8-K
TGE Value Creative Solutions Corp (BEBE)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):December 18, 2025
TGE Value Creative Solutions Corp
(Exact name of registrant as specified in itscharter)
| Cayman Islands | 001-43025 | N/A |
|---|---|---|
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of incorporation) | Identification No.) |
| 66 rue Jean-Jacques Rousseau75001 Paris, France | 75001 |
|---|---|
| (Address of principal executive offices) | (Zip Code) |
+33 (0) 1 7673 2800
(Registrant’s telephone number, includingarea code)
Not Applicable
(Former name or former address, if changed sincelast report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | BEBE U | New York Stock Exchange |
| Class A ordinary shares, par value $0.0001 per share | BEBE | New York Stock Exchange |
| Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | BEBE WS | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement
On December 22, 2025, TGE Value Creative Solutions Corp (the “Company”) consummated its initial public offering (the “IPO”) of 15,000,000 units (the “Units”). Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (an “Ordinary Share”), and one-half of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to certain adjustments. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $150,000,000.
In connection with the IPO, the Company entered into the following agreements and documents, the forms of which were previously filed as exhibits to the Company’s registration statement (File No. 333-289690):
| ● | Underwriting Agreement, dated December 18, 2025, between the Company and Cohen & Company Capital Markets. |
|---|---|
| ● | Warrant Agreement, dated December 18, 2025, between the Company and Continental Stock Transfer & Trust Company, as warrant agent. |
| --- | --- |
| ● | Letter Agreement, dated December 18, 2025, among the Company, the TGE SpiderNet Capital Group LLC (the “Sponsor”) and the other parties thereto. |
| --- | --- |
| ● | Investment Management Trust Agreement, dated December 18, 2025, between the Company and Continental Stock Transfer & Trust Company, as trustee. |
| --- | --- |
| ● | Registration Rights Agreement, dated December 18, 2025, among the Company, the Sponsor, Cohen & Company Capital Markets and certain other security holders named therein. |
| --- | --- |
| ● | Administrative Services Agreement, dated December 18, 2025, between the Company and the Sponsor. |
| --- | --- |
| ● | Private Placement Warrants Purchase Agreement, dated December 18, 2025, between the Company and the Sponsor. |
| --- | --- |
| ● | Indemnity Agreement, dated December 18, 2025, between the Company and Feridun Hamdullahpur. |
| ● | Indemnity Agreement, dated December 18, 2025, between the Company and Joanne Shoveller. |
| --- | --- |
| ● | Indemnity Agreement, dated December 18, 2025, between the Company and Samuel Chau. |
| --- | --- |
| ● | Indemnity Agreement, dated December 18, 2025, between the Company and Xavier Zee. |
| --- | --- |
The above descriptions are qualified in their entirety by reference to the full text of the applicable agreement, each of which is incorporated by reference herein and attached hereto as exhibits.
Item 3.02. Unregistered Sales of Equity Securities
Substantially concurrently with the closing of the IPO, the Sponsor, the Company’s sponsor, purchased 5,300,000 warrants at a price of $0.50 per warrant and Cohen & Company Capital Markets, the underwriter of the IPO, purchased 1,764,706 warrants at a price of $0.85 per warrant (each a “Private Placement Warrant”), generating aggregate gross proceeds to the Company of $4,150,000. Each Private Placement Warrant is exercisable to purchase one Class A ordinary share at $11.50 per share. The Private Placement Warrants are identical to the warrants sold as part of the Units in the IPO except that the Private Placement Warrants: (1) will not be redeemable by the Company; (2) may not (and the Ordinary Shares issuable upon exercise of the Private Placement Warrants may not), subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of the Company’s initial business combination; (3) may be exercised by the holders on a cashless basis; and (4) are entitled to registration rights (including in respect of the Ordinary Shares issuable upon exercise of the Private Placement Warrants).
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Item 5.03. Amendments to Articles of Incorporation or Bylaws.
**** In connection with the IPO, the second amended and restated memorandum and articles of association of the Company became effective on December 18, 2025, a copy of which is attached as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 8.01. Other Events.
A total of $150,000,000, comprised of proceeds from the IPO and the sale of the Private Placement Warrants, were placed in a U.S.-based trust account at East West Bank, maintained by Continental Stock Transfer & Trust Company, acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its income taxes and up to $100,000 to pay dissolution expenses, if any, the funds held in the trust account will not be released from the trust account until the earliest to occur of: (1) the completion of the Company’s initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend the Company’s second amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 100% of its public shares if the Company does not complete its initial business combination within 24 months from the closing of the IPO or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of the Company’s public shares if the Company has not completed its initial business combination within 24 months from the closing of the IPO, subject to applicable law.
On December 18, 2025, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the pricing of the IPO.
On December 2, 2025, the Company issued a press release, a copy of which is attached as Exhibit 99.2 to this Current Report on Form 8-K, announcing the closing of the IPO.
Item 9.01. Financial Statements andExhibits.
(d) Exhibits. The following exhibits are filed with this Form 8-K:
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TGE Value Creative Solutions Corp | |||
|---|---|---|---|
| Date: December 29, 2025 | By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | ||
| Title: | Co-Chairperson |
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Exhibit1.1
ExecutionVersion
UNDERWRITING AGREEMENT
between
TGE VALUE CREATIVE SOLUTIONS CORP
and
COHEN & COMPANY CAPITAL MARKETS,
ADIVISION OF COHEN & COMPANY SECURITIES, LLC,
asUnderwriter
Dated:December 18, 2025
UNDERWRITING AGREEMENT
New York, New York, December 18, 2025
Cohen & Company Capital Markets,
a division of Cohen & Company Securities, LLC
3 Columbus Circle, 24^th^ Floor
New York, NY 10019
As Underwriter
Ladies and Gentlemen:
The undersigned, TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), hereby confirms its agreement with Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (the “Underwriter”) as follows:
1. Purchase and Sale of Securities.
| 1.1 | Firm<br> Securities. |
|---|
1.1.1 Purchase of Firm Units. On the basis of the representations and warranties contained herein, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriter and the Underwriter agrees to purchase from the Company an aggregate of 15,000,000 units (the “Firm Units”) of the Company, at a purchase price (net of discounts and commissions and the Deferred Underwriting Commission described in Section 1.3 below) of $9.80 per Firm Unit. The Firm Units are to be offered initially to the public (the “Offering”) at the offering price of $10.00 per Firm Unit. Each Firm Unit consists of one (1) Class A ordinary share (“Ordinary Share”), $0.0001 par value per share, of the Company (the “PublicShares”), and one-half (1/2) of one redeemable warrant (the “Warrant”), which Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share upon consummation of a Business Combination (as defined below). The Ordinary Shares and the Warrants included in the Firm Units will trade separately on the fifty-second (52nd) day following the date hereof (or if such date is not a Business Day (as defined in Section 1.1.2), the following Business Day) unless the Underwriter determines to allow earlier separate trading. Notwithstanding the immediately preceding sentence, in no event will the Ordinary Shares and the Warrants included in the Firm Units trade separately until (i) the Company has filed with the Securities and Exchange Commission (the “Commission”) a Current Report on Form 8-K that includes an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the Offering and the Warrant Private Placement (as defined in Section 1.4.2) and updated financial information with respect to any proceeds the Company receives from the exercise of the Over-allotment Option (as defined in Section 1.2.1) if such option is exercised prior to the filing of the Current Report on Form 8-K, and (ii) the Company has issued a press release announcing when such separate trading will begin.
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1.1.2 Payment and Delivery. Delivery and payment for the Firm Units shall be made at 10:00 a.m., New York City time, on the first (1st) Business Day (as defined below) following the commencement of trading of the Units (as defined in Section 1.2.1), or at such earlier time as shall be agreed upon by the Underwriter and the Company, at the offices of Han Kun Law Offices LLP, counsel to the Underwriter (“Han Kun”), or at such other place as shall be agreed upon by the Underwriter and the Company. The hour and date of delivery and payment for the Firm Units are called the “Closing Date.” Payment for the Firm Units shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable as follows: $150,000,000, or $172,500,000 if the Underwriter’s over-allotment option is exercised in full ($10.00 per unit in either case) of the proceeds received by the Company for the Firm Units and the sale of the Placement Warrants (as defined in Section 1.4.2) shall be deposited in the trust account (the “TrustAccount”) established by the Company for the benefit of the Public Shareholders (as defined below), as described in the Registration Statement (as defined in Section 2.1.1) pursuant to the terms of an Investment Management Trust Agreement (the “TrustAgreement”) between the Company and Continental Stock Transfer & Trust Company (“Continental”). The funds deposited in the Trust Account shall include an aggregate of $6,000,000 ($0.40 per Firm Unit), up to which amount shall be payable to the Underwriter as Deferred Underwriting Commission in accordance with Section 1.3.2 hereof. The remaining proceeds received by the Company for the Firm Units and the sale of the Placement Warrants (less commissions and actual expense payments or other fees payable pursuant to this Agreement), if any, shall be paid to the order of the Company upon delivery to the Underwriter of certificates (in form and substance satisfactory to the Underwriter) representing the Firm Units (or through the facilities of The Depository Trust Company (“DTC”)) for the account of the Underwriters. The Firm Units shall be registered in such name or names and in such authorized denominations as the Underwriter may request in writing at least two (2) full Business Days prior to the Closing Date. If delivery is not made through the facilities of DTC, the Company will permit the Underwriter to examine and package the Firm Units for delivery, at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver any of the Firm Units except upon tender of payment by the Underwriter for all the Firm Units. As used herein, the term “PublicShareholders” means the holders of Ordinary Shares sold as part of the Units in the Offering or acquired in the aftermarket, including the Sponsor (as defined in Section 1.4.1) and any officer or director of the Company, to the extent, he, she or it acquires such Ordinary Shares in the aftermarket (and solely with respect to such Ordinary Shares). “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; provided, however, that for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home,” “shelter-in-place,” “non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York are generally open for use by customers on such day.
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| 1.2 | Over-Allotment<br> Option. |
|---|
1.2.1 Option Units. The Underwriter is hereby granted an option (the “Over-allotment Option”) to purchase up to an additional 2,250,000 units (the “Option Units”), the net proceeds of which will be deposited in the Trust Account, solely for the purposes of covering any over-allotments, if any, in connection with the distribution and sale of the Firm Units. Such Option Units shall be identical in all respects to the Firm Units. The Firm Units and the Option Units are hereinafter collectively referred to as the “Units,” and the Units, the Ordinary Shares and the Warrants included in the Units, and the Ordinary Shares issuable upon exercise of the Warrants are hereinafter referred to collectively as the “Public Securities.” No Option Units shall be sold or delivered unless the Firm Units previously have been, or simultaneously are, sold and delivered. The right to purchase the Option Units, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Underwriter to the Company. The purchase price to be paid for each Option Unit will be the same price per Firm Unit set forth in Section 1.1.1 hereof.
1.2.2 Exercise of Option. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Underwriter as to all (at any time) or any part (from time to time) of the Option Units within forty-five (45) days after the effective date (“EffectiveDate”) of the Registration Statement. The Underwriter will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Underwriter, which must be confirmed in accordance with Section 9.1 herein setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later than five (5) full Business Days after the date of the notice or such other time and in such other manner as shall be agreed upon by the Company and the Underwriter, at the offices of Han Kun or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Underwriter. If such delivery and payment for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriter, and, subject to the terms and conditions set forth herein, the Underwriter will become obligated to purchase, the number of Option Units specified in such notice.
1.2.3 Payment and Delivery. Payment for the Option Units shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, payable as follows: $9.80 per Option Unit shall be deposited in the Trust Account pursuant to the Trust Agreement upon delivery to the Underwriter of certificates (in form and substance satisfactory to the Underwriter) representing the Option Units (or through the facilities of DTC) for the account of the Underwriter. The amount of the payments for the Option Units to be deposited in the Trust Account will include $0.40 per Option Unit (up to $900,000), payable to the Underwriter, as Deferred Underwriting Commission, in accordance with Section 1.3.2 hereof. The certificates representing the Option Units to be delivered will be in such denominations and registered in such names as the Underwriter request in writing not less than two (2) full Business Days prior to the Closing Date or the Option Closing Date, as the case may be, and will be made available to the Underwriter for inspection, checking and packaging at the aforesaid office of the Company’s transfer agent or correspondent not less than one (1) full Business Day prior to such Closing Date. The Company shall not be obligated to sell or deliver the Option Units except upon tender of payment by the Underwriter for applicable Option Units.
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| 1.3 | Underwriting<br> Discount and Deferred Underwriting Commission. |
|---|
1.3.1 Underwriting Discount. The Company agrees that there will be an underwriting discount of 2.0%, of which 1.0% will be paid in cash at the closing of the Offering, and the remaining 1.0% will be invested in the purchase of Placement Warrants on the Closing Date pursuant to the Underwriter Warrant Purchase Agreement (as defined in Section 2.21.3).
1.3.2 Deferred Underwriting Commission. The Underwriter agrees that (i) 4.0% of the gross proceeds from the sale of the Firm Units ($6,000,000) and 4.0% of the gross proceeds from the sale of the Option Units (up to $900,000), if any (collectively, the “Deferred UnderwritingCommission”), will be deposited and held in the Trust Account and up to which amount(s) shall be payable directly from the Trust Account, without accrued interest, to the Underwriter for its own account and the account of the Underwriter upon the consummation of the initial Business Combination (such consummation, the “Specified Event”), subject, in each case, to the reductions provided for in this Section 1.3.2. The Trust Agreement shall provide that the Trustee is required to obtain a written instruction signed by the Company and acknowledged by the Underwriter with respect to the transfer of the funds held in the Trust Account, including the payment of the Deferred Underwriting Commission from the Trust Account, prior to commencing any liquidation of the assets of the Trust Account in connection with the consummation of a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more entities (the “Business Combination”), and such provision of the Trust Agreement shall not be permitted to be amended without the prior written consent of the Underwriter. In the event that the Company is unable to consummate a Business Combination and Continental, as the trustee of the Trust Account (in this context, the “Trustee”), commences liquidation of the Trust Account as provided in the Trust Agreement, the Underwriter agrees that (i) it shall forfeit any rights or claims to the Deferred Underwriting Commission, including any accrued interest thereon; and (ii) the Deferred Underwriting Commission, together with all other amounts on deposit in the Trust Account, shall be distributed on a pro rata basis among the Public Shareholders. The Underwriter shall have the right to agree to any further modifications to the Deferred Underwriting Commission with the Company and any decisions relating to such modifications shall be made upon mutual agreement between the Underwriter and the Company. For the avoidance of doubt, the obligations of the Underwriter under this Agreement shall be fully satisfied upon the payment of the purchase price for the Public Securities purchased by the Underwriter on the Closing Date or Option Closing Date, and the Underwriter shall be entitled to the Deferred Underwriting Commission without any further conditions except for those set forth above and below. Notwithstanding anything to the contrary in this Agreement, the Underwriter may at any time prior to the Specified Event and in its sole and absolute discretion, by written notice to the Company, elect to forfeit any right or claim to its Deferred Underwriting Commission, in which case the Company agrees to instruct the Trustee not to pay the Underwriter its Deferred Underwriting Commission upon the occurrence of a Specified Event. The Underwriter agrees that the Deferred Underwriting Commission will be based on, and paid out of, funds available in the Trust Account after payments made out of the Trust Account to honor redemption rights of the Public Shareholders. The Underwriter further agrees that the Deferred Underwriting Commission shall be decreased by $0.40 for every Ordinary Share for which a Public Shareholder exercises its redemption rights in connection with or prior to the Specified Event.
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| 1.4 | Private<br> Placements. |
|---|
1.4.1 Founder Shares. On or around July 16, 2025, the Company issued an aggregate of 5,750,000 Class B ordinary shares of the Company (the “Founder Shares”) in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), for a total subscription price of $25,000 to TGE SpiderNet Capital Group LLC, a Cayman Islands limited liability company (the “Sponsor”). Prior to the offering, the Sponsor intends to transfer an aggregate of up to 718,750 Founder Shares to certain directors, officers and employees of the Company, the Sponsor or affiliates thereof (together with the Sponsor, the “Initial Shareholders”). Up to 93,750 shares of these 718,750 shares will be subject to forfeiture in the event the Underwriter’s over-allotment option is not exercised. No underwriting discounts, commissions or placement fees have been or will be payable in connection with the purchase of Founder Shares. The Founder Shares are subject to transfer restrictions described in the Registration Statement. The holders of Founder Shares shall have no right to any liquidating distributions with respect to any portion of the Founder Shares in the event the Company fails to consummate a Business Combination. The holders of the Founder Shares shall not have redemption rights with respect to the Founder Shares. In the event that the Over-allotment Option is not exercised in full, the Sponsor will be required to forfeit a number of Founder Shares so that the Founder Shares then outstanding will comprise 25% of the issued and outstanding Public Shares after giving effect to the Offering and exercise, if any, of the Over- allotment Option (excluding the Placement Warrants as defined below).
1.4.2 Warrant Private Placement. On the Closing Date, the Sponsor will purchase from the Company an aggregate of 5,300,000 private placement warrants (the “Sponsor Placement Warrants”) (or up to an aggregate of 5,750,000 Sponsor Placement Warrants if the Over-allotment Option is exercised in full) at a price of $0.5 per warrant, and the Underwriter will purchase from the Company an aggregate of 1,764,706 private placement warrants (the “Underwriter Placement Warrants”, together with the Sponsor Placement Warrants, the “Placement Warrants”) (or up to an aggregate of 2,029,412 Underwriter Placement Warrants if the Over-allotment Option is exercised in full) at a price of $0.85 per warrant, each Placement Warrant is exercisable to purchase one Ordinary Share at $11.50 per share, in a private placement intended to be exempt from registration under the Act pursuant to Section 4(a)(2) of the Act that will close simultaneously with the closing of the offering. The private placement of the Placement Warrants to the Sponsor and Underwriter is referred to herein as the “Warrant Private Placement.” Certain proceeds from the sale of the Placement Warrants may be deposited into the Trust Account. None of the Placement Warrants may be sold, assigned or transferred by the Sponsor, the Underwriter or their permitted transferees until thirty (30) days after consummation of a Business Combination. The Underwriter acknowledges and agrees that the Placement Warrants acquired by the Underwriter pursuant to the Underwriter Warrant Purchase Agreement (as defined in Section 2.21.3) will be deemed compensation by FINRA and will therefore be subject to lock-up for a period of one hundred and eighty (180) days beginning on the date of commencement of sales of the Offering, subject to certain limited exceptions, pursuant to FINRA Rule 5110(e). Accordingly, the Placement Warrants acquired by the Underwriter pursuant to the Underwriter Warrant Purchase Agreement may not be sold, transferred, assigned, pledged or hypothecated nor may they be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for one hundred and eighty (180) days beginning on the date of commencement of sales of the Offering, except to any FINRA member participating in the Offering and the officers, partners, registered persons or affiliates thereof, if all securities so transferred remain subject to the lock-up restriction for the remainder of the time period.
