS AVAILABLE AND THE ISSUER HAS RECEIVED AN
OPINION OF COUNSEL, SATISFACTORY TO THE ISSUER, THAT SUCH TRANSFER WILL NOT BE IN VIOLATION OF THE ACT OR ANY STATE ACT.

 

THE
ISSUER IS AUTHORIZED TO ISSUE SHARES OF MORE THAN ONE CLASS OF STOCK OR MORE THAN ONE SERIES OF A CLASS. THE ISSUER WILL FURNISH
A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS
OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS, WITHOUT CHARGE,
TO THE HOLDER OF THIS CERTIFICATE UPON RECEIPT BY THE ISSUER AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE OF A WRITTEN
REQUEST FROM THE HOLDER REQUESTING SUCH COPY.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN INDEMNIFICATION OBLIGATION SPECIFIED IN THE UNIT PURCHASE AGREEMENT
BETWEEN THE ISSUER AND THE HOLDER OF THIS CERTIFICATE, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER. THE ISSUER
WILL FURNISH WITHOUT CHARGE A COPY OF SUCH UNIT PURCHASE AGREEMENT TO THE RECORD HOLDER OF THIS CERTIFICATE UPON RECEIPT BY THE
ISSUER AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE OF A WRITTEN REQUEST FROM THE HOLDER REQUESTING SUCH COPY.

 

ARTICLE
II

CLOSING

 

Section
2.01 Closing. The closing of the transactions contemplated by this Agreement
(the “Closing”) shall take place simultaneously with the execution of this Agreement on the date of this Agreement
(the “Closing Date”) at such place as the parties may mutually agree upon. The consummation of the transactions
contemplated by this Agreement shall be deemed to occur at 12:01 a.m. Central time on the Closing Date.

 

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Section
2.02 Seller Closing Deliverables. At the Closing, Sellers shall deliver, or
cause to be delivered, to Buyer the following:

 

(a)
A certificate of the Secretary (or other officer) of the Company certifying (i) that attached thereto are true and complete copies
of all resolutions of the board of directors and the members of the Company authorizing the execution, delivery, and performance
of this Agreement, the employment offer letters between each of Jose H. Vazquez, Bart D. Grasso, and Frank D.M. Strachan IV (each,
an “Employment Letter”), and the other agreements, instruments, and documents required to be delivered in connection
with this Agreement or at the Closing (collectively, the “Transaction Documents”), and that such resolutions
are in full force and effect, (ii) the names, titles, and signatures of the officers of the Company authorized to sign this Agreement
and the other Transaction Documents to which it is a party, and (iii) that attached thereto are true and complete copies of the
governing documents of the Company, including any amendments or restatements thereof, and that such governing documents are in
full force and effect.

 

(b)
Resignations of the directors and officers of the Company, effective as of the Closing Date.

 

(c)
An amendment to the Company Agreement of 3DXLP, LLC to change the Company representatives on the board of managers of 3DXLP, LLC
from Jose H. Vazquez and Frank D.M. Strachan IV to George H. Kirby III and Matthew Shafer.

 

(d)
A certificate of fact for the Company from the Texas Secretary of State, a verification from the Texas Comptroller of Public Accounts
that the Company is in good standing with all franchise tax requirements and its right to transact business in Texas is active,
and a certificate of good standing (or its equivalent) for the Company certified by the Secretary of State or similar Governmental
Authority of each state where the Company is required to be qualified, registered, or authorized to do business. For purposes
of this Agreement, “Governmental Authority” means any federal, state, local, or foreign government or political
subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any arbitrator, court, or
tribunal of competent jurisdiction.

 

(e)
A certificate pursuant to Treasury Regulations Section 1.1445-2(b) from each Seller that such Seller is not a foreign person within
the meaning of Section 1445 of the Internal Revenue Code of 1986 (as amended, the “Code”).

 

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(f)
Evidence of the payment of the aggregate amounts payable by the Company (or for which the Company could become liable to pay)
for all out-of-pocket fees and expenses incurred (but not paid) by the Company prior to the Closing relating to or in connection
with the negotiation, preparation or execution of this Agreement or any Transaction Documents or the performance or consummation
of the transactions contemplated thereby, which shall include, but not be limited to (i) any fees and expenses of the Company
associated with obtaining necessary or appropriate waivers, consents or approvals of any Governmental Authority or third parties
on behalf of any Seller or the Company prior to Closing, (ii) any fees or expenses of the Company associated with obtaining the
release and termination of any Encumbrances prior to Closing, (iii) all brokers’ or finders’ fees payable by any Seller
or the Company to the extent relating to this Agreement, the Transaction Documents or any of the transactions contemplated thereby,
(iv) fees, expenses and disbursements of counsel, advisors, consultants, investment bankers, accountants, auditors and experts
to any Seller or the Company (provided, that Buyer has paid on the date hereof $30,000 of the documented expenses of any transaction
advisors for the Sellers) and (v) any retention, bonus or similar compensatory amounts payable to any employees or service providers
of the Company that become due and payable by the Company as a result of the consummation of the transactions contemplated hereby
or by any other Transaction Document.

 

Section
2.03 Buyer’s Deliveries. At the Closing, Buyer shall deliver the following
to Sellers:

 

(a)
A certificate of the Secretary (or other officer) of Buyer certifying (i) that attached thereto are true and complete copies of
all resolutions of the board of directors of Buyer authorizing the execution, delivery, and performance of this Agreement and
the Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, and
that such resolutions are in full force and effect, and (ii) the names, titles, and signatures of the officers of Buyer authorized
to sign this Agreement and the other Transaction Documents to which it is a party.

 

(b)
Evidence of the book entry position of each Seller at the transfer agent for the OPT Common Stock for their respective OPT Shares.

 

ARTICLE
III

Representations
and warranties of sellerS

 

Each
Seller, solely with respect to himself, represents and warrants to Buyer that the statements contained in this Article III are
true and correct as of the date hereof. For purposes of this Article III, “Seller’s knowledge,” “knowledge
of Seller,” and any similar phrases shall mean the actual knowledge of each Seller, after due inquiry. The term “Disclosure
Schedules” means the disclosure schedules delivered by the Sellers concurrently with the execution, closing, and delivery
of this Agreement.

 

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Section
3.01 Authority of the Sellers. The execution
and delivery by Seller of this Agreement and any other Transaction Document to which the Company is a party, the performance by
the Company and the Sellers of their obligations hereunder and thereunder, and the consummation by the Sellers of the transactions
contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of the Company. This Agreement
and each Transaction Document to which the Company is a party constitute legal, valid, and binding obligations of the Company
and each Seller, enforceable against each Seller in accordance with their respective terms, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’
rights generally and the availability of injunctive relief, specific performance and other general principles of equity (whether
applied in a proceeding at law or in equity).

 

Section
3.02 Organization, Authority, and Qualification of the Company. The
Company is a limited liability company duly organized, validly existing, and in good standing under the Laws of the state of Texas
and has full corporate power and authority to own, operate, or lease the properties and assets now owned, operated, or leased
by it and to carry on its business as it has been and is currently conducted. Section 3.02 of the Disclosure Schedules
sets forth each jurisdiction in which the Company is licensed or qualified to do business, and the Company is duly licensed or
qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation
of its business as currently conducted makes such licensing or qualification necessary, except where the failure to be so licensed
or qualified would not have a material adverse effect on the Company.

 

Section
3.03 Capitalization.

 

(a)
The authorized membership interests of the Company consist of 10,000 units, all of which are issued and outstanding and constitute
the Units. All of the Units have been duly authorized, are validly issued, and are owned of record and beneficially by Sellers,
free and clear of all Encumbrances. Upon the transfer, assignment, and delivery of the Units and payment therefor in accordance
with the terms of this Agreement, Buyer shall own all of the Units, free and clear of all Encumbrances.

 

(b)
All of the Units were issued in compliance with applicable Laws. None of the Units were issued in violation of any agreement or
commitment to which any Seller or the Company is a party or is subject to or in violation of any preemptive or similar rights
of any individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association, or other entity (each, a “Person”).

 

(c)
There are no outstanding or authorized options, warrants, convertible securities, appreciation, phantom units, profit participation,
or other rights, agreements, or commitments relating to the equity of the Company or obligating any Seller or the Company to issue
or sell any membership interests, or any other interest in, the Company. There are no voting trusts, member agreements, proxies,
or other agreements in effect with respect to the voting or transfer of any of the Units.

 

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Section
3.04 No Subsidiaries. Except as set forth
on Section 3.04 of the Disclosure Schedules, the Company does not own, or have the right to acquire, an ownership interest
in any other Person.

 

Section
3.05 No Conflicts or Consents. The execution,
delivery, and performance by each Seller of this Agreement and the other Transaction Documents to which it is a party, and the
consummation of the transactions contemplated hereby and thereby, do not and will not: (a) violate or conflict with any provision
of the certificate of formation, limited liability company agreement, or other governing documents of the Company; (b) violate
or conflict in any material respect with any provision of any statute, law, ordinance, regulation, rule, code, treaty, or other
requirement of any Governmental Authority (collectively, “Law”) or any order, writ, judgment, injunction, decree,
determination, penalty, or award entered by or with any Governmental Authority (“Governmental Order”) applicable
to any Seller or the Company; (c) require the consent, notice, or filing with or other action by any Person or require any Permit,
license, or Governmental Order; (d) violate or conflict with, result in the acceleration of, or create in any party the right
to accelerate, terminate, or modify any contract, lease, deed, mortgage, license, instrument, note, indenture, joint venture,
or any other agreement, commitment, or legally binding arrangement, whether written or oral (collectively, “Contracts”),
to which any Seller or the Company is a party or by which any Seller or the Company is bound or to which any of their respective
properties and assets are subject; or (e) result in the creation or imposition of any Encumbrance on any properties or assets
of the Company.

 

Section
3.06 Financial Statements. Complete copies
of the Company’s financial statements consisting of the balance sheet of the Company as at December 31 in each of the years
2020 and 2019 and the related statements of income and retained earnings, members’ equity, and cash flow for the years then
ended, as well as balance sheets as at March 31, June 30 and September 30, 2020, and the related statements of income and retained
earnings, members’ equity, and cash flow for the quarters then ended (the “Financial Statements”), are
included in Section 3.06 of the Disclosure Schedules. The Financial Statements are based on the books and records of the
Company and fairly present the financial condition of the Company as of the respective dates they were prepared and the results
of the operations of the Company for the periods indicated. The balance sheet of the Company as of October 31, 2020 is referred
to herein as the “Balance Sheet” and the date thereof as the “Balance Sheet Date”. The books
of account, minute books, stock record books and other records of the Company are complete and correct in all material respects.
Each transaction entered into by the Company is properly and accurately recorded on the books and records of the Company in all
material respects, and each document upon which entries in the Company’s books and records are based is complete and accurate
in all material respects.

 

Section
3.07 Undisclosed Liabilities. The Company
has no liabilities, obligations, or commitments of any nature whatsoever, whether asserted, known, absolute, accrued, matured,
or otherwise (collectively, “Liabilities”) of a nature required to be included on a balance sheet prepared
in accordance with generally accepted accounting procedures, except (a) those which are adequately reflected or reserved against
in the Balance Sheet as of the Balance Sheet Date, or (b) those listed in Section 3.07 of the Disclosure Schedules. Section
3.07 of the Disclosure Schedules also sets forth (i) all of the Company’s currently outstanding indebtedness, and (ii)
all of the Company’s currently outstanding accounts payable. The Company’s loan under the Paycheck Protection Program
of the Coronavirus Aid, Relief and Economic Security Act has been forgiven in its entirety.

 

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Section
3.08 Absence of Certain Changes, Events, and Conditions. Since the Balance Sheet
Date, and other than in the ordinary course of business consistent with past practice, there has not been, with respect to the
Company, any change, event, condition, or development that is, or could reasonably be expected to be, individually or in the aggregate,
materially adverse to the business, results of operations, condition (financial or otherwise), or assets of the Company. Without
limiting the generality or effect of the foregoing, from the Balance Sheet Date through the Closing Date, except as disclosed
in Section 3.08 of the Disclosure Schedules, neither the Company nor any Seller has:

 

(a)
disposed of any of the Units;

 

(b)
changed any salaries, sales commissions or other compensation of, or paid any bonuses or extraordinary compensation to, any current
or former director, officer, employee, sales representative, consultant or stockholder of the Company, or entered into any employment,
severance or similar agreement with any current or former director, officer, employee, sales representative, consultant or stockholder
of the Company;

 

(c)
adopted or increased any benefits under any profit sharing, bonus, deferred compensation, savings, insurance, pension, retirement
or other Benefit Plan for or with any of its employees;

 

(d)
entered into any transaction, Contract or commitment outside of the ordinary course of business consistent with past practice,
or canceled or waived any claim or right outside the ordinary course of business consistent with past practice;

 

(e)
modified or amended in any material respect or terminated any Contract;

 

(f)
entered into, terminated, or received notice of termination of any Contract or transaction;

 

(g)
changed any of its accounting or tax methods, policies, practices, or principles, changed its reserve or accrual amounts or policies,
changed any depreciation or amortization policies or previously adopted rates, made or changed any Tax election, filed any amended
Tax Return, entered into any closing agreement, settled any Tax claim, consented to any extension or waiver of any limitation
period applicable to Taxes, changed any accounting period, or written-off as uncollectible any accounts receivables;

 

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(h)
changed any working capital practice, including accelerated any collections of cash or accounts receivables or deferred or delayed
payments or failed to make timely accruals, including with respect to accounts payable and Liabilities incurred in the ordinary
course of business consistent with past practice;

 

(i)
sold, leased or otherwise disposed of any material asset or property, including any Intellectual Property, outside the ordinary
course of business consistent with past practice;

 

(j)
(A) issued any Company equity or issued or granted any option, warrant, registration right, convertible security or other right
to acquire or sell any Company equity, (B) retired, redeemed, purchased, withdrawn or otherwise acquired for value any Company
equity (including the purchase of warrants, rights, or other options to acquire such interests), or (C) declared or paid any dividends
or made any distributions or other payments with respect to any of Company equity;

 

(k)
delayed or postponed the payment of accounts payable and other Liabilities;

 

(l)
created, incurred, assumed or otherwise become liable for any capitalized lease obligations;

 

(m)
created, incurred, assumed or otherwise become liable for any indebtedness;

 

(n)
granted or suffered to exist any Encumbrance on any of its assets or the Units;

 

(o)
terminated or closed any facility, business or operation of the Company;

 

(p)
settled, released or forgiven any claim or litigation or waived any right thereto that relates to the Units or any of the assets
of the Company;

 

(q)
taken any action that decreased, removed, sold or otherwise disposed of, or pledged or granted any security interest in, any non-cash
assets; or

 

(r)
agreed, whether verbally or in writing, to do any of the foregoing.

 

In
addition, since the Balance Sheet Date, there has not occurred any material damage, destruction or casualty loss (whether or not
covered by insurance) with respect to any of the assets of the Company. Since the Balance Sheet Date, there has not been any event,
occurrence, development or circumstance that has had or could reasonably be expected to have a material adverse effect on the
Company. Notwithstanding anything to the contrary in this Section 3.08, the Company has distributed all cash and cash equivalents
other than as contemplated by Section 3.26.

 

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Section
3.09 Contracts.

 

(a)
Section 3.09(a) of the Disclosure Schedules lists each Contract to which the Company is a party, including, without limitation,
the following:

 

(i)
any lease (whether of real or personal property), including all capitalized lease obligations;

 

(ii)
any agreement for the purchase of materials, supplies, goods, services, equipment or other assets that provides for aggregate
payments by the Company;

 

(iii)
any sales, distribution or other similar agreement providing for the sale by the Company of materials, supplies, goods, services,
equipment or other assets that provides for aggregate payments to the Company;

 

(iv)
any partnership, joint venture, strategic alliance or other similar agreement or arrangement;

 

(v)
any Contract pursuant to which any third party has rights to own or use any material asset of the Company, including any Company
Intellectual Property;

 

(vi)
any agreement relating to the acquisition or disposition of any business (whether by merger, sale of stock, sale of assets or
otherwise) or granting to any Person, by the Company or any Seller, a right of first refusal, first offer or other right to purchase
any of the Units or other equity of the Company;

 

(vii)
any agreement relating to indebtedness (including performance, suretyship and other bonds and, in any case, whether incurred,
assumed, guaranteed or secured by any asset);

 

(viii)
any license, franchise or similar agreement;

 

(ix)
any agency, dealer, sales representative, marketing, or other similar agreement;

 

(x)
any Contract that may not be terminated by the Company without payment of penalty on less than ninety (90) days’ prior notice;

 

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(xi)
any Contract or agreement with any stockholder, director, officer, employee or Affiliate of the Company, any Seller, or with any
Affiliate of the Company or any Seller;

 

(xii)
any management service, consulting, or any other similar type of agreement;

 

(xiii)
any warranty, guaranty, pledge, performance or completion bond or other similar undertaking with respect to any contractual performance
(or the Company’s standard forms of any of the foregoing) or agreement to indemnify any Person;

 

(xiv)
any employment, deferred compensation, severance, bonus, retirement or other similar agreement or Benefit Plan (including in respect
of any advances or loans to any employees);

 

(xv)
any collective bargaining agreement or Contract with any labor union;

 

(xvi)
any Contract containing covenants that (1) relate to the confidentiality or non-disclosure of certain information by the Company,
(2) restricts the Company’s ability to freely engage in any line of business or compete with any Person or hire any Person,
(3) restricts any Person from competing with the Company or soliciting employees or customers from the Company, (4) requires any
Person to purchase or sell a stated portion of its requirements or output from or to another Person or (5) imposes any exclusivity
obligation with respect to the Company’s sale or purchase of goods or services; or

 

(xvii)
to the extent not disclosed pursuant to clauses (i) through (xvi) above, any other Contract not made in the ordinary course of
business that is material to the Company or the business.

 

(b)
Each Contract disclosed in Section 3.09 of the Disclosure Schedules is a valid and binding agreement of the Company and,
to the knowledge of Sellers, each other party thereto, enforceable in accordance with its respective terms, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’
rights generally and by general principles of equity (whether applied in a proceeding at law or in equity). Neither the Company
nor, to the knowledge of Sellers, any other party to any such Contract is in default or breach (with or without due notice or
lapse of time or both) in any material respect under the terms of any such Contract. To the knowledge of Sellers, there is no
event, occurrence, condition or act which, individually or in the aggregate, with the giving of notice or the passage of time
or both, or the happening of any other event or condition, could reasonably be expected to become a material breach or event of
default under any such Contract. The Company has not given to or received from any other Person, at any time since the Balance
Sheet Date, any notice or other communication (whether oral or written) regarding any actual or alleged violation or breach of,
or default under, any Contract. Sellers have delivered or made available to Buyer true and complete originals or copies of all
Contracts.

 

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Section
3.10 Real Property; Title to Assets.

 

(a)
The Company does not own, and has never owned, any real property. Section 3.10(a) of the Disclosure Schedules lists all
real property in which the Company has a leasehold (or subleasehold) interest (together with all buildings, structures, and improvements
located thereon, the “Real Property”), including: (i) the street address of each parcel of Real Property; (ii)
for Real Property that is leased or subleased by the Company, the landlord under the lease, the rental amount currently being
paid, and the expiration of the term of such lease or sublease, and any termination or renewal rights of either party; and (iii)
the current use of each parcel of Real Property. Sellers have delivered or made available to Buyer true and complete originals
or copies of all Contracts relating to the Real Property.

 

(b)
The Company has good and valid leasehold interest in all Real Property and personal property and other assets reflected in the
Financial Statements or acquired after the Balance Sheet Date (other than properties and assets sold or otherwise disposed of
in the ordinary course of business consistent with past practice since the Balance Sheet Date). All Real Property and such personal
property and other assets are free and clear of Encumbrances.

 

(c)
The Company is not a sublessor or grantor under any sublease or other instrument granting to any other Person any right to possess,
lease, occupy, or use any leased Real Property. The use of the Real Property in the conduct of the Company’s business does
not violate in any material respect any Law, covenant, condition, restriction, easement, license, permit, or agreement and no
material improvements constituting a part of the Real Property encroach on real property owned or leased by a Person other than
the Company.

 

Section
3.11 Intellectual Property.

 

(a)
“Intellectual Property” means any and all of the following in any jurisdiction throughout the world: (i) issued
patents and patent applications; (ii) trademarks, service marks, trade names, and other similar indicia of source or origin, together
with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals
of, any of the foregoing; (iii) copyrights, including all applications and registrations; (iv) trade secrets, know-how, inventions
(whether or not patentable), technology, and other confidential and proprietary information and all rights therein; (v) internet
domain names and social media accounts and pages; and (vi) other intellectual or industrial property and related proprietary rights,
interests, and protections.

 

    	14

    	 

    

 

(b)
Section 3.11(b) of the Disclosure Schedules lists all issued patents, registered trademarks, domain names and copyrights,
and pending applications for any of the foregoing and all material unregistered Intellectual Property that are owned by the Company
(the “Company IP Registrations”). The Company owns or has the valid and enforceable right to use all Intellectual
Property used or held for use in or necessary for the conduct of the Company’s business as currently conducted or as proposed
to be conducted (the “Company Intellectual Property”), free and clear of all Encumbrances. All of the Company
Intellectual Property is valid and enforceable, and all Company IP Registrations are subsisting and in full force and effect.
The Company has taken commercially reasonable steps to maintain and enforce the Company Intellectual Property. All of the Intellectual
Property necessary for or used in the conduct of the business of the Company as presently conducted and as historically conducted
during the twenty-four (24) month period immediately preceding the Closing Date are set forth in Section 3.11(b) of the
Disclosure Schedules.

 

(c)
To the knowledge of Sellers, the conduct of the Company’s business as currently and formerly conducted and as proposed to
be conducted has not infringed, misappropriated, or otherwise violated and will not infringe, misappropriate, or otherwise violate
the Intellectual Property or other rights of any Person. To the knowledge of Sellers, no Person has infringed, misappropriated,
or otherwise violated any Company Intellectual Property. No Intellectual Property listed or required to be listed in Section
3.11(b) of the Disclosure Schedules is subject to any outstanding Order or agreement restricting the use thereof by the Company
or restricting the licensing thereof by the Company to any Person, other than with respect to standard and customary restrictions
associated with commercially available third party software to which the Company has a valid right to use in connection with its
business.

 

Section
3.12 Material Customers and Suppliers.

 

(a)
Section 3.12(a) of the Disclosure Schedules sets forth each customer who has paid aggregate consideration to the Company
for goods or services rendered in an amount greater than or equal to $5,000 for each of the years ended December 31, 2019 and
2020 (collectively, the “Material Customers”). The Company has not received any written notice that any of
its Material Customers has ceased, or intends to cease after the Closing, to purchase or use its goods or services or to otherwise
terminate or materially reduce its relationship with the Company, and to the knowledge of Sellers, there has been no threat to
cease purchasing or using its goods or services or to otherwise terminate or materially reduce its relationship with the Company.

 

    	15

    	 

    

 

(b)
Section 3.12(b) of the Disclosure Schedules sets forth each supplier to whom the Company has paid consideration for goods
or services rendered in an amount greater than or equal to $5,000 for each of the years ended December 31, 2019 and 2020 (collectively,
the “Material Suppliers”). The Company has not received any written notice that any of its Material Suppliers
has ceased, or intends to cease, to supply goods or services to the Company or to otherwise terminate or materially reduce its
relationship with the Company, and to the knowledge of Sellers, there has been no threat to cease supplying goods or services
or to otherwise terminate or materially reduce its relationship with the Company.

 

Section
3.13 Insurance.

 

(a)
Section 3.13 of the Disclosure Schedules sets forth a true and complete list of all current policies or binders of insurance
maintained by Sellers or their Affiliates (including the Company) and relating to the assets, business, operations, employees,
officers, and directors of the Company (collectively, the “Insurance Policies”). Sellers have provided Buyer
with true and correct copies of all such Insurance Policies. Such Insurance Policies: (i) are in full force and effect; (ii) are
valid and binding in accordance with their terms; (iii) are provided by carriers who are financially solvent; and (iv) have not
been subject to any lapse in coverage. Neither any Seller nor any of their Affiliates (including the Company) has received any
written notice of cancellation of, premium increase with respect to, or alteration of coverage under, any of such Insurance Policies.
All premiums due on such Insurance Policies have been paid in the ordinary course of business consistent with past practice. To
the knowledge of Sellers, neither any Seller nor any of its Affiliates (including the Company) is in default under, or has otherwise
failed to comply with, in any material respect, any provision contained in any Insurance Policy. The Insurance Policies are of
the type and in the amounts customarily carried by Persons conducting a business similar to the Company and are sufficient for
compliance with all applicable Laws and Contracts to which the Company is a party or by which it is bound. For purposes of this
Agreement: (x) “Affiliate” of a Person means any other Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, such Person; and (y) the term “control”
(including the terms “controlled by” and “under common control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract, or otherwise.

 

(b)
Section 3.13 of the Disclosure Schedules sets forth, by year, for the current policy year and each of the three (3) preceding
policy years:

 

(i)
a summary of the terms of each policy of insurance, including its coverage, limits, deductibles, premiums and loss experience;

 

(ii)
a statement describing each claim retained by the Company or made under a policy of insurance for an amount in excess of $5,000,
which sets forth:

 

(A)
the name of the claimant;

 

    	16

    	 

    

 

(B)
a description of the policy by insurer, type of insurance, and period of coverage; and

 

(C)
the amount and a brief description of the claim; and

 

(iii)
a statement describing the loss experience for all claims that were self-insured, including the number and aggregate cost of such
claims.

 

Section
3.14 Legal Proceedings; Governmental Orders.

 

(a)
There are no claims (whether in contract or tort), actions, causes of action, demands, lawsuits, arbitrations, inquiries, audits,
notices of violation, proceedings, litigation, citations, summons, subpoenas, or investigations of any nature, whether at law
or in equity (collectively, “Actions”) pending or, to Sellers’ knowledge, threatened against or by the
Company, any Seller, or any Affiliate of any Seller: (i) relating to or affecting the Company or any of the Company’s properties
or assets; or (ii) that challenge or seek to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement.

 

(b)
There are no outstanding, and the Company is in compliance with all, Governmental Orders against, relating to, or affecting the
Company or any of its properties or assets.

 

Section
3.15 Compliance with Laws; Permits.

 

(a)
The Company has complied, and is now complying, in all material respects with all Laws applicable to it or its business, properties,
or assets. To the knowledge of Sellers, there is no fact, circumstance, condition or situation existing which, after notice or
lapse of time or both, would constitute material noncompliance with respect to any applicable Law. To the knowledge of Sellers,
there is not any present requirement of any applicable Law that is due to be imposed on the Company or its business and is reasonably
likely to increase the cost of complying with such applicable Law.

 

(b)
All material permits, licenses, franchises, approvals, registrations, certificates, variances, and similar rights obtained, or
required to be obtained, from Governmental Authorities (collectively, “Permits”) that are required for the
Company to conduct its business, including, without limitation, owning or operating any of the Real Property, have been obtained
and are valid and in full force and effect. Section 3.15(b) of the Disclosure Schedules lists all current Permits issued
to the Company, and to the knowledge of Sellers, no event has occurred that would reasonably be expected to result in the revocation
or lapse of any such Permit.

 

    	17

    	 

    

 

Section
3.16 Environmental Matters.

 

(a)
The Company has complied, and is now complying, in all material respects with all Environmental Laws. Neither the Company nor
any Seller has received notice from any Person that the Company, its business or assets, or any real property currently or formerly
owned, leased, or used by the Company is or may be in violation of any Environmental Law or any applicable Law regarding Hazardous
Substances.

 

(b)
To the knowledge of Sellers, there has not been any spill, leak, discharge, injection, escape, leaching, dumping, disposal, or
release of any kind of any Hazardous Substances in violation of any Environmental Law: (i) with respect to the business or assets
of the Company; or (ii) at, from, in, adjacent to, or on any real property currently or formerly owned, leased, or used by the
Company. To the knowledge of Sellers, there are no Hazardous Substances in, on, about, or migrating to any real property currently
or formerly owned, leased, or used by the Company, and such real property is not affected in any way by any Hazardous Substances.

 

(c)
As used in this Agreement: (i) “Environmental Laws” means all Laws, now or hereafter in effect, in each case
as amended or supplemented from time to time, relating to the regulation and protection of human health, safety, the environment,
and natural resources, including any federal, state, or local transfer of ownership notification or approval statutes; and (ii)
“Hazardous Substances” means: (A) “hazardous materials,” “hazardous wastes,” “hazardous
substances,” “industrial wastes,” or “toxic pollutants,” as such terms are defined under any Environmental
Laws; (B) any other hazardous or radioactive substance, contaminant, or waste; and (C) any other substance with respect to which
any Environmental Law or Governmental Authority requires environmental investigation, regulation, monitoring, or remediation.

 

Section
3.17 Employee Benefit Matters.

 

(a)
Section 3.17(a) of the Disclosure Schedules contains a true and complete list of each “employee benefit plan”
as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974 (as amended, and including the regulations thereunder,
“ERISA”), whether or not written and whether or not subject to ERISA, and each supplemental retirement, compensation,
employment, consulting, profit-sharing, deferred compensation, incentive, bonus, equity, change in control, retention, severance,
salary continuation, and other similar agreement, plan, policy, program, practice, or arrangement which is or has been established,
maintained, sponsored, or contributed to by the Company or under which the Company has or may have any Liability (each, a “Benefit
Plan”).

 

    	18

    	 

    

 

(b)
For each Benefit Plan, Sellers have made available to Buyer accurate, current, and complete copies of each of the following: (i)
the plan document with all amendments, or if not reduced to writing, a written summary of all material plan terms; (ii) any written
contracts and arrangements related to such Benefit Plan, including trust agreements or other funding arrangements, and insurance
policies, certificates, and contracts; (iii) in the case of a Benefit Plan intended to be qualified under Section 401(a) of the
Code, the most recent favorable determination or national office approval letter issued by the Internal Revenue Service and any
legal opinions issued thereafter with respect to the Benefit Plan’s continued qualification; (iv) the most recent Form 5500
filed with respect to such Benefit Plan; and (v) any material notices, audits, inquiries, or other correspondence from, or filings
with, any Governmental Authority relating to the Benefit Plan.

 

(c)
Each Benefit Plan and related trust has been established, administered, and maintained in accordance with its terms and in substantial
compliance with all applicable Laws (including ERISA and the Code). To the knowledge of Sellers, nothing has occurred with respect
to any Benefit Plan that has subjected or could reasonably be expected to subject the Company or, with respect to any period on
or after the Closing Date, Buyer or any of its Affiliates, to a civil action, penalty, surcharge, or Tax under applicable Law
or which would jeopardize the previously-determined qualified status of any Benefit Plan. To the knowledge of Sellers, all benefits,
contributions, and premiums relating to each Benefit Plan have been timely paid in accordance with the terms of such Benefit Plan
and all applicable Laws and accounting principles. To the knowledge of Sellers, benefits accrued under any unfunded Benefit Plan
have been paid, accrued, or adequately reserved for to the extent required.

 

(d)
To the knowledge of Sellers, the Company has not incurred, and does not reasonably expect to incur: (i) any Liability under Title
I or Title IV of ERISA, any related provisions of the Code, or applicable Law relating to any Benefit Plan; or (ii) any Liability
to the Pension Benefit Guaranty Corporation. To the knowledge of Sellers, no complete or partial termination of any Benefit Plan
has occurred or is expected to occur.

 

(e)
The Company has not now or at any time within the previous six years contributed to, sponsored, or maintained: (i) any “multiemployer
plan” as defined in Section 3(37) of ERISA; (ii) any “single-employer plan” as defined in Section 4001(a)(15)
of ERISA; (iii) any “multiple employer plan” as defined in Section 413(c) of the Code; (iv) any “multiple employer
welfare arrangement” as defined in Section 3(40) of ERISA; (v) a leveraged employee stock ownership plan described in Section
4975 (e)(7) of the Code; or (vi) any other Benefit Plan subject to required minimum funding requirements.

 

(f)
Other than as required under Sections 601 to 608 of ERISA or other applicable Law, no Benefit Plan provides post-termination or
retiree welfare benefits to any individual for any reason.

 

    	19

    	 

    

 

(g)
Neither the execution of this Agreement nor any of the transactions contemplated by this Agreement will, either alone or in combination
with any other event: (i) entitle any current or former director, officer, employee, independent contractor, or consultant of
the Company to any severance pay, increase in severance pay, or other payment; (ii) accelerate the time of payment, funding, or
vesting, or increase the amount of compensation (including stock-based compensation) due to any such individual; (iii) limit or
restrict the right of the Company to amend or terminate any Benefit Plan; (iv) increase the amount payable under any Benefit Plan;
(v) result in any “excess parachute payments” within the meaning of Section 280G(b) of the Code; or (vi) require a
“gross-up” or other payment to any “disqualified individual” within the meaning of Section 280G(c) of
the Code.

 

Section
3.18 Employment Matters.

 

(a)
Section 3.18(a) of the Disclosure Schedules lists: (i) all employees, independent contractors, and consultants of the Company;
and (ii) for each individual described in clause (i), (A) the individual’s title or position, hire date, and compensation,
(B) any Contracts entered into between the Company and such individual, and (C) the fringe benefits provided to each such individual.
All compensation payable to all employees, independent contractors, or consultants of the Company for services performed on or
prior to the Closing Date have been paid in the ordinary course of business consistent with past practice.

 

(b)
The Company is not, and has not been, a party to or bound by any collective bargaining agreement or other Contract with a union
or similar labor organization (collectively, “Union”), and no Union has represented or purported to represent
any employee of the Company. There has never been, nor has there been any threat of, any strike, work stoppage, slowdown, picketing,
or other similar labor disruption or dispute affecting the Company or any of its employees.

 

(c)
To the knowledge of Sellers, the Company is, and has been at all times, in compliance in all material respects with all applicable
Laws and Orders regarding employment and employment practices, the terms and conditions of employment, non-discrimination, equal
employment opportunity, affirmative action, collective bargaining, payment of social security, occupational safety and health,
wages and hours, plant closing and workers compensation, including but not limited to the Immigration Reform and Control Act,
Title VII of the Civil Rights Act of 1964, as amended, the Fair Labor Standards Act, the Age Discrimination in Employment Act,
the Americans with Disability Act, the Family Medical & Leave Act, the National Labor Relations Act, the Texas Statutes Labor
Code and regulations promulgated thereunder, the WARN Act, ERISA, the Code and any other applicable Law governing, touching upon
or concerning the employment relationship, including any foreign Laws corresponding or similar to the foregoing. To the knowledge
of Sellers, the Company has not engaged at any time during the past three (3) years, and is not currently engaging, in any unfair
labor practice. There are not any pending or, to the knowledge of Sellers, threatened charges, claims, complaints, administrative
complaints, or lawsuits alleging (i) breach of an employment Contract (whether in fact, expressed or implied), (ii) a claim for
workers’ compensation, (iii) any tort such as invasion of privacy, defamation, or intentional infliction of emotional distress,
or (iv) any violation of any employment Law, regulation or statute, including, but not limited to, the statutes and Laws cited
in this Section 3.18(a). The Company is not currently subject to any complaints, charges, claims, consent decrees, judgments,
arbitration awards, or Orders from any Governmental Authority concerning any applicable Laws regarding employment and employment
practices, the terms and conditions of employment, non-discrimination, equal employment opportunity, affirmative action, collective
bargaining, payment of social security, occupational safety and health, wages and hours, plant closing, workers compensation,
or any and all of the employment Laws, regulations or statutes cited above.

 

    	20

    	 

    

 

(d)
The Company is, and for the preceding three (3) years has been, in compliance in all material respects with all applicable Laws
pertaining to or relating to the migration of foreign nationals across borders, whether temporarily or permanently, and the Company’s
employees and contractors have verified their legal right to work in the applicable jurisdiction of their employment through documents
consistent with such Laws, including through Form I-9s.

 

(e)
To the knowledge of Sellers, no employee, officer or director of the Company is a party to, or is otherwise bound by, any confidentiality,
non-competition, proprietary rights agreement or similar agreement that would affect (i) the performance of his or her duties
as an employee, officer or director or (ii) the ability of Buyer to conduct the business of the Company after the Closing Date.

 

(f)
The Company has not incurred any Liability under the Worker Adjustment and Retraining Notification Act (the “WARN Act”)
or any similar local, state or foreign Law in the three year period preceding the Closing Date, and any requisite periods under
the WARN Act (or its local, state or foreign Law equivalent) have expired. During the ninety (90) day period ending on the Closing
Date, the Company has terminated zero employees.

 

Section
3.19 Taxes.

 

(a)
All returns, declarations, reports, information returns and statements, and other documents relating to Taxes (including amended
returns and claims for refund) (collectively, “Tax Returns”) required to be filed by the Company on or before
the Closing Date have been timely filed. Such Tax Returns are true, correct, and complete in all respects. All Taxes due and owing
by the Company (whether or not shown on any Tax Return) have been timely paid. No extensions or waivers of statutes of limitations
have been given or requested with respect to any Taxes of the Company. Section 3.19(a) of the Disclosure Schedules includes
copies of all Tax Returns and examination reports of the Company and statements of deficiencies assessed against, or agreed to
by, the Company for all Tax periods ending after 2016. The term “Taxes” means all federal, state, local, foreign,
and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license, lease,
service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation,
premium, property (real or personal), real property gains, windfall profits, customs, duties, or other taxes, fees, assessments,
or charges of any kind whatsoever, together with any interest, additions, or penalties with respect thereto.

 

    	21

    	 

    

 

(b)
The Company has not been a member of an affiliated, combined, consolidated, or unitary Tax group for Tax purposes. The Company
has no Liability for Taxes of any Person (other than the Company) under Treasury Regulations Section 1.1502-6 (or any corresponding
provision of state, local, or foreign Law), as transferee or successor, by contract, or otherwise.

 

(c)
There are no liens for Taxes (other than for current Taxes not yet due and payable) upon the assets of the Company.

 

(d)
No Seller is a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2. The Company is not,
nor has it been, a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable
period specified in Section 897(c)(1)(a) of the Code.

 

(e)
The Company is a partnership for U.S. federal income tax purposes.

 

(f)
The Company is not a party to or bound by any Tax allocation or Tax-Sharing Agreement and has no contractual obligation to indemnify
any other person with respect to Taxes.

 

(g)
No adjustment for any Taxes has been (A) proposed, asserted or assessed in writing against the Company (or any affiliated, consolidated,
combined, unitary or similar group that includes the Company), or (B) to the knowledge of the Sellers, proposed informally or
threatened, by any Tax authority with respect to the Company (or any affiliated, consolidated, combined, unitary or similar group
that includes the Company);

 

(h)
There are no pending or, to the knowledge of the Sellers, threatened Tax proceedings or claims for the assessment or collection
of Taxes against the Company (or any affiliated, consolidated, combined, unitary or similar group that includes the Company).

 

(i)
There are no outstanding waivers or agreements extending the statute of limitations for any period with respect to any Tax to
which the Company (or any affiliated, consolidated, combined, unitary or similar group that includes the Company) may be subject
nor have any such waivers or agreements been requested.

 

    	22

    	 

    

 

(j)
No power of attorney that is currently in force has been granted with respect to any matter relating to Taxes that could affect
the Company (or any affiliated, consolidated, combined, unitary or similar group that includes the Company).

 

Section
3.20 Affiliate Transactions.

 

(a)
There are no outstanding Contracts, payables, receivables, loans, advances or other similar accounts between the Company, on the
one hand, and any of its directors, officers, employees, stockholders or other Affiliates, on the other hand;

 

(b)
To the knowledge of Sellers, no director, officer or employee of the Company possesses, directly or indirectly, any ownership
interest in, or is a manager, director, officer or employee of, any Person which is a supplier, customer, lessor, lessee, licensor,
developer or competitor of the Company; and

 

(c)
No partner, officer, employee or other Affiliate of the Company or any Seller has any interest in any property or assets, real
or personal, tangible or intangible, used in or pertaining to the business of the Company. All interest of the Sellers, whether
direct or indirect, in the assets related to the business of the Company are owned by the Company.

 

Section
3.21 OSHA Compliance. The Company has duly
complied with, and its facilities, business, assets, and property are in compliance in all material respects with, the provisions
of the federal Occupational Safety and Health Act, as amended (or any corresponding or similar provision of state, local or foreign
Law). The Company has not received any citations, notices, or orders of noncompliance under the federal Occupational Safety and
Health Act, as amended (or any corresponding or similar provision of state, local or foreign Law), relating to the Company or
the business.

 

Section
3.22 Payments; Export Control and Antiboycott Laws.

 

(a)
To the knowledge of Sellers, neither the Company nor any director, officer or employee of the Company, or, to the knowledge of
Sellers, agent of the Company or any other Person associated with or acting for or on behalf of the Company, has directly or indirectly
established or maintained any fund or asset for the benefit of the Company that has not been recorded in the books and records
of the Company; or

 

(b)
made any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, regardless of
form, whether in money, property, or services (A) to obtain favorable treatment in securing business, (B) to pay for favorable
treatment for business secured, (C) to obtain special concessions or for special concessions already obtained, for or in respect
of the Company or any Affiliate of the Company, or (D) in violation of any Law.

 

    	23

    	 

    

 

(c)
The Company has at all times been in compliance in all material respects with all Laws relating to export control and trade embargoes.

 

(d)
The Company has not violated the antiboycott prohibitions contained in 50 U.S.C. sect. 2401 et seq. (or any corresponding or similar
provision of state, local or foreign Law) or taken any action that can be penalized under Section 999 of the Code (or any corresponding
or similar provision of state, local or foreign Law).

 

Section
3.23 Securities and Investment Matters. Each Seller represents the following:

 

(a)
Seller has such knowledge, skill and experience in business, financial and investment matters that Seller is capable of evaluating
the merits and risks of an investment in the OPT Common Stock. With the assistance of Seller’s own professional advisors,
to the extent that Seller has deemed appropriate, Seller has made its own legal, tax, accounting and financial evaluation of the
merits and risks of an investment in the OPT Common Stock. Seller has considered the suitability of the OPT Common Stock as an
investment in light of its own circumstances and financial condition and Seller is able to bear the risks associated with an investment
in the OPT Common Stock.

 

(b)
Seller is an “accredited investor” as defined in Rule 501(a) under the Securities Act. Seller agrees to furnish any
additional information requested by Buyer or any of its affiliates to assure compliance with applicable U.S. federal and state
securities laws in connection with the investment in the OPT Common Stock.

 

(c)
Seller is acquiring the OPT Shares solely for Seller’s own beneficial account, for investment purposes, and not with a view
to, or for resale in connection with, any distribution of the OPT Common Stock. Seller understands that the OPT Shares have not
been registered under the Securities Act or any securities, “blue sky” or other similar laws of such jurisdiction
by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of Seller and of
the other representations made by Seller in this Agreement. Seller understands that Buyer is relying upon the representations
and agreements contained in this Agreement for the purpose of determining whether this transaction meets the requirements for
such exemptions.

 

(d)
Seller understands that the OPT Shares are “restricted securities” under applicable federal securities laws and that
the Securities Act and the rules of the SEC provide in substance that Seller may dispose of the OPT Shares only pursuant to an
effective registration statement under the Securities Act or an exemption therefrom, and Seller understands that the Company has
no obligation to register any of the OPT Shares, or to take action so as to permit sales pursuant to the Securities Act (including
Rule 144 thereunder). Accordingly, Seller understands that under the SEC’s rules, Seller may dispose of the OPT Shares principally
only in “private placements” which are exempt from registration under the Securities Act, in which event the transferee
will acquire “restricted securities” subject to the same limitations as in the hands of Seller. Accordingly, Seller
understands that Seller must bear the economic risks of the investment in the OPT Shares for an indefinite period of time. Seller
further understands that its ability to dispose of the OPT Shares will be subject to the restrictions contained in Section 5.04
hereof.

 

    	24

    	 

    

 

Section
3.24 Books and Records. The minute books and share record books of the Company,
all of which are in the possession of the Company and have been made available to Buyer, are complete and correct.

 

Section
3.25 Business Backlog and Proposals.

 

(a)
Section 3.25(a) of the Disclosure Schedules lists the true, correct and complete amounts of the Company’s backlog,
work in process and pipeline of business which is not completed or invoiced as of the date hereof. None of such backlog, work
in process and pipeline of business has been cancelled or materially reduced, and each is at a price and on terms (including margin)
consistent with the Company’s past practices. As of the date of this Agreement, neither the Company nor any Seller has been
informed by any customer or distributor that any material order included in the backlog, work in process and pipeline of business
is likely to be canceled or terminated before its completion.

 

(b)
Section 3.25(b) of the Disclosure Schedules lists all of the Company’s proposals for business currently pending with
customers or any other counterparties, including the scope, dollar amount and other material terms of such proposals.

 

Section
3.26 Bank Accounts. Section 3.26 of
the Disclosure Schedules lists the details of each of the bank accounts of the Company. As of the date hereof, the Company has
an amount of cash in such bank accounts equal to $100,000.

 

Section
3.27 Brokers. No broker, finder, or investment
banker is entitled to any brokerage, finder’s, or other fee or commission in connection with the transactions contemplated
by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of any Seller.

 

    	25

    	 

    

 

ARTICLE
IV

Representations
and warranties of buyer

 

Buyer
represents and warrants to Sellers that the statements contained in this Article IV are true and correct as of the date hereof.

 

Section
4.01 Organization and Authority of Buyer. Buyer is a corporation duly organized,
validly existing, and in good standing under the Laws of the state of Delaware. Buyer has full corporate power and authority to
enter into this Agreement and the other Transaction Documents to which Buyer is a party, to carry out its obligations hereunder
and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Buyer of this
Agreement and any other Transaction Document to which Buyer is a party, the performance by Buyer of its obligations hereunder
and thereunder, and the consummation by Buyer of the transactions contemplated hereby and thereby have been duly authorized by
all requisite corporate action on the part of Buyer. This Agreement and each Transaction Document to which Buyer is a party constitute
legal, valid, and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms.

 

Section
4.02 No Conflicts; Consents. The execution,
delivery, and performance by Buyer of this Agreement and the other Transaction Documents to which it is a party, and the consummation
of the transactions contemplated hereby and thereby, do not and will not: (a) violate or conflict with any provision of the certificate
of formation, bylaws, or other governing documents of Buyer; (b) violate or conflict with any provision of any Law or Governmental
Order applicable to Buyer; or (c) require the consent, notice, declaration, or filing with or other action by any Person or require
any Permit, license, or Governmental Order.

 

Section
4.03 Investment Purpose. Buyer is acquiring
the Units solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with,
any distribution thereof or any other security related thereto within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”). Buyer acknowledges that Sellers have not registered the offer and sale of the Units under
the Securities Act or any state securities laws, and that the Units may not be pledged, transferred, sold, offered for sale, hypothecated,
or otherwise disposed of except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption
therefrom and subject to state securities laws and regulations, as applicable.

 

Section
4.04 Brokers. No broker, finder, or investment banker is entitled to any brokerage,
finder’s, or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction
Document based upon arrangements made by or on behalf of Buyer.

 

Section
4.05 OPT Shares as Consideration. The OPT Shares, when delivered pursuant to
the terms of this Agreement, shall have been duly and validly authorized and issued as fully-paid and non-assessable shares of
OPT Common Stock in the capital of Buyer in accordance with applicable Law, free and clear of any Encumbrances (other than those
set forth in this Agreement and the Transaction Documents).

 

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Section
4.06 Buyer Reports and Financial Statements.

 

(a)
The OPT Common Stock is listed and posted for trading on Nasdaq Capital Market and Buyer is a “reporting company”
and is not in default in any material respect in the performance of its obligations under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) and is in compliance, in all material respects, with the applicable rules,
policies and regulations of the SEC. Buyer has taken no action designed to, or likely to have the effect of, revoking its reporting
company status in any jurisdiction where it has such status nor has Buyer received any notification that any federal or state
securities regulatory authority is contemplating revoking Buyer’s reporting company status. No delisting of, suspension
of trading in, or trading halt with respect to any securities of Buyer is in effect or ongoing, and Buyer has not received any
notification threatening any such delisting, suspension or trading halt.

 

(b)
No order, agreement or memorandum of understanding that contemplates ceasing or suspending trading in the securities of Buyer
is outstanding or in effect and no proceedings or agreement for this purpose have been instituted or, to the knowledge of Buyer,
are pending, contemplated or threatened.

 

(c)
Buyer has prepared and filed all documents required to be filed by it under the Exchange Act, and the rules of the SEC. All of
the Buyer Public Disclosure Documents were, as of their respective dates, in compliance in all material respects with the Exchange
Act and the rules of the SEC and did not, as of their respective dates, contain a misrepresentation or omit to state a material
fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under
which they were made, not misleading. “Buyer Public Disclosure Documents” means, collectively, all of the following
documents: (a) Buyer’s annual report for the fiscal year ended April 30, 2020 dated June 29, 2020; (b) the proxy statement
of Buyer dated November 2, 2020 distributed in connection with the annual meeting of shareholders held on December 23, 2020; (c)
the audited consolidated financial statements of Buyer for the fiscal years ended April 30, 2020 and April 30, 2019, and the notes
thereto together with the report of the independent auditors thereon, included in Buyer’s Annual Report on Form 10-K for
the year ended April 30, 2020 (the “10-K”); (d) management’s discussion and analysis of financial condition
of Buyer included in the 10-K; (e) the unaudited consolidated financial statements of Buyer for the fiscal quarters ended October
31, 2020 and October 31, 2019, and the notes thereto, included in Buyer’s Quarterly Report on Form 10-Q for the quarter
ended October 31, 2020 (the “10-Q”); and (f) management’s discussion and analysis of financial condition
of Buyer included in the 10-Q.

 

(d)
Other than the transactions contemplated by this Agreement, there has been no event, occurrence, incident, or circumstance which
would require the filing of a report or disclosure under the Securities Act and the rules of the SEC which has not been so reported
or disclosed.

 

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(e)
Since December 31, 2020, Buyer has (i) conducted its business in the ordinary course of business consistent with past practices
(except as disclosed in the Buyer Public Disclosure Documents) and (ii) used its commercially reasonable efforts to preserve the
goodwill and organization of its business and its relationships with its customers, vendors, employees and other Persons having
business relations with Buyer.

 

Section
4.07 Independent Investigation. Buyer has conducted Buyer’s own independent
investigation, review, and analysis of the Company and the business, results of operations, prospects, condition (financial or
otherwise), assets, and Liabilities of the Company, and acknowledges (for itself and on behalf of its Affiliates and representatives)
that Buyer has been provided adequate access to the personnel, premises and properties, assets, books and records, and other documents
and data of the Company for such purpose.

 

ARTICLE
V

Covenants

 

Section
5.01 Confidentiality. From and for a period of three years after the Closing,
each Seller shall, and shall cause its Affiliates and its and their respective directors, officers, employees, consultants, counsel,
accountants, and other agents (collectively, “Representatives”) to hold, in confidence any and all information,
in any form, concerning the Company, except to the extent that such Seller can show that such information: (a) is generally available
to and known by the public through no fault of such Seller, any of its Affiliates, or their respective Representatives; or (b)
is lawfully acquired by such Seller, any of its Affiliates, or their respective Representatives from and after the Closing from
sources which are not prohibited from disclosing such information by any obligation. If any Seller or any of its Affiliates or
their respective Representatives are compelled to disclose any information by Governmental Order or Law, such Seller shall promptly
notify Buyer in writing and shall disclose only that portion of such information which is legally required to be disclosed, provided
that such Seller shall use reasonable best efforts to obtain as promptly as possible an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded such information.

 

Section
5.02 Business Relationships. After the Closing,
each Seller will, so long as he is serving as an employee of, or consultant to, the Company or Buyer, use commercially reasonable
efforts to cooperate with Buyer in its efforts to continue and maintain for the benefit of Buyer those business relationships
of the Company existing prior to the Closing and relating to the business, of the Company including relationships with lessors,
employees, sales representatives, consultants, regulatory authorities, licensors, customers, suppliers and others. Each Seller
will refer to Buyer all inquiries relating to the business of the Company during the Restricted Period.

 

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Section
5.03 Non-Competition; Non-Solicitation.

 

(a)
For a period of 12 months commencing on the Closing Date (the “Restricted Period”), each Seller shall not,
and shall not permit any of its Affiliates to, directly or indirectly: (i) engage in or assist others in engaging in competition
with the business of Buyer as of the date hereof (the “Restricted Business”) anywhere in the world (the “Territory”);
(ii) have an interest in any Person that engages directly or indirectly in the Restricted Business in the Territory in any capacity,
including as a partner, shareholder, director, officer, member, manager, employee, principal, agent, advisor, or consultant; or
(iii) intentionally interfere in any material respect with the business relationships (whether formed prior to or after the date
of this Agreement) between the Company and customers or suppliers of the Company. For the avoidance of doubt, lines of business
that Sellers were engaged in at the Company prior to the Closing Date are not considered competitive with the business of Buyer.

 

(b)
During the Restricted Period, each Seller shall not, and shall not permit any of its Affiliates to, directly or indirectly, hire
or solicit any current or former employee of the Company or encourage any employee to leave the Company’s employment, except
pursuant to a general solicitation which is not directed specifically to any such employees; provided, that nothing in
this Section 5.03(b) shall prevent such Seller or any of its Affiliates from hiring: (i) any employee terminated by the Company;
or (ii) after one hundred eighty (180) days from the date of resignation, any employee that has resigned from the Company.

 

(c)
After the Closing Date, no Seller, its Affiliates or the officers, directors or employees of any such Affiliates will disparage
the Business, Buyer or any of the members, managers, officers, employees or agents of Buyer or the Company.

 

(d)
Each Seller acknowledges that a breach or threatened breach of this Section 5.03 would give rise to irreparable harm to Buyer,
for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened breach
by such Seller of any such obligations, Buyer shall, in addition to any and all other rights and remedies that may be available
to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, or specific
performance (without any requirement to post bond).

 

(e)
Each Seller acknowledges that the restrictions contained in this Section 5.03 are reasonable and necessary to protect the legitimate
interests of Buyer and constitute a material inducement to Buyer to enter into this Agreement and consummate the transactions
contemplated by this Agreement. In the event that any covenant contained in this Section 5.03 should ever be adjudicated to exceed
the time, geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction or any Governmental
Order, then any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction
to the maximum time, geographic, product or service, or other limitations permitted by applicable Law or such Governmental Order.
The covenants contained in this Section 5.03 and each provision hereof are severable and distinct covenants and provisions. The
invalidity or unenforceability of any such covenant or provision as written shall not invalidate or render unenforceable the remaining
covenants or provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such covenant or provision in any other jurisdiction. It shall not be a breach of this Section 5.03 for any Seller
to provide services as an employee or consultant to Buyer or its Affiliates.

 

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Section
5.04 Share Ownership. Each Seller understands, acknowledges and agrees to the following:

 

(a)
Seller shall not sell, assign or transfer any OPT Common Stock until the twelve month anniversary of the date of this Agreement.
In the event that a Seller terminates his employment with the Company (other than for Good Reason) or has his employment terminated
by the Company (for Cause), in each case prior to the one year anniversary of the date of this Agreement, such Seller shall automatically
surrender to the Company, and forfeit all ownership of, his OPT Shares. Any forfeiture of OPT Shares shall be treated by all parties
as an adjustment to the Purchase Price.

 

For
purposes of this Section 5.04(a), (1) “Cause” is defined as: (a) an intentional act of fraud, embezzlement, theft
or any other material violation of law that occurs during or in the course of Seller’s employment with the Company; (b)
intentional disclosure of the Company’s confidential information contrary to the Company’s policies; (c) material
breach of Seller’s obligations under his employment letter with the Company; (d) intentional engagement in any competitive
activity which would constitute a material breach of Seller’s duty of loyalty or of his obligations under his employment
letter with the Company; (e) intentional material breach of any of the Company’s policies, provided that a copy of such
policy has been previously provided to such Seller in writing; (f) the willful and continued failure to substantially perform
Seller’s duties for the Company (other than as a result of incapacity due to physical or mental illness), following notice
and a reasonable opportunity to cure; or (g) willful conduct by such Seller that is demonstrably and materially injurious to the
Company, monetarily or otherwise, and (2) “Good Reason” is defined as the existence of any of the following, without
Seller’s written consent: (a) a material diminution in his authority, duties, or responsibilities; (b) a material diminution
in overall compensation by the Company except for any across-the-board reductions approved by the Board for all similarly-situated
employees (not to exceed 15%); (c) a change to his primary work location to a location more than fifty (50) miles outside of the
greater Houston metropolitan area; (d) a material breach of his employment letter with the Company; or (e) such Seller’s
death or permanent incapacity.

 

(b)
Seller understands, acknowledges and agrees with Buyer as follows: (i) the issuance of the OPT Shares is intended to be exempt
from registration under the Securities Act, by virtue of Section 4(2) of the Securities Act, which is in part dependent upon the
truth, completeness and accuracy of the statements made by Seller herein; and (ii) there can be no assurance that Seller will
be able to sell or dispose of any of the OPT Shares.

 

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(c)
Seller acknowledges and agrees that it has executed and will comply at all times while a stockholder of the Company with all applicable
policies, rules and regulations of Company, including, without limitation, its Insider Trading Policy.

 

(d)
Seller understands, acknowledges and agrees that, as a result of the acquisition of OPT Common Stock, it may be required to file
with the U.S. Securities and Exchange Commission (the “SEC”) a Schedule 13D (Information to Be Included in
Statements Filed Pursuant to Rule 13d-1(a) and Amendments Thereto Filed Pursuant to Rule 13d-2(a)) and a Form 3 (Initial Statement
of Beneficial Ownership of Securities). Seller further understands, acknowledges and agrees that it has the sole responsibility
to amend these documents as necessary after they are filed and Buyer shall have no liability or obligation to it with respect
thereto.

 

(e)
Until the twelve month anniversary of the date of this Agreement, at any meeting of stockholders of Buyer or at any adjournment
thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent) is sought, Seller
shall, including by executing a written consent or proxy if requested by Buyer, vote (or cause to be voted) its shares of OPT
Common Stock in favor of each director nominated by the board of directors of Buyer and in favor of any proposal which the board
of directors of Buyer recommends to the other stockholders of Buyer. For the avoidance of doubt, this Agreement is intended to
constitute a voting agreement entered into under Section 218(c) of the Delaware General Corporation Law.

 

(f)
Until the 24 month anniversary of the date of this Agreement, neither Seller nor any of its affiliates, shall, without the prior
written consent of the board of directors of Buyer, directly or indirectly, (a) effect or seek, offer or propose (whether publicly
or otherwise) to effect, or cause or participate in or in any way assist any other person to effect or seek, offer or propose
(whether publicly or otherwise) to effect or participate in, (i) any acquisition of any securities or rights to acquire any securities
(or any other beneficial ownership thereof) or assets of Buyer or any of its subsidiaries (provided that the foregoing shall not
apply to any acquisition of securities under the terms hereof); (ii) any merger or other business combination or tender or exchange
offer involving Buyer or any of its subsidiaries; (iii) any “solicitation” of “proxies” (as such terms
are used in the proxy rules of the SEC) or consents to vote with respect to any voting securities of the Buyer, or any communication
exempted from the definition of “solicitation” by Rule 14a-1(l)(2)(iv) under the Exchange Act; (b) form, join or in
any way participate in a “group” (as defined under the Exchange Act) with respect to Buyer; (c) have any discussions
or enter into any arrangements, understandings or agreements (oral or written) with, or advise, finance, assist or actively encourage,
any third party with respect to any of the matters set forth in this Section 5.04(e), or make any investment in any other person
that engages, or offers or proposes to engage, in any of such matters; (d) take any action which might cause or require Buyer,
Seller and/or their affiliates to make a public announcement regarding any of the types of matters set forth in this Section 5.04(e);
or (e) disclose any intention, plan or arrangement relating to any of the foregoing.

 

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Section
5.05 No Claim Against the Company. Effective
as of the Closing, each Seller waives any and all rights of indemnification, contribution and other similar rights against the
Company (whether arising pursuant to the Company’s certificate of formation, operating or company agreement or other organizational
documents, any Contract, any Law or otherwise) arising out of the representations, warranties, covenants and agreements contained
in the Transaction Documents and/or out of the negotiation, execution and performance of the Transaction Documents, and agrees
that any claim of any Buyer Indemnitee, whether for indemnity or otherwise, may be asserted directly against any Seller (to the
extent provided herein), without any need for any claim against, or joinder of, the Company.

 

Section
5.06 Further Assurances. Following the Closing,
each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents
and instruments and take such further actions as may be reasonably required to carry out the provisions hereof and give effect
to the transactions contemplated by this Agreement and the other Transaction Documents.

 

ARTICLE
VI

Tax
matters

 

Section
6.01 Tax Covenants.

 

(a)
Without the prior written consent of Buyer, no Seller shall, to the extent it may affect or relate to the Company: (i) make, change,
or rescind any Tax election; (ii) amend any Tax Return; (iii) take any position on any Tax Return; or (iv) take any action, omit
to take any action, or enter into any other transaction that would have the effect of increasing the Tax liability or reducing
any Tax asset of Buyer or the Company, in respect of any taxable period that begins after the Closing Date or, in respect of any
taxable period that begins on or before and ends after the Closing Date (each such period, a “Straddle Period”),
the portion of such Straddle Period beginning after the Closing Date.

 

(b)
All transfer, documentary, sales, use, stamp, registration, value added, and other such Taxes and fees (including any penalties
and interest) incurred in connection with this Agreement and the other Transaction Documents shall be borne and paid one half
by Sellers and one half by Buyer when due. Each Party shall, at its own expense, timely file any Tax Return or other document
with respect to such Taxes or fees (and the Parties shall cooperate with respect thereto as necessary).

 

(c)
Buyer shall prepare, or cause to be prepared, all Tax Returns required to be filed by the Company after the Closing Date with
respect to any taxable period or portion thereof ending on or before the Closing Date and all Straddle Period Tax Returns. Any
such Tax Return shall be prepared in a manner consistent with past practice (unless otherwise required by Law) and without a change
of any election or any accounting method.

 

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Section
6.02 Straddle Period. In the case of Taxes
that are payable with respect to a Straddle Period, the portion of any such Taxes that are allocated to Pre-Closing Tax Periods
for purposes of this Agreement shall be: (a) in the case of Taxes (i) based upon, or related to, income, receipts, profits, wages,
capital, or net worth, (ii) imposed in connection with the sale, transfer, or assignment of property, or (iii) required to be
withheld, the amount of Taxes which would be payable if the taxable year ended with the Closing Date; and (b) in the case of other
Taxes, the amount of such Taxes for the entire period multiplied by a fraction, the numerator of which is the number of days in
the period ending on the Closing Date and the denominator of which is the number of days in the entire period.

 

Section
6.03 Termination of Existing Tax Sharing Agreements. Any and all existing Tax
sharing agreements (whether written or not) binding upon the Company shall be terminated as of the Closing Date. After such date
neither the Company, any Seller, nor any of such Seller’s Affiliates and their respective Representatives shall have any
further rights or liabilities thereunder.

 

Section
6.04 Tax Indemnification. Each Seller on a several basis, and not a joint and
several basis, based on each Seller’s pro rata ownership of Units, shall indemnify the Company, Buyer, and each Buyer Indemnitee
and hold them harmless from and against (a) any loss, damage, liability, deficiency, Action, judgment, interest, award, penalty,
fine, cost or expense of whatever kind (collectively, including reasonable attorneys’ fees and the cost of enforcing any
right to indemnification under this Agreement, “Losses”) attributable to any breach of or inaccuracy in any
representation or warranty made in Section 3.19; (b) any Loss attributable to any breach or violation of, or failure to fully
perform, any covenant, agreement, undertaking, or obligation in Article VI; (c) all Taxes of the Company or relating to the business
of the Company for all Pre-Closing Tax Periods (as defined below); (d) all Taxes of any member of an affiliated, consolidated,
combined, or unitary group of which the Company (or any predecessor of the Company) is or was a member on or prior to the Closing
Date by reason of a liability under Treasury Regulation Section 1.1502-6 or any comparable provisions of foreign, state, or local
Law; and (e) any and all Taxes of any Person imposed on the Company arising under the principles of transferee or successor liability
or by contract, relating to an event or transaction occurring before the Closing Date. In each of the above cases, together with
any out-of-pocket fees and expenses (including attorneys’ and accountants’ fees) incurred in connection therewith,
each Seller shall reimburse Buyer for any Taxes of the Company that are the responsibility of such Seller pursuant to this Section
6.04 within ten business days after payment of such Taxes by Buyer or the Company. For purposes of this Agreement, a “Pre-Closing
Tax Period” means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning
on or before and ending after the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

    	33

    	 

    

 

Section
6.05 Cooperation and Exchange of Information. Each
Seller and Buyer shall provide each other with such cooperation and information as either of them reasonably may request of the
other in filing any Tax Return pursuant to this Article VI or in connection with any proceeding in respect of Taxes of the Company,
including providing copies of relevant Tax Returns and accompanying documents. Each Seller and Buyer shall retain all Tax Returns
and other documents in its possession relating to Tax matters of the Company for any Pre-Closing Tax Period (collectively, “Tax
Records”) until the expiration of the statute of limitations of the taxable periods to which such Tax Records relate
and will offer one another possession of the same before disposing of such Tax Records.

 

Section
6.06 Survival. Notwithstanding anything in this Agreement to the contrary, the
provisions of Section 3.19 and this Article VI shall survive for the full period of all applicable statutes of limitations (giving
effect to any waiver, mitigation, or extension thereof) plus 90 days.

 

ARTICLE
VII

Indemnification

 

Section
7.01 Indemnification by Sellers. Subject to
the other terms and conditions of this Article VII, Sellers on a several basis, and not a joint and several basis, based on each
Seller’s pro rata ownership of Units, shall indemnify and defend each of Buyer and its Affiliates (including the Company)
and their respective Representatives (collectively, the “Buyer Indemnitees”) against, and shall hold each of
them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or
imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to, or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Sellers contained in this Agreement or the other Transaction
Documents; or

 

(b)
any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by Sellers pursuant to this Agreement
or the other Transaction Documents.

 

Section
7.02 Indemnification by Buyer. Subject to
the other terms and conditions of this Article VII, Buyer shall indemnify and defend each Seller and their Affiliates and their
respective Representatives (collectively, the “Seller Indemnitees”) against, and shall hold each of them harmless
from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon,
the Seller Indemnitees based upon, arising out of, with respect to, or by reason of:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or the other Transaction
Documents; or

 

    	34

    	 

    

 

(b)
any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by Buyer pursuant to this Agreement.

 

Section
7.03 Indemnification Procedures. Whenever any claim shall arise for indemnification
hereunder, the party entitled to indemnification (the “Indemnified Party”) shall promptly provide written notice
of such claim to the other party (the “Indemnifying Party”). In connection with any claim giving rise to indemnity
hereunder resulting from or arising out of any Action by a Person who is not a party to this Agreement, the Indemnifying Party,
at its sole cost and expense and upon written notice to the Indemnified Party, may assume the defense of any such Action with
counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party shall be entitled to participate in the defense
of any such Action, with its counsel and at its own cost and expense. If the Indemnifying Party does not assume the defense of
any such Action, the Indemnified Party may, but shall not be obligated to, defend against such Action in such manner as it may
deem appropriate, including settling such Action, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified
Party may deem appropriate and no action taken by the Indemnified Party in accordance with such defense and settlement shall relieve
the Indemnifying Party of its indemnification obligations herein provided with respect to any damages resulting therefrom. The
Indemnifying Party shall not settle any Action without the Indemnified Party’s prior written consent (which consent shall
not be unreasonably withheld or delayed).

 

Section
7.04 Survival; Indemnity Limits.

 

(a)
Subject to the limitations and other provisions of this Agreement, all representations and warranties contained herein and all
related rights to indemnification shall survive the Closing and shall remain in full force and effect until the date that is 13
months from the Closing Date; provided, however, that the representations and warranties in (a) Section 3.01, Section 3.03,
Section 3.27, Section 4.01, and Section 4.04 shall survive indefinitely; and (b) Section 3.16, Section 3.17 and Section 3.19 shall
survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation, or extension thereof)
plus sixty (60) days. Subject to Article VI, all covenants and agreements of the parties contained herein shall survive the Closing
indefinitely unless another period is explicitly specified herein. Notwithstanding the foregoing, any claims which are timely
asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching
party to the breaching party prior to the expiration date of the applicable survival period shall not thereafter be barred by
the expiration of the relevant representation or warranty and such claims shall survive until finally resolved.

 

    	35

    	 

    

 

(b)
The Buyer Indemnitees shall not have the right to be indemnified pursuant to Section 7.01 for any Losses unless the aggregate
Losses in respect thereof exceeds $5,000 (the “Mini-Basket”), and such claims that do not exceed the Mini-Basket
will not be counted for the purposes of determining whether the Indemnification Threshold (as defined below) has been reached;
provided that the foregoing limitations shall not apply in respect of any Losses relating to the misrepresentation, breach or
inaccuracy of any representation or warrant in Section 3.01, Section 3.03 and Section 3.27. With respect to the matters described
in Section 7.01(a), the Sellers shall have no liability for indemnification until the Buyer Indemnitees have suffered aggregate
Losses by reason thereof in excess of an amount equal to $20,000 (the “Indemnification Threshold”), at which
time the Sellers will be obligated to indemnify the Buyer Indemnitees only for Losses in excess of the Indemnification Threshold
up to an amount equal to $160,000 (the “Indemnification Cap”); provided that the Indemnification Threshold
and Indemnification Cap shall not apply to claims for fraud or the misrepresentation, breach or inaccuracy of any representation
or warranty made by the Sellers in Section 3.01, Section 3.03 and Section 3.27. Notwithstanding the foregoing, for purposes of
determining (x) whether there has been a breach requiring the Sellers to indemnify as provided in Section 7.01 and (y) the amount
of Losses resulting from such breach, (i) each representation, warranty, covenant and agreement made by the Principals or the
Sellers, whether made herein or in any other document, agreement or instrument delivered in connection herewith, is made without
any qualifications or limitations as to materiality and (ii) without limiting the foregoing, the word “material” and
words or phrases of similar import shall be deemed deleted from any such representation, warranty, covenant or agreement. In no
event will the aggregate Losses for which the Sellers are obligated to indemnify the Buyer Indemnitees exceed the Purchase Price.

 

(c)
To the extent that there are Losses that are finally determined to be owed by any Seller to the Buyer under this Article VII prior
to the one year anniversary of the date of this Agreement, subject to the limitations set forth in this Section 7.04, Seller may,
at Seller’s sole discretion, elect to have such Losses be paid by the redemption by Buyer of OPT Shares issued to him under
this Agreement. The number of OPT Shares to be redeemed shall be equal to the amount of the Loss owed by such Seller divided by
the final trading price of OPT Shares on the date the amount of the Loss is finally determined.

 

Section
7.05 Tax Claims. Notwithstanding any other provision of this Agreement, the
control of any claim, assertion, event, or proceeding in respect of Taxes of the Company (including, but not limited to, any such
claim in respect of a breach of the representations and warranties in Section 3.19 hereof or any breach or violation of or failure
to fully perform any covenant, agreement, undertaking, or obligation in Article VI) shall be governed exclusively by Article VI
hereof.

 

Section
7.06 Cumulative Remedies. The rights and remedies
provided for in this Article VII (and in Article VI) are cumulative and are in addition to and not in substitution for any other
rights and remedies available at Law or in equity or otherwise.

 

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ARTICLE
VIII

Miscellaneous

 

Section
8.01 Expenses. Except as otherwise contemplated
by this Agreement, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the party incurring such costs and expenses.

 

Section
8.02 Notices. All notices, claims, demands,
and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with
written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt
requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal
business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on
the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, if sent to the
respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in
accordance with this Section 8.02):

 

	If
    to Sellers:	 	Jose
                                         H. Vazquez

        Email:
        Jhvazquez12@gmail.com

        Attention:
        Jose H. Vazquez

	 	 	 
	with
    a copy (which shall not constitute notice) to:	 	Jones
                                         Walker LLP

        Facsimile:
        504-589-8160

        Email:
        bseal@joneswalker.com

        Attention:
        Britton H. Seal

	If
    to Buyer:	 	Ocean
                                         Power Technologies, Inc.

        Email:
        gkirby@oceanpowertech.com

        Attention:
        George H. Kirby III, Chief Executive Officer

	with
    a copy (which shall not constitute notice) to:	 	Ocean
Power Technologies, Inc.

        Email:
        jwlesqr@gmail.com

        Attention:
        General Counsel

         

        Porter
        Hedges LLP

        Facsimile:
        713-226-6282

        Email:
        kpoli@porterhedges.com

        Attention:
        Kevin J. Poli

 

Section
8.03 Interpretation; Headings. This Agreement
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted. The headings in this Agreement are for reference only and shall not affect
the interpretation of this Agreement.

 

Section
8.04 Severability. If any term or provision
of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability
shall not affect any other term or provision of this Agreement.

 

    	37

    	 

    

 

Section
8.05 Entire Agreement. This Agreement and
the other Transaction Documents constitute the sole and entire agreement of the parties to this Agreement with respect to the
subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written
and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Agreement
and those in the other Transaction Documents, any exhibits, and the Disclosure Schedules (other than an exception expressly set
forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control.

 

Section
8.06 Successors and Assigns. This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Neither party may assign its rights or obligations hereunder without the prior written consent of the other party, which consent
shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its obligations hereunder.

 

Section
8.07 Amendment and Modification; Waiver. This
Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto. No waiver by
any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so
waiving. No failure to exercise, or delay in exercising, any right or remedy arising from this Agreement shall operate or be construed
as a waiver thereof. No single or partial exercise of any right or remedy hereunder shall preclude any other or further exercise
thereof or the exercise of any other right or remedy.

 

Section
8.08 Governing Law; Submission to Jurisdiction. All
matters arising out of or relating to this Agreement shall be governed by and construed in accordance with the internal laws of
the State of Texas without giving effect to any choice or conflict of law provision or rule (whether of the State of Texas or
any other jurisdiction). Any legal suit, action, proceeding, or dispute arising out of or related to this Agreement, the other
Transaction Documents, or the transactions contemplated hereby or thereby may be instituted in the federal courts of the United
States of America or the courts of the State of Texas in each case located in the city of Houston and county of Harris, and each
party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, proceeding, or dispute.

 

Section
8.09 Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.
A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the same
legal effect as delivery of an original signed copy of this Agreement.

 

[signature
page follows]

 

    	38

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their
respective officers thereunto duly authorized.

 

	 	SELLERS:
	 
	 	/s/
    Jose H. Vazquez
	 	Jose
    H. Vazquez
	 	 
	 	/s/
    Bart D. Grasso
	 	Bart
    D. Grasso
	 	 
	 	/s/
    Frank D.M. Strachan IV
	 	Frank
    D.M. Strachan IV
	 	 
	 	BUYER:
	 	 
	 	Ocean
    Power Technologies, Inc.
	 	 	 
	 	By:	/s/
    George H. Kirby III
	 	Name:	George
    H. Kirby III
	 	Title:	President
    and Chief Executive Officer

 

[Signature
Page to Unit Purchase Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

DEFINITIONS
CROSS-REFERENCE TABLE

 

The
following terms have the meanings set forth in the location in this Agreement referenced below:

 

	Term	 	Section
	10-K	 	Section
    4.06(c)
	10-Q	 	Section
    4.06(c)
	Actions	 	Section
    3.14(a)
	Affiliate	 	Section
    3.13
	Agreement	 	Preamble
	Balance
    Sheet	 	Section
    3.06
	Balance
    Sheet Date	 	Section
    3.06
	Benefit
    Plan	 	Section
    3.17(a)
	Buyer	 	Preamble
	Buyer
    Indemnitees	 	Section
    7.01
	Buyer
    Public Disclosure Documents	 	Section
    4.06(c)
	Cause	 	Section
    5.04(a)
	Closing	 	Section
    2.01
	Closing
    Date	 	Section
    2.01
	Code	 	Section
    2.02(e)
	Company	 	Recitals
	Company
    Intellectual Property	 	Section
    3.11(b)
	Company
    IP Registrations	 	Section
    3.11(b)
	Contracts	 	Section
    3.05
	Control	 	Section
    3.13
	Disclosure
    Schedules	 	Section
    1.02
	Encumbrance	 	Section
    1.01
	Environmental
    Laws	 	Section
    3.16(c)
	ERISA	 	Section
    3.17(a)
	Exchange
    Act	 	Section
    4.06(a)

 

    	 

    	 

    

 

	Financial
    Statements	 	Section
    3.06
	Good
    Reason	 	Section
    5.04(a)
	Governmental
    Authority	 	Section
    2.02(d)
	Governmental
    Order	 	Section
    3.05
	Hazardous
    Substances	 	Section
    3.16(c)
	Indemnified
    Party	 	Section
    7.03
	Indemnifying
    Party	 	Section
    7.03
	Insurance
    Policies	 	Section
    3.13
	Intellectual
    Property	 	Section
    3.11(a)
	Law	 	Section
    3.05
	Liabilities	 	Section
    3.07
	Losses	 	Section
    6.04
	Material
    Customers	 	Section
    3.12(a)
	Material
    Suppliers	 	Section
    3.12(b)
	OPT
    Common Stock	 	Section
    1.02
	OPT
    Shares	 	Section
    1.02
	Permits	 	Section
    3.15(b)
	Person	 	Section
    3.03(b)
	Pre-Closing
    Tax Period	 	Section
    6.04
	Purchase
    Price	 	Section
    1.02
	Real
    Property	 	Section
    3.10(a)
	Restricted
    Business	 	Section
    5.03(a)
	Restricted
    Period	 	Section
    5.03(a)
	SEC	 	Section
    5.04(c)
	Securities
    Act	 	Section
    4.03
	Seller	 	Preamble
	Seller
    Indemnitees	 	Section
    7.02
	Straddle
    Period	 	Section
    6.01(a)
	Taxes	 	Section
    3.19(a)
	Tax
    Records	 	Section
    6.05
	Tax
    Returns	 	Section
    3.19(a)
	Territory	 	Section
    5.03(a)
	Transaction
    Documents	 	Section
    2.02(b)
	Union	 	Section
    3.18(b)
	Units	 	Recitals
	WARN
    Act	 	Section
    3.18(f)Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION
AGREEMENT (this “Subscription Agreement”) is entered into on February 1, 2021, by and between
Acies Acquisition Corp., a Cayman Islands exempted company (the “Company”), and the undersigned subscriber
(“Subscriber”).

 

WHEREAS, concurrently
with the execution of this Subscription Agreement, the Company is entering into an Agreement and Plan of Merger with PlayStudios,
Inc., a Delaware corporation (the “PlayStudios”), Catalyst Merger Sub I, Inc., a Delaware limited liability
company and wholly-owned subsidiary of the Company, and Catalyst Merger Sub II, LLC, a Delaware limited liability company and wholly-owned
subsidiary of the Company (such agreement as amended, supplemented, restated or otherwise modified from time to time, the “Merger
Agreement” and the transactions contemplated by the Merger Agreement, the “Transaction”);

 

WHEREAS, prior
to the closing of the Transaction (and as more fully described in the Merger Agreement), the Company will domesticate as a Delaware
corporation in accordance with Section 388 of the General Corporation Law of the State of Delaware and Part XII of the Cayman Islands
Companies Law (2020 Revision) (the “Domestication”);

 

WHEREAS, in
connection with the Transaction, the Company is seeking commitments from interested investors to purchase, following the Domestication
and prior to the consummation of the Transaction, shares of the Company’s Class A common stock, par value $0.0001 per share,
as such shares will exist as common stock following the Domestication (the “Class A Shares”), in a private placement
for a purchase price of $10.00 per share (the “Per Share Price” and the aggregate of such Per Share Price for
all Subscribed Shares (as defined below) being referred to herein as the “Purchase Price”);

 

WHEREAS, Subscriber
desires to subscribe for and purchase from the Company, immediately prior to the consummation of the Transaction, a number of Class
A Shares as set forth on the signature page hereto (the “Subscribed Shares”) and the Company desires to issue
and sell to Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber
to the Company; and

 

WHEREAS, concurrently
with the execution of this Subscription Agreement, the Company is entering into subscription agreements (the “Other Subscription
Agreements” and togeher with the Subscription Agreement, the “Subscription Agreements”) with certain
other investors (the “Other Subscribers” and together with Subscriber, the “Subscribers”),
which are on substantially the same terms as the terms of this Subscription Agreement, pursuant to which such investors have agreed
to purchase on the closing date of the Transaction (the “Closing Date”), inclusive of the Subscribed Shares,
an aggregate amount of up to 25,000,000 Class A Shares at the Per Share Price.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein
contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.            
Subscription. Subject to the terms and conditions hereof, at the Closing (as
defined below), Subscriber hereby subscribes for and agrees to purchase, and the Company hereby agrees to issue and sell to Subscriber,
upon the payment of the Purchase Price, the Subscribed Shares (such subscription and issuance, the “Subscription”).
Subscriber acknowledges and agrees that, as a result of the Domestication, the Subscribed Shares that will be issued pursuant hereto
will be shares of Class A common stock in a Delaware corporation (and not shares in a Cayman Islands exempted company).

 

    

     

    

 

2.            
Closing.

 

(a)              The
consummation of the Subscription contemplated hereby (the “Closing”) is contingent upon the substantially concurrent
consummation of the Transaction and shall occur on the Closing Date immediately prior to the consummation of the Transaction.

 

(b)              At
least five (5) Business Days (as defined below) before the anticipated Closing Date, the Company shall deliver written notice
to Subscriber (the “Closing Notice”) specifying: (i) the anticipated Closing Date and (ii) the wire instructions
for delivery of the Purchase Price to the Company. No later than two (2) Business Days after receiving the Closing Notice, Subscriber
shall deliver to the Company such information as is reasonably requested in the Closing Notice in order for the Company
to issue the Subscribed Shares to Subscriber. Subscriber shall deliver to the Company on the Closing
Date, the Purchase Price in United States dollars in immediately available funds via wire transfer to the account specified in
the Closing Notice, and shall use commercially reasonable efforts to deliver the Purchase Price on or prior to 10:00 a.m. (Eastern
Time) (or as soon as practicable after the Company or its transfer agent provides a written record evidencing the issuance to
Subscriber of the Subscribed Shares on and as of the Closing Date) on the Closing Date.

 

(c)              On
or prior to the Closing Date and prior to the release of the Purchase Price by Subscriber, the Company shall deliver to Subscriber:
(i) the Subscribed Shares, against payment of the Purchase Price, and cause the Subscribed Shares to be registered in book entry
form, free and clear of any liens or other restrictions (other than those arising under this Subscription Agreement or state or
federal securities laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian
designated by Subscriber, as applicable, on the Company’s share register and provide to Subscriber evidence of such issuance
from the Company’s transfer agent, and (ii) a written record from the Company or its transfer agent evidencing the
issuance to Subscriber of the Subscribed Shares on and as of the Closing Date.

 

(d)              In
the event that the consummation of the Transaction does not occur within three (3) Business Days after the anticipated Closing
Date specified in the Closing Notice, the Company shall promptly (but in no event later than two (2) Business Days after the anticipated
Closing Date specified in the Closing Notice) return the funds so delivered by Subscriber to the Company by wire transfer in immediately
available funds to the account specified by Subscriber; and any book-entries for the Subscribed Shares shall be deemed repurchased
and cancelled; provided, however, that unless this Subscription Agreement has been terminated pursuant to Section
7 below, such return of funds shall not terminate this Subscription Agreement or relieve Subscriber of its obligation to redeliver
funds to the Company on the new Closing Date following the Company redelivering to Subscriber a new Closing Notice and to purchase
the Shares at the Closing. For the purposes of this Subscription Agreement, “Business Day” means any day other
than a Saturday, Sunday or a day on which either the Federal Reserve Bank of New York or governmental authorities in the Cayman
Islands (for so long as the Company remains domiciled in Cayman Islands) are authorized or required by law to close.

 

    1

     

    

 

(e)              The
Closing shall be subject to the satisfaction or valid waiver by the Company, on the one hand, or Subscriber, on the other, of
the conditions that, on the Closing Date:

 

(i)               no suspension of the qualification of the Subscribed Shares for offering or sale or trading
in any jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred;

 

(ii)              all
conditions precedent to the closing of the Transaction set forth in Article 9 of the Merger Agreement (other than those conditions
which, by their nature, are to be satisfied at the Closing) shall have been satisfied or waived, and the closing of the Transaction
shall be scheduled to occur substantially concurrently with or immediately following the Closing; 

 

(iii)             no
governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation
(whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions
contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby; and
no such governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint
or prohibition; and

 

(iv)             the
Subscribed Shares shall be qualified for listing on The Nasdaq Stock Market (“Nasdaq”).

 

(f)              The
obligation of the Company to consummate the Closing shall be subject to the satisfaction or valid waiver by the Company of the
additional conditions that, on the Closing Date:

 

(i)              all
representations and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect
(as defined below), which representations and warranties shall be true in all respects) at and as of the Closing Date; and 

 

(ii)             Subscriber
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing.

 

(g)             The
obligation of Subscriber to consummate the Closing shall be subject to the satisfaction or valid waiver by Subscriber of the additional
conditions that, on the Closing Date:

 

(i)               all
representations and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material
respects (other than (x) representations and warranties that are qualified as to materiality or Company Material Adverse Effect
(as defined below) and (y) the representations and warranties of the Company in Section 3(o), which representations and warranties
shall be true in all respects) at and as of the Closing Date; 

 

    2

     

    

 

(ii)             the
Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing; and

 

(iii)            except
to the extent consented in writing by the Subscriber, no amendment, modification or waiver of the Merger Agreement shall
have occurred that materially and adversely affects the economics of the Subscribed Shares that
Subscriber is acquiring pursuant to this Subscription Agreement.

 

(h)             Prior
to or at the Closing, Subscriber shall deliver to the Company a duly completed and executed Internal Revenue Service Form W-9
or appropriate Form W-8.

 

(i)               At
and from the Closing, the Company and Subscriber shall execute and deliver such additional documents and take such additional
actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated
in this Subscription Agreement.

 

3.            
Company Representations and Warranties. The Company represents and warrants
to Subscriber that:

 

(a)             The
Company (i) is an exempted company duly incorporated, validly existing and in good standing
under the laws of the Cayman Islands (to the extent such concept exists in such jurisdiction) and, as of the Closing Date, following
the Domestication, the Company will be duly incorporated, validly existing as a corporation and in good standing under the laws
of the State of Delaware, (ii) has the requisite power and authority to own, lease and operate its properties, to carry on its
business as it is now being conducted and to enter into and perform its obligations under this Subscription Agreement, and (iii) is
duly licensed or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction
(other than its jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets
requires such license or qualification, except, with respect to the foregoing clause (iii), where the failure to be in good standing
would not reasonably be expected to have a Company Material Adverse Effect or have a material
adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including the issuance and sale
of the Subscribed Shares. For purposes of this Subscription Agreement, a “Company Material Adverse Effect”
means an event, change, development, occurrence, condition or effect with respect to the Company and its subsidiaries, taken together
as a whole (on a consolidated basis), that, individually or in the aggregate, would reasonably be expected to have a material
adverse effect on the business, financial condition, stockholders equity or results of operations of the Company and its subsidiaries,
taken together as a whole (on a consolidated basis).

 

(b)              As
of the Closing Date, the Subscribed Shares will be duly authorized and, when issued and delivered to Subscriber against full payment
therefor in accordance with the terms of this Subscription Agreement, will be validly issued, fully paid and non-assessable and
will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s organizational
documents (as in effect at such time of issuance) or the laws of its jurisdiction of incorporation. As of the date hereof, except
pursuant to, or as contemplated by, (i) the Other Subscription Agreements, (ii) the outstanding Company warrants or (iii) the
Merger Agreement (including the exhibits and schedules thereto), there are no outstanding options, warrants or other rights to
subscribe for, purchase or acquire from the Company any Class A Ordinary Shares or other equity interests in the Company (collectively,
 “Equity Interests”) or securities convertible into or exchangeable or exercisable for Equity Interests. As
of the date hereof, with the exception of the aforementioned wholly-owned merger subsidiaries, the Company has no subsidiaries
and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated
or unincorporated. There are no shareholder agreements, voting trusts or other agreements or understandings to which the Company
is a party or by which it is bound relating to the voting of any Equity Interests, other than as contemplated by the Merger Agreement.
There are no securities or instruments issued by the Company or to which the Company is a party containing anti-dilution or similar
provisions that will be triggered, by (i) the issuance of the Subscribed Shares or the shares to be issued pursuant to any Other
Subscription Agreement, (ii) the Domestication or (iii) the Transaction, except in each case for such anti-dilution or similar
provisions the application of which has been effectively waived. Except as disclosed in the SEC Reports, as of the date hereof,
the Company had no outstanding indebtedness.

 

    3

     

    

 

(c)              This
Subscription Agreement has been duly authorized, executed and delivered by the Company, and assuming the due authorization, execution
and delivery of the same by Subscriber, this Subscription Agreement shall constitute the valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited or
otherwise affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws relating to or
affecting the rights of creditors generally and by the availability of equitable remedies.

 

(d)              The
execution and delivery of this Subscription Agreement, the issuance and sale of the Subscribed Shares and the compliance by the
Company with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein
will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant
to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to
which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject;
(ii) the organizational documents of the Company; or (iii) any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that, in the
case of clauses (i) and (iii), would reasonably be expected to have a Company Material Adverse Effect or have a material adverse
effect on the Company’s ability to consummate the transactions contemplated hereby, including the issuance and sale of the
Subscribed Shares.

 

(e)              The
Company is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute
a default or violation) of any term, condition or provision of (i) the organizational documents of the Company, (ii) any loan
or credit agreement, guarantee, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which,
as of the date of this Subscription Agreement, the Company is a party or by which the Company’s properties or assets are
bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency, taxing authority or
regulatory body, domestic or foreign, having jurisdiction over the Company or any of its properties, except, in the case of clauses
(ii) and (iii), for defaults or violations that have not had and would not be reasonably likely to have, individually or in the
aggregate, a Company Material Adverse Effect.

 

    4

     

    

 

(f)              As
of the date of this Subscription Agreement, the authorized share capital of the Company consists of (i) 5,000,000 shares of preferred
stock, with a par value of $0.0001 per share, and (ii) 550,000,000 ordinary shares with a par value of $0.0001 per share, consisting
of 500,000,000 Class A Ordinary Shares, and 50,000,000 Class B ordinary shares.

 

(g)             Assuming
the accuracy of the representations and warranties of Subscriber set forth in Section 4 of this Subscription Agreement, the Company
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including Nasdaq)
or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without
limitation, the issuance of the Subscribed Shares), other than (i) filings required by applicable state securities laws, (ii)
the filing of the Registration Statement pursuant to Section 5 below, (iii) the filing of a Notice of Exempt Offering of
Securities on Form D with the United States Securities and Exchange Commission (“Commission”) under Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), if applicable, (iv) those required by
Nasdaq, including with respect to obtaining stockholder approval of the Transaction, (v) those required to consummate the Transaction
as provided under the Merger Agreement, (vi) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, if applicable, and (vii) the failure of which to obtain would not be reasonably likely to have a Company Material Adverse
Effect or have a material adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including
the issuance and sale of the Subscribed Shares.

 

(h)             As
of their respective dates, all reports (the “SEC Reports”) required to be filed by the Company with the Commission
since its initial registration statement of the Company’s Class A ordinary shares, $0.0001 par value (the “Class
A Ordinary Shares”) and until the date hereof under Sections 13 or 15(d) of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder (the “Exchange Act”), complied
in all material respects with the requirements of the Exchange Act and none of the SEC Reports, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of
the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules
and regulations of the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects
the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding
or unresolved comments in comment letters from the Commission staff with respect to any of the SEC Reports. 

 

    5

     

    

 

(i)               As
of the date hereof, the issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and
are listed for trading on Nasdaq under the symbol “ACAC”. There is no suit, action, proceeding or investigation pending
or, to the knowledge of the Company, threatened against the Company by Nasdaq or the Commission with respect to any intention
by such entity to deregister the Class A Shares or prohibit or terminate the listing of the Class A Shares on Nasdaq. The Company
has taken no action that is designed to terminate the registration of the Class A Shares under the Exchange Act or the listing
of the Class A Shares on Nasdaq. Following the Domestication, the Class A Shares are expected to be registered under the Exchange
Act and listed for trading on Nasdaq.

 

(j)               The
Company is in compliance with all applicable laws, except where such non-compliance would not be reasonably likely to have a Company
Material Adverse Effect.

 

(k)              Except
for such matters as have not had and would not be reasonably likely to have a Company Material Adverse Effect or have a material
adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including the issuance and sale
of the Subscribed Shares, as of the date hereof, there is no (i) suit, action, proceeding or arbitration before a governmental
authority or arbitrator pending, or, to the knowledge of the Company, threatened in writing against the Company or (ii) judgment,
decree, injunction, ruling or order of any governmental authority or arbitrator outstanding against the Company.

 

(l)               Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 4 below, no registration under the
Securities Act is required for the offer and sale of the Subscribed Shares by the Company to Subscriber.

 

(m)            
Neither the Company nor any person acting on its behalf has engaged or will engage in any
form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of
the Subscribed Shares.

 

(n)              The
Company is not under any obligation to pay any broker’s fee or commission in connection with the sale of the Subscribed
Shares other than to the Placement Agents (as defined below).

 

(o)              Other
than the Other Subscription Agreements, the Company has not entered into any side letter or similar agreement with any Other Subscribers
in connection with Other Subscription Agreements, other than such Other Subscription Agreements that include (i) any rights
or benefits granted to an Other Subscriber in connection with such Other Subscriber’s compliance with any law, regulation
or policy specifically applicable to such Other Subscriber or in connection with the taxable status of an Other Subscriber, (ii) any
rights or benefits which are personal to an Other Subscriber based solely on its place of organization or headquarters, organizational
form of, or other particular restrictions applicable to, such Other Subscriber or (iii) other terms with respect to the purchase
of the Subscribed Shares that are no more favorable in any material respect to such Other Subscriber thereunder than the terms
of this Subscription Agreement.

 

    6

     

    

 

(p)             The
Company is not, and immediately after receipt of payment for the Subscribed Shares will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.

 

4.            
Subscriber Representations and Warranties. Subscriber represents and warrants
to the Company that:

 

(a)              Subscriber
(i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation or incorporation,
and (ii) has the requisite power and authority to enter into and perform its obligations under this Subscription Agreement.

 

(b)              This
Subscription Agreement has been duly authorized, executed and delivered by Subscriber, and assuming the due authorization, execution
and delivery of the same by the Company, this Subscription Agreement shall constitute the valid and legally binding obligation
of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

(c)              The
execution and delivery of this Subscription Agreement, the purchase of the Subscribed Shares and the compliance by Subscriber
with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to
the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject; (ii)
the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its properties that, in the case of clauses
(i) and (iii), would reasonably be expected to have a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement,
a “Subscriber Material Adverse Effect” means an event, change, development, occurrence, condition or effect
with respect to Subscriber that would reasonably be expected to have a material adverse effect on Subscriber’s ability to
consummate the transactions contemplated hereby, including the purchase of the Subscribed Shares.

 

(d)              Subscriber
(i) is (x) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
 “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements
set forth on Annex A hereto, and accordingly, understands that the offering meets the exemptions from filing under FINRA
Rule 5123(b)(1)(C) or (J); (ii) is acquiring the Subscribed Shares only for its own account and not for the account of others,
or if Subscriber is subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts, each owner
of such account is a qualified institutional buyer and Subscriber has full investment discretion with respect to each such account,
and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of
each such account, and (iii) is not acquiring the Subscribed Shares with a view to, or for offer or sale in connection with, any
distribution thereof in violation of the Securities Act or the securities laws of any other jurisdiction (and has provided the
Company with the requested information on Annex A following the signature page hereto). Subscriber is not an entity formed for
the specific purpose of acquiring the Subscribed Shares. Subscriber has determined based on its own independent review and such
professional advice as it deems appropriate that its purchase of the Subscribed Shares and participation in the Subscription (i)
are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment
policies, guidelines and other restrictions applicable to it, (iii) have been duly authorized and approved by all necessary action,
and (iv) do not and will not violate or constitute a default under its charter, by-laws or other constituent document or under
any law, rule, regulation, agreement or other obligation by which it is bound. 

 

    7

     

    

 

(e)              Subscriber
understands that the Subscribed Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Subscribed Shares have not been registered under the Securities Act. Subscriber understands
that the Subscribed Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective
registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, or (ii) pursuant to an
applicable exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (ii), in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any book entry positions
representing the Shares shall contain a restrictive legend (the “Restricted Legend”) to such effect. Subscriber
acknowledges and agrees that the Subscribed Shares will be subject to these securities law transfer restrictions and, as a result
of these transfer restrictions, Subscriber may not be able to readily offer, resell, transfer, pledge or otherwise dispose of
the Subscribed Shares and may be required to bear the financial risk of an investment in the Subscribed Shares for an indefinite
period of time. Subscriber acknowledges and agrees that the Subscribed Shares will not immediately be eligible for offer, resale,
transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act, and that the provisions of Rule 144(i)
will apply to the Subscribed Shares. Subscriber understands that it has been advised to consult legal counsel prior to making
any offer, resale, transfer, pledge or other disposition of any of the Subscribed Shares.

 

(f)               In
making its decision to purchase the Subscribed Shares, Subscriber has relied solely upon independent investigation made by Subscriber.
Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make
an investment decision with respect to the Subscribed Shares, including with respect to the Company and the Transaction (including
PlayStudios and its subsidiaries (collectively, the “PlayStudios Companies”)). Subscriber acknowledges that
LionTree Advisors LLC and J.P. Morgan are acting as financial advisors to PlayStudios in connection with the Transaction and are
entitled to receive fees from PlayStudios upon the consummation of the Transaction. Subscriber represents and agrees that Subscriber
and Subscriber’s professional advisor(s), if any, have (i) had the full opportunity to ask such questions, receive such
answers and obtain such information as Subscriber and such undersigned’s professional advisor(s), if any, have deemed necessary
to make an investment decision with respect to the Subscribed Shares and (ii) conducted and completed independent due diligence
with respect to the Subscription and the Subscribed Shares. Based on such information as Subscriber has deemed appropriate and
without reliance upon any of J.P. Morgan Securities LLC, LionTree Advisors LLC, Morgan Stanley & Co. LLC and Oppenheimer &
Co. Inc., each acting as placement agent to the Company (each, a “Placement Agent” and, collectively, the “Placement
Agents”), the Company, the PlayStudios Companies, any of their respective affiliates or any of such person’s or
its affiliates’ control persons, officers, directors, employees or other representatives, legal counsel, financial advisors,
accountants or agents (collectively, “Representatives”), Subscriber has independently made its own analysis
and decision to enter into the Subscription, and has not relied on any statements or other information provided by any of the
Placement Agents, the Company, the PlayStudios Companies or their respective Representatives (collectively, the “Covered
Persons”), with respect to the Company, the PlayStudios Companies or the Subscribed Shares, except for the representations,
warranties and agreements of the Company set forth herein. In addition, except for the representations, warranties and agreements
of the Company set forth herein, Subscriber is relying exclusively on its own sources of information, investment analysis and
due diligence (including professional advice it deems appropriate) with respect to the Subscription, the Subscribed Shares and
the business, condition (financial and otherwise), management, operations, properties and prospects of the Company and the PlayStudios
Companies, including but not limited to all business, legal, regulatory, accounting, credit and tax matters.

 

    8

     

    

 

(g)              
Subscriber hereby acknowledges and agrees that:

 

(i)               no
disclosure or offering document has been prepared in connection with the offer and sale of the Subscribed Shares by any Covered
Person, and no Covered Person has made or will make any representation or warranty (except for the representations and warranties
of the Company set forth herein), whether express or implied, of any kind or character and has not provided any advice or recommendation
in connection with the Subscription,

 

(ii)             each
of the Placement Agents is acting solely as the Company’s placement agent in connection with the Subscription with respect
to Subscriber, is not acting as an underwriter, a financial advisor or in any other capacity with respect to Subscriber and is
not and shall not be construed as a fiduciary for Subscriber,

 

(iii)            no
Placement Agent will have any responsibility with respect to (A) any representations, warranties or agreements made by any person
or entity under or in connection with the Subscription or any of the documents furnished pursuant thereto or in connection therewith,
or the execution, legality, validity or enforceability (with respect to any person) of any thereof, or (B) the business, affairs,
financial condition, operations, properties or prospects of, or any other matter concerning the Company, the PlayStudios Companies
or the Subscription,

 

(iv)            no
Placement Agent shall have any liability or obligation (including without limitation, for or with respect to any losses, claims,
damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by Subscriber), whether
in contract, tort or otherwise, to Subscriber, or to any person claiming through Subscriber, in respect of the Subscription and

 

(v)             no
Placement Agent or its respective directors, officers, employees, representatives and controlling persons have made any independent
investigation with respect to the Company or the Subscribed Shares or the accuracy, completeness or adequacy of any information
supplied to Subscriber by the Company.

 

    9

     

    

 

(h)              Subscriber
became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber and the Company or
by means of contact from the Placement Agents and the Subscribed Shares were offered to Subscriber solely by direct contact between
Subscriber and the Company. Subscriber did not become aware of this offering of the Subscribed Shares, nor were the Subscribed
Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Company represents and warrants that the Subscribed
Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner
involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. Subscriber
acknowledges that Subscriber shall be responsible for any of Subscriber’s tax liabilities that may arise as a result of
the transactions contemplated by this Subscription Agreement, and that neither the Company nor PlayStudios has provided any tax
advice or any other representation or guarantee regarding the tax consequences of the transactions contemplated by the Subscription
Agreement.

 

(i)               Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscribed Shares.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Subscribed Shares, and Subscriber has had an opportunity to seek, and has sought, such accounting, legal,
business and tax advice as Subscriber has considered necessary to make an informed investment decision.

 

(j)               Subscriber
has adequately analyzed and fully considered the risks of an investment in the Subscribed Shares and determined that the Subscribed
Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear
the economic risk of a total loss of Subscriber’s investment in the Company. Subscriber acknowledges specifically that a
possibility of total loss exists. Subscriber has exercised independent judgment in evaluating its participation in the Subscription,
and accordingly, Subscriber understands that the offering meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A)
and (ii) the institutional customer exemption under FINRA Rule 2111(b).

 

(k)              Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed
Shares or made any findings or determination as to the fairness of this investment.

 

(l)               Subscriber
is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S.
Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the
President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by
any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Subscriber agrees to provide
law enforcement agencies, if requested thereby, such records as required by applicable law, provided that Subscriber is permitted
to do so under applicable law. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31
U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001 and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under
the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably
designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber further represents
and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held
by Subscriber and used to purchase the Subscribed Shares were legally derived.

 

    10

     

    

 

(m)            Subscriber
does not have, as of the date hereof, any “put equivalent position” as such term is defined in Rule 16a-1 under the
Exchange Act, any “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and
any type of direct or indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis),
and or other short sale positions, whether through a broker dealer or otherwise, with respect to the securities of the Company
(collectively, “Short Sales”). Notwithstanding the foregoing, in the case (i) other entities under common management
with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s participation in the Transaction
(including Subscriber’s affiliates) or (ii) Subscriber is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of such Subscriber’s assets and the portfolio managers have no direct knowledge of the
investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, then, in each case,
the foregoing representation shall only apply with respect to the portion of assets managed by the portfolio manager that made
the investment decision to purchase the Subscribed Shares covered by this Agreement.

 

(n)              If
Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other
arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in
section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4)
of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state,
local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Internal Revenue Code of 1986,
as amended, or an entity whose underlying assets are considered to include “plan assets” of any such plan, account
or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section
4975 of the Code, Subscriber represents and warrants that neither the Company, nor any of its respective affiliates (the “Transaction
Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to
acquire and hold the Subscribed Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s
fiduciary with respect to any decision to acquire, continue to hold or transfer the Subscribed Shares.

 

(o)              At
the Closing, Subscriber will have sufficient funds to pay the Purchase Price pursuant to Section 2(b) above.

 

(p)              Subscriber
acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating
to the Company.

 

(q)              Subscriber
agrees that, notwithstanding Section 9(j) below, the Placement Agents and, after the Closing, the PlayStudios Companies
may rely upon the representations and warranties made by Subscriber to the Company in this Subscription Agreement.

 

    11

     

    

 

5.            
Registration of Subscribed Shares.

 

(a)              The
Company agrees that, within thirty (30) calendar days following the Closing Date (the “Filing Date”), the Company
will file with the Commission (at the Company’s sole cost and expense) a registration statement registering the resale of
the Subscribed Shares (the “Registration Statement”), and the Company shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable thereafter, but in any event no later than
the earlier of (i) sixty (60) calendar days after the Filing Date thereof (or, in the event the Commission notifies the Company
that it will “review” the Registration Statement, the ninetieth (90th) calendar day following the Filing Date thereof)
and (ii) ten (10) Business Days after the date the Company is notified in writing by the Commission that the Registration Statement
will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Date”).
The Company will provide a draft of the Registration Statement to Subscriber for review at least two (2) Business Days in advance
of the filing of the Registration Statement. Notwithstanding the foregoing, if the Commission prevents the Company from including
any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415
under the Securities Act for the resale of the Subscribed Shares by the applicable stockholders or otherwise, such Registration
Statement shall register for resale such number of Subscribed Shares which is equal to the maximum number of Subscribed Shares
as is permitted to be registered by the Commission. In such event, the number of Subscribed Shares to be registered for each selling
stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders and as promptly
as practicable after being permitted to register additional Subscribed Shares under Rule 415 under the Securities Act, the Company
shall amend the Registration Statement or file a new Registration Statement to register such additional Subscribed Shares and
cause such amendment or Registration Statement to become effective as promptly as practicable. For purposes of clarification,
any failure by the Company to file the Registration Statement by the Filing Date or to effect such Registration Statement by the
Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement as
set forth above in this Section 5(a).

 

(b)              The
Company agrees that, except for such times as the Company is permitted hereunder to suspend the effectiveness or use of the prospectus
forming part of a Registration Statement, the Company will use reasonable best efforts to cause such Registration Statement, or
another shelf registration statement that includes the Subscribed Shares, to remain effective with respect to Subscriber until
the earlier of (i) three (3) years from the effective date of the Registration Statement, (ii) the date on which all of the Subscribed
Shares shall have been sold, or (iii) the first date on which Subscriber can sell all of its Subscribed Shares (or shares received
in exchange therefor) under Rule 144 under the Securities Act without limitation as to the manner of sale or the amount of such
securities that may be sold and without the requirement for the Company to be in compliance with the current public information
required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable). For as long as the Registration Statement shall remain effective
pursuant to the immediately preceding sentence, the Company will use commercially reasonable efforts to file all reports, and
provide all customary and reasonable cooperation, necessary to enable Subscriber to resell the Subscribed Shares pursuant to the
Registration Statement, qualify the Subscribed Shares for listing on the applicable stock exchange on which the Company’s
Class A Shares are then listed, and update or amend the Registration Statement as necessary to include the Subscribed Shares.

 

    12

     

    

 

(c)              Subscriber
agrees to disclose its beneficial ownership, as determined in accordance with Rule 13d-3 under the Exchange Act, of Subscribed
Shares to the Company (or its successor) upon request to assist the Company in making the determination described above. The Company’s
obligations to include the Subscribed Shares in the Registration Statement are contingent upon Subscriber furnishing in writing
to the Company such information regarding Subscriber, the securities of the Company held by Subscriber and the intended method
of disposition of the Subscribed Shares as shall be reasonably requested by the Company to effect the registration of the Subscribed
Shares, and Subscriber shall execute such documents in connection with such registration as the Company may reasonably request
that are customary for a selling stockholder in similar situations; provided that Subscriber shall not in connection with
the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on
the ability to transfer the Subscribed Shares.

 

(d)              Subscriber
agrees the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any
customary blackout or similar period or as permitted hereunder. In the case of the registration effected by the Company pursuant
to this Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber as to the status of such registration.
In no event shall Subscriber be identified as a statutory underwriter in the Registration Statement unless requested by the Commission.
If the Commission requests that Subscriber be identified as a statutory underwriter in the Registration Statement, Subscriber
will have an opportunity to withdraw from the Registration Statement. Subscriber shall not be entitled to use the Registration
Statement for an underwritten offering of Subscribed Shares. Notwithstanding anything to the contrary contained herein, the Company
may delay or postpone filing of such Registration Statement, and from time to time require Subscriber not to sell under the Registration
Statement or suspend the use or effectiveness of any such Registration Statement, if it determines that in order for the registration
statement to not contain a material misstatement or omission, an amendment thereto would be needed to include information that
would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange Act, or the Company’s
CEO, CFO or General Counsel believes such filing or use could materially affect a bona fide business or financing transaction
of the Company or would require premature disclosure of information that could materially adversely affect the Company (each such
circumstance, a “Suspension Event”); provided, however, that (x) the Company shall not so delay
filing or so suspend the use of the Registration Statement for a period of more than sixty (60) consecutive calendar days or more
than two (2) occasions, or more than one hundred and twenty (120) total calendar days, in each case during any three hundred sixty
(360)-day period and (y) the Company shall use commercially reasonable efforts to make such registration statement available for
the sale by the undersigned of such securities as soon as practicable thereafter. 

 

(e)              At
its expense, the Company shall advise Subscriber within two (2) Business Days: (i) of the issuance by the Commission of any stop
order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; (ii) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Subscribed Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and (iii) subject to
the provisions in this Subscription Agreement, of the occurrence of a Suspension Event or any other event that requires the making
of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading
and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case
of a prospectus, in the light of the circumstances under which they were made) not misleading. Notwithstanding anything to the
contrary set forth herein, the Company shall not, when so advising Subscriber of such events, provide Subscriber with any material,
non-public information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of
such events would constitute material, non-public information regarding the Company. At its expense, the Company shall use its
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
as soon as reasonably practicable, and upon the occurrence of any event contemplated above (other than a permitted Suspension
Event), the Company shall use its commercially reasonable efforts to, as soon as reasonably practicable, prepare a post-effective
amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that,
as thereafter delivered to purchasers of the Subscribed Shares included therein, such prospectus will not include any untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

    13

     

    

 

(f)               Upon
receipt of written notice from the Company of the happening of any Suspension Event during the period that the Registration Statement
is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus), not misleading, the undersigned agrees
that (1) it will immediately discontinue offers and sales of the Subscribed Shares under the Registration Statement (excluding,
for the avoidance of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a supplemental or amended
prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and
receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may
resume such offers and sales, and (2) it will maintain the confidentiality of any information included in such written notice
delivered by the Company unless otherwise required by law, subpoena or regulatory request or requirement. If so directed by the
Company, the undersigned will deliver to the Company or, in the undersigned’s sole discretion, destroy all copies of the
prospectus covering the Subscribed Shares in the undersigned’s possession; provided, however, that this obligation
to deliver or destroy all copies of the prospectus covering the Subscribed Shares shall not apply (x) to the extent the undersigned
is required to retain a copy of such prospectus (A) in order to comply with applicable legal, regulatory, self-regulatory or professional
requirements or (B) in accordance with a bona fide pre-existing document retention policy or (y) to copies stored electronically
on archival servers as a result of automatic data back-up.

 

(g)              For
purposes of this Section 5, “Subscribed Shares” shall mean, as of any date of determination, the Subscribed
Shares (as defined in the recitals to this Subscription Agreement) and any other equity security issued or issuable with respect
to the Subscribed Shares by way of share split, dividend, distribution, recapitalization, merger, exchange, replacement or similar
event, and “Subscriber” shall include any affiliate of the undersigned Subscriber to which the rights under
this Section 5 shall have been duly assigned.

 

(h)              The
Company shall indemnify and hold harmless Subscriber (to the extent a seller under the Registration Statement), its officers,
directors and agents, trustees, partners, members, managers, stockholders, affiliates, employees, investment advisors and each
person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), to
the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including
reasonable and documented attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise
out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement (or
incorporated by reference therein), any prospectus included in the Registration Statement or any form of prospectus or preliminary
prospectus, or in any amendment or supplement thereto, or arising out of or relating to any omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any
form of prospectus or preliminary prospectus, or any amendment or supplement thereto, in light of the circumstances under which
they were made) not misleading, except to the extent, that such Losses arise out of, or are based upon, any untrue statements,
alleged untrue statements, omissions or alleged omissions were made in reliance upon and in conformity with any information regarding
Subscriber furnished in writing to the Company by Subscriber expressly for use therein.

 

    14

     

    

 

(i)               Subscriber
shall indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person who controls the
Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, that arise out of or are based upon any untrue or alleged untrue
statement of a material fact contained in the Registration Statement (or incorporated by reference therein), any prospectus included
in the Registration Statement any form of prospectus or preliminary prospectus, or in any amendment or supplement thereto, or
arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein (in the case of any prospectus, or any form of prospectus or preliminary prospectus, or any amendment
or supplement thereto, in light of the circumstances under which they were made) not misleading, but only to the extent that such
Losses arise out of, or are based upon, any untrue statements, alleged untrue statements, omissions or alleged omissions were
made in reliance upon and in conformity with any information regarding Subscriber furnished in writing to the Company by Subscriber
expressly for use therein. In no event shall the liability of Subscriber be greater in amount than the dollar amount of the net
proceeds received by Subscriber upon the sale of the Subscribed Shares giving rise to such indemnification obligation. Subscriber
shall notify the Company promptly of the institution, threat or assertion of any proceeding arising from or in connection with
the transactions contemplated by this Section 5 of which Subscriber is aware.

 

(j)               Any
person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
or entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and
(B) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld,
conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not
be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the
consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in
all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement)
or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party or which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation.

 

    15

     

    

 

(k)              If
the indemnification provided under this Section 5 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party
as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth in this Section 5, any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 5(k) from any
person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to make a contribution
pursuant to this Section 5(k) shall be individual, not joint and several, and in no event shall the liability of any Subscriber
hereunder be greater in amount than the dollar amount of the net proceeds received by such Subscriber upon the sale of the Subscribed
Shares giving rise to such indemnification obligation.

 

6.            
Other Covenants.

 

(a)              
With a view to making available to Subscriber the benefits of Rule 144 promulgated under
the Securities Act or any other similar rule or regulation of the Commission that may at any time permit Subscriber to sell securities
of the Company to the public without registration, the Company agrees, until Subscriber no longer holds Subscribed Shares, to use
commercially reasonable efforts to:

 

(i)               make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(ii)             
file with the Commission in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing
of such reports and other documents is required for the applicable provisions of Rule 144; and

 

    16

     

    

 

(iii)            furnish
to Subscriber so long as it owns Subscribed Shares, as promptly as practicable upon request, (x) a written statement by the Company,
if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, and (y) such
other information as may be reasonably requested to permit Subscriber to sell such securities pursuant to Rule 144 without registration.

 

(b)              
If requested by Subscriber, the Company shall use its commercially reasonable efforts to
cause the removal of the Restricted Legend from:

 

		(i)	any Subscribed Shares being sold by Subscriber under the Registration
Statement so long as the Registration Statement is effective and no stop order or Suspension Event is in effect; 

 

		(ii)	any Subscribed Shares being sold by Subscriber under Rule 144 so
long as such sale complies with Rule 144 in all respects (and Subscriber certifies to the Company of such compliance) and the Company
is in compliance with the current public information required by Rule 144(c)(1) and with Rule 144(i)(2), if applicable; or

 

		(iii)	all of Subscriber’s Subscribed Shares so long as all of its
Subscribed Shares may be sold by Subscriber under Rule 144 without any volume and manner of sale restrictions (and Subscriber certifies
to the Company accordingly) without the requirement for the Company to be in compliance with the current public information required
by Rule 144(c)(1), and the Company is in compliance with Rule 144(i)(2), if applicable. 

 

To the extent
required by the Company’s transfer agent, the Company shall use commercially reasonable efforts to cause its legal counsel
to deliver a customary opinion within two Business Days of the delivery of all reasonably necessary representations and other documentation
from Subscriber as reasonably requested by the Company, its counsel or the transfer agent by Subscriber to the Company’ transfer
agent to the effect that the removal of the Restricted Legend in such circumstances may be effected under the Securities Act.

 

(c)              Subscriber
hereby agrees that, from the date of this Subscription Agreement, none of Subscriber, its controlled affiliates, or any person
or entity acting on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with Subscriber
or any of its controlled affiliates will engage in any Short Sales with respect to securities of the Company prior to the Closing.
Notwithstanding the foregoing, (i) nothing herein shall prohibit other entities under common management with Subscriber that have
no knowledge of this Subscription Agreement or of Subscriber’s participation in the Transaction (including Subscriber controlled
affiliates and/or affiliates) from entering into any Short Sales and (ii) in the case of a Subscriber that is a multi-managed
investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio
managers have no knowledge of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s
assets, this Section 6(c) shall only apply with respect to the portion of assets managed by the portfolio manager that
made the investment decision to purchase the Purchase Price covered by this Subscription Agreement.

 

    17

     

    

 

7.            
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and
all rights and obligations of the parties hereunder shall terminate without any further liability
on the part of any party in respect thereof, upon the earliest to occur of (a) such date and time as the Merger Agreement is terminated
in accordance with its terms, (b) upon the mutual written agreement of the Company and Subscriber to terminate this Subscription
Agreement, (c) the event that any conditions contained in Section 2 herein are not satisfied on
or prior to the Closing and, as a result thereof, the Subscription and the other transactions contemplated by this Subscription
Agreement are not or will not be consummated at the Closing; or (d) August 16, 2021 if the Closing has not occurred by such
date; provided, however, that nothing herein will relieve any party hereto from liability for any willful breach hereof prior to
the time of termination, and each party hereto will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from such breach. The Company shall notify Subscriber of the termination of the Merger Agreement promptly after
the termination thereof. For the avoidance of doubt, if this Subscription Agreement terminates following the delivery by Subscriber
of the Purchase Price, the Company shall promptly (but not later than two (2) Business Days thereafter) return the Purchase Price
to Subscriber, whether or not the closing of the Transaction shall have occurred.

 

8.            
Trust Account Waiver. Subscriber hereby acknowledges that the Company has established a trust account
(the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon)
for the benefit of the Company’s public stockholders and certain other parties (including the underwriters of the IPO). For
and in consideration of the Company entering into this Subscription Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Subscriber hereby (i) agrees that it does not now, and shall not at any
time hereafter, have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall not
make any claim against the Trust Account, regardless of whether such claim arises as a result of, in connection with or relating
in any way to this Subscription Agreement or any other matter, and regardless of whether such claim arises based on contract, tort,
equity or any other theory of legal liability (any and all such claims are collectively referred to hereafter as the “Released
Claims”), (ii) irrevocably waives any Released Claims that it may have against the Trust Account now or in the future
as a result of, or arising out of, any negotiations, contracts or agreements with the Company, and (iii) will not seek recourse
against the Trust Account for any reason whatsoever; provided however, that nothing in this Section 8 shall (a) be deemed
to limit any Subscriber’s right to distributions from the Trust Account by virtue of Subscriber’s record of beneficial
ownership of Class A Ordinary Shares, (b) be deemed to limit subscriber’s right to exercise
any redemption rights with respect to Class A Ordinary Shares owned by Subscriber, (c) serve to limit or prohibit Subscriber’s
right to pursue a claim against the Company for legal relief against assets held outside the Trust Account, for specific performance
or other equitable relief, or (d) serve to limit or prohibit any claims that Subscriber may have in the future against the Company’s
assets or funds that are not held in the Trust Account.

 

    18

     

    

 

9.            
Miscellaneous.

 

(a)              All
notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice, request, demand, claim
or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by
electronic mail, on the date of transmission to such recipient, (iii) one (1) Business Day after being sent to the recipient by
reputable overnight courier service (charges prepaid), or (iv) four (4) Business Days after being mailed to the recipient by certified
or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended recipient at its
address specified on the signature page hereof or to such electronic mail address or address as subsequently modified by written
notice given in accordance with this Section 9(a).

 

(b)              Subscriber
acknowledges that the Company will rely on the acknowledgments, understandings, agreements, representations and warranties contained
in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if it becomes aware that
any of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein are no longer
accurate in all material respects (unless qualified by materiality or “material adverse effect,” in which case no
longer accurate in all respects). The Company acknowledges that Subscriber and others will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, the Company agrees
to promptly notify Subscriber if it becomes aware that any of the acknowledgments, understandings, agreements, representations
and warranties of the Company set forth herein are no longer accurate in all material respects (unless qualified by materiality
or “material adverse effect,” in which cause no longer accurate in all respects).

 

(c)              Each
of the Company and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

(d)              Each
of the Company and Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions
contemplated herein.

 

(e)              The
Company shall be responsible for the fees of its transfer agent, stamp taxes and all of DTC’s fees associated with the issuance
of the Subscribed Shares.

 

(f)               Neither
this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Subscribed Shares acquired
hereunder, if any) may be transferred or assigned. Neither this Subscription Agreement nor any rights that may accrue to the Company
hereunder may be transferred or assigned (provided, that, for the avoidance of doubt, the Company may transfer the Subscription
Agreement and its rights hereunder in connection with the consummation of the Transaction). Notwithstanding the foregoing, Subscriber
may assign its rights and obligations under this Subscription Agreement without the Company’s prior written consent to one
or more of its affiliates or to any fund or account managed by the same investment adviser as Subscriber, or by an affiliate of
such investment adviser, or, with the Company’s prior written consent, to another person; provided that no such assignment
shall relieve Subscriber of its obligations hereunder if any such assignee fails to perform such obligations; provided further
that in the case of any such assignment, the assignee shall be deemed to make the representations and warranties of Subscriber
provided for herein to the extent of such assignment.

 

    19

     

    

 

(g)              All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(h)              The
Company may request from Subscriber such additional information as the Company may deem reasonably necessary to evaluate the eligibility
of Subscriber to acquire the Subscribed Shares, and Subscriber shall provide such information as may be reasonably requested,
to the extent readily available and to the extent consistent with its internal policies and procedures; provided that the Company
expressly agrees to keep any such information provided by Subscriber confidential, unless otherwise required by law, subpoena
or regulatory request or requirement.

 

(i)               This
Subscription Agreement may not be amended, modified, waived or terminated except by an instrument in writing, signed by the party
against whom enforcement of such modification, waiver, or termination is sought. 

 

(j)               This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties hereto, with respect to the subject matter hereof.

 

(k)              Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

(l)                If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

(m)            
This Subscription Agreement may be executed and delivered in one or more counterparts and
by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. Counterparts
may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000,
Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., .pdf or www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes. All counterparts so executed and delivered shall be construed together and shall constitute one
and the same agreement.

 

    20

     

    

 

(n)              This
Subscription Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns
and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, however,
that (the Placement Agents are intended third party beneficiaries of the representations and warranties of the Company in Section
3 and of Subscriber in Section 4, in each case only to the extent such representations and warranties are applicable
to the Placement Agents. 

 

(o)              The
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
hereto shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled
at law, in equity, in contract, in tort or otherwise.

 

(p)              This
Subscription Agreement shall be governed by, and construed in accordance with, the laws of the state of New York, without regard
to the principles of conflicts of laws that would otherwise require the application of the law of any other state.

 

(q)              EACH
PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION
OF ANY TYPE BROUGHT BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH
RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES HERETO AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE
TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE THAT THEIR RESPECTIVE
RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS,
IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.

 

(r)               The
parties hereto agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement
must be brought exclusively in the UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY, NEW YORK, AND ANY APPELLATE COURT THEREFROM (collectively
the “Designated Courts”). Each party hereto hereby consents and submits to the exclusive jurisdiction of the
Designated Courts. No legal action, suit or proceeding with respect to this subscription agreement may be brought in any other
forum. Each party hereto hereby irrevocably waives all claims of immunity from jurisdiction and any objection which such party
may now or hereafter have to the laying of venue of any suit, action or proceeding in any Designated Court, including any right
to object on the basis that any dispute, action, suit or proceeding brought in the Designated Courts has been brought in an improper
or inconvenient forum or venue. Each of the parties hereto also agrees that delivery of any process, summons, notice or document
to a party hereof in compliance with Section 9(a) above shall be effective service of process for any action, suit or proceeding
in a Designated Court with respect to any matters to which the parties hereto have submitted to jurisdiction as set forth above.

 

    21

     

    

 

(s)              The
Company has disclosed to Subscriber certain non-public information regarding the Transaction, including the material terms of
the transactions contemplated hereby (and by the Other Subscription Agreements), and Subscriber acknowledges its agreement to
treat such information confidentially until such time as all such “material non-public information” (within the meaning
of applicable securities laws) is either publicly disclosed by the Company (including as contemplated by the following sentence)
or deemed by the Company to be no longer relevant. In accordance therewith, the Company shall, by 9:00 a.m., New York City time,
on the first (1st) Business Day immediately following the date of this Subscription Agreement, issue one or more press releases
or file with the Commission a Current Report on Form 8-K disclosing, to the extent not previously publicly disclosed, such material
non-public information unless the Company determines, in compliance with applicable laws and regulations, that any of such information
is no longer material. Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall not publicly
disclose the name of Subscriber, its investment adviser or any of their respective affiliates, or include the name of Subscriber,
its investment adviser or any of their respective affiliates in any press release or in any filing with the Commission or any
regulatory agency or trading market, without the prior written consent (including by e-mail) of Subscriber, except as required
by the federal securities laws, rules or regulations and to the extent such disclosure is required by other laws, rules or regulations,
at the request of the staff of the Commission or regulatory agency or under Nasdaq regulations, in which case the Company shall
provide Subscriber with prior written notice (including by e-mail) of such permitted disclosure, and shall reasonably consult
with Subscriber regarding such disclosure.

 

(t)               The
obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber
or any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance
of the obligations of any Other Subscriber under this Subscription Agreement or any other investor under the Other Subscription
Agreements. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or investor pursuant
hereto or thereto, shall be deemed to constitute Subscriber and other investors as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that Subscriber and other investors are in any way acting in concert or as
a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription
Agreements. Subscriber acknowledges that no Other Subscriber has acted as agent for Subscriber in connection with making its investment
hereunder and no Other Subscriber will be acting as agent of Subscriber in connection with monitoring its investment in the Subscribed
Shares or enforcing its rights under this Subscription Agreement. Subscriber shall be entitled to independently protect and enforce
its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary
for any Other Subscriber or investor to be joined as an additional party in any proceeding for such purpose.

 

    22

     

    

 

(u)              Subscriber
understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Company. Subscriber further acknowledges
that there have not been, and Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or
agreements made to Subscriber by the Company, the PlayStudios Companies, any other party to the Transaction, any of the foregoing
person’s Representatives or any other person or entity, expressly or by implication, other than those representations, warranties,
covenants and agreements of the Company set forth in this Subscription Agreement. Subscriber acknowledges that certain information
provided by the Company was based on projections, and such projections were prepared based on assumptions and estimates that are
inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties
that could cause actual results to differ materially from those contained in the projections. 

 

10.        
Notices. All notices and other communications among the parties shall be made
in the manner provided in Section 9(a) above.

 

If to Subscriber, to the address provided
on Subscriber’s signature page hereto.

 

If to the Company, to:

 

Acies Acquisition Corp.

1219 Morningside Drive, Suite
110

Manhattan Beach, CA 90266

	Attention:	Dan Fetters
	 	Edward King
	Email:	Dan.Fetters@aciesacq.com
	 	Edward.King@aciesacq.com

 

with copies to (which shall not constitute
notice), to:

 

Latham & Watkins LLP

10250 Constellation Blvd. Suite
1100

Los Angeles, CA 90067

	Attention:	Steven B. Stokdyk
	Email:	steven.stokdyk@lw.com

 

or to such other address or addresses as the parties may from
time to time designate in writing. Copies delivered solely to outside counsel shall not constitute notice.

 

[The
remainder of this page is intentionally left blank.]

 

    23

     

    

 

IN WITNESS WHEREOF,
each of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date first set forth above.

 

	 	Acies Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page
to PIPE Subscription Agreement

 

    

     

    

 

IN WITNESS WHEREOF,
each of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date first set forth above.

 

	 	SUBSCRIBER
	 	Print Name:	 

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Address for Notices:

 

Name in which shares are to be registered:

 

__________________________________________

 

	Number of Subscribed Shares subscribed for:	 	 	 
	Price Per Subscribed Share:	 	$	10.00	 
	Aggregate Purchase Price:	 	$	   	 

 

You must pay the Purchase Price by wire
transfer of United States dollars in immediately available funds to the account of the Company specified by the Company in the
Closing Notice.

 

Signature Page to
PIPE Subscription Agreement

 

    

     

    

 

ANNEX A

 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

This Annex A should be completed
and signed by Subscriber

and constitutes a part of the Subscription Agreement.

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the box, if applicable)

 

		☐	Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act).

 

		B.	ACCREDITED INVESTOR STATUS (Please check the box)

 

		☐	Subscriber is an “accredited investor” (within the meaning of Rule 501(a) under the
Securities Act) or an entity in which all of the equity holders are accredited investors, and has marked and initialed the appropriate
box below indicating the provision under which it qualifies as an “accredited investor.”

 

		C.	AFFILIATE STATUS

(Please check the applicable box)

 

SUBSCRIBER:

 

		☐	is:

 

		☐	is not:

 

an “affiliate” (as defined
in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

Rule 501(a), in relevant part, states that
an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the issuer
reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person.
Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber
and under which Subscriber accordingly qualifies as an “accredited investor.”

 

		☐	Any bank, registered broker or dealer, SEC or state registered investment adviser, exempt reporting
adviser, insurance company, registered investment company, insurance company, business development company, small business investment
company or rural business investment company;

 

		☐	Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

		☐	Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of
1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets
in excess of $5,000,000;

 

    26

     

    

 

		☐	Any corporation, similar business trust, partnership, limited liability company or any organization
described in Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the securities offered,
with total assets in excess of $5,000,000;

 

		☐	Any director, executive officer, or general partner of the Company;

 

		☐	Any natural person whose individual net worth, or joint net worth with that person’s spouse
or spousal equivalent, at the time of his or her purchase exceeds $1,000,000. For purposes of calculating a natural person’s
net worth: (a) the person’s primary residence shall not be included as an asset; (b) indebtedness that is secured by the
person’s primary residence up to the estimated fair market value of the primary residence shall not be included as a liability
(except that if the amount of such indebtedness outstanding at the time of calculation exceeds the amount outstanding 60 days before
such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a
liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market
value of the residence shall be included as a liability;

 

		☐	Any natural person who had an individual income in excess of $200,000 in each of the two most recent
years or joint income with that person’s spouse or spousal equivalent in excess of $300,000 in each of those years and has
a reasonable expectation of reaching the same income level in the current year.

 

		☐	Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose
purchase is directed by a sophisticated person;

 

		☐	Any natural person who is a “knowledgeable employee” as defined under the Investment Company Act of 1940, as amended,
and the rules and regulations promulgated thereunder;

 

		☐	Any “family office” as defined under the Investment Advisers Act of 1940, as amended,
and the rules and regulations promulgated thereunder (the “Investment Advisers Act”), which was not formed for
the purpose of investing in the Company, has assets under management in excess of $5,000,000 and whose prospective investment is
directed by a person who has such knowledge and experience in financial and business matters that such family office is capable
of evaluating the merits and risks of the prospective investment; or

  

    27

     

    

 

		☐	Any “family client,” as defined under the Investment Advisers Act, of a family office,
whose prospective investment in the Company is directed by such family office, and such family office is one (i) with assets under
management in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in the Company, and (iii) whose
prospective investment in the Company is directed by a person who has such knowledge and experience in financial and business matters
that such family office is capable of evaluating the merits and risks of such prospective investment; or

 

		☐	Any entity in which all of the equity owners are accredited investors meeting one or more of the
above tests or one of the following tests.
	 	 	 
	 	 	[Specify which
tests:]

 

	 	SUBSCRIBER
	 	Print Name:	 

 

	 	By:	 
	 	Name:	
	 	Title:	

 

    28

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