Document:

EXHIBIT 4.6

 

DESCRIPTION OF REGISTRANT’S SECURITIES

 

As of December 31, 2021,
the end of the period covered by this Annual Report on Form 10-K, G3 VRM Acquisition Corp. (the “Company,” “we,”
“us,” or “our”) had three classes of securities registered under Section 12 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”): the Company’s units, common stock, and rights.

 

The following description
of the Company’s capital stock and provisions of the Company’s amended and restated certificate of incorporation, bylaws and
the Delaware General Corporation Law are summaries and are qualified in their entirety by reference to the Company’s amended and
restated certificate of incorporation and bylaws and the text of the Delaware General Corporation Law. Copies of these documents have
been filed with the SEC as exhibits to the Annual Report on Form 10-K to which this description has been filed as an exhibit.

 

General

 

Pursuant to our amended and
restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001
par value, 20,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001
par value. The following description summarizes the material terms of our capital stock. Because it is only a summary, it may not contain
all the information that is important to you.

 

Units

 

Each unit consists of one
share of Class A common stock and one right to receive one-tenth (1/10) of one share of Class A common stock upon consummation of
our initial business combination. Pursuant to the rights agreement, a rights holder may exchange rights only for a whole number of shares
of Class A common stock. This means that rights may be exchanged only in multiples of 10 rights (subject to adjustment for stock splits,
stock dividends, reorganizations, recapitalizations and the like).

 

The shares of common stock
and rights comprising the units became separately tradable commencing on August 17, 2021. Accordingly, holders have the option to continue
to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent
in order to separate the units into shares of Class A common stock and rights.

 

Common Stock

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders
of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, except as required
by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable provisions of
the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required
to approve any such matter voted on by our stockholders. Our board of directors will be divided into 2 classes, each of which will generally
serve for a term of 2 years with only one class of directors being elected in each year. There is no cumulative voting with respect to
the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect
all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out
of funds legally available therefor.

 

Because our amended and restated
certificate of incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were to enter into
an initial business combination, we may (depending on the terms of such an initial business combination) be required to increase the number
of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote on the initial business
combination, to the extent we seek stockholder approval in connection with our initial business combination.

 

    	 	 	 

    	 

    

 

We will provide our stockholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation
of our initial business combination including interest earned on the funds held in the trust account and not previously released to us
to pay our franchise and income taxes, divided by the number of then outstanding public shares, subject to the limitations described herein.
The amount in the trust account is initially anticipated to be approximately $10.15 per public share. The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to any founder shares, private placement shares and any public shares held by them in connection with the completion
of our initial business combination. Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations in
conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of
such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do not
decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation,
conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing
our initial business combination. Our amended and restated certificate of incorporation requires these tender offer documents to contain
substantially the same financial and other information about the initial business combination and the redemption rights as is required
under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain stockholder
approval for business or other legal reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy
solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete
our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial
business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital
stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to
vote at such meeting.

 

However, the participation
of our sponsor, officers, directors, advisors or their affiliates in privately negotiated transactions (as described in our IPO prospectus),
if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate
their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding shares
of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.

 

If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares
of common stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would not be restricting our
stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our
stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business
combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market.
Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the initial
business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose
such shares would be required to sell their stock in open market transactions, potentially at a loss.

 

If we seek stockholder approval
in connection with our initial business combination, pursuant to the letter agreement our sponsor, officers and directors have agreed
to vote their founder shares, private placement shares and any public shares purchased during or after our initial public offering (including
in open market and privately negotiated transactions) in favor of our initial business combination. As a result, in addition to our initial
stockholders’ founder shares, the private placement shares and the representative shares (if the holders of the representative shares
also choose to vote in favor of the business combination), we would need only 3,646,916, or approximately 34.3%, (assuming all outstanding
shares are voted) or 157,374, or approximately 1.5% (assuming only the minimum number of shares representing a quorum are voted), of
the 10,626,000 public shares to be voted in favor of an initial business combination. Additionally, each public stockholder may elect
to redeem its public shares irrespective of whether they vote for or against the proposed transaction (subject to the limitation described
in the preceding paragraph).

 

    	 	 	 

    	 

    

 

Pursuant to our amended and
restated certificate of incorporation, if we are unable to complete our initial business combination within 12 months from the closing
of our initial public offering (or 15 or 18 months from the closing of our initial public offering, if we extend the period of time to
consummate a business combination, as described in more detail in our IPO prospectus), we will: (i) cease all operations except for the
purpose of winding up; (ii) as promptly as reasonably possible but no more than 10 business days thereafter subject to lawfully available
funds therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account including interest earned on the funds held in the trust account and not previously released to us to pay our franchise
and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares,
which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further
liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our sponsor, officers
and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions
from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within
12 months from the closing of our initial public offering (or 15 or 18 months from the closing of our initial public offering, if we extend
the period of time to consummate a business combination, as described in more detail in our IPO prospectus). However, if our initial stockholders
acquire public shares in or after our initial public offering, they will be entitled to liquidating distributions from the trust account
with respect to such public shares if we fail to complete our initial business combination within the prescribed time period.

 

In the event of a liquidation,
dissolution or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all
assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking
fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our
initial business combination, subject to the limitations described herein.

 

Founder Shares and Private Placement Shares

 

The founder shares are shares
of Class B common stock. The private placement shares are shares of Class A common stock and the shares of common stock
underlying the private placement rights are shares of Class A common stock.

 

The founder shares are identical
to the shares of Class A common stock included in the units being sold in our initial public offering, and holders of founder shares
have the same stockholder rights as public stockholders, except that: (i) the founder shares are subject to certain transfer restrictions,
as described in more detail below; (ii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed: (A) to waive their redemption rights with respect to any founder shares, private placement shares and
any public shares held by them in connection with the completion of our initial business combination; (B) to waive their redemption
rights with respect to their founder shares, private placement shares and public shares in connection with a stockholder vote to approve
an amendment to our amended and restated certificate of incorporation: (1) to modify the substance or timing of our obligation to
redeem 100% of our public shares if we do not complete our initial business combination within 12 months from the closing of our initial
public offering (or 15 or 18 months from the closing of our initial public offering, if we extend the period of time to consummate a business
combination, as described in more detail in our IPO prospectus); or (2) with respect to any other provision relating to stockholders’
rights or pre-initial business combination activity; and (C) to waive their rights to liquidating distributions from the trust account
with respect to any founder shares and private placement shares held by them if we fail to complete our initial business combination within
12 months from the closing of our initial public offering (or 15 or 18 months from the closing of our initial public offering, if we extend
the period of time to consummate a business combination, as described in more detail in our IPO prospectus), although they will be entitled
to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business
combination within such time period; (iii) the founder shares are shares of our Class B common stock that will automatically
convert into shares of our Class A common stock at the time of our initial business combination, or at any time prior thereto at
the option of the holder, on a one-for-one basis, subject to adjustment as described herein; and (iv) are entitled to registration
rights. If we submit our initial business combination to our public stockholders for a vote, our sponsor, officers and directors have
agreed pursuant to the letter agreement to vote any founder shares and private placement shares held by them and any public shares purchased
during or after our initial public offering (including in open market and privately negotiated transactions) in favor of our initial business
combination.

 

    	 	 	 

    	 

    

 

The shares of Class B
common stock will automatically convert into shares of Class A common stock at the time of our initial business combination on a
one-for-one basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations, and the like), and
subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities,
are issued or deemed issued in excess of the amounts offered in our IPO prospectus and related to the closing of the initial business
combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted
(unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to
any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares
of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares
of common stock outstanding upon completion of our initial public offering (excluding the private placement shares and representative
shares), plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the
initial business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business
combination, any private placement-equivalent securities issued to our sponsor or its affiliates upon conversion of loans made to us).

 

We cannot determine at this
time whether a majority of the holders of our Class B common stock at the time of any future issuance would agree to waive such adjustment
to the conversion ratio. They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are
part of the agreement for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial
business combination; or (iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the
Class B common stock. If such adjustment is not waived, the issuance would not reduce the percentage ownership of holders of our
Class B common stock, but would reduce the percentage ownership of holders of our Class A common stock. If such adjustment is
waived, the issuance would reduce the percentage ownership of holders of both classes of our common stock. Holders of founder shares may
also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to
adjustment as provided above, at any time. The term “equity-linked securities” refers to any debt or equity securities that
are convertible, exercisable or exchangeable for shares of Class A common stock issues in a financing transaction in connection with
our initial business combination, including but not limited to a private placement of equity or debt. Securities could be “deemed
issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible
securities, warrants or similar securities.

 

Our initial stockholders have
agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (i) one year after the date of
the consummation of our initial business combination; or (ii) the date on which we consummate a liquidation, merger, stock exchange
or other similar transaction which results in all of our stockholders having the right to exchange their shares of Class A common
stock for cash, securities or other property (except as described herein under the section of our IPO prospectus entitled “Principal
Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Units”). Any permitted transferees will
be subject to the same restrictions and other agreements of our initial stockholders with respect to any founder shares and private placement
shares. Notwithstanding the foregoing, if the closing price of our shares of Class A common stock equals or exceeds $12.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing 60 days after our initial business combination, the founder shares and the private placement shares will no longer
be subject to such transfer restrictions.

 

    	 	 	 

    	 

    

 

Preferred Stock

 

Our amended and restated certificate
of incorporation provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors
is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional, or other special
rights and any qualifications, limitations, and restrictions thereof, applicable to the shares of each series. Our board of directors
will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting
power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors
to issue preferred stock without stockholder approval could have the effect of delaying, deferring, or preventing a change of control
of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. Although we do not currently intend
to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Rights

 

Each holder of a right will
automatically receive one-tenth (1/10) of one share of Class A common stock upon consummation of our initial business combination, except
in cases where we are not the surviving company in a business combination. No additional consideration will be required to be paid by
a holder of rights in order to receive the additional shares upon consummation of a business combination, as the consideration related
thereto has been included in the unit purchase price paid for by investors in our initial public offering. If we enter into a definitive
agreement for a business combination in which we will not be the surviving entity, the definitive agreement will provide for the holders
of rights to receive the same per share consideration the holders of shares of Class A common stock will receive in the transaction on
an as-exchanged for Class A common stock basis, and rights holders will be required to affirmatively elect to exchange their rights for
the underlying shares within a fixed period of time after which period the rights will expire worthless. Pursuant to the rights agreement,
a rights holder may exchange rights only for a whole number of shares of Class A common stock. This means that we will not issue fractional
shares in connection with an exchange of rights and rights may be exchanged only in multiples of 10 rights (subject to adjustment for
stock splits, stock dividends, reorganizations, recapitalizations and the like). Fractional shares will either be rounded down to the
nearest whole share or otherwise addressed in accordance with the applicable provisions of the Delaware General Corporation Law.

 

The shares issuable upon exchange
of the rights will be freely tradable (except to the extent held by affiliates of ours) since the issuance of the shares underlying the
rights will either be registered under an effective registration statement on Form S-4 or Form S-1, whichever is applicable (in the case
where we are not the surviving entity) or be exempt from registration pursuant to an applicable exemption such as the exemption provided
by Section 3(a)(9) (in the case where we are the surviving entity).

 

The rights will be issued
in book-entry form only under a rights agreement between Continental Stock Transfer & Trust Company, as rights agent, and us. The
rights agreement provides that the terms of the rights may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval, by written consent or vote, of the holders of a majority of the then outstanding rights
in order to make any change that adversely affects the interests of the registered holders.

 

In the event we will not be
the surviving company upon completion of our initial business combination, each holder of a right will be required to affirmatively exchange
his, her or its rights in order to receive shares (without paying any additional consideration) upon consummation of the business combination.
More specifically, each holder will be required to indicate his, her or its election to exchange the rights into their underlying shares
within a fixed period of time after which period the rights will expire worthless. Until a holder affirmatively elects to exchange its
rights, the right held by such holder will not represent the shares of common stock they are exchangeable for but instead will simply
represent the right to receive such shares.

 

If we are unable to complete
an initial business combination within the required time period and we liquidate the funds held in the trust account, holders of rights
will not receive any of such funds with respect to their rights, nor will they receive any distribution from our assets held outside of
the trust account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure
to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally, in no event will
we be required to net cash settle the rights. Because we will only issue a whole number of shares, you will not receive any fractional
shares to the extent the number of rights held by you upon consummation of our initial business combination is not divisible by ten (subject
to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like).

 

The private placement rights
are identical to the rights included in the units offered in our IPO, except that such rights and the shares issuable upon the exchange
of such rights are subject to certain restrictions on transfer and will become tradable only after certain conditions are met or the resale
of such rights (including underlying securities) is registered under the Securities Act, and are entitled to registration rights.

 

    	 	 	 

    	 

    

 

Dividends

 

We have not paid any cash
dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial
business combination will be within the discretion of our board of directors at such time. If we incur any indebtedness, our ability to
declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our Transfer Agent and Rights Agent

 

The transfer agent for our
common stock and the rights agent for our rights is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental
Stock Transfer & Trust Company in its roles as transfer agent and rights agent, its agents and each of its stockholders, directors,
officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity,
except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

 

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate
of incorporation contains certain requirements and restrictions relating to our initial public offering that will apply to us until the
completion of our initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common
stock. Our initial stockholders will participate in any vote to amend our amended and restated certificate of incorporation and will have
the discretion to vote in any manner they choose. Specifically, our amended and restated certificate of incorporation provides, among
other things, that:

 

		•	If we are unable to complete our initial business combination within 12 months from the closing of our initial public offering (or
15 or 18 months from the closing of our initial public offering, if we extend the period of time to consummate a business combination,
as described in more detail in our IPO prospectus), we will: (i) cease all operations, except for the purpose of winding up; (ii) as promptly
as reasonably possible, but not more than 10 business days thereafter subject to lawfully available funds therefor, redeem 100% of the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes (less up to $100,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject
to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of
creditors and the requirements of other applicable law;

		•	Prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders thereof
to: (i) receive funds from the trust account; or (ii) vote on any initial business combination;

		•	Although we do not intend to enter into an initial business combination with a target business that is affiliated with our sponsor,
our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee
of independent directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent
accounting firm that such an initial business combination is fair to our company from a financial point of view;

 

    	 	 	 

    	 

    

 

		•	If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder vote for
business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act,
and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the
same financial and other information about our initial business combination and the redemption rights as is required under Regulation
14A of the Exchange Act; whether or not we maintain our registration under the our Exchange Act or our listing on Nasdaq, we will provide
our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above;

		•	So long as we obtain and maintain a listing for our securities on Nasdaq, Nasdaq rules require that we must complete one or more business
combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the
deferred underwriting commissions and taxes payable on the interest earned on the trust account) at the time of our signing a definitive
agreement in connection with our initial business combination;

 

		•	If our stockholders approve an amendment to our amended and restated certificate of incorporation: (i) to modify the substance or
timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 12 months from
the closing of our initial public offering (or 15 or 18 months from the closing of our initial public offering, if we extend the period
of time to consummate a business combination, as described in more detail in our IPO prospectus); or (ii) with respect to any other provision
relating to stockholders’ rights or pre-business combination activity, we will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously
released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares; and

		•	We will not effectuate our initial business combination with another blank check company or a similar company with nominal operations. 

In addition, our amended and
restated certificate of incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001 either immediately prior to or upon consummation of our initial business combination
and after payment of the underwriters’ fees and commissions.

 

Certain Anti-Takeover Provisions of Delaware Law and our Amended
and Restated Certificate of incorporation and Bylaws

 

We are subject to the provisions
of Section 203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances,
from engaging in a “business combination” with:

 

		•	a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

		•	an affiliate of an interested stockholder; or

		•	an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder. 

A “business combination”
includes a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

		•	our board of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date
of the transaction;

		•	after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned
at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock;
or

		•	on or subsequent to the date of the transaction, the initial business combination is approved by our board of directors and authorized
at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting
stock not owned by the interested stockholder. 

 

    	 	 	 

    	 

    

 

Our amended and restated certificate
of incorporation provides that our board of directors be classified into 2 classes of directors. As a result, in most circumstances, a
person can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

Our authorized but unissued
common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of
corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of
authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain
control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Exclusive forum for certain lawsuits

 

Our amended and restated certificate
of incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors,
officers and employees for breach of fiduciary duty and certain other actions may be brought only in the Court of Chancery in the State
of Delaware, except any action: (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable
party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction
of the Court of Chancery within 10 days following such determination); (B) which is vested in the exclusive jurisdiction of a court
or forum other than the Court of Chancery; or (C) for which the Court of Chancery does not have subject matter jurisdiction. If an
action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such
stockholder’s counsel. Although we believe this provision benefits us by providing increased consistency in the application of law
in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable,
the provision may have the effect of discouraging lawsuits against our directors and officers.

 

Our amended and restated certificate
of incorporation provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law, subject
to certain exceptions. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any
duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will
not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts
have exclusive jurisdiction. In addition, our amended and restated certificate of incorporation provides that, unless we consent in writing
to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted
by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933,
as amended, or the rules and regulations promulgated thereunder. We note, however, that there is uncertainty as to whether a court would
enforce this provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.
Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty
or liability created by the Securities Act or the rules and regulations thereunder.

 

Special meeting of stockholders

 

Our bylaws provide that special
meetings of our stockholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our
Chairman.

 

Advance notice requirements for stockholder
proposals and director nominations

 

Our bylaws provide that stockholders
seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to
be received by the company secretary at our principal executive offices not later than the close of business on the 90th day
nor earlier than the opening of business on the 120th day prior to the anniversary date of the immediately preceding annual
meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply
with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and content of a stockholders’
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.

 

    	 	 	 

    	 

    

 

Action by written consent

 

Any action required or permitted
to be taken by our common stockholders must be effected by a duly called annual or special meeting of such stockholders and may not be
effected by written consent of the stockholders other than with respect to our Class B common stock.

 

Classified Board of Directors

 

Our board of directors is
divided into 2 classes, Class I and Class II, with members of each class serving staggered 2-year terms. Our amended and restated certificate
of incorporation provides that the authorized number of directors may be changed only by resolution of the board of directors. Subject
to the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause and only by
the affirmative vote of holders of a majority of the voting power of all then outstanding shares of our capital stock entitled to vote
generally in the election of directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy
resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

 

Class B Common Stock Consent Right

 

For so long as any shares
of Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the
shares of Class B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision our amended
and restated certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would
alter or change the powers, preferences or relative, participating, optional or other or special rights of the Class B common stock. Any
action required or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a meeting, without
prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders
of the outstanding Class B common stock having not less than the minimum number of votes that would be necessary to authorize or take
such action at a meeting at which all shares of Class B common stock were present and voted.

 

Registration Rights

 

The holders of the founder
shares, private placement units, units that may be issued upon conversion of working capital loans (including in each case the underlying
securities) and the representative shares are entitled to registration rights pursuant to a registration rights agreement signed in connection
with our initial public offering, requiring us to register such securities for resale (in the case of the founder shares, only after conversion
to our Class A common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding
short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights
with respect to registration statements filed subsequent to our completion of our initial business combination and rights to require us
to register for resale such securities pursuant to Rule 415 under the Securities Act. Notwithstanding the foregoing, the underwriters
may not exercise their demand and “piggyback” registration rights after five and seven years after the effective date
of the registration statement of which our IPO prospectus forms a part and may not exercise its demand rights on more than one occasion.
We will bear the expenses incurred in connection with the filing of any such registration statements.

 

Listing of Securities

 

Our units, Class A common
stock and rights are currently listed on Nasdaq under the symbols “GGGVU,” “GGGV” and “GGGVR,” respectively.Exhibit 10.11

 

Execution Version

 

INDEMNIFICATION AGREEMENT

 

INDEMNIFICATION AGREEMENT
(this “Agreement”) dated as of February 25, 2022, by and among Perfect Corp., a company duly incorporated and validly
existing under the laws of the Cayman Islands (the “Company”), Jianmei Lyu (吕健美)
(the “Director”) and Taobao China Holding Limited (the “Investor”). The Director and the Investor
shall be referred to herein individually as the “Indemnitee” and collectively as the “Indemnitees.”

 

RECITALS

 

A.       The
Company and the Indemnitees recognize the continued difficulty in obtaining liability insurance for its directors and officers, the significant
increases in the cost of such insurance and the general reductions in the coverage of such insurance.

 

B.       The
Company and the Indemnitees further recognize the substantial increase in corporate litigation in general, which subjects directors, officers,
employees, controlling persons, shareholders, agents and fiduciaries to expensive litigation risks at the same time as the availability
and coverage of liability insurance has been severely limited.

 

C.       The
Indemnitees do not regard the current protection available as adequate under the present circumstances, and the Indemnitees and other
directors and officers of the Company may not be willing to serve in such capacities without additional protection.

 

D.       The
Company (i) desires to attract and retain highly qualified individuals and entities, such as Director, to serve the Company and, in part,
in order to induce the Director to be involved with the Company and (ii) wishes to provide for the indemnification and advancing of expenses
to each Indemnitee to the maximum extent permitted by law and the Company’s Memorandum and Articles of Association, as amended (the
 “M&A”) as provided herein.

 

E.       In
view of the considerations set forth above, the Company desires that each Indemnitee be indemnified by the Company as set forth herein.

 

NOW, THEREFORE, the
Company and each Indemnitee hereby agree as follows:

 

1.                 
Indemnification.

 

(a)              
Indemnification of Expenses.

 

(i)                 Third-Party
Claims. Subject to Section 8 below, the Company shall indemnify and hold harmless the Director to the fullest extent permitted
by law and the M&A if the Director was or is or becomes a party to or witness, or is threatened to be made a party to or
witness, any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing,
inquiry or investigation that such Director reasonably believes might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other (hereinafter a
 “Claim”) (other than an action by right of the Company) by reason of the fact that the Director is or was a
director, officer, fiduciary or agent of the Company, or any subsidiary of the Company, or is or was serving at the request of the
Company as a director, officer, fiduciary or agent of another corporation, partnership, limited liability company, joint venture,
trust or other enterprise, or by reason of any action or inaction on the part of the Director while serving in such capacity
(hereinafter, an “Agent”) or as a direct or indirect result of any Claim made by any shareholder of the Company
against the Director and arising out of or related to any round of financing of the Company (including but not limited to Claims
regarding non-participation, or non-pro rata participation, in such round by such shareholder), or made by a third party against the
Director based on any misstatement or omission of a material fact by the Company in violation of any duty of disclosure imposed on
the Company by securities or common laws (hereinafter an “Indemnification Event”) against any and all reasonable
expenses (including attorneys’ fees and all other costs, expenses and obligations of the types customarily incurred in
connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a
witness in or participate, in any action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or
investigation) (the “Expenses”), judgments, fines, penalties and amounts paid in settlement (if, and only if,
such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably
incurred by Director in connection with the proceeding of such Claim if the Director acted in good faith and in a manner he
reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful. For purposes of this Agreement,
 “person” includes an individual, a partnership, a corporation (including a business trust), a joint stock
company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority,
and “subsidiary” means, as of the relevant date of determination, with respect to any person (the “subject
entity”), (i) any person (x) more than 50% of whose shares or other interests entitled to vote in the election of directors or
(y) more than a 50% interest in the profits or capital of such person are owned or controlled directly or indirectly by the subject
entity or through one (1) or more subsidiaries of the subject entity, (ii) any person whose assets, or portions thereof, are
consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity for financial reporting
purposes in accordance with the International Financial Reporting Standards, in effect from time to time, or (iii) any person with
respect to which the subject entity has the power to otherwise direct the business and policies of that entity directly or
indirectly through another subsidiary.

 

    1 

     

    

 

(ii)              Indemnification
of the Investor. The Company agrees that, if and whenever the Investor is or was a party or is threatened to be made a party to
or is in any way involved in any Claim, by reason of the fact that (i) by reason of the Investor’s appointment of or
affiliation with the Director who is entitled to indemnification under Section l(a)(i), or (ii) by reason of the fact that
the Investor is or was acting as an express agent of the Company upon the request of the Company and primarily for the benefit of
the Company (provided that the fact that the Investor will incidentally benefit as a shareholder from such action will not alone
mean that such action is not or was not primarily for the benefit of the Company), the Company shall indemnify the Investor against
all Expenses, judgments, fines, penalties and amounts paid in settlement (if, and only if, such settlement is approved in advance by
the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred by the Investor or on the
Investor’s behalf in connection with such Claim (including but not limited to in connection with the investigation, defense,
settlement or appeal of such Claim) except to the extent that any such expenses arise from a Claim for which the Director is not
entitled to indemnification hereunder pursuant to Section 8 hereof or under applicable law.

 

(iii)           
Primacy of Indemnification. The Company hereby acknowledges that, the Director may have certain rights to indemnification,
advancement of expenses and/or insurance provided by the Investor and certain of its affiliates (collectively, the “Investor
Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to the Indemnitee
are primary and any obligation of the Investor Indemnitors to advance Expenses or to provide indemnification for the same Expenses or
liabilities incurred by the Director are secondary); and (ii) that it shall be required to advance the full amount of Expenses incurred
by the Director and shall be liable for the full amount of all Expenses to the extent legally permitted and as required by the terms of
this Agreement and the M&A (or any other agreement between the Company and the Director), without regard to any rights the Director
may have against the Investor Indemnitors. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf
of the Director with respect to any Claim for which the Director has sought indemnification from the Company shall affect the foregoing
and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all
of the rights of recovery of the Director against the Company. The Company and the Director agree that the Investor Indemnitors are express
third party beneficiaries of the terms hereof.

 

(b)              
Contribution. If the indemnification provided for
in Section l(a) above for any reason other than the statutory limitations of applicable law or as provided in Section 8, is held by a
court of competent jurisdiction to be unavailable to an Indemnitee in respect of any losses, claims, damages, expenses or liabilities
in which the Company is jointly liable with such Indemnitee, as the case may be (or would be jointly liable if joined), then the Company,
in lieu of indemnifying the Indemnitee thereunder, shall contribute to the amount actually and reasonably incurred and paid or payable
by the Indemnitee as a result of such losses, claims, damages, expenses or liabilities in such proportion as is appropriate to reflect
(i) the relative benefits received by the Company and the Indemnitee, and (ii) the relative fault of the Company and such Indemnitee in
connection with the action or inaction that resulted in such losses, claims, damages, expenses or liabilities, as well as any other relevant
equitable considerations. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company or the Indemnitee and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent the circumstances resulting in such losses, claims, damages, expenses or liabilities.

 

The Company and the Indemnitees
agree that it would not be just and equitable if contribution pursuant to this Section 1(b) were determined by pro rata or per capita
allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately
preceding paragraph. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act
of 1933, as amended) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation.

 

    2 

     

    

 

(c)              
Survival Regardless of Investigation. The indemnification and contribution provided for in this Section 1 will remain
in full force and effect regardless of any investigation made by or on behalf of the Indemnitees.

 

(d)              
Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 9 hereof,
to the extent an Indemnitee has been successful on the merits or otherwise, in the defense of any Claim referred to in Section l(a) hereof
or in the defense of any claim, issue or matter therein, such Indemnitee shall be indemnified against all Expenses actually and reasonably
incurred by such Indemnitee in connection herewith.

 

2.                 
Expenses; Indemnification Procedure.

 

(a)              
Advancement of Expenses. Subject to Section 8 and except as prohibited by applicable law, the Company shall advance
all Expenses incurred by an Indemnitee in connection with the investigation, defense, settlement or appeal of any Claim to which such
Indemnitee is a party or is threatened to be made a party by reason of the fact that the Director is or was an Agent of the Company or
by reason of anything done or not done by him or her in any such capacity. The Indemnitee hereby undertakes to promptly repay such amounts
advanced only if, and to the extent that, it shall ultimately be determined that such Indemnitee is not entitled to be indemnified by
the Company under the provisions of this Agreement, the M&A, applicable law or otherwise. The advances to be made hereunder shall
be paid by the Company to the Indemnitee as soon as practicable but in any event no later than thirty (30) days after written demand by
the Indemnitee therefor to the Company.

 

(b)              
Notice/Cooperation by Indemnitee. The Indemnitee shall give the Company notice in writing promptly after receipt
of notice of commencement of any Claim, or the threat of the commencement of any Claim, made against such Indemnitee for which indemnification
will or could be sought under this Agreement. The notice given by such Indemnitee to the Company shall include a brief description of
such Claim for which such advancement is sought. Notice to the Company shall be directed to the Chief Executive Officer of the Company
at the address shown on the signature page of this Agreement (or such other person and/or address as the Company shall designate in writing
to the Indemnitee). The failure of the Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may
have to such Indemnitee under this Agreement or otherwise unless such failure unfairly and materially prejudiced the Company.

 

(c)              
No Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create
a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined
that indemnification is not permitted by applicable law.

 

(d)              
Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 2(b)
hereof, the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt written notice of the
commencement of such Claim to the insurers in accordance with the procedures set forth in each of the policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of
such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies.

 

    3 

     

    

 

(e)              
 Selection of Counsel. In the event the Company shall be obligated hereunder to pay the Expenses of any Claim, the
Company shall be entitled to assume the defense of such Claim, with legal counsel reasonably approved by the Indemnitee, which approval
shall not be unreasonably withheld, upon the delivery to such Indemnitee of written notice of its election to do so. After delivery of
such notice, approval of such legal counsel by the Indemnitee and the retention of such legal counsel by the Company, the Company will
not be liable to such Indemnitee under this Agreement for any fees of counsel subsequently incurred by such Indemnitee with respect to
the same Claim; provided that, (i) the Indemnitee shall have the right to employ such Indemnitee’s legal counsel in any such Claim
at the Indemnitee’s expense; (ii) the Indemnitee shall have the right to employ its own legal counsel in connection with any such
proceeding, at the expense of the Company, if such legal counsel serves in a review, observer, advice and counseling capacity and does
not otherwise materially control or participate in the defense of such proceeding; and (iii) if (A) the employment of legal counsel by
the Indemnitee has been previously authorized by the Company, (B) such Indemnitee shall have reasonably concluded that there is a conflict
of interest between the Company and such Indemnitee in the conduct of any such defense, or (C) the Company shall not in fact continue
to retain such legal counsel to defend such Claim, then the fees and expenses of the Indemnitee’s legal counsel shall be at the
expense of the Company.

 

3.                 
Additional Indemnification Rights; Non-exclusivity.

 

(a)              
Scope. The Company hereby agrees to indemnify the Director to the fullest extent permitted by law (except as provided
in Section 8) and the M&A with respect to Claims for Indemnification Events, even if such indemnification is not specifically authorized
by the other provisions of this Agreement or any other agreement, or by statute. In the event of any change after the date of this Agreement
in any applicable law, statute or rule which expands the right of a Cayman Islands company to indemnify a member of its board of directors
or an officer, it is the intent of the parties hereto that Indemnitees shall enjoy by this Agreement the greater benefits afforded by
such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Cayman Islands company to
indemnify a member of its board of directors or an officer, such change, to the extent not otherwise required by such law, statute or
rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder except
as set forth in Section 8 hereof.

 

(b)              
Non-exclusivity. Notwithstanding anything in this Agreement, the indemnification provided by this Agreement shall
be in addition to any rights to which the Indemnitees may be entitled under the M&A, any agreement, any vote of shareholders or disinterested
directors, the laws of the Cayman Islands, or otherwise. Notwithstanding anything in this Agreement, the indemnification provided under
this Agreement shall continue as to each Indemnitee for any action the Director took or did not take while serving in an indemnified capacity
even though such Director may have ceased to serve in such capacity and such indemnification shall inure to the benefit of each Indemnitee
from and after the Director’s first day of service as a director with the Company or affiliation with a director from and after
the date the Director commences services as a director with the Company.

 

4.                  No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim
made against any Indemnitee to the extent such Indemnitee has otherwise actually received payment (under any insurance policy, the
M&A or otherwise) of the amounts otherwise indemnifiable hereunder.

 

    4 

     

    

 

5.                 
Partial Indemnification. If any Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for any portion of Expenses incurred, or judgments, fines, penalties and amounts paid in settlement (if, and only if, such settlement
is approved in advance by the Company, which approval shall not be unreasonably withheld) in connection with any Claim, but not, however,
for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such expenses to which such
Indemnitee is entitled.

 

6.                 
Mutual Acknowledgement. The Company and each Indemnitee acknowledge that in certain instances, applicable law or public
policy may prohibit the Company from indemnifying its directors, officers, employees, controlling persons, agents or fiduciaries under
this Agreement or otherwise.

 

7.                 
Liability Insurance. To the extent the Company maintains liability insurance applicable to directors, officers, fiduciaries
or agents, the Director shall be covered by such policies in such a manner as to provide the Indemnitee the same rights and benefits as
are accorded to the most favorably insured of the Company’s directors, officers, fiduciaries or agents.

 

8.                 
Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the
terms of this Agreement:

 

(a)              
Claims Initiated by Indemnitee. To indemnify or advance expenses to either Indemnitee with respect to Claims initiated
or brought voluntarily by such Indemnitee and not by way of defense, except (i) with respect to actions or proceedings brought to establish
or enforce a right to indemnification under this Agreement, any other agreement, insurance policy, the M&A, or any applicable laws,
or (ii) in specific cases if the Company has joined in or the board of directors of the Company has approved the initiation or bringing
of such Claim, in respect of each of (i) and (ii) regardless of whether such Indemnitee ultimately is determined to be entitled to such
indemnification, advance expense payment or insurance recovery, as the case may be;

 

(b)              
Claims Under Section 16(b). To indemnify either Indemnitee for expenses and the payment of profits or an accounting
thereof arising from the purchase and sale by such Indemnitee of securities in violation the provisions of Section 16(b) of the Securities
Exchange Act of 1934, as amended, or any similar provisions of any international, federal, state or local statutory law;

 

(c)              
Unauthorized Settlements. To indemnify the Indemnitees hereunder for any amounts paid in settlement of a proceeding
unless the Company consents in advance in writing to such settlement, which consent shall not be unreasonably withheld;

 

(d)               Unlawful
Indemnification. To indemnify an Indemnitee if a final decision by a court having jurisdiction in the matter shall determine
that such indemnification is not lawful. In this respect, the Company and the Indemnitees have been advised that the Securities and
Exchange Commission takes the position that indemnification for liabilities arising under securities laws is against public policy
and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication;

 

    5 

     

    

 

(e)              
Fraud. To indemnify an Indemnitee if a final decision by a court having jurisdiction in the matter shall determine
that the Indemnitee has committed fraud on the Company;

 

(f)               
Lack of Good Faith. To indemnify an Indemnitee for any expenses incurred by such Indemnitee with respect to any proceeding
instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material
assertions made by such Indemnitee in the proceeding was not made in good faith or was frivolous;

 

(g)              
Insurance. To indemnify an Indemnitee for which payment is actually made to such Indemnitee under a valid and collectible
insurance policy of the Company; or

 

(h)              
Company Contracts. To indemnify an Indemnitee with respect to any Claim related to any dispute or breach arising
under any contract or similar obligation between the Company and such Indemnitee.

 

9.                 
Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the
Company against the Director, the Director’s estate, spouse, heirs, executors or personal or legal representatives after the expiration
of five (5) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such five (5) year period; provided, however, that if
any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

10.             
Construction of Certain Phrases.

 

(a)              
For purposes of this Agreement, references to the “Company” shall include, in addition to the resulting
corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if
its separate existence had continued, would have had power and authority to indemnify its directors and officers, so that if the Director
is or was or may be deemed a director or officer of such constituent corporation, or is or was or may be deemed to be serving at the request
of such constituent corporation as a director or officer of another corporation, partnership, joint venture, employee benefit plan, trust
or other enterprise, each Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting
or surviving corporation as the Director would have with respect to such constituent corporation if its separate existence had continued.

 

(b)              
For the purposes of this Agreement, references to “IPO” shall have the meaning ascribed to it in the
M&A.

 

11.             
Counterparts and Facsimile. This Agreement may be executed in one or more counterparts, each of which shall constitute
an original. This Agreement may also be executed and delivered by facsimile or other electronic signature and in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

    6 

     

    

 

12.             
Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably
satisfactory to each Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect with respect to
Claims relating to Indemnification Events regardless of whether any Indemnitee continues to serve as a director or officer of the Company
or of any other enterprise, including subsidiaries of the Company, at the Company’s request.

 

13.             
Attorneys’ Fees. Subject to Section 8 and except as prohibited by applicable law, in the event that any action is
instituted by an Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to enforce or interpret
any of the terms hereof or thereof, such Indemnitee shall be entitled to be paid all Expenses actually and reasonably incurred by such
Indemnitee with respect to such action if such Indemnitee is ultimately successful in such action. In the event of an action instituted
by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, the Indemnitee shall
be entitled to be paid Expenses actually and reasonably incurred by such Indemnitee in defense of such action (including costs and expenses
incurred with respect to the Indemnitee counterclaims and cross-claims made in such action), and shall be entitled to the advancement
of Expenses with respect to such action, in each case only to the extent that such Indemnitee is ultimately successful in such action.

 

14.             
Notice. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when
given, and shall in any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal
service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after the
business day of deposit with Federal Express or similar overnight courier, freight prepaid, or (d) one (1) day after the business day
of delivery by facsimile transmission or electronic mail, if deliverable by facsimile transmission or electronic mail, with copy by first
class mail, postage prepaid, and shall be addressed if to Indemnitee, at the Director’s and the Investor’s addresses as set
forth beneath their signatures to this Agreement and if to the Company at the address of its principal corporate offices (attention: Chief
Executive Officer), or at such other address as such party may designate by ten (10) days’ advance written notice to the other party
hereto.

 

15.              Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including, without limitations, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to
give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

    7 

     

    

 

16.             
Choice of Law and Dispute Resolutions.

 

(a)              
This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of the Hong Kong
Special Administrative Region (“Hong Kong”), without regard to the conflict of laws principles thereof.

 

(b)              
Any dispute, controversy or claim arising out of, in connection with or relating to this Agreement, including the interpretation,
validity, invalidity, breach or termination thereof, shall be settled by arbitration.

 

(c)              
The arbitration shall be conducted in Hong Kong under the Hong Kong International Arbitration Centre Administered Arbitration
Rules in force when the Notice of Arbitration is submitted in accordance with the said Rules. The arbitration tribunal shall consist of
three arbitrators to be appointed by Hong Kong International Arbitration Centre. The arbitration shall be conducted in the Chinese language.

 

(d)              
Each party shall cooperate with the other in making full disclosure of and providing complete access to all information
and documents requested by the other in connection with such arbitration proceedings, subject only to any doctrine of legal privilege
or any confidentiality obligations binding on such party.

 

(e)              
The costs of arbitration shall be borne by the losing party, unless otherwise determined by the arbitration tribunal.

 

(f)               
When any dispute occurs and when any dispute is under arbitration, except for the matters in dispute, the parties shall
continue to fulfill their respective obligations and shall be entitled to exercise their rights under this Agreement.

 

(g)              
The award of the arbitration tribunal shall be final and binding upon the parties, and the prevailing party may apply to
a court of competent jurisdiction for enforcement of such award.

 

(h)              
Regardless of anything else contained herein, any party shall be entitled to seek preliminary injunctive relief from any
court of competent jurisdiction pending the conclusion of the arbitration.

 

(i)                 In
order to facilitate the comprehensive resolution of related disputes, and upon request of any party to the arbitration proceeding,
the arbitration tribunal may consolidate the arbitration proceeding with any other arbitration proceeding(s) involving any of the
parties relating to this Agreement or any other Transaction Documents (as defined in the Series B Preferred Share Subscription
Agreement signed by and among the Company, the Investor and certain other parties thereto on July 8, 2019) in connection therewith.
The arbitration tribunal shall not consolidate such arbitrations unless it determines that (i) there are issues of fact or law
common to the two proceedings so that a consolidated proceeding would be more efficient than separate proceedings, and (ii) no party
would be prejudiced as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this
question by the arbitration tribunal constituted hereunder and the tribunal(s) constituted under any of the Transaction Agreements,
the ruling of the tribunal constituted under this Agreement shall prevail.

 

    8 

     

    

 

17.             
Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of the Indemnitees who each shall execute all documents required and shall do all acts that may be necessary
to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

 

18.             
Amendment and Termination. Except as provided in Section 21, no amendment, modification, termination or cancellation of
this Agreement shall be effective unless it is in writing signed by the parties to be bound thereby. Notice of same shall be provided
to all parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

19.             
No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving the Indemnitees
any right to be retained in the employment or service of the Company or any of its subsidiaries.

 

20.             
Corporate Authority. The board of directors of the Company and its shareholders in accordance with Cayman Islands law have
approved the terms of this Agreement.

 

21.             
Termination of Agreement. This Agreement shall terminate and be of no further force or effect upon (i) the Director ceases
to be a director of the Company due to any reason, or (ii) the Investor is no longer entitled to appoint a director of the Company, whichever
occurs earlier; provided that each Indemnitee will be entitled to all of the benefits and rights accorded such party under this Agreement
with respect to any Claims for any Indemnification Events arising or related to events, circumstances and actions or omissions which have
occurred or alleged and to have occurred prior to the termination of this Agreement.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK.]

 

    9 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Indemnification Agreement on and as of the date first above written.

 

	COMPANY:	Perfect Corp.

 

	 	a Cayman Islands company

 

		By:	/s/ Alice H. Chang

	 	Name: Alice H. Chang
	 	Title: Director

 

[Signature page to Indemnification Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Indemnification Agreement on and as of the date first above written.

 

	DIRECTOR:	As Individual:

 

	 	Jianmei Lyu (吕健美)

 

 

	 	/s/ Jianmei Lyu
	 	Address: [•]

 

[Signature page to Indemnification Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Indemnification Agreement on and as of the date first above written.

 

	INVESTOR:	Taobao China Holding Limited

 

		By:	/s/ Lei JIN

	 	Name: Lei JIN
	 	Title: Authorized Signatory

 

[Signature page to Indemnification Agreement]

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