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1.4.3 No underwriting discounts, commissions, or placement fees have been or will be payable in connection with the Placement Warrants sold in the Warrant Private Placement. The Placement Warrants are identical to the Warrants except that (i) none of the Placement Warrants will be transferable, assignable or salable until thirty (30) days after the consummation of a Business Combination except to permitted transferees and (ii) will be entitled to registration rights. The Public Securities, the Placement Warrants, and the Founder Shares are hereinafter referred to collectively as the “Securities.”
1.5 Working Capital. Upon consummation of the Offering and the Warrant Private Placement, it is intended that up to $500,000 (or $500,000 if the Over-allotment Option is exercised in full) of the proceeds from the Offering and the Warrant Private Placement will be released to the Company and held outside of the Trust Account to fund the working capital requirements of the Company. In the event that the Offering expenses are less than $650,000, the amount of funds available outside of the Trust Account to fund the working capital requirements of the Company would increase by a corresponding amount.
1.6 Interest Income. Prior to the Company’s consummation of a Business Combination or the Company’s liquidation, interest earned on the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to (i) pay any taxes, other than excise taxes, payable by the Company, and (ii) pay up to $100,000 for dissolution expenses, all as more fully described in the Prospectus (as defined in Section 2.1.1). Additionally, all permitted withdrawals can only be made from interest and not from the principal held in the Trust Account.
- Representationsand Warranties of the Company. The Company represents and warrants to the Underwriter as follows:
| 2.1 | Filing<br> of Registration Statement. |
|---|
2.1.1 Pursuant to the Act. The Company has filed with the Commission a registration statement and an amendment or amendments thereto, on Form S-1, including any related preliminary prospectus (“Preliminary Prospectus”), including any prospectus that is included in the Registration Statement immediately prior to the effectiveness of the Registration Statement, for the registration of the offer and sale of the Public Securities under the Act, which registration statement and amendment or amendments have been prepared by the Company in conformity with the requirements of the Act, and the rules and regulations (the “Regulations”) of the Commission under the Act. The conditions for use of Form S-1 to register the Offering under the Act, as set forth in the General Instructions to such Form, have been satisfied. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of such time pursuant to Rule 430A of the Regulations), is hereinafter called the “Registration Statement,” and the form of the final prospectus dated the Effective Date included in the Registration Statement (or, if applicable, the form of final prospectus containing information permitted to be omitted at the time of effectiveness by Rule 430A of the Regulations, filed by the Company with the Commission pursuant to Rule 424 of the Regulations), is hereinafter called the “Prospectus.” For the purposes of this Agreement, “Time of Sale,” as used in the Act, means 5:45 p.m. New York City time, on the date of this Agreement. Prior to the Time of Sale, the Company prepared a Preliminary Prospectus, which was included in the Registration Statement filed on December 4, 2025, for distribution by the Underwriter (such Preliminary Prospectus used most recently prior to the Time of Sale, the “Sale Preliminary Prospectus”). Unless otherwise specified, any reference herein to the term “Registration Statement” shall be deemed to include any Registration Statement filed pursuant to Rule 462(b) under the Act registering additional securities (a “Rule 462(b) Registration Statement”). Other than a Rule 462(b) Registration Statement and the Form 8-A registration statement referred to below in Section 2.1.2, which, if filed, becomes effective upon filing, no other document with respect to the Registration Statement has been filed with the Commission. The offer and sale of all Public Securities have been registered under the Act pursuant to the Registration Statement. The Registration Statement has been declared effective by the Commission on the date hereof. If, subsequent to the date of this Agreement, the Company or the Underwriter determine that at the Time of Sale, the Sale Preliminary Prospectus includes an untrue statement of a material fact or omits a statement of material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and the Company and the Underwriter agree to provide an opportunity to purchasers of the Units to terminate their old purchase contracts and enter into new purchase contracts, then the Sale Preliminary Prospectus will be deemed to include any additional information available to purchasers at the time of entry into the first such new purchase contract.
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2.1.2 Pursuant to the Exchange Act. The Company has filed with the Commission a Registration Statement on Form 8-A providing for the registration under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of the Units, the Public Shares and the Warrants. The registration of the Units, the Public Shares and the Warrants under the Exchange Act has been declared effective by the Commission on the date hereof and the Units have been registered pursuant to Section 12(b) of the Exchange Act.
2.1.3 No Stop Orders, Etc. Neither the Commission nor, to the Company’s knowledge, assuming reasonable inquiry, any federal, state or other regulatory authority has issued any order or threatened to issue any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus, the Sale Preliminary Prospectus or Prospectus or any part thereof, or has instituted or, to the Company’s knowledge, assuming reasonable inquiry, threatened to institute any proceedings with respect to such an order.
| 2.2 | Disclosures<br> in Registration Statement. |
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2.2.1 10b-5 Representation. At the time of effectiveness of the Registration Statement (or at the time of any post-effective amendment to the Registration Statement) and at all times subsequent thereto up to the Closing Date and the Option Closing Date, if any, the Registration Statement, the Sale Preliminary Prospectus and the Prospectus contained and will contain all material statements that are required to be stated therein in accordance with the Act and the Regulations, and did or will, in all material respects, conform to the requirements of the Act and the Regulations. The Registration Statement, as of the Effective Date, did not, and the amendments and supplements thereto, as of their respective dates, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading. The Prospectus, as of its date and the Closing Date or the Option Closing Date, as the case may be, did not and will not, and the amendments and supplements thereto, as of their respective dates, will not, include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Sale Preliminary Prospectus, as of the Time of Sale (or such subsequent Time of Sale pursuant to Section 2.1.1), did not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. When any Preliminary Prospectus or the Sale Preliminary Prospectus was first filed with the Commission (whether filed as part of the Registration Statement for the registration of the Public Securities or any amendment thereto or pursuant to Rule 424(a) of the Regulations) and when any amendment thereof or supplement thereto was first filed with the Commission, such Preliminary Prospectus or the Sale Preliminary Prospectus and any amendments thereof and supplements thereto complied or will have been corrected in the Sale Preliminary Prospectus and the Prospectus to comply in all material respects with the applicable provisions of the Act and the Regulations and did not and will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representation and warranty made in this Section 2.2.1 does not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriter by the Underwriter expressly for use in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of the Underwriter consists solely of the following: the name of the Underwriter, the information with respect to dealers’ concessions and reallowances contained in the section entitled “Underwriting,” the information with respect to short positions and stabilizing transactions contained in the section entitled “Underwriting” and the identity of counsel to the Underwriter contained in the section entitled “Legal Matters” (such information, collectively, the “Underwriter’s Information”).
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2.2.2 Disclosure of Agreements. The agreements and documents described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus conform to the descriptions thereof contained therein in all material respects and there are no agreements or other documents required to be described in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which its property or business is or may be bound or affected and (i) that is referred to in the Registration Statement, Sale Preliminary Prospectus or the Prospectus or attached as an exhibit thereto, or (ii) that is material to the Company’s business, has been duly authorized and validly executed by the Company, is in full force and effect and is enforceable against the Company and, to the Company’s knowledge, assuming reasonable inquiry, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (y) as enforceability of any indemnification or contribution provision may be limited under the foreign, federal and state securities laws; and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought, and no such agreement or instrument has been assigned by the Company, and neither the Company nor, to the Company’s knowledge, assuming reasonable inquiry, any other party is in breach or default thereunder and, to the Company’s knowledge, assuming reasonable inquiry, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a breach or default thereunder. To the Company’s knowledge, assuming reasonable inquiry, the performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.
2.2.3 Prior Securities Transactions. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company since the date of the Company’s formation, except as disclosed in the Registration Statement.
2.2.4 Regulations. The disclosures in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus concerning the effects of federal, foreign, state and local regulation on the Company’s business as currently contemplated are correct in all material respects and do not omit to state a material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading.
| 2.3 | Changes<br> After Dates in Registration Statement. |
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2.3.1 No Material Adverse Change. Since the respective dates as of which information is given in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, except as otherwise specifically stated therein, (i) there has been no material adverse change in the condition, financial or otherwise, or business prospects of the Company, (ii) there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement, (iii) no member of the Company’s board of directors (the “Board of Directors”) or management has resigned from any position with the Company and (iv) no event or occurrence has taken place which materially impairs, or would likely materially impair, with the passage of time, the ability of the members of the Board of Directors or management to act in their capacities with the Company as described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus.
2.3.2 Recent Securities Transactions. Subsequent to the respective dates as of which information is given in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, and except as may otherwise be indicated or contemplated herein or therein, the Company has not (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its share capital.
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2.4 Independent Registered Public Accounting Firm. To the Company’s knowledge, Assentsure PAC, PC (“Assentsure”), whose report is filed with the Commission as part of, and is included in, the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus, is an independent registered public accounting firm as required by the Act, the Regulations and the Public Company Accounting Oversight Board (the “PCAOB”), including the rules and regulations promulgated by such entity. To the Company’s knowledge, Assentsure is currently registered with the PCAOB. Assentsure has not, during the periods covered by the financial statements included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.
| 2.5 | Financial<br> Statements; Statistical Data. |
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2.5.1 Financial Statements. The financial statements, including the notes thereto and supporting schedules (if any) included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus fairly present the financial position, the results of operations and the cash flows of the Company at the dates and for the periods to which they apply; such financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”), consistently applied throughout the periods involved; and the supporting schedules included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus present fairly the information required to be stated therein in conformity with the Regulations. No other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus. The Registration Statement, the Sale Preliminary Prospectus and the Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company’s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. There are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus in accordance with Regulation S-X or Form S-1 that have not been included as required.
2.5.2 Statistical Data. The statistical, industry-related and market-related data included in the Registration Statement, the Sale Preliminary Prospectus and/or the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate, and such data materially agree with the sources from which they are derived.
2.6 Authorized Capital; Options. The Company had at the date or dates indicated in each of the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus, as the case may be, duly authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus. Based on the assumptions stated in the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus, the Company will have on the Closing Date or on the Option Closing Date, as the case may be, the adjusted share capitalization set forth therein. Except as set forth in, or contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, on the Effective Date and on the Closing Date or Option Closing Date, as the case may be, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized but unissued Ordinary Shares or any security convertible into Ordinary Shares, or any contracts or commitments to issue or sell Ordinary Shares or any such options, warrants, rights or convertible securities.
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| 2.7 | Valid<br> Issuance of Securities. |
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2.7.1 Outstanding Securities. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities was issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized and outstanding securities of the Company conform in all material respects to all statements relating thereto contained in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus. All offers and sales and any transfers of the outstanding securities of the Company were at all relevant times either registered under the Act and the applicable state securities or Blue Sky laws or, based in part on the representations and warranties of the purchasers of such securities, exempt from such registration requirements.
2.7.2 Securities Sold Pursuant to this Agreement. The Public Securities have been duly authorized and reserved for issuance and when issued and paid for in accordance with this Agreement, will be validly issued, and the Ordinary Shares will be fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Public Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities has been duly and validly taken. The form of certificates for the Public Securities conform to the corporate law of the jurisdiction of the Company’s incorporation (if any) and applicable securities laws. The Public Securities conform in all material respects to the descriptions thereof contained in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, as the case may be.
2.7.3 Placement Warrants. The Placement Warrants have been duly authorized and reserved for issuance and when issued and paid for in accordance with the Purchase Agreements, will be validly issued; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Placement Warrants are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Placement Warrants has been duly and validly taken.
2.7.4 No Integration. Neither the Company nor any of its affiliates has, prior to the date hereof, made any offer or sale of any securities which are required to be or may be “integrated” pursuant to the Act or the Regulations with the Offering.
2.8 Registration Rights of Third Parties. Except as set forth in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.
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2.9 Validity and Binding Effect of Agreements. This Agreement, the Trust Agreement, the Insider Letter (as defined in Section 2.21.1), the Services Agreement (as defined in Section 2.21.4), the Registration Rights Agreement (as defined in Section 2.21.5), the Warrant Agreement (as defined in Section 2.23) and the Purchase Agreements and (collectively with this Agreement, the “Transaction Documents”) have been duly and validly authorized by the Company and, when executed and delivered, will constitute the valid and binding agreements of the Company, enforceable against the Company in accordance with their respective terms, except (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) with respect to this Agreement only, as enforceability of any indemnification or contribution provision may be limited under the foreign, federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.
2.10 No Conflicts, Etc. The execution, delivery, and performance by the Company of the Transaction Documents, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both, (i) result in a breach or violation of, or conflict with any of the terms and provisions of, or constitute a default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its property is subject except pursuant to the Trust Agreement; (ii) result in any violation of the provisions of the Second Amended and Restated Memorandum and Articles of Association, as may be amended from time to time, of the Company (the “Charter Documents”); or (iii) violate any existing applicable statute, law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties, assets or business constituted as of the date hereof.
2.11 No Defaults; Violations. No default or violation exists in the due performance and observance of any term, covenant or condition of any license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except for any such default or violation that would not have a Material Adverse Effect (as defined in Section 2.15). The Company is not (a) in violation of any term or provision of its Charter Documents or (b) in violation of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except in the case of clause (b) above for any such violation that would not have a Material Adverse Effect.
2.12 Corporate Power; Licenses; Consents.
2.12.1 Conduct of Business. The Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus. The disclosures in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus concerning the effects of foreign, federal, state and local regulation on the Offering and the Company’s business purpose as currently contemplated are correct in all material respects and do not omit 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. Since its formation, the Company has conducted no business and has incurred no liabilities other than in connection with its formation and in furtherance of the Offering or as otherwise described in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, as applicable.
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2.12.2 Transactions Contemplated Herein. The Company has all requisite corporate power and authority to enter into the Transaction Documents and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection herewith and therewith have been obtained. No consent, authorization, or order of, and no filing with, any court, government agency or other body, foreign or domestic, is required for the valid issuance, sale and delivery, of the Securities and the consummation of the transactions and agreements contemplated by the Transaction Documents and as contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, except with respect to applicable foreign, federal and state securities laws, the rules of The New York Stock Exchange (“NYSE”) and the rules and regulations promulgated by FINRA.
2.12.3 Jurisdiction and Designation. The Company has the power to submit, and pursuant to Section 9.7 of this Agreement has, to the extent permitted by law, legally, validly, effectively and irrevocably submitted, to the jurisdiction of any New York State or United States Federal court sitting in the City of New York, Borough of Manhattan.
2.13 D&O Questionnaires. To the Company’s knowledge, assuming reasonable inquiry, all information contained in the questionnaires (“Questionnaires”) completed by each of the Company’s officers, directors and shareholders as of the date hereof (together with the Sponsor, the “Insiders”) and provided to the Underwriter and its counsel and the biographies of the Insiders and other persons contained in the Registration Statement, Sale Preliminary Prospectus and the Prospectus (to the extent a biography is contained) is true and correct in all material respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate, incorrect or incomplete.
2.14 Litigation; Governmental Proceedings. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending, or to the Company’s knowledge, assuming reasonable inquiry, threatened against or involving the Company or, to the Company’s knowledge, assuming reasonable inquiry, any Insider or any shareholder or member of an Insider that has not been disclosed, that is required to be disclosed, in the Registration Statement, the Sale Preliminary Prospectus, the Prospectus or the Questionnaires.
2.15 Good Standing. The Company has been duly incorporated and is validly existing and is in good standing under the laws of its jurisdiction of incorporation. The Company is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a material adverse effect on the condition (financial or otherwise), earnings, assets, prospects, business, operations or properties of the Company, whether or not arising from transactions in the ordinary course of business (a “Material AdverseEffect”).
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2.16 No Contemplation of a Business Combination. As of the date of this Agreement, the Company has not selected any specific Business Combination target (each a “Target Business”) and it has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly with any Target Business.
2.17 Transactions Requiring Disclosure to FINRA.
2.17.1 Finder’s Fees. Except as disclosed in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a brokerage commission or finder’s, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or to the Company’s knowledge, assuming reasonable inquiry, any Insider that may affect the Underwriter’s compensation, as defined by FINRA.
2.17.2 Payments Within 180 Days. The Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder’s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; or (ii) to the Company’s knowledge, any “participating member,” as defined in FINRA Rule 5110(j)(15), (a “Participating Member”), with respect to the Offering, within the 180-day period prior to the initial filing of the Registration Statement, other than any prior payments to the Underwriter in connection with the Offering. The Company has not issued any warrants or other securities, or granted any options, directly or indirectly, to any Participating Member within the 180-day period prior to the initial filing date of the Registration Statement. No person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Registration Statement has any relationship or affiliation or association with any Participating Member. Except with respect to the Underwriter in connection with the Offering, the Company has not entered into any agreement or arrangement (including, without limitation, any consulting agreement or any other type of agreement) during the 180-day period prior to the initial filing date of the Registration Statement with the Commission, which arrangement or agreement provides for the receipt of any “underwriting compensation” as defined in FINRA Rule 5110, by any Participating Member.
2.17.3 FINRA Affiliation. Except as disclosed in the FINRA Questionnaires provided to the Underwriter, to the Company’s knowledge, no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s unregistered securities (whether debt or equity, registered or unregistered, regardless of the time acquired or the source from which derived) has any direct or indirect affiliation or association with any Participating Member (as defined in accordance with the rules and regulations of FINRA). The Company will advise the Underwriter and Han Kun if it learns that any officer or director or any direct or indirect beneficial owner (including the Insiders) is or becomes an affiliate or associated person of a Participating Member.
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2.17.4 Share Ownership. Except as disclosed in the FINRA Questionnaires provided to the Underwriter, to the Company’s knowledge, no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s unregistered securities is an owner of shares or other securities of any Participating Member (other than securities purchased on the open market).
2.17.5 Loans. To the Company’s knowledge, no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s unregistered securities has made a subordinated loan to any Participating Member in the Offering.
2.17.6 Proceeds of the Offering. Except as disclosed in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, no proceeds from the sale of the Public Securities (excluding underwriting compensation) or the Placement Warrants, will be paid to any Participating Member, except as specifically authorized herein.
2.17.7 Conflicts of Interest. To the Company’s knowledge, assuming reasonable inquiry, no Participating Member in the Offering has a conflict of interest with the Company. For this purpose, a “conflict of interest” exists when a Participating Member and/or its associated persons, parent or affiliates in the aggregate beneficially own 10% or more of the Company’s outstanding common equity or 10% or more of the Company’s preferred equity.
2.18 Taxes.
2.18.1 There are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of any U.S. state or any political subdivision of the United States, or under the laws of any non-U.S. jurisdiction, required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale by the Company of the Public Securities.
2.18.2 The Company has filed all U.S. federal, state and local, and non-U.S., tax returns required to be filed with taxing authorities prior to the date hereof in a timely manner or has duly obtained extensions of time for the filing thereof. The Company has paid all taxes shown as due on such returns that were filed and has paid all taxes imposed on it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable. In the case of each of the foregoing, except where the failure to file or pay, as applicable, would not have a Material Adverse Effect. The Company has made appropriate provisions in the applicable financial statements referred to in Section 2.5.1 above in respect of all federal, state, local and foreign income and franchise taxes for all current or prior periods as to which the tax liability of the Company has not been finally determined.
2.19 Foreign Corrupt Practices Act; Anti-Money Laundering; Patriot Act.
2.19.1 Foreign Corrupt Practices Act. Neither the Company nor to the Company’s knowledge, assuming reasonable inquiry, any of the Insiders or any other person acting on behalf of the Company has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if not given in the past, might have had a Material Adverse Effect; or (iii) if not continued in the future, might adversely affect the assets, business or operations of the Company. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.
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2.19.2 Currency and Foreign Transactions Reporting Act. The operations of the Company are and have been conducted at all times in compliance with (i) the requirements of the U.S. Treasury Department Office of Foreign Asset Control and (ii) applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transaction Reporting Act of 1970, as amended, including the Money Laundering Control Act of 1986, as amended, the rules and regulations thereunder and any related or similar money laundering statutes, rules, regulations or guidelines, issued, administered or enforced by any Federal governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened.
2.19.3 Patriot Act. Neither the Company nor to the Company’s knowledge, assuming reasonable inquiry, any Insider has violated the Bank Secrecy Act of 1970, as amended, or the Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and/or the rules and regulations promulgated under any such law, or any successor law.
2.20 Officers’ Certificate. Any certificate signed by any duly authorized officer of the Company in connection with the Offering and delivered to the Underwriter or to Han Kun shall be deemed a representation and warranty by the Company to the Underwriter as to the matters covered thereby.
2.21 Agreements With Insiders.
2.21.1 Insider Letter. The Company has caused to be duly executed a legally binding and enforceable agreement (except (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification, contribution or non-compete provision may be limited under foreign, federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought), a form of which is annexed as an exhibit to the Registration Statement (the “Insider Letter”), pursuant to which each of the Insiders of the Company agree to certain matters. The Insider Letter shall not be amended, modified or otherwise changed without the prior written consent of the Underwriter, which consent shall not be unreasonably delayed, conditioned or withheld by the Underwriter.
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2.21.2 Sponsor Warrant Purchase Agreement. The Company and the Sponsor have executed and delivered a Warrant Purchase Agreement, the form of which is annexed as an exhibit to the Registration Statement (the “Sponsor Purchase Agreement”), pursuant to which the Sponsor will, among other things, on the Closing Date consummate the purchase of and deliver the purchase price for the Placement Warrants to be sold to the Sponsor as provided in the Sponsor Purchase Agreement. Pursuant to the Insider Letter, the Sponsor has waived any and all rights and claims it may have to any proceeds, and any interest thereon, held in the Trust Account in respect of the Placement Warrants. Certain proceeds from the sale of the Placement Warrants will be deposited by the Company in the Trust Account in accordance with the terms of the Trust Agreement on the Closing Date as provided for in the Sponsor Purchase Agreement
2.21.3 Underwriter Warrant Purchase Agreement. The Company and the Underwriter have executed and delivered a Warrant Purchase Agreement, the form of which is annexed as an exhibit to the Registration Statement (the “Underwriter Warrant Purchase Agreement,” and together with the Sponsor Purchase Agreement, the “Purchase Agreements”), pursuant to which the Underwriter will, among other things, on the Closing Date and on the Option Closing Date, if any, consummate the purchase of and deliver the purchase price for the Placement Warrants to be sold to the Underwriter as provided in the Underwriter Warrant Purchase Agreement. Certain proceeds from the sale of the Placement Warrants will be deposited by the Company in the Trust Account in accordance with the terms of the Trust Agreement on the Closing Date and on the Option Closing Date, if any, as provided for in the Underwriter Warrant Purchase Agreement.
2.21.4 Administrative Services. The Company and the Sponsor have entered into an agreement (“Services Agreement”) substantially in the form annexed as an exhibit to the Registration Statement, pursuant to which an affiliate of the Sponsor will make available to the Company office space, utilities, and secretarial and administrative support for $2,500 per month, and the Company will reimburse the Sponsor for any reasonable and documented out-of-pocket expenses related to identifying, investigating and completing a Business Combination. Upon completion of the Business Combination, the Company will cease paying such monthly fees.
2.21.5 Registration Rights Agreement. The Company, the Sponsor and the Underwriter have entered into a Registration Rights Agreement (“Registration Rights Agreement”) substantially in the form annexed as an exhibit to the Registration Statement, whereby such parties will be entitled to certain registration rights with respect to the securities they hold or may hold, as set forth in such Registration Rights Agreement and described more fully in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus.
2.21.6 Loans. The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $250,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2025 and the consummation of the Offering.
2.22 Investment Management Trust Agreement. The Company has entered into the Trust Agreement with respect to certain proceeds of the Offering and the Warrant Private Placement substantially in the form annexed as an exhibit to the Registration Statement.
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2.23 Warrant Agreement. The Company has entered into a warrant agreement with respect to the Warrant to be issued by the Company with Continental substantially in the form filed as an exhibit to the Registration Statement (the “Warrant Agreement”).
2.24 No Existing Non-Competition Agreements. To the Company’s knowledge, no Insider is subject to any non-competition agreement or non-solicitation agreement with any employer or prior employer which could materially affect his ability to be an employee, officer and/or director of the Company, except as disclosed in the Registration Statement.
2.25 Investments. No more than 45% of the “value” (as defined in Section 2(a)(41) of the Investment Company Act of 1940, as amended (the “Investment Company Act”)) of the Company’s total assets consist of, and no more than 45% of the Company’s net income after taxes is derived from, securities other than “government securities” (as defined in Section 2(a)(16) of the Investment Company Act) or money market funds meeting the conditions of Rule 2a-7 of the Investment Company Act.
2.26 Investment Company Act. The Company is not required, and upon the issuance and sale of the Securities as herein contemplated and the application of the net proceeds therefrom as described in the Sale Preliminary Prospectus and the Prospectus will not be required, to register as an “investment company” under the Investment Company Act.
2.27 Subsidiaries. The Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust or other business entity.
2.28 Related Party Transactions. No relationship, direct or indirect, exists between or among the Company, on the one hand, and any Insider, on the other hand, which is required by the Act, the Exchange Act or the Regulations to be described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus which is not so described as required. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business), or guarantees of indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of their respective family members, except as disclosed in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus. The Company has not extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any director or officer of the Company.
2.29 No Influence. The Company has not offered, or caused the Underwriter to offer, the Firm Units to any person or entity with the intention of unlawfully influencing (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer’s or supplier’s level or type of business with the Company or such affiliate or (b) a journalist or publication to write or publish favorable information about the Company or any such affiliate.
2.30 Sarbanes-Oxley. The Company is, and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), and the rules and regulations promulgated thereunder and related or similar rules or regulations promulgated by any governmental or self-regulatory entity or agency, that are applicable to it as of the date hereof.
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2.31 Distribution of Offering Material by the Company. The Company has not distributed and will not distribute, prior to the later of the Closing Date and the completion of the distribution of the Units, any offering material in connection with the offering and sale of the Units other than the Sale Preliminary Prospectus and the Prospectus, in each case as supplemented and amended.
2.32 NYSE Listing. The Public Securities have been authorized for listing, subject to official notice of issuance and evidence of satisfactory distribution, on the NYSE and the Company knows of no reason or set of facts that is likely to adversely affect such authorization.
2.33 Board of Directors. As of the Effective Date, the Board of Directors of the Company will be comprised of the persons set forth as “Directors” or “Director nominees” under the heading of the Sale Preliminary Prospectus and the Prospectus captioned “Management.” As of the Effective Date, the qualifications of the persons serving as board members and the overall composition of the board will comply with Sarbanes-Oxley and the rules promulgated thereunder and the rules of NYSE that are, in each case, applicable to the Company. As of the Effective Date, the Company will have an Audit Committee that satisfies the applicable requirements under Sarbanes-Oxley and the rules promulgated thereunder and the rules of NYSE, subject to the permitted phase-in requirements under the rules of NYSE.
2.34 Emerging Growth Company. From its formation through the date hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Act (an “Emerging Growth Company”).
2.35 No Disqualification Events. Neither the Company, nor any of its predecessors or any affiliated issuer, nor any director, executive officer, or other officer of the Company participating in the Offering, nor any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Act) connected with the Company in any capacity at the Time of Sale (each, a “Company Covered Person” and, together, “Company Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Underwriter a copy of any disclosures provided thereunder.
2.36 Free-Writing Prospectus and Testing-the-Waters. The Company has not made any offer relating to the Public Securities that would constitute an issuer free writing prospectus, as defined in Rule 433 under the Act, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405 under the Act. The Company: (a) has not engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Underwriter with entities that are qualified institutional buyers within the meaning of Rule 144A under the Act or institutions that are accredited investors within the meaning of Rule 501(a) of Regulation D under the Act and (b) has not authorized anyone to engage in Testing-the-Waters Communications other than its officers and the Underwriter and individuals engaged by the Underwriter. The Company has not distributed any written Testing-the-Waters Communications other than those listed on Schedule A hereto. “Testing-the-Waters Communication” means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act.
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2.37 No Fee Arrangements. As of the date hereof, the Company has not entered into any agreement, written or oral, pursuant to which the Company will be obligated to pay any Insider or an affiliate of any Insider a consulting, finder or success fees for assisting the Company in consummating a Business Combination.
3. Covenants of the Company. The Company covenants and agrees as follows:
3.1 Amendments to Registration Statement. The Company will deliver to the Underwriter, prior to filing, any amendment or supplement to the Registration Statement, any Preliminary Prospectus or the Prospectus proposed to be filed after the Effective Date and the Company shall not file any such amendment or supplement to which the Underwriter reasonably objects in writing.
| 3.2 | Federal<br> Securities Laws. |
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3.2.1 Compliance. During the time when a Prospectus is required to be delivered under the Act, the Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Act, the Regulations, and the Exchange Act, and by the regulations under the Exchange Act, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities in accordance with the provisions hereof and the Sale Preliminary Prospectus and the Prospectus. If at any time when a Prospectus relating to the Securities is required to be delivered under the Act, any event shall have occurred as a result of which, in the opinion of counsel for the Company or counsel for the Underwriter, the Prospectus, as then amended or supplemented, includes an 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 the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Prospectus to comply with the Act, the Company will notify the Underwriter promptly and prepare and file with the Commission, subject to Section 3.1 hereof, an appropriate amendment or supplement in accordance with Section 10 of the Act.
3.2.2 Filing of Final Prospectus. The Company will file the Prospectus (in form and substance satisfactory to the Underwriter) with the Commission pursuant to the requirements of Rule 424 of the Regulations.
3.2.3 Exchange Act Registration. The Company will use its commercially reasonable efforts to maintain the registration of the Ordinary Shares (and Warrants prior to consummation of the Business Combination) under the provisions of the Exchange Act (except in connection with a going-private transaction) for a period of five (5) years from the Effective Date, or until the Company is required to be liquidated or is acquired, if earlier. The Company will not deregister the Ordinary Shares (and Warrants prior to consummation of the Business Combination) under the Exchange Act (except in connection with a going private transaction after the completion of a Business Combination) without the prior written consent of the Underwriter.
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3.2.4 Exchange Act Filings. From the Effective Date until the earlier of the Company’s initial Business Combination, or its liquidation and dissolution, the Company shall timely file with the Commission via the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”) such statements and reports as are required to be filed by a company registered under Section 12(b) of the Exchange Act.
3.2.5 Sarbanes-Oxley Compliance. As soon as it is legally required to do so, the Company shall take all actions necessary to obtain and thereafter maintain material compliance with each applicable provision of Sarbanes-Oxley and the rules and regulations promulgated thereunder and related or similar rules and regulations promulgated by any other governmental or self-regulatory entity or agency with jurisdiction over the Company.
3.3 Free-Writing Prospectus. The Company agrees that it will not make any offer relating to the Public Securities that would constitute an issuer free writing prospectus, as defined in Rule 433 under the Act, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405 under the Act, without the prior consent of the Underwriter.
3.4 Delivery to Underwriters of Prospectuses. The Company will deliver to the Underwriter, without charge and from time to time during the period when the Prospectus is required to be delivered under the Act or the Exchange Act, such number of copies of each of the Preliminary Prospectus and the Prospectus as the Underwriter may reasonably request and, as soon as the Registration Statement or any amendment or supplement thereto becomes effective, deliver to the Underwriter, upon their request, two manually executed Registration Statements, including exhibits, and all post-effective amendments thereto and copies of all exhibits filed therewith or incorporated therein by reference and all manually executed consents of certified experts.
3.5 Effectiveness and Events Requiring Notice to the Underwriter. The Company will use its commercially reasonable efforts to cause the Registration Statement to remain effective and will notify the Underwriter immediately and confirm the notice in writing (i) of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or preventing or suspending the use of any Preliminary Prospectus or the Prospectus or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any foreign or state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event that, in the reasonable judgment of the Company, makes any statement of a material fact made in the Registration Statement or the Prospectus untrue or that requires the making of any changes in the Registration Statement or the Prospectus in order to make the statements therein, and in the light of the circumstances under which they were made, not misleading. If the Commission or any foreign or state securities commission shall enter a stop order or suspend such qualification at any time, the Company will make every reasonable effort to obtain promptly the lifting of such order.
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| 3.6 | Affiliated<br> Transactions. |
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3.6.1 Business Combinations. In the event the Company seeks to consummate a Business Combination with any entity that is affiliated with any Insider, the Company, or a committee of its independent directors, shall obtain an opinion from an independent investment banking firm that is a member of FINRA, or from an independent accounting firm, that the Business Combination is fair to the Company from a financial point of view.
3.6.2 Compensation to Insiders. Except as disclosed in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, the Company shall not pay any of the Insiders or any of their affiliates any fees or compensation from the Company, for services rendered to the Company prior to, or in connection with, the consummation of a Business Combination.
| 3.7 | [Reserved.] |
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3.8 Reports to the Underwriter. For a period of five (5) years from the Effective Date or until such earlier time upon which the Company is required to be liquidated or is no longer required to file reports under the Exchange Act, the Company will furnish to the Underwriter and their counsel copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities, and promptly furnish to the Underwriter (i) a copy of each periodic report the Company shall be required to file with the Commission, (ii) a copy of every press release and every news item and article with respect to the Company or its affairs that was released by the Company, (iii) a copy of each Current Report on Form 8-K or Schedules 13D, 13G, 14D-1 or 13E-4 received or prepared by the Company, (iv) two (2) copies of each registration statement filed by the Company with the Commission under the Act, and (v) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Underwriter may from time to time reasonably request; provided the Underwriter shall sign, if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Underwriter and its counsel in connection with the Underwriter’s receipt of such information. Documents filed or furnished with the Commission pursuant to its EDGAR system shall be deemed to have been delivered to the Underwriter pursuant to this Section 3.8.
3.9 Transfer Agent. For a period of five (5) years following the Effective Date or until such earlier time upon which the Company is required to be liquidated, the Company shall retain a transfer agent acceptable to the Underwriter. Continental is acceptable to the Underwriter. Until the consummation of the Business Combination or until such earlier time upon which the Company is required to be liquidated, the Company shall retain a rights agent.
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3.10 Payment of Expenses. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at the Closing Date, all Company expenses incident to the performance of the obligations of the Company under this Agreement, including but not limited to (i) the Company’s legal and accounting fees and disbursements; (ii) the preparation, printing, filing, mailing and delivery (including the payment of postage with respect to such mailing) of the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, including any pre- or post-effective amendments or supplements thereto, and the printing and mailing of this Agreement and related documents, including the cost of all copies thereof and any amendments thereof or supplements thereto supplied to the Underwriter in quantities as may be required by the Underwriter; (iii) fees incurred in connection with conducting background checks of the Company’s management team, up to a maximum of $3,500 per U.S. person and $4,000 per non-U.S. person; (iv) the preparation, printing, engraving, issuance and delivery of the Units, the Ordinary Shares and the Warrants included in the Units, including any transfer or other taxes payable thereon; (v) filing fees incurred in registering the Offering with FINRA and the reasonable fees of counsel of the Underwriter in connection therewith and including, without limitation, fees associated with qualifying the Offering under the “Blue Sky” laws of any states specified by the Underwriter; (vi) fees, costs and expenses incurred in listing the Securities on the NYSE or such other stock exchanges as the Company and the Underwriter together determine; (vii) all fees and disbursements of the transfer and rights agent; (viii) all of the Company’s expenses associated with “due diligence” and “road show” meetings arranged by the Underwriter and any presentations made available by way of a net roadshow, including without limitation, trips for the Company’s management to meet with prospective investors, all travel, food and lodging expenses associated with such trips incurred by the Company or such management; and (ix) all other documented out-of-pocket costs and expenses customarily borne by an issuer incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 3.10, provided that the expenses paid on behalf of or reimbursed to the Underwriter shall not exceed $75,000 in the aggregate. If the Offering is consummated, the Underwriter may deduct from the net proceeds of the Offering payable to the Company on the Closing Date the expenses set forth above (which shall be mutually agreed upon between the Company and the Underwriter prior to the Closing Date) to be paid by the Company to the Underwriter and others.
3.11 Application of Net Proceeds. The Company will apply the net proceeds from the Offering and the Warrant Private Placement received by it in a manner consistent in all material respects with the application described under the caption “Use of Proceeds” in the Prospectus.
3.12 Delivery of Earnings Statements to Security Holders. The Company will make generally available to its security holders as soon as practicable an earnings statement (which need not be certified by an independent registered public accounting firm unless required by the Act or the Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Act) covering a period of at least twelve (12) consecutive months beginning after the Effective Date.
3.13 Notice to FINRA.
3.13.1 Notice to the Underwriter. For a period of sixty (60) days after the date of the Prospectus, in the event any person or entity (regardless of any FINRA affiliation or association) is engaged, in writing, to assist the Company in its search for a Target Business or to provide any other services in connection therewith, the Company will provide the following to the Underwriter prior to the consummation of the Business Combination: (i) complete details of all services and copies of agreements governing such services, and (ii) justification as to why the person or entity providing the merger and acquisition services should not be considered a Participating Member with respect to the Offering, as such term is defined in FINRA Rule 5110. The Company also agrees that, if required by law, proper disclosure of such arrangement or potential arrangement will be made in the tender offer documents or proxy statement which the Company will file with the Commission in connection with the Business Combination.
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3.13.2 FINRA. The Company shall advise the Underwriter if it is aware that any 10% or greater shareholder of the Company becomes an affiliate or associated person of a Participating Member.
3.13.3 Broker/Dealer. In the event the Company intends to register as a broker/dealer, merge with or acquire a registered broker/dealer, or otherwise become a member of FINRA, it shall promptly notify FINRA.
3.14 Stabilization. Neither the Company, nor to its knowledge, any of its employees, directors or shareholders (without the consent of the Underwriter) has taken, and the Company will not take, and has directed its employees, directors or shareholders to not take, directly or indirectly, any action without the consent of the Underwriter that is designed to or that has constituted or that might reasonably be expected to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Units.
3.15 Existing Lock-Up Agreement. The Company will use its reasonable best efforts to enforce all existing agreements between the Company and any of its security holders that prohibit the sale, transfer, assignment, pledge or hypothecation of any of the Securities in connection with the Offering. In addition, the Company will direct the Company’s transfer agent to place stop transfer restrictions upon any such Securities of the Company that are bound by such existing “lock-up” agreements for the duration of the periods contemplated in such agreements.
3.16 Payment of Deferred Underwriting Commission on Business Combination. Upon the occurrence of the Specified Event, the Company agrees that it will cause the Trustee to pay the Deferred Underwriting Commission directly from the Trust Account to the Underwriter, in accordance with Section 1.3.2. The Underwriter shall have no claim to (a) any funds in the Trust Account reserved by the Company and the Trustee for honoring redemption rights of the Public Shareholders or (b) any payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Underwriting Commission.
3.17 Internal Controls. The Company will maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorization, (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
3.18 Accounting Firm. Until the earlier of the consummation of the Company’s initial Business Combination or until such earlier time upon which the Company is required to be liquidated, the Company shall retain Assentsure or another independent registered public accounting firm.
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3.19 Form 8-K. The Company shall, on or prior to the date hereof, retain its independent registered public accounting firm to audit the balance sheet of the Company as of the Closing Date (“Audited Financial Statements”) reflecting the receipt by the Company of the proceeds of the Offering and the Warrant Private Placement. Within four (4) Business Days after the Closing Date, the Company shall file a Current Report on Form 8-K with the Commission, which Report shall contain the Company’s Audited Financial Statements. Promptly after the Option Closing Date, if the Over-allotment Option is exercised after the Closing Date and to the extent not reflected in the Current Report on Form 8-K referenced in the immediately preceding sentence, the Company shall file with the Commission a Current Report on Form 8-K or an amendment to the Form 8-K to provide updated financial information to reflect the exercise of such option.
3.20 Corporate Proceedings. All corporate proceedings and other legal matters necessary to carry out the provisions of this Agreement and the transactions contemplated hereby shall have been effected, except where the failure to do so would not have a Material Adverse Effect.
3.21 Investment Company. The Company shall cause the proceeds of the Offering to be held in the Trust Account to be invested only as provided for in the Trust Agreement and disclosed in the Prospectus. The Company will conduct its business in a manner so that it will not become subject to the Investment Company Act. Furthermore, once the Company consummates a Business Combination, it shall be engaged in a business other than that of investing, reinvesting, owning, holding or trading securities.
3.22 Amendments to Charter Documents. The Company covenants and agrees, that prior to its initial Business Combination, it will not seek to amend or modify its Charter Documents, except in accordance with the procedures set forth therein.
3.23 Press Releases. The Company agrees that it will not issue press releases or engage in any other publicity relating to the Offering or which includes the name of any Underwriter, without the Underwriter’s prior written consent (not to be unreasonably withheld), for a period of twenty-five (25) days after the Closing Date. Notwithstanding the foregoing, in no event shall the Company be prohibited from issuing any press releases or engaging in any other publicity required by law, except that including the name of any Underwriter therein shall require the prior written consent of such Underwriter.
3.24 Insurance. Until the earlier of the consummation of the Company’s initial Business Combination or until such earlier time upon which the Company is required to be liquidated, the Company will maintain directors’ and officers’ insurance (including, without limitation, insurance covering the Company, its directors and officers for liabilities or losses arising in connection with the Offering, including, without limitation, liabilities or losses arising under the Act, the Exchange Act, the Regulations and any applicable foreign securities laws).
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3.25 Electronic Prospectus. The Company shall cause to be prepared and delivered to the Underwriter, at the Company’s expense, promptly, but in no event later than two (2) Business Days from the effective date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term “Electronic Prospectus” means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriter, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Units for at least the period during which a prospectus relating to the Units is required to be delivered under the Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the Electronic Prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriter, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for on-line time).
3.26 Warrant Private Placement Proceeds. On or prior to the Closing Date, the Company shall have caused the applicable proceeds from the Warrant Private Placement to be deposited in the Trust Account pursuant to the terms of the Purchase Agreements.
3.27 Future Financings. The Company agrees that neither it, nor any successor or subsidiary of the Company, will consummate any public or private equity or debt financing prior to the consummation of a Business Combination, unless all investors in such financing expressly waive, in writing, any rights in or claims against the Trust Account.
3.28 Amendments to Certain Agreements. The Company shall not amend, modify or otherwise change the Insider Letter and the Trust Agreement without the prior written consent of the Underwriter, which such consent shall not be unreasonably delayed, conditioned or withheld by the Underwriter. The Trust Agreement shall provide that the Trustee is required to obtain a joint written instruction signed by both the Company and the Underwriter with respect to the transfer of the funds held in the Trust Account from the Trust Account, prior to commencing any liquidation of the assets of the Trust Account in connection with the consummation of any Business Combination, and such provision of the Trust Agreement shall not be permitted to be amended without the prior written consent of the Underwriter.
3.29 Maintenance of Listing on NYSE. Until the consummation of a Business Combination, the Company will use its commercially reasonable efforts to maintain the listing of the Public Securities on NYSE or a national securities exchange acceptable to the Underwriter.
3.30 Reservation of Shares. The Company will reserve and keep available that maximum number of its authorized but unissued securities which are issuable (i) pursuant to the Placement Warrants and (ii) upon conversion of the Founder Shares.
3.31 Notice of Disqualification Events. The Company will notify the Underwriter in writing, prior to the Closing Date, of (i) any Disqualification Event relating to any Company Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Company Covered Person.
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3.32 Reserved.
3.33 Business Combination Securities Disclosure Documents. If any Underwriter that performs any marketing, capital markets advisory or securities placement activities in connection with a Business Combination at the request of the Company pursuant to a separate agreement between such Underwriter and the Company (such Underwriter, a “Business Combination Advisor”) may be deemed, in its sole judgment, to be an underwriter of any securities issued pursuant to any registration statement or tender offer document filed with the Commission in connection with the consummation of the Business Combination by the Company, a Target Business or any direct or indirect parent or subsidiary of any of them (any such issuer or co-issuer, a “Registrant,” and any such securities, the “BusinessCombination Securities”), the Company shall use its commercially reasonable efforts to provide or cause to be provided to such Business Combination Advisor information and access to all persons, properties and documents to the extent necessary for such Business Combination Advisor to complete a due diligence investigation sufficient (in the view of such Business Combination Advisor in its sole discretion) to provide such Business Combination Advisor with a “reasonable due diligence” defense in respect of any claims that could be brought against an underwriter of the applicable Business Combination Securities under federal and state securities laws, rules and regulations, including, without limitation, Section 11 of the Act. As used herein, the term “reasonable due diligence” means a reasonable investigation that provides the investigating person a reasonable ground to believe that at the time of the applicable offer, issuance or distribution of any Business Combination Securities, no registration statement, preliminary or final prospectus, proxy statement, tender offer document or offering memorandum, including, without limitation, any document incorporated by reference into any of the foregoing, or any amendment or supplement to any of the foregoing, or any other marketing document used by any Registrant, filed with or furnished by the Company to the Commission in connection with the Business Combination but excluding any filing under Rule 425 of the Act or Rule 14a-12 of the Exchange Act (each, a “Business Combination Securities Disclosure Document”), in each case relating to such offer, issuance or distribution, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. The Company agrees to use its commercially reasonable efforts to provide to such Business Combination Advisor notice of each filing under Rule 425 of the Act or Rule 14a-12 of the Exchange Act and each other form of public communication about the Business Combination reasonably in advance of such filing or public communication. The Company further covenants that it will use its reasonable best efforts to ensure that any projections provided to such Business Combination Advisor by any Registrant or prepared by any Registrant or any representative of such Registrant (a “Registrant Representative”) and contained in any Business Combination Securities Disclosure Document, in each case, at the time they were prepared, will have been prepared in good faith and will be based upon assumptions which, in light of the circumstances under which they are made, are reasonable.
3.34 Obligations in Connection with Business Combination. If requested in writing by a Business Combination Advisor, if it may be deemed, in its sole judgment, to be an underwriter of any Business Combination Securities, the following shall apply:
3.34.1 Prior to entering into any definitive agreement with respect to the Business Combination (or amendment thereto) and until such time as such Business Combination is consummated:
(a) The Company agrees to notify such Business Combination Advisor with respect to, and to permit such Business Combination Advisor, at its request, to participate in, all diligence sessions with any Registrant or any Registrant Representative and all drafting sessions in respect of any Business Combination Securities Disclosure Document.
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(b) The Company shall provide drafts of all Business Combination Securities Disclosure Documents to such Business Combination Advisor and its legal counsel reasonably in advance of the filing by the Company (or, if such filing is to be made by a Registrant other than the Company, any filing which is required to be approved by the Company) of any Business Combination Securities Disclosure Document with the Commission or the circulation by any Registrant of any Business Combination Securities Disclosure Document to any prospective investor, sufficient to allow such Business Combination Advisor and its legal counsel to request changes determined by them to be reasonably necessary to such Business Combination Securities Disclosure Document before its filing or circulation. The Company shall not permit the filing with or furnishing to the Commission of any Business Combination Securities Disclosure Document without the consent of such Business Combination Advisor, which consent shall not unreasonably be withheld, delayed or conditioned.
3.34.2 Notwithstanding any provision to the contrary herein, the Company agrees that such Business Combination Advisor shall have the right, in connection with its reasonable due diligence under Section 3.33, (i) to retain counsel and other consultants and experts as it may deem necessary or desirable in connection with its reasonable due diligence under Section 3.34.1 (it being understood that the retention of any such consultant or expert or other advisor, other than outside legal counsel, will be made with the prior written approval of the Company, which approval will not be unreasonably withheld, conditioned or delayed); (ii) to use its commercially reasonable efforts to ensure that each counsel to the Company and to any other Registrant provides customary legal opinions and negative assurance letters to such Business Combination Advisor dated as of (x) the date of effectiveness of the Business Combination Securities Disclosure Document, and (y) the date of the shareholder vote to approve the Business Combination, in form and substance reasonably satisfactory to such Business Combination Advisor; (iii) to use its commercially reasonable efforts to ensure that each accounting firm or firms that were retained by the Company or by any other Registrant and that have audited any financial statements set forth in any Business Combination Securities Disclosure Document provide customary “comfort letters” to such Business Combination Advisor dated as of (x) the date of effectiveness of the Business Combination Securities Disclosure Document, and (y) the date of the shareholder vote to approve the Business Combination; and (iv) to take and shall use its reasonable best efforts to take any other actions reasonably requested by such Business Combination Advisor.
3.34.3 In connection with the Business Combination, to the extent the Company retains an unaffiliated party (the “Fairness OpinionProvider”) to prepare a report and provide an opinion (the “Fairness Opinion”) concerning the fairness, from a financial point of view, of the Business Combination to the Company and its unaffiliated shareholders, the Company shall, pursuant to, and in accordance with, applicable law, disclose in reasonable detail in a Business Combination Securities Disclosure Document the results of that report and, as necessary or appropriate, a copy of that report. Each Registrant shall provide the Fairness Opinion Provider with all information and access to persons and documents that the Fairness Opinion Provider deems reasonably necessary and appropriate in connection with the preparation of its Fairness Opinion.
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3.34.4 Prior to the consummation of the Business Combination, the Company shall include in the definitive agreement for the Business Combination (i) a covenant for the assignment and assumption, by the public entity resulting from the initial Business Combination, of all of the Company’s obligations hereunder and (ii) that such Business Combination Advisor may rely on the representations and warranties contained therein as if it were a party thereto. The Company shall use its commercially reasonable efforts to ensure that each Target Business in the Business Combination agrees to deliver to such Business Combination Advisor a certificate of an officer of such Target Business stating that to such officer’s knowledge the representations and warranties made by the Target Business in the definitive agreement for the Business Combination are true and correct as of the date of such certificate, subject to (i) a customary materiality standard, (ii) any applicable carve-out with reference to disclosure included in the Business Combination Securities Disclosure Document and (iii) required adjustments for such representations and warranties that speak as of a specific date. In addition, in connection with the Business Combination, the Company will, and will use its reasonable best efforts to cause each Registrant to, comply in all material respects with (i) the obligations and covenants of the Company which relate to the period following the consummation of the Business Combination set forth in Sections 3 and 5 of this Agreement and (ii) all laws, rules and regulations applicable either to the Registrant and its business activities or to the Business Combination, as such laws, rules and regulations may be in effect at the time of the consummation of the Business Combination.
3.34.5 Nothing herein shall be deemed to require the Underwriter to limit its rights to compensation or to reimbursement of expenses without its express agreement or otherwise to assume any liability other than as may be expressly required under the Act.
3.34.6 The Company acknowledges and agrees that nothing in this Section 3.34 shall be interpreted to obligate the Underwriter to take any action, including by serving as a Business Combination Advisor, or to refrain from taking any action, in connection with the Business Combination and any such actions will be undertaken by the Underwriter, in respect of itself, in its sole discretion.
4. Conditions of Underwriter’s Obligations. The obligations of the Underwriter to purchase and pay for the Units, as provided herein, shall be subject to the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if any, to the accuracy of the statements of officers of the Company made pursuant to the provisions hereof and to the performance in all material respects by the Company of its obligations hereunder and to the following conditions:
| 4.1 | Regulatory<br> Matters. |
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4.1.1 Effectiveness of Registration Statement. The Registration Statement shall have become effective not later than 4:00 p.m., New York time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Underwriter, and, at each of the Closing Date and each Option Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for the purpose shall have been instituted or shall be pending or contemplated by the Commission and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of the Underwriter and Han Kun.
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4.1.2 FINRA Clearance. By the Effective Date, the Underwriter shall have received a letter of no objections from FINRA as to the terms and arrangement and amount of compensation allowable or payable to the Underwriter as described in the Registration Statement.
4.1.3 No Blue Sky Stop Orders. No order suspending the sale of the Units in any jurisdiction designated by the Underwriter pursuant to Section 3.5 hereof shall have been issued on each of the Closing Date or any Option Closing Date, and no proceedings for that purpose shall have been instituted or, to the Company’s knowledge, shall be contemplated.
4.1.4 No Commission Stop Order. At the Closing Date and each Option Closing Date, the Commission has not issued any order or threatened to issue any order preventing or suspending the use of any Preliminary Prospectus, the Prospectus or any part thereof, and has not instituted or, to the Company’s knowledge, assuming reasonable inquiry, threatened to institute any proceedings with respect to such an order.
4.1.5 Approval of Listing on NYSE. The Securities shall have been approved for listing on the NYSE, subject to official notice of issuance and evidence of satisfactory distribution, satisfactory evidence of which shall have been provided to the Underwriter.
| 4.2 | Company<br> Counsel Matters. |
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4.2.1 Closing Date and Option Closing Date Opinions of Counsels. On the Closing Date and each Option Closing Date, if any, the Underwriter shall have received the favorable opinions and negative assurance statements of Skadden, Arps, Slate, Meagher & Flom LLP and Conyers Dill & Pearman Pte. Ltd., dated the Closing Date or each Option Closing Date, as the case may be, addressed to the Underwriter, and in substantially the form attached hereto as Exhibits A and B, respectively. On the Closing Date and each Option Closing Date, the Underwriter shall have received the favorable opinion and negative assurance statement of Han Kun, dated the Closing Date, addressed to the Underwriter.
4.2.2 Reliance. In rendering such opinions, such counsels may rely as to matters of fact, to the extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments of various jurisdictions having custody of documents respecting the corporate existence or good standing of the Company, provided that copies of any such statements or certificates shall be delivered to the Underwriter’s counsel if requested.
4.3 Comfort Letter. At the time this Agreement is executed, and at the Closing Date and Option Closing Date, if any, the Underwriter shall have received a letter, addressed to the Underwriter and in form and substance satisfactory in all respects (including the non-material nature of the changes or decreases, if any, referred to in Section 4.3.3 below) to the Underwriter, from Assentsure dated, respectively, as of the date of this Agreement and as of the Closing Date and Option Closing Date, if any:
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4.3.1 Confirming that they are an independent registered public accounting firm with respect to the Company within the meaning of the Act and the applicable Regulations and that they have not, during the periods covered by the financial statements included in the Registration Statement, Preliminary Prospectus, Sale Preliminary Prospectus and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act;
4.3.2 Stating that in their opinion the financial statements of the Company included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus comply as to form in all material respects with the applicable accounting requirements of the Act and the published Regulations thereunder;
4.3.3 Stating that, on the basis of their review, which included a reading of the latest available unaudited interim financial statements of the Company (with an indication of the date of the latest available unaudited interim financial statements), a reading of the latest available minutes of the shareholders and Board of Directors and the various committees of the Board of Directors, consultations with officers and other employees of the Company responsible for financial and accounting matters and other specified procedures and inquiries, nothing has come to their attention that would lead them to believe that (a) the unaudited financial statements of the Company included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus do not comply as to form in all material respects with the applicable accounting requirements of the Act and the Regulations or are not fairly presented in conformity with GAAP applied on a basis substantially consistent with that of the audited financial statements of the Company included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus; or (b) at a date not later than five (5) days prior to the Effective Date, Closing Date or Option Closing Date, as the case may be, there was any change in the share capital or long-term debt of the Company, or any decrease in the shareholders’ equity of the Company as compared with amounts shown in the most recent balance sheet included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, other than as set forth in or contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus or, if there was any decrease, setting forth the amount of such decrease; and (c) during the period from the most recent balance sheet included in the Registration Statement to a specified date not later than five (5) days prior to the Effective Date, Closing Date or any Option Closing Date, as the case may be, there was any decrease in revenues, net earnings or net earnings per Ordinary Share, in each case as compared with the corresponding period in the preceding year and as compared with the corresponding period in the preceding quarter, other than as set forth in or contemplated by the Registration Statement the Sale Preliminary Prospectus and the Prospectus, or, if there was any such decrease, setting forth the amount of such decrease;
4.3.4 Stating that they have compared specific dollar amounts, numbers of shares, percentages of revenues and earnings, statements and other financial information pertaining to the Company set forth in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus in each case to the extent that such amounts, numbers, percentages, statements and information may be derived from the general accounting records, including work sheets, of the Company and excluding any questions requiring an interpretation by legal counsel, with the results obtained from the application of specified readings, inquiries and other appropriate procedures (which procedures do not constitute an examination in accordance with generally accepted auditing standards) set forth in the letter and found them to be in agreement;
4.3.5 Stating that they have not, since the Company’s incorporation, brought to the attention of the Company’s management any reportable condition related to internal structure, design or operation as defined in the Statement on Auditing Standards No. 60 “Communication of Internal Control Structure Related Matters Noted in an Audit,” in the Company’s internal controls; and
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4.3.6 Statements as to such other matters incident to the transaction contemplated hereby as the Underwriter or Han Kun may reasonably request, including (i) that Assentsure is registered with the PCAOB; (ii) that Assentsure has sufficient assets and insurance to pay for any liability incurred by it relating to providing the letter; and (iii) that Assentsure is not insolvent.
| 4.4 | Officers’<br> Certificates. |
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4.4.1 Officers’ Certificate. At each of the Closing Date and the Option Closing Date, if any, the Underwriter shall have received a certificate of the Company signed by the Chairman of the Board or the Chief Executive Officer and the Secretary or Assistant Secretary of the Company, or any similar or equivalent officer of the Company (in their capacities as such), dated the Closing Date or the Option Closing Date, as the case may be, respectively, to the effect that the Company has performed in all material respects all covenants and complied with all conditions required by this Agreement to be performed or complied with by the Company prior to and as of the Closing Date, or the Option Closing Date, as the case may be, and that the conditions set forth in Section 4 hereof have been satisfied as of such date and that, as of Closing Date and the Option Closing Date, as the case may be, the representations and warranties of the Company set forth in Section 2 hereof are true and correct. In addition, the Underwriter will have received such other and further certificates of officers of the Company (in their capacities as such) as the Underwriter may reasonably request.
4.4.2 Secretary’s Certificate. At each of the Closing Date and the Option Closing Date, if any, the Underwriter shall have received a certificate of the Company signed by the Secretary or Assistant Secretary of the Company, or any similar or equivalent officer of the Company, dated the Closing Date or the Option Closing Date, as the case may be, respectively, certifying (i) that the Charter Documents are true and complete, have not been modified and are in full force and effect; (ii) that the resolutions of the Company’s Board of Directors relating to the public offering contemplated by this Agreement are in full force and effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence between the Company or its counsel and the Commission; (iv) as to the accuracy and completeness of all correspondence between the Company or its counsel and NYSE; and (v) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.
4.5 No Material Changes. Prior to and on each of the Closing Date and the Option Closing Date, if any, (i) there shall have been no material adverse change or development involving a prospective material adverse change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement and the Prospectus; (ii) no action suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider before or by any court or federal, foreign or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business, operations, or financial condition or income of the Company, except as set forth in the Registration Statement and the Prospectus; (iii) no stop order shall have been issued under the Act and no proceedings therefor shall have been initiated or, to the Company’s knowledge, assuming reasonable inquiry, threatened by the Commission; and (iv) the Registration Statement, the Sale Preliminary Prospectus and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Act and the Regulations and shall conform in all material respects to the requirements of the Act and the Regulations, and neither the Registration Statement, the Sale Preliminary Prospectus nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
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4.6 Delivery of Agreements. On the Effective Date, the Company shall have delivered to the Underwriter executed copies of the Transaction Documents.
4.7 Good Standing. The Underwriter shall have received on and as of (i) the Effective Date, and (ii) the Closing Date or the Option Closing Date, as the case may be, satisfactory evidence of the good standing of the Company in its jurisdiction of incorporation in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdiction.
4.8 Trust Waiver. On and as of the Effective Date, the Company shall have received waivers from all vendors and service providers to all claims on amounts in the Trust Account which are to be distributed to the Company’s shareholders in accordance with the terms of the Trust Agreement, except for (i) Assentsure and (ii) the Underwriter with respect to the Deferred Underwriting Commission.
5. Indemnification and Contribution.
| 5.1 | Indemnification. |
|---|
5.1.1 Indemnification of the Underwriter. The Company agrees to, to the extent permitted by applicable laws, indemnify and hold harmless the Underwriter, its affiliates and its respective partners, members, directors, officers, employees and agents, and each person, if any, who controls the Underwriter or any affiliate within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, an “Indemnified Person”) as follows:
(a) against any and all loss, liability, claim, damage and expense whatsoever, as reasonably incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any Preliminary Prospectus, Sale Preliminary Prospectus, any Testing-the-Waters Communication or the Prospectus or, in the event a Business Combination Advisor, in its sole judgment, may be deemed to be an underwriter of any Business Combination Securities, any Business Combination Securities Disclosure Document (or any amendment or supplement to the foregoing), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
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(b) against any and all loss, liability, claim, damage and expense whatsoever, as reasonably incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 5.1.4) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed, conditioned or withheld;
(c) against any and all claims, actions, suits, proceedings, damages, liabilities and expenses reasonably incurred by any of them (including the reasonable fees and expenses of counsel), as incurred, that are related to or arise out of any business combination marketing or capital markets advisory activities by any Underwriter on the Company’s behalf in connection with a Business Combination, provided that the Company will not, however, be responsible to an Indemnified Person for any portion of any such claim, action, suit, proceeding, damage, liability or expense that is finally judicially determined by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from the bad faith, gross negligence or willful misconduct of the Indemnified Person seeking such indemnification; and
(d) against any and all expense whatsoever (including the fees and disbursements of counsel), as reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under (a), (b) or (c) above; provided, however, that the foregoing agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Underwriter’s Information (and, in connection with any Business Combination, similar information provided by or on behalf of the Business Combination Advisors expressly for use in any Business Combination Securities Disclosure Document).
5.1.2 Indemnification of the Company, its Directors and Officers. The Underwriter agrees to indemnify and hold harmless the Company, and its directors, each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 5.1.1, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement, any Preliminary Prospectus, the Sale Preliminary Prospectus, any Testing-the-Waters Communication or the Prospectus (or any amendment or supplement to the foregoing), in reliance upon and in conformity with the Underwriter’s Information.
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5.1.3 Notifications and Other Indemnification Procedures. Any party that proposes to assert the right to be indemnified under this Section 5.1 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 5.1, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 5.1 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 5.1 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of, the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable and documented out-of-pocket costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (A) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (B) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (C) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party), or (D) the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction (plus local counsel) at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 5 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (x) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.
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5.1.4 Settlement Without Consent if Failure to Reimburse. If an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 5.1.1(b) effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.
5.2 Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of Section 5.1 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company or the Underwriter, the Company and the Underwriter will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which any indemnified party may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriter on the other hand. The relative benefits received by the Company on the one hand and the Underwriter on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Public Securities (before deducting expenses) received by the Company bear to the total compensation received by the Underwriter (before deducting expenses) from the sale of the Units on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Underwriter, on the other hand, with respect to the statements or omissions that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriter the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriter agree that it would not be just and equitable if contributions pursuant to this Section 5.2 were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred to above in this Section 5.2 shall be deemed to include, for the purpose of this Section 5.2, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 5.1.3. Notwithstanding the foregoing provisions of Section 5.1 and this Section 5.2, each Underwriter shall not be required to contribute any amount in excess of the commissions actually received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 5.2, any person who controls a party to this Agreement within the meaning of the Act, any affiliates of the respective Underwriter and any officers, directors, partners, employees or agents of the Underwriter or its respective affiliates, will have the same rights to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 5.2, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 5.2 except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 5.1.3, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 5.1.3.
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Default by the Underwriter.
6.1 Default Not Exceeding 10% of Firm Units. If the Underwriter shall default in its obligations to purchase the Firm Units and if the number of the Firm Units with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Units that the Underwriter has agreed to purchase hereunder, then such Firm Units to which the default relates shall be purchased by the Underwriter.
6.2 Default Exceeding 10% of Firm Units. In the event that the default addressed in Section 6.1 above relates to more than 10% of the Firm Units, the Underwriter may, in its discretion, arrange for it or for another party or parties satisfactory to the Company to purchase such Firm Units to which such default relates on the terms contained herein. If within one (1) Business Day after such default relating to more than 10% of the Firm Units the Underwriter do not arrange for the purchase of such Firm Units, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Underwriter to purchase said Firm Units on such terms. In the event that neither the Underwriter nor the Company arrange for the purchase of the Firm Units to which a default relates as provided in this Section 6, this Agreement may be terminated by the Underwriter or the Company without liability on the part of the Company (except as provided in Sections 3.10, 5, and 9.3 hereof) or the Underwriter (except as provided in Section 5 hereof); provided that nothing herein shall relieve the defaulting Underwriter of its liability.
6.3 Postponement of Closing Date. In the event that the Firm Units to which the default relates are to be purchased by the Underwriter, or are to be purchased by another party or parties as aforesaid, the Underwriter or the Company shall have the right to postpone the Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement and/or the Prospectus, as the case may be, or in any other documents and arrangements, and the Company agrees to file promptly any amendment to, or to supplement, the Registration Statement and/or the Prospectus, as the case may be, that in the reasonable opinion of counsel for the Underwriter may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such securities.
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Additional Covenants.
7.1 Additional Shares or Options. The Company hereby agrees that, until the consummation of a Business Combination, it shall not issue any Ordinary Shares or any options or other securities convertible into Ordinary Shares, or any preferred shares or other securities of the Company that participate in any manner in the Trust Account or that vote as a class with the Ordinary Shares on a Business Combination.
7.2 Trust Account Waiver Acknowledgments. The Company hereby agrees that it will use its reasonable best efforts prior to commencing its due diligence investigation of any prospective Target Business or prior to obtaining the services of any vendor to have such Target Business and/or vendor, as applicable, acknowledge in writing whether through a letter of intent, memorandum of understanding or other similar document (and subsequently acknowledges the same in any definitive document replacing any of the foregoing), that: (a) it has read the Prospectus and understands that the Company has established the Trust Account, initially in an amount of $150,000,000 (without giving effect to any exercise of the Over-allotment Option) for the benefit of the Public Shareholders and that, except for a portion of the interest earned on the amounts held in the Trust Account, the Company may disburse monies from the Trust Account only (i) to the Public Shareholders in the event they elect to redeem Public Shares in connection with the consummation of a Business Combination, (ii) to the Public Shareholders in the event they elect to redeem Public Shares in connection with a shareholder vote to amend the Charter Documents to modify the substance and timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete its initial Business Combination within the completion window, (iii) to the Public Shareholders if the Company fails to consummate a Business Combination within the time period set forth in the Charter Documents, or (iv) to the Company after or concurrently with the consummation of a Business Combination; and (b) for and in consideration of the Company (i) agreeing to evaluate such Target Business for purposes of consummating a Business Combination with it or (ii) agreeing to engage the services of the vendor, as the case may be, such Target Business or vendor agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account (“Claim”) and waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The Company may forego obtaining such waivers only if the Company shall have received the approval of its Chief Executive Officer and the approving vote of at least a majority of its Board of Directors.
7.3 Insider Letter. The Company shall not take any action or omit to take any action which would cause a breach of the Insider Letter and will not allow any amendments to, or waivers of, such Insider Letter without the prior written consent of the Underwriter, which consent shall not be unreasonably delayed, conditioned or withheld by the Underwriter.
7.4 Rule 419. The Company agrees that it will use its commercially reasonable efforts to prevent the Company from becoming subject to Rule 419 under the Act prior to the consummation of any Business Combination, including but not limited to using its commercially reasonable efforts to prevent any of the Company’s outstanding securities from being deemed to be a “penny stock” as defined in Rule 3a-51-1 under the Exchange Act during such period.
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7.5 Tender Offer Documents, Proxy Materials and Other Information. The Company shall provide to the Underwriter or its counsel (if so instructed by the Underwriter) with ten (10) copies of all tender offer documents or proxy information and all related material filed with the Commission in connection with a Business Combination concurrently with such filing with the Commission. Documents filed with the Commission pursuant to its EDGAR system shall be deemed to have been provided to the Underwriter pursuant to this Section 7.5. In addition, the Company shall furnish any other state in which its initial public offering was registered, such information as may be requested by such state.
7.6 Emerging Growth Company. The Company shall promptly notify the Underwriter if the Company ceases to be an Emerging Growth Company at any time prior to the completion of the distribution of the Securities within the meaning of the Act.
7.7 Target Net Assets. The Company agrees that, so long as the Company is listed on a national securities exchange, the Target Business that it acquires must have a fair market value equal to at least 80% of the balance in the Trust Account at the time of signing the definitive agreement for the Business Combination with such Target Business (excluding taxes payable and the Deferred Underwriting Commission). The fair market value of such business must be determined by the Board of Directors of the Company based upon standards generally accepted by the financial community, such as actual and potential sales, earnings, cash flow and book value. If the Board of Directors of the Company is not able to independently determine that the Target Business meets such fair market value requirement, the Company will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria. The Company is not required to obtain an opinion as to the fair market value if the Company’s Board of Directors independently determines that the Target Business does have sufficient fair market value.
7.8 Representations and Agreements to Survive Delivery. Except as the context otherwise requires, all representations, warranties and agreements contained in this Agreement shall be deemed to be representations, warranties and agreements as of the Closing Date or the Option Closing Date, if any, and such representations, warranties and agreements of the Underwriter and the Company, including the indemnity agreements contained in Section 5 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriter, the Company or any controlling person, and shall survive termination of this Agreement or the issuance and delivery of the Public Securities to the Underwriter until the earlier of the expiration of any applicable statute of limitations and the seventh (7th) anniversary of the later of the Closing Date or the Option Closing Date, if any, at which time the representations, warranties and agreements shall terminate and be of no further force and effect.
7.9 Charter Documents. The Company shall not take any action or omit to take any action that would cause the Company to be in breach or violation of any of its Charter Documents.
8. Effective Date of This Agreement and Termination Thereof.
8.1 Effective Date. This Agreement shall become effective on the Effective Date at the time the Registration Statement is declared effective by the Commission.
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8.2 Termination. The Underwriter shall have the right to terminate this Agreement at any time prior to the Closing Date by notice given to the Company, (i) if any domestic or international event or act or occurrence has materially disrupted, or in the Underwriter’s opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the NYSE, the NYSE American, The Nasdaq Global Select Market, The Nasdaq Global Market, or The Nasdaq Capital Market or quotation on the OTCBB shall have been suspended, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or a significant increase in existing major hostilities; or (iv) if a banking moratorium has been declared by a New York State or Federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities market; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity (including, without limitation, a calamity relating to a public health matter or natural disaster) or malicious act which, whether or not such loss shall have been insured, will, in the Underwriter’s opinion, make it inadvisable to proceed with the delivery of the Units; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Underwriter shall have become aware after the date hereof of such a material adverse change in the conditions of the Company, or such adverse material change in general market conditions, including without limitation, as a result of terrorist activities or any other calamity (including, without limitation, a calamity relating to a public health matter or natural disaster) or crisis either within or outside the United States after the date hereof, or a significant increase in any of the foregoing, as in the Underwriter’s judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Units or to enforce contracts made by the Underwriter for the sale of the Public Securities.
8.3 Expenses. In the event that this Agreement shall not be carried out for any reason other than solely because of the termination of this Agreement pursuant to Section 6 hereof, within the time specified herein or any extensions thereof pursuant to the terms herein, (i) the obligations of the Company to pay the out of pocket expenses related to the transactions contemplated herein shall be governed by Section 3.10 hereof and (ii) the Company shall reimburse the Underwriter for any reasonable and documented out-of-pocket costs and expenses incurred in connection with enforcing any provisions of this Agreement.
8.4 Indemnification. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall not be in any way affected by such election or termination or failure to carry out the terms of this Agreement or any part hereof.
9. Miscellaneous.
9.1 Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed, delivered by hand or reputable overnight courier or delivered by facsimile or electronic transmission (with printed confirmation of receipt) and confirmed and shall be deemed given when so emailed, delivered or faxed or if mailed, two days after such mailing.
39
If to the Underwriter:
Cohen & Company Capital Markets,
a division of Cohen & Company Securities, LLC
3 Columbus Circle, 24th Floor
New York, New York 10019
Attention: General Counsel
Email: gc@cohenandcompany.com
Copy (which copy shall not constitute notice) to:
Han Kun Law Offices LLP
Rooms 4301-10, 43/F., Gloucester Tower, The Landmark
15 Queen’s Road, Central, Hong Kong
Attention: Steve Lin, Esq.
Email: steve.lin@hankunlaw.com
If to the Company:
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau 75001 Paris, France
Attention: Samuel Chau
Email: samuel.chau@amtd.world
Copy (which copy shall not constitute notice) to:
Skadden, Arps, Slate, Meagher & Flom LLP
c/o 42/F, Edinburgh Tower, The Landmark
15 Queen’s Road Central, Hong Kong
Attention: Shu Du, Esq.
Email: shu.du@skadden.com
9.2 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.
9.3 Amendment. This Agreement may only be amended by a written instrument executed by each of the parties hereto.
9.4 Entire Agreement. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersede all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.
40
9.5 Binding Effect. This Agreement shall inure solely to the benefit of and shall be binding upon the Underwriter, the Company and the controlling persons, directors, agents, partners, members, employees and officers referred to in Section 5 hereof, and their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term “successorsand assigns” shall not include a purchaser, in its capacity as such, of securities from any of the Underwriter.
9.6 Waiver of Immunity. To the extent that the Company may be entitled in any jurisdiction in which judicial proceedings may at any time be commenced hereunder, to claim for itself or its revenues or assets any immunity, including sovereign immunity, from suit, jurisdiction, attachment in aid of execution of a judgment or prior to a judgment, execution of a judgment or any other legal process with respect to its obligations hereunder and to the extent that in any such jurisdiction there may be attributed to the Company such an immunity (whether or not claimed), the Company hereby irrevocably agrees not to claim and irrevocably waives such immunity to the maximum extent permitted by law.
9.7 Submission to Jurisdiction. Each of the Company and the Underwriter irrevocably submit to the non- exclusive jurisdiction of any New York State or United States Federal court sitting in the City of New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the Sale Preliminary Prospectus and the Prospectus or the offering of the Securities. Each of the Company and the Underwriter irrevocably waives, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. Any such process or summons to be served upon the Company or the Underwriter may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company or the Underwriter in any action, proceeding or claim. Each of the Company and the Underwriter waives, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. Notwithstanding the foregoing, any action based on this Agreement may be instituted by the Underwriter in any competent court. The Company agrees that the Underwriter shall be entitled to recover all of their reasonable attorneys’ fees and expenses relating to any action or proceeding and/or incurred in connection with the preparation therefor if any of them are the prevailing party in such action or proceeding. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
9.8 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
41
9.9 Execution in Counterparts; Electronic Signatures. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile, electronic mail (including pdf or any electronic signature complying with U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and valid and effective for all purposes.
9.10 Waiver. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.
9.11 No Fiduciary Relationship. The Company acknowledges and agrees that (i) the purchase and sale of the Units pursuant to this Agreement is an arm’s-length commercial transaction pursuant to a contractual relationship between the Company and the Underwriter; (ii) in connection therewith and with the process leading to such transaction, each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company; (iii) the Underwriter has not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Underwriter has advised or are currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement; (iv) in no event do the parties intend that the Underwriter act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriter may undertake or have undertaken in furtherance of the Offering, either before or after the date hereof; and (v) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate. The Underwriter hereby expressly disclaims any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company agrees that it will not claim that the Underwriter has rendered advisory services of any nature or respect, or owe a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto. The Company and the Underwriter agrees that they are each responsible for making their own independent judgment with respect to any such transactions, and that any opinions or views expressed by the Underwriter to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company’s securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriter with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.
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9.12 Recognition of the U.S. Special Resolution Regimes. In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.
In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate (as defined below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.
For purposes of this Agreement, (a) “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (b) “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (c) “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (d) “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
[Remainder of page intentionally left blank]
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If the foregoing correctly sets forth the understanding between the Underwriter and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.
Accepted on the date first above written.
TGE VALUECREATIVE SOLUTIONS CORP
| By: | /s/ Feridun Hamdullahpur | |
|---|---|---|
| Name: | Feridun<br> Hamdullahpur | |
| Title: | Director |
[SignaturePage to Underwriting Agreement]
If the foregoing correctly sets forth the understanding between the Underwriter and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.
Accepted on the date first above written.
COHEN & COMPANY CAPITAL MARKETS,
ADIVISION OF COHEN & COMPANY SECURITIES, LLC
| By: | /s/ Jerry Serowik |
|---|---|
| Name: | Jerry Serowik |
| Title: | Senior Managing Director |
[SignaturePage to Underwriting Agreement]
SCHEDULE A
None.
EXHIBIT A
Form of Opinion of Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom llp
One Manhattan WesT
| New<br>York, NY 10001 | FIRM/AFFILIATE |
|---|---|
| OFFICES | |
| TEL: (212) 735-3000 | |
| FAX: (212) 735-2000 | BOSTON |
| www.skadden.com | CHICAGO |
| HOUSTON | |
| LOS ANGELES | |
| PALO ALTO | |
| WASHINGTON, D.C. | |
| WILMINGTON | |
| ABU DHABI | |
| BEIJING | |
| BRUSSELS | |
| FRANKFURT | |
| [●], 2025 | HONG KONG |
| LONDON | |
| MUNICH | |
| PARIS | |
| SÃO PAULO | |
| SEOUL | |
| SINGAPORE | |
| TOKYO | |
| TORONTO |
Cohen & Company Capital Markets,
a division of Cohen & Company Securities, LLC
3 Columbus Circle, 24^th^ Floor
New York, NY 10019
as the Underwriter
| Re: | TGE<br> Value Creative Solutions Corp<br><br> <br>Initial<br> Public Offering of Units |
|---|
Ladies and Gentlemen:
We have acted as special United States counsel to TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company” or “Our Client”), in connection with the Underwriting Agreement, dated [●], 2025 (the “Underwriting Agreement”), between Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“Cohen,” “you” or the “Underwriter”), as the Underwriter , and the Company, relating to the sale by the Company to the Underwriter of up to [17,250,000] units of the Company (the “Units”), each Unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (“Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company (a “Warrant”), each whole Warrant exercisable for the purchase of one Class A Ordinary Share, including [2,250,000] Units pursuant to the option (the “Option”) granted by the Company to the Underwriter to purchase additional Units to cover over-allotments. The Units, and the Class A Ordinary Shares and the Warrants, in each case, included as part of the Units, are collectively referred to herein as the “Securities.” In connection with (i) the Private Placement Warrants Purchase Agreement, dated [●], 2025 (the “Sponsor Private Placement Warrants Purchase Agreement”), between the Company and TGE SpiderNet Capital Group LLC, a Cayman Islands limited liability company (the “Sponsor”), the Sponsor purchased [5,750,000] Warrants (the “Sponsor Private Placement Warrants”), and (ii) the Private Placement Warrants Purchase Agreement, dated [●], 2025 (the “Cohen Private Placement Warrants Purchase Agreement” and, together with the Sponsor Private Placement Warrants Purchase Agreement, the “Private Placement Warrants Purchase Agreements” and, each, a “Private Placement Warrants Purchase Agreement”), between the Company and Cohen, Cohen purchased [2,029,412] Warrants (the “Cohen Private Placement Warrants” and, together with the Sponsor Private Placement Warrants, the “Private Placement Warrants”).
Cohen & Company Capital Markets
[●], 2025
Page 2
This opinion letter is being furnished to you pursuant to Section 4.2.1 of the Underwriting Agreement. Neither the delivery of this opinion letter nor anything in connection with the preparation, execution or delivery of the Transaction Documents (as defined below) or the transactions contemplated thereby is intended to create or shall create an attorney-client relationship with you or any other party except Our Client.
In rendering the opinions stated herein, we have examined and relied upon the following:
(a) the registration statement on Form S-1 (File No. 333-289690) of the Company relating to the Securities filed with the Securities and Exchange Commission (the “Commission”) on August 18, 2025 under the Securities Act of 1933 (the “Securities Act”)[, and Pre-Effective Amendments No. 1 through No. 2 thereto], including information deemed to be a part of the registration statement pursuant to Rule 430A of the General Rules and Regulations under the Securities Act (the “Rules and Regulations”) and the Notice of Effectiveness of the Commission posted on its website declaring such registration statement effective on [●], 2025 (such registration statement, as so amended, being hereinafter referred to as the “Registration Statement”);
(b) the preliminary prospectus, dated [●], 2025, relating to the offering of the Securities, in the form filed with the Commission (such preliminary prospectus being hereinafter referred to as the “Preliminary Prospectus”);
(c) the final prospectus, dated [●], 2025, relating to the offering of the Securities, in the form filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations (such final prospectus being hereinafter referred to as the “Prospectus”);
Cohen & Company Capital Markets
[●], 2025
Page 3
(d) an executed copy of the Underwriting Agreement;
(e) a specimen certificate evidencing a Unit in the form of Exhibit 4.1 to the Registration Statement and attached to the CEO Certificate (as defined below) (the “Unit Certificate”);
(f) a specimen certificate evidencing a Class A Ordinary Share in the form of Exhibit 4.2 to the Registration Statement and attached to the CEO Certificate;
(g) a specimen certificate evidencing a Warrant in the form of Exhibit 4.3 to the Registration Statement and attached to the CEO Certificate and to the Warrant Agreement (as defined below) (the “Warrant Certificate”);
(h) an executed copy of the Registration Rights Agreement, dated [●], 2025 (the “Registration Rights Agreement”), among the Company, the Sponsor, Cohen and the other parties thereto;
(i) an executed copy of the Investment Management Trust Agreement, dated [●], 2025 (the “Investment Management Trust Agreement”), between the Company and Continental Stock Transfer & Trust Company (“CST”), as trustee;
(j) an executed copy of the Warrant Agreement, dated [●], 2025 (the “Warrant Agreement”), between the Company and CST, as warrant agent;
(k) executed copies of the Private Placement Warrants Purchase Agreements;
(l) an executed copy of a certificate of Xavier Zee, Chief Executive Officer of the Company, dated the date hereof, a copy of which is attached as Exhibit A hereto (the “CEO Certificate”); [and]
(m) executed copies of the Scheduled Contracts (as defined below)[; and
(n) [an executed copy of the notice from you, as the Underwriter, dated [●], 2025, notifying the Company of the Underwriter’s election to exercise the Option [in full]].
We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions stated below.
Cohen & Company Capital Markets
[●], 2025
Page 4
In our examination, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and others and of public officials, including the facts and conclusions set forth in the CEO Certificate and the factual representations and warranties contained in the Transaction Documents.
We do not express any opinion with respect to the laws of any jurisdiction other than (i) the laws of the State of New York and (ii) the federal laws of the United States of America.
The Underwriting Agreement, the Registration Rights Agreement, the Investment Management Trust Agreement, the Unit Certificate, the Warrant Agreement, the Warrant Certificate and the Private Placement Warrants Purchase Agreements are referred to herein collectively as the “Transaction Documents.” As used herein, “Scheduled Contracts” means those agreements and/or instruments described on Schedule A hereto, and “Scheduled Orders” means those orders or decrees described on Schedule B hereto (no such orders or decrees have been so described).
Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that:
1. Each of the Registration Rights Agreement, the Investment Management Trust Agreement, the Warrant Agreement and the Private Placement Warrants Purchase Agreements constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms under the laws of the State of New York.
2. Each of the Transaction Documents has been duly executed and delivered by the Company to the extent such execution and delivery are governed by the laws of the State of New York.
3. Neither the execution and delivery by the Company of the Underwriting Agreement and the Warrant Agreement nor the consummation by the Company of the issuance and sale of the Securities contemplated thereby: (i) constitutes a violation of, or a default under, any Scheduled Contract; (ii) contravenes any Scheduled Order; or (iii) violates any law, rule or regulation of the State of New York or the United States of America.
Cohen & Company Capital Markets
[●], 2025
Page 5
4. Neither the execution and delivery by the Company of the Private Placement Warrants Purchase Agreements nor the consummation by the Company of the issuance and sale of the Private Placement Warrants contemplated thereby: (i) constitutes a violation of, or a default under, any Scheduled Contract; (ii) contravenes any Scheduled Order; or (iii) violates any law, rule or regulation of the State of New York or the United States of America.
5. Neither the execution and delivery by the Company of the Registration Rights Agreement and the Investment Management Trust Agreement nor the performance by the Company of its obligations under the Registration Rights Agreement or the Investment Management Trust Agreement: (i) constitutes a violation of, or a default under, any Scheduled Contract; (ii) contravenes any Scheduled Order; or (iii) violates any law, rule or regulation of the State of New York or the United States of America.
6. Neither the execution and delivery by the Company of the Underwriting Agreement and the Warrant Agreement nor the consummation by the Company of the issuance and sale of the Securities contemplated thereby, requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of the State of New York or the United States of America except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations already made.
7. Neither the execution and delivery by the Company of the Private Placement Warrants Purchase Agreements nor the consummation by the Company of the issuance and sale of the Private Placement Warrants contemplated thereby, requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of the State of New York or the United States of America except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations already made.
8. Neither the execution and delivery by the Company of the Registration Rights Agreement or the Investment Management Trust Agreement nor the enforceability of each of the Registration Rights Agreement and the Investment Management Trust Agreement against the Company requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of the State of New York or the United States of America except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations already made.
Cohen & Company Capital Markets
[●], 2025
Page 6
9. The statements in the Preliminary Prospectus and the Prospectus under the caption “Description of Securities—Warrants,” insofar as such statements purport to summarize certain provisions of the Warrant Agreement, fairly summarize such provisions in all material respects.
10. The statements in the Preliminary Prospectus and the Prospectus under the caption “Description of Securities—Registration Rights,” insofar as such statements purport to summarize certain provisions of the Registration Rights Agreement, fairly summarize such provisions in all material respects.
11. The statements in the Preliminary Prospectus and the Prospectus under the captions “Description of Securities—Securities Eligible for Future Sale,” “Description of Securities—Rule 144” and “Description of Securities—Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies,” in each case, insofar as such statements purport to summarize certain provisions of statutes or regulations referred to therein, fairly summarize such provisions in all material respects.
12. The statements in the Preliminary Prospectus and the Prospectus in paragraphs 1 and 2 under the caption “Underwriting,” insofar as such statements purport to summarize certain provisions of the Underwriting Agreement, fairly summarize such provisions in all material respects.
13. The statements in the Preliminary Prospectus and the Prospectus under the caption “Proposed Business—Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419,” insofar as such statements purport to summarize certain provisions of statutes or regulations referred to therein, fairly summarize such provisions in all material respects.
14. When the Units are issued and delivered by the Company against payment therefor in accordance with the terms of the Underwriting Agreement, the Unit Certificate will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the laws of the State of New York.
15. When the Units are issued and delivered by the Company against payment therefor in accordance with the terms of the Underwriting Agreement, the Warrant Certificate included in the Units will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the laws of the State of New York.
16. When the Private Placement Warrants are issued and delivered by the Company against payment therefor in accordance with the terms of the applicable Private Placement Warrants Purchase Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the laws of the State of New York.
Cohen & Company Capital Markets
[●], 2025
Page 7
17. The Company is not and, solely after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Prospectus, will not be an “investment company” as such term is defined in the Investment Company Act of 1940.
18. The Company will not, upon delivery and payment for the Units on the date hereof, be subject to Rule 419 under the Securities Act and none of the Company’s outstanding securities will be deemed on the date hereof to be a “penny stock” as defined in Rule 3a51-1 under the Securities Exchange Act of 1934.
19. The submission by the Company to the personal jurisdiction of the New York Courts as set forth in Section 9.7 of the Underwriting Agreement is valid, binding and enforceable against the Company and the waiver by the Company of any objection to the venue of a proceeding in any New York Court as set forth in Section 9.7 of the Underwriting Agreement is valid, binding and enforceable against the Company.
The opinions stated herein are subject to the following assumptions and qualifications:
(a) we do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors’ rights generally, and the opinions stated herein are limited by such laws and governmental orders and by general principles of equity (regardless of whether enforcement is sought in equity or at law);
(b) except to the extent expressly stated in the opinions contained herein, we do not express any opinion with respect to the effect on the opinions stated herein of (i) the compliance or non-compliance of any party to any of the Transaction Documents with any laws, rules or regulations applicable to such party or (ii) the legal status or legal capacity of any party to any of the Transaction Documents;
(c) except to the extent expressly stated in paragraph 17, we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the Transaction Documents or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;
Cohen & Company Capital Markets
[●], 2025
Page 8
(d) except to the extent expressly stated in paragraphs 11, 13, 17 and 18, we do not express any opinion with respect to any securities, antifraud, consumer credit, debt collection, privacy, derivatives or commodities laws, rules, regulations or orders, Regulations T, U or X of the Board of Governors of the Federal Reserve System or laws, rules or regulations relating to national security;
(e) except to the extent expressly stated in the opinions contained herein, we have assumed that each of the Transaction Documents constitutes the valid and binding obligation of each party to such Transaction Document, enforceable against such party in accordance with its terms;
(f) the opinions stated herein are limited to the agreements and documents specifically identified in the opinions contained herein (the “Specified Documents”) without regard to any agreement or other document referenced in any such Specified Documents (including agreements or other documents incorporated by reference or attached or annexed thereto) and without regard to any other agreement or document relating to any such Specified Document that is not a Transaction Document;
(g) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, or to the extent any such provision purports to, or has the effect of, waiving or altering any statute of limitations;
(h) we call to your attention that irrespective of the agreement of the parties to any Transaction Document, a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of the federal courts of the United States of America in any action arising out of or relating to any Transaction Document;
(i) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document purporting to prohibit, restrict or condition the assignment of rights under such Transaction Document to the extent that such prohibition, restriction or condition on assignability is ineffective pursuant to the Uniform Commercial Code;
Cohen & Company Capital Markets
[●], 2025
Page 9
(j) we do not express any opinion with respect to the enforceability of Section 9.3 of the Warrant Agreement to the extent that such section purports to bind the Company to the exclusive jurisdiction of any particular federal court or courts;
(k) to the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions contained in any Transaction Document, the opinions stated herein are subject to the qualification that such enforceability may be subject to, in each case, (i) the exceptions and limitations in New York General Obligations Law Sections 5-1401 and 5-1402 and (ii) principles of comity and constitutionality;
(l) we call to your attention that the opinions stated herein are subject to possible judicial action giving effect to governmental actions or laws of jurisdictions other than those with respect to which we express our opinions;
(m) we do not express any opinion whether the execution or delivery of any Transaction Document by the Company or the performance by the Company of its obligations under any Transaction Document will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of the Company or any of its subsidiaries;
(n) this opinion letter shall be interpreted in accordance with customary practice of United States lawyers who regularly give, and United States lawyers who regularly advise opinion recipients regarding, opinions in transactions of this type;
(o) the legal bases for our opinion in paragraph 17 are Section 3 of the Investment Company Act and relevant reported cases, rules, regulations and orders thereunder, as well as advisory opinions, no-action letters and published interpretative positions of the U.S. Securities and Exchange Commission and its staff, interpretive releases relating thereto, and other authority cited in the aforementioned sources. Our opinion is based on our interpretation of these authorities and principles we believe to be applicable to that interpretation, which authorities and principles may be subject to retroactive and prospective changes by legislation, administrative action, or judicial decision;
(p) we call to your attention that under Section 5-1402 of the New York General Obligations Law an action may be maintained by or against a foreign corporation, a non-resident or a foreign state only if the action or proceeding arises out of or relates to a contract, agreement or undertaking and accordingly we do not express any opinion to the extent any provision extends to any dispute not arising out of or relating to the contractual relationship, whether in tort, equity or otherwise; and
Cohen & Company Capital Markets
[●], 2025
Page 10
(q) other than Section 9.7 as to which we express our opinions herein, we do not express any opinion as to the enforceability of any other provisions of the Underwriting Agreement but have assumed that the Underwriting Agreement is enforceable against the parties thereto under the laws of the State of New York.
In addition, in rendering the foregoing opinions we have further assumed that:
(a) the Company (i) is duly incorporated and is validly existing and in good standing, (ii) has requisite legal status and legal capacity under the laws of the jurisdiction of its organization and (iii) has complied and will comply with all aspects of the laws of the jurisdiction of its organization in connection with the transactions contemplated by, and the performance of its obligations under, the Transaction Documents;
(b) the Company has the corporate power and authority to execute, deliver and perform all its obligations under each of the Transaction Documents;
(c) except to the extent expressly stated in the opinions contained herein with respect to the Company, each of the Transaction Documents has been duly authorized, executed and delivered by all requisite corporate action on the part of the Company;
(d) except to the extent expressly stated in the opinions contained herein with respect to the Company, neither the execution and delivery by the Company of the Transaction Documents nor the performance by the Company of its obligations under each of the Transaction Documents: (i) conflicts or will conflict with the Certificate of Incorporation or the Second Amended and Restated Memorandum and Articles of Association of the Company, (ii) constitutes or will constitute a violation of, or a default under, any lease, indenture, agreement or other instrument to which the Company or its property is subject, (iii) contravenes or will contravene any order or decree of any governmental authority to which the Company or its property is subject, or (iv) violates or will violate any law, rule or regulation to which the Company or its property is subject; and
(e) except to the extent expressly stated in the opinions contained herein with respect to the Company, neither the execution and delivery by the Company of the Transaction Documents nor the enforceability of each of the Transaction Documents against the Company requires or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any jurisdiction.
Cohen & Company Capital Markets
[●], 2025
Page 11
This opinion letter is being furnished only to you as the Underwriter and is solely for the your benefit in connection with the closing occurring today and the offering of the Securities, in each case, pursuant to the Underwriting Agreement. Without our prior written consent, this opinion letter may not be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by, or assigned to, any other person or entity for any purpose, including any other person or entity that acquires any Securities or that seeks to assert the rights of the Underwriter in respect of this opinion letter (other than the Underwriter’s successor in interest by means of merger, consolidation, transfer of a business or other similar transaction).
Very truly yours,
SD
Schedule A
Scheduled Contracts
| 1. | Promissory Note issued by the Company to<br> the Sponsor, dated July 31, 2025. |
|---|---|
| 2. | Letter Agreement, dated [●], 2025,<br> between the Company and each of the Sponsor, [●] and [●]. |
| --- | --- |
| 3. | Securities Subscription Agreement, dated<br> [●], 2025, between the Company and the Sponsor. |
| --- | --- |
| 4. | Administrative Services Agreement, dated<br> [●], 2025, between the Company and the Sponsor. |
| --- | --- |
| 5. | Private Placement Warrants Purchase Agreement,<br> dated [●], 2025, between the Company and the Sponsor. |
| --- | --- |
| 6. | Private Placement Warrants Purchase Agreement,<br> dated [●], 2025, between the Company and Cohen. |
| --- | --- |
Schedule B
Scheduled Orders
None.
Exhibit A
TGE VALUE CREATIVE SOLUTIONS CORP
CEO’s Certificate
[●],2025
I, Xavier Zee, am the duly elected, qualified and acting Chief Executive Officer of TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”).
In connection with the execution and delivery of that certain Underwriting Agreement, dated as of [●], 2025 (the “Underwriting Agreement”; capitalized terms used herein without definition are used as defined in the Underwriting Agreement) among the Company, Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, as the Underwriter, and the delivery of an opinion (the “Opinion”) of Skadden, Arps, Slate, Meagher & Flom LLP (“SASM&F”), on behalf of the Company, I hereby certify, solely in my capacity as Chief Executive Officer of the Company and not in any personal capacity, as of the date hereof that:
1. I am familiar with the facts herein certified. I have made such investigations and due inquiry of all persons deemed necessary or appropriate to verify or confirm the statements contained herein.
2. SASM&F may rely on the respective representations and warranties that the Company has made in the Underwriting Agreement, each of the other Transaction Documents (as defined in the Opinion) and each of the certificates delivered pursuant thereto. I have made a careful review of each of such representations and warranties and hereby confirm, to the best of my knowledge and belief, that such representations and warranties are true, correct and complete on and as of the date of this CEO’s Certificate.
3. Copies of the agreements or instruments listed on Schedule A to the Opinion have been delivered to SASM&F and such copies are true and correct copies of such agreements and instruments, and such agreements and instruments have not been amended, modified or supplemented except as identified on such Schedule A.
4. No procedures have been instituted for and no other event has occurred, including, without limitation, any action taken by the Company or its Board of Directors or shareholder(s) of the Company, that would result in the liquidation, dissolution or winding-up of the Company; no event has occurred that has adversely affected the good standing of the Company under the laws of its jurisdiction of organization, and the Company has taken all actions required by the laws of its jurisdiction of organization to maintain such good standing; and no grounds exist for the revocation or forfeiture of the Company’s Certificate of Incorporation.
5. Neither the execution or delivery of any Transaction Document by the Company or the performance by the Company of its obligations under any Transaction Document will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of the Company or any of its subsidiaries.
6. The Company is a legal entity with no assets other than cash. The Company was formed for the purpose of conducting an initial public offering of its ordinary shares and using the proceeds from such offering for the purpose of directly, or indirectly through Majority-Owned Subsidiaries, effecting an Initial Business Combination. The Company intends to own and operate any Operating Business acquired in the Initial Business Combination for an indefinite period of time and to profit primarily from owning and operating any such Operating Business and not from the sale of such Operating Business.
7. The Company will deposit or hold at least 90% of the proceeds from its initial public offering and the sale of the private placement warrants described in the Prospectus in a U.S.-based trust account controlled by an independent custodian and such proceeds will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940 which invest solely in U.S. Treasuries or as uninvested cash or in an interest-bearing bank demand deposit account. The proceeds in such account and all other proceeds from the Company’s initial public offering and sale of private placement warrants described in the Prospectus will not be invested in Investment Securities. If the Company does not complete an Initial Business Combination within 24 months from the closing of its initial public offering, the Company will instruct the trustee to liquidate the investments held in the trust account and instead hold the funds in the trust account in cash or in an interest bearing demand deposit account.
8. The Company will use the proceeds from its initial public offering solely (i) to complete the Initial Business Combination, (ii) to redeem public shares of the Company’s ordinary shares properly tendered in connection with a shareholder vote as described in the Prospectus or (iii) to redeem all the public shares of the Company’s ordinary shares if the Company is unable to complete an Initial Business Combination within 24 months from the closing of its initial public offering.
9. The Company will provide its public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the Initial Business Combination either (i) in connection with a shareholder meeting called to approve the Initial Business Combination or (ii) by means of a tender offer.
10. If the Company is unable to complete an Initial Business Combination within 24 months from the closing of its initial public offering, unless such period is extended, its Second Amended and Restated Memorandum and Articles of Association requires it to (i) cease all operations except for the purpose of winding up, (ii) promptly redeem all public shares as described in the Prospectus and (iii) promptly dissolve and liquidate as described in the Prospectus.
11. The Company (i) is not and does not hold itself out as being engaged primarily, nor does it propose to engage primarily, in the business of investing, reinvesting or trading in Securities, (ii) has not and is not engaged in, and does not propose to engage in, the business of issuing Face-Amount Certificates of the Installment Type and has no such certificate outstanding and (iii) does not own or propose to acquire Investment Securities having a Value exceeding forty percent (40%) of the Value of the total assets of the Company (exclusive of Government Securities and cash items) on an unconsolidated basis. The Company’s disclosure states the offering is not intended for persons who are seeking a return on investment in government securities or investment securities.
12. As used in this CEO’s Certificate, the following terms shall have the following meanings:
“Exempt Fund” means a company that is excluded from treatment as an investment company solely by section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940 (applicable to certain privately offered investment funds).
“Face-Amount Certificate of the Installment Type” means any certificate, investment contract, or other Security that represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than 24 months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount.
“Government Securities” means all Securities issued or guaranteed as to principal or interest by the United States of America, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States of America pursuant to authority granted by the Congress of the United States of America; or any certificate of deposit for any of the foregoing.
“Initial Business Combination” means a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more Operating Businesses with a fair market value equal to at least 80% of the net assets held in trust (net of amounts disbursed to management for working capital purpose and excluding the amount of any deferred underwriting discount held in trust) that results in each such Operating Business becoming a Majority-Owned Subsidiary of the Company.
“Investment Securities” includes all Securities except (A) Government Securities, (B) Securities issued by companies the only shareholders in which are employees and former employees of a company and its subsidiaries, members of the families of such persons and the company and its subsidiaries and (C) Securities issued by Majority-Owned Subsidiaries of the Company that are not engaged and do not propose to be engaged in activities within the scope of clause (i)(A), (i)(B) or (i)(C) of the definition of Operating Business as set forth in this CEO’s Certificate or which are exempted or excluded from treatment as an investment company by statute, rule or governmental order (other than Exempt Funds).
“Majority-Owned Subsidiary” of a person means a company fifty percent (50%) or more of the outstanding Voting Securities of which are owned by such person, or by a company that, within the meaning of this paragraph, is a Majority-Owned Subsidiary of such person.
“Operating Business” means a business that (i) (A) is not and does not hold itself out as being engaged primarily, nor does it propose to engage primarily, in the business of investing, reinvesting or trading in Securities, (B) has not and is not engaged in, and does not propose to engage in, the business of issuing Face-Amount Certificates of the Installment Type and has no such certificate outstanding and (C) does not own or propose to acquire Investment Securities having a Value exceeding forty percent (40%) of the Value of the total assets of the Company (exclusive of Government Securities and cash items) on an unconsolidated basis or (ii) is exempted or excluded from treatment as an investment company by statute, rule or governmental order (other an Exempt Fund).
“Prospectus” means the prospectus of the Company, dated [●], 2025, relating to the initial public offering of the Company’s common stock.
“Security” means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
“Value” means (i) with respect to Securities owned at the end of the last preceding fiscal quarter for which market quotations are readily available, the market value at the end of such quarter; (ii) with respect to other Securities and assets owned at the end of the last preceding fiscal quarter, fair value at the end of such quarter, as determined in good faith by or under the direction of the board of directors; and (iii) with respect to securities and other assets acquired after the end of the last preceding fiscal quarter, the cost thereof.
“Voting Security” means any security presently entitling the owner or holder thereof to vote for the election of directors of a company (or its equivalent, e.g., general partner or manager of a limited liability company).
13. Attached hereto as Exhibit A is a true, correct and complete copy of a specimen certificate evidencing the Company’s Units, whereby each such Unit (“Unit”) consists of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company (“Warrant”) whereby each whole Warrant entitles the holder thereof to purchase one Class A Ordinary Share, and in the form included as Exhibit 4.1 to the Registration Statement.
14. Attached hereto as Exhibit B is a true, correct and complete copy of a specimen certificate evidencing the Company’s Class A Ordinary Shares and in the form included as Exhibit 4.2 to the Registration Statement.
15. Attached hereto as Exhibit C is a true, correct and complete copy of a specimen certificate evidencing the Company’s Warrants and in the form included as Exhibit 4.3 to the Registration Statement.
16. Attached hereto as Exhibit D is a true, correct and complete copy of the Second Amended and Restated Memorandum and Articles of Association of the Company, as in full force and effect and have not been modified as of the date hereof.
17. Attached hereto as Exhibit E are true, correct and complete copies of the resolutions duly adopted by the directors of the Company on August 11, 2025 (the “Board Resolutions”). The Board Resolutions constitute all of the resolutions and actions of the Board or any committee or subcommittee thereof and have not been amended, modified, annulled or revoked, and are in full force and effect as of the date hereof.
18. Attached hereto as Exhibit F are true, correct and complete copies of all resolutions of the shareholders of the Company relating to the offering made by the Company pursuant to the Underwriting Agreement (the “Shareholder Resolutions”). The Shareholder Resolutions constitute all of the resolutions of the shareholders the Company and have not been amended, modified, annulled or revoked, and are in full force and effect as of the date hereof.
19. The Company certifies that there are no written communications by the Company with the Securities and Exchange Commission related to the initial public offering of the Company’s securities (the “Offering”) and that there are no memoranda relating to conversations between the Company, its officers and employees or, to the Company’s knowledge, the Company’s accountants, counsel or representatives, on the one hand, and the Securities and Exchange Commission or its staff, on the other hand, relating to the Offering.
20. Attached hereto as Exhibit G is a list of individuals who are duly elected or appointed, qualified and acting officers or directors of the Company, who hold the position set forth opposite the name of such individual as of the date hereof and who are duly authorized to execute the Transaction Documents on behalf of the Company. The signature written opposite the name and title of each individual is the correct and genuine signature of such individual or a true, correct and complete facsimile thereof.
21. That the authorized share capital of the Company consists of 500,000,000 Class A ordinary shares, par value $0.0001 per share (“Class A Ordinary Shares”), 50,000,000 Class B ordinary shares, par value $0.0001 per share (“Class B Ordinary Shares”), and 5,000,000 preference shares, par value $0.0001 per share (“Preferred Share”).] Immediately prior to the closing of the Offering, there were no Class A Ordinary Shares issued and outstanding, 5,750,000 Class B Ordinary Shares issued and outstanding and no shares of Preferred Share issued and outstanding.
22. Skadden, Arps, Slate, Meagher & Flom LLP is entitled to rely on this certificate in connection with the delivery of its opinion pursuant to Section 4.2.1 the Underwriting Agreement. Han Kun Law Offices LLP is entitled to rely on this certificate in connection with the delivery of its opinion pursuant to Section 4.2.1 of the Underwriting Agreement.
[SignaturePage Follows]
IN WITNESS WHEREOF, I, the undersigned, have duly executed this CEO’s Certificate on behalf of the Company as of the date first written above.
| By: | ||
|---|---|---|
| Name: | Xavier Zee | |
| Title: | Chief Executive Officer |
[SignaturePage to CEO’s Certificate]
Exhibit A
Specimen Unit Certificate
Exhibit B
Specimen Class A Ordinary Shares Certificate
Exhibit C
Specimen Warrant Certificate
Exhibit D
Second Amended and Restated Memorandum and Articles of Association
Exhibit E
Board Resolutions
Exhibit F
Shareholder Resolutions
Exhibit G
Incumbency Certificate
The undersigned individuals of TGE Value Creative Solutions Corp, a Cayman Islands exempted company, are designated as appropriate parties with the power and authority to enter into contracts, agreements and to provide written directions pertaining to services associated with stock transfer and registrar needs:
| Name | Title | Signature |
|---|---|---|
| Xavier<br> Zee | Chief<br> Executive Officer | |
| Samuel<br> Chau | Chief<br> Financial Officer | |
| Feridun<br> Hamdullahpur | Co-Chairperson<br> of the Board of Directors | |
| Joanne<br> Shoveller | Co-<br> Chairperson of the Board of Directors |
EXHIBIT B
Form of Opinion of Conyers Dill & Pearman Pte. Ltd.
| CONYERS DILL & PEARMAN PTE. LTD. |
|---|
| 9<br> Battery Road<br><br> <br>#20-01<br> MYP Centre<br><br> <br>Singapore<br> 049910<br><br> <br>T<br> +65 6223 6006 |
| conyers.com |
[●] 2025
Matter No. 1008684
Ref: CB/AL/RLX/MY/AP_Legal#111417596
TGEValue Creative Solutions Corp
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
Attention: The Board of Directors
Cohen& Company Capital Markets,
adivision of Cohen & Company Securities, LLC
3 Columbus Circle, 24th Floor
New York, NY 10019
(the “Underwriter”)
Dear Sir/ Madam,
Re:TGE Value Creative Solutions Corp (the “Company”)
We have acted as special Cayman Islands legal counsel to the Company in connection with the Company’s Registration Statements (as defined below) relating to (i) an underwritten initial public offering (the “Offering”) in the United States of an aggregate of up to [17,250,000] units (including up to [2,250,000] units (the “Over-allotment Units”) that may be purchased to cover over-allotments, if any) with each unit consisting of one Class A ordinary share of par value US$0.0001 each per share (a “Class A Ordinary Share”), and one-half of one redeemable warrant to receive one Class A Ordinary Share (the “PublicWarrants”) (a Class A Ordinary Share and a Warrant, together being a “Unit”), (ii) an offer of an aggregate of 7,064,706 private placement warrants (or 7,779,412 private placement warrants if the Underwriter’s over-allotment option is exercised in full) (the “Private Placement Warrants”) to purchase one Class A Ordinary Share upon exercise of each Private Placement Warrant (collectively, the “Warrant Shares”), (iii) all Class A Ordinary Shares and Public Warrants issued as part of the Units and the Over-allotment Units, (iv) all Class A Ordinary Shares issuable upon exercise of the Public Warrants included in the Units and the Over-allotment Units, and the Private Place Warrants as described in the Prospectus (as defined below) (collectively, the “Securities”) and the listing of the Securities on the New York Stock Exchange (the “StockExchange”).
| 1. | DOCUMENTS REVIEWED |
|---|
For the purposes of giving this opinion, we have examined copies the following documents:
| 1.1. | the<br> Company’s registration statement on Form S-1 (File No. 333-289690) filed in respect<br> of the Securities with the Securities and Exchange Commission in the United States (“SEC”)<br> on [*] 2025, as amended (the “S-1 Registration Statement”), and the Company’s<br> registration statement on Form 8-A (File No. [*]) in respect of the registration of the Units<br> filed with the SEC on [*] 2025 (the “Form 8-A Registration Statement”),<br> in each case, as it became effective under the United States Securities Act of 1933, as amended<br> (the “Securities Act”) (the S-1 Registration Statement and the Form 8-A<br> Registration including all supplements and amendments thereto, the “Registration Statements”); |
|---|
Company Registration Number: 200903993W
| 1.2. | the<br> Company’s preliminary prospectus included in the initial registration statement dated<br> 18 August 2025, and the Company’s final prospectus in respect of the Securities filed<br> with the SEC on [*] 2025 (collectively, the “Prospectus”); |
|---|---|
| 1.3. | the<br> underwriting agreement dated [*] 2025 made between the Company and the Underwriter (the “Underwriting Agreement”); |
| --- | --- |
| 1.4. | the<br> warrant agreement dated [*] 2025 made between the Company and Continental Stock Transfer<br> & Trust Company (the “Warrant Agreement”); |
| --- | --- |
| 1.5. | the<br> investment management trust agreement dated [*] 2025 made between the Company and Continental<br> Stock Transfer & Trust Company (the “Investment Management Trust Agreement”);<br> and |
| --- | --- |
| 1.6. | the<br> private placement warrants purchase agreement dated [*] 2025 made between the Company and<br> the Underwriter (the “Private Placement Warrants Purchase Agreement”). |
| --- | --- |
The documents listed in items 1.1 through 1.6 above are collectively referred to as the "Documents" (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto). The documents listed in items 1.3 through 1.6 above are collectively referred to as the “Transaction Documents” (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).
We have also reviewed copies of the following:
| 1.7. | the<br> second amended and restated memorandum and articles of association of the Company adopted<br> on [*] 2025 with effect from [*] 2025 (the “Listing M&A”), |
|---|---|
| 1.8. | unanimous<br> written resolutions of its directors dated 11 August 2025, 1 December 2025 and [*] 2025,<br> respectively, and unanimous written resolutions of its shareholders dated [*] 2025 (collectively,<br> the "Resolutions"); |
| --- | --- |
| 1.9. | a<br> Certificate of Good Standing issued by the Registrar of Companies in relation to the Company<br> on [*] 2025 (the “Certificate Date”); |
| --- | --- |
| 1.10. | a<br> certified copy of the register of directors of the Company as at [*] 2025 (the “Register of Directors”); |
| --- | --- |
| 1.11. | a<br> certified copy of the register of members of the Company as at [*] 2025 (the “Register of Members”); |
| --- | --- |
| **conyers.com |** 2 |
| --- | | 1.12. | a<br> certified copy of the register of mortgages and charges of the Company as at [*] 2025 (the<br> “Register of Mortgages and Charges”); | | --- | --- | | 1.13. | such<br> other documents and made such enquiries as to questions of law as we have deemed necessary<br> in order to render the opinion set forth below. | | --- | --- |
| 2. | ASSUMPTIONS |
|---|
We have assumed:
| 2.1 | the<br> genuineness and authenticity of all signatures and the conformity to the originals of all<br> copies (whether or not certified) examined by us and the accuracy, authenticity and completeness<br> of the originals from which such copies were taken; |
|---|---|
| 2.2. | that<br> where a document has been examined by us in draft form, it will be or has been executed in<br> the form of that draft, and where a number of drafts of a document have been examined by<br> us all changes thereto have been marked or otherwise drawn to our attention; |
| --- | --- |
| 2.3. | the<br> capacity, power and authority of each of the parties to the Documents, other than the Company,<br> to enter into and perform its respective obligations under the Documents; |
| --- | --- |
| 2.4. | the<br> due execution and delivery of the Documents by each of the parties thereto, other than the<br> Company, and the physical delivery thereof by the Company with an intention to be bound thereby; |
| --- | --- |
| 2.5. | that,<br> upon the issue of any Class A Ordinary Shares to be sold by the Company, the Company will<br> receive consideration for the full issue price thereof which shall not be less than the par<br> value thereof; |
| --- | --- |
| 2.6. | that<br> the Company will have sufficient authorised share capital to effect the issue of any Class<br> A Ordinary Shares at the time of issuance; |
| --- | --- |
| 2.7. | the<br> Listing M&As will not be amended in any manner that would affect the opinions expressed<br> herein; |
| --- | --- |
| 2.8. | that<br> each of the documents reviewed by us are, or will be, legal, valid, binding and enforceable<br> against all relevant parties in accordance with their terms under all relevant laws (other<br> than, with respect to the Company, the laws of the Cayman Islands); |
| --- | --- |
| 2.9 | the<br> accuracy and completeness of all factual representations made in the Documents and other<br> documents reviewed by us; |
| --- | --- |
| 2.10. | that<br> the Resolutions were passed at one or more duly convened, constituted and quorate meetings<br> or by unanimous written resolutions, remain in full force and effect and have not been rescinded<br> or amended; |
| --- | --- |
| 2.11. | that<br> there is no provision of the law of any jurisdiction, other than the Cayman Islands, which<br> would have any implication in relation to the opinions expressed herein; |
| --- | --- |
| 2.12. | the<br> validity and binding effect under the laws of the State of New York (the "Foreign Laws") of the Transaction Documents in accordance with their respective terms; |
| --- | --- |
| **conyers.com |** 3 |
| --- | | 2.13. | the<br> validity and binding effect under the Foreign Laws of the submission by the Company pursuant<br> to the Transaction Documents (other than the Private Placement Warrants Purchase Agreement)<br> to the jurisdiction of, as applicable, any New York State or United States Federal court<br> sitting in The City of New York, Borough of Manhattan, or in the United States District Court<br> for the Southern District of New York (the "Foreign Courts"); | | --- | --- | | 2.14. | that<br> under the Private Placement Warrants Purchase Agreement, the Company submits to the jurisdiction<br> of the Foreign Courts and the validity and binding effect under the Foreign Laws of such<br> submission by the Company to the jurisdiction of the Foreign Courts; | | --- | --- | | 2.15. | there<br> are no records of the Company, agreements, documents or arrangements other than the documents<br> expressly referred to herein as having been examined by us which materially affect, amend<br> or vary the transactions envisaged in the documents or restrict the powers and authority<br> of the directors of the Company in any way or which would affect any opinion given herein; | | --- | --- | | 2.16. | no<br> invitation has been or will be made by or on behalf of the Company to the public in the Cayman<br> Islands to subscribe for any Securities; | | --- | --- | | 2.17. | that<br> the Registration Statements have been declared effective by the SEC prior to, or concurrent<br> with, the sale of the Securities pursuant to the Registration Statements; | | --- | --- | | 2.18. | the<br> Documents will become unconditional before the Securities are issued by the Company pursuant<br> thereto; | | --- | --- | | 2.19. | the<br> Units were issued and delivered by the Company to the Underwriter pursuant to the Underwriting<br> Agreement and payment of the consideration set forth in the Underwriting Agreement; | | --- | --- | | 2.20. | the<br> Offering and the transactions contemplated thereunder comply with the requirements of the<br> applicable rules of the Stock Exchange and at the time of the issue or transfer of any Units,<br> the Units will be listed on the New York Stock Exchange; | | --- | --- | | 2.21. | that<br> on the date of entering into or issuing the Documents and/or issue of the Securities, the<br> Company is, and after entering into or issuing the Documents and/or issue of the Securities<br> will be, able to pay its liabilities as they become due; | | --- | --- | | 2.22. | no<br> restrictions notice (the “Restrictions Notice”) under the Beneficial Ownership<br> Transparency Act has been issued or will be issued with respect to or that may affect, directly<br> or indirectly, any of the shares, interests, rights or obligations of the Company that are<br> the subject of the transactions referred to in the Documents (the “Relevant Interests”); | | --- | --- | | 2.23. | the<br> Company has not taken any action to appoint a restructuring officer; and | | --- | --- | | 2.24. | that<br> neither the Company nor any of its shareholders is a sovereign entity of any state and none<br> of them is a subsidiary, direct or indirect, of any sovereign entity or state. | | --- | --- |
| **conyers.com |** 4 |
| --- |
| 3. | QUALIFICATIONS |
|---|---|
| 3.1. | The<br> term “enforceable” as used in this opinion means that an obligation is of a type<br> which the courts of the Cayman Islands enforce. It does not mean that those obligations will<br> be enforced in all circumstances in accordance with the terms of the Transaction Documents.<br> In particular, the obligations of the Company under the Transaction Documents: |
| --- | --- |
| (a) | will<br> be subject to the laws from time to time in effect relating to bankruptcy, insolvency, liquidation,<br> possessory liens, rights of set off, reorganisation, amalgamation, merger, consolidation,<br> moratorium, bribery, corruption, money laundering, terrorist financing, proliferation financing<br> or any other laws or legal procedures, whether of a similar nature or otherwise, generally<br> affecting the rights of creditors as well as applicable international sanctions; |
| --- | --- |
| (b) | will<br> be subject to statutory limitation of the time within which proceedings may be brought; |
| --- | --- |
| (c) | will<br> be subject to general principles of equity and, as such, specific performance and injunctive<br> relief, being equitable remedies, may not be available; |
| --- | --- |
| (d) | may<br> not be given effect to by a Cayman Islands court, whether or not it was applying the Foreign<br> Laws, if and to the extent they constitute the payment of an amount which is in the nature<br> of a penalty; |
| --- | --- |
| (e) | in<br> the case of the Underwriting Agreement, may be subject to the common law rules that damages<br> against the Company are only available where the Underwriter rescinds the Underwriting Agreement;<br> and |
| --- | --- |
| (f) | may<br> not be given effect by a Cayman Islands court to the extent that they are to be performed<br> in a jurisdiction outside the Cayman Islands and such performance would be illegal under<br> the laws of that jurisdiction. Notwithstanding any contractual submission to the exclusive<br> or non-exclusive jurisdiction of specific courts, a Cayman Islands court has inherent discretion<br> to stay or allow proceedings in the Cayman Islands against the Company under the Transaction<br> Documents if there are other proceedings in respect of those Transaction Documents simultaneously<br> underway against the Company in another jurisdiction. |
| --- | --- |
| 3.2. | When<br> used herein, the term "non-assessable" means that no further sums are required<br> to be paid by the holder of Class A Ordinary Shares in connection with the issue thereof. |
| --- | --- |
| 3.3. | Enforcement<br> of the Document to the extent it relates to the Relevant Interests may be affected or prohibited<br> if a Restrictions Notice is issued in respect of such Relevant Interests in accordance with<br> the Beneficial Ownership Transparency Act. |
| --- | --- |
| 3.4. | We<br> express no opinion as to the enforceability of any provision of the Documents which provides<br> for the payment of a specified rate of interest on the amount of a judgment after the date<br> of judgment or which purports to fetter the statutory powers of the Company or purports to<br> grant exclusive jurisdiction to any courts. We express no view as to the commercial terms<br> of the Underwriting Agreement or whether such terms represent the intentions of the parties<br> and make no comment with regard to warranties or representations that may be made by the<br> Company. |
| --- | --- |
| 3.5. | We<br> reserve our opinion as to the extent to which a Cayman Islands court would, in the event<br> of any relevant illegality, sever the offending provisions and enforce the remainder of the transaction<br>to which such provisions form a part, notwithstanding any express provision in this regard. |
| --- | --- |
| **conyers.com |** 5 |
| --- | | 3.6. | We<br> have made no investigation of and express no opinion in relation to the laws of any jurisdiction<br> other than the Cayman Islands. This opinion is to be governed by and construed in accordance<br> with the laws of the Cayman Islands and is limited to and is given on the basis of the current<br> law and practice in the Cayman Islands. This opinion is issued solely for your benefit and<br> use in connection with the matter described herein and is not to be relied upon by any other<br> person, firm or entity or in respect of any other matter. | | --- | --- |
| 4. | OPINION |
|---|
On the basis of and subject to the foregoing, we are of the opinion that:
| 4.1. | The<br> Company is duly incorporated and validly existing under the laws of the Cayman Islands and,<br> based on the Certificate of Good Standing, is in good standing as at the Certificate Date.<br> Pursuant to the Act, a company is deemed to be in good standing if all fees and penalties<br> under the Act have been paid and the Registrar of Companies has no knowledge that the company<br> is in default under the Act. The Company has the corporate power and authority to conduct<br> its business and to own, use, lease and operate its properties and assets in accordance with<br> the Listing M&A and as described in the S-1 Registration Statement and the Prospectus. |
|---|---|
| 4.2. | Based<br> solely on our review of the Resolutions and the Listing M&A, the Company has an authorised<br> share capital of US$55,500 divided into 500,000,000 Class A ordinary shares of a par value<br> of US$0.0001 each, 50,000,000 Class B ordinary shares of a par value of US$0.0001 each (the<br> “Class B Ordinary Shares”) and 5,000,000 preference shares of a par value<br> of US$0.0001 each. The Class A Ordinary Shares to be issued as part of the Units and Over-allotment<br> Units have been duly authorised. When allotted and issued by the Company to the Underwriter<br> pursuant to the Underwriting Agreement against payment of the consideration set forth in<br> the Underwriting Agreement, the Class A Ordinary Shares contained in the Units and the Over-allotment<br> Units will (i) be validly issued, fully-paid and non-assessable (which term when used herein<br> means that no further sums are required to be paid by the holders thereof in connection with<br> the issue thereof), (ii) rank pari passu with all other issued Class A Ordinary Shares<br> of the Company subject to the rights, privileges and restrictions set forth in the Listing<br> M&A, and (iii) not be subject to any pre-emptive or similar rights or any restrictions<br> on the transfer or voting thereof under the Act or pursuant to the Listing M&A provided<br> that such transfer or voting is effected in the manner set forth in and subject to the Listing<br> M&A and for so long as the Securities are listed on the Stock Exchange. When allotted<br> and issued by the Company pursuant to the Private Placement Warrants against payment of the<br> consideration set forth in the Private Placement Warrants, the Warrant Shares will (i) be<br> validly issued, fully-paid and non-assessable (which term when used herein means that no<br> further sums are required to be paid by the holders thereof in connection with the issue<br> thereof), (ii) rank pari passu with all other issued Class A Ordinary Shares of the<br> Company subject to the rights, privileges and restrictions set forth in the Listing M&A,<br> and (iii) not be subject to any pre-emptive or similar rights or any restrictions on the<br> transfer or voting thereof under the Act or pursuant to the Listing M&A provided that<br> such transfer or voting is effected in the manner set forth in and subject to the Listing<br> M&A and for so long as the Securities are listed on the Stock Exchange. |
| --- | --- |
| **conyers.com |** 6 |
| --- | | 4.3. | Based<br> solely on our review of the Register of Members, as at [*] 2025, the Company has an issued<br> share capital of US$[575.00] divided into [5,750,000] Class B Ordinary Shares. Based solely<br> upon our review of the Register of Members, assuming all amounts in respect of the foregoing<br> Class B Ordinary Shares have been paid to the Company in accordance with the terms of their<br> issue, the foregoing Class B Ordinary Shares are validly issued, fully paid and non-assessable<br> (which term when used herein means that no further sums are required to be paid by the holders<br> thereof in connection with the issue thereof). | | --- | --- | | 4.4. | The<br> Company has the necessary corporate power and authority to enter into and perform its obligations<br> under the Transaction Documents and to file the Registration Statements and the Prospectus<br> with the SEC. The (i) execution and delivery of the Transaction Documents by the Company,<br> (ii) issuance, sale and offer of the Securities, (iii) listing of the Securities on the Stock<br> Exchange, and (iv) performance by the Company of its obligations under the Transaction Documents<br> will not violate the Listing M&A nor any applicable law, regulation, order or decree<br> in the Cayman Islands. | | --- | --- | | 4.5. | The<br> Company has taken all corporate action required to authorise (i) its execution, delivery<br> and performance of the Transaction Documents, (ii) the issuance, sale and offer of the Securities,<br> (iii) the listing of the Securities on the Stock Exchange, and (iv) the filing of the Registration<br> Statements and the Prospectus with the SEC. The Transaction Documents have been duly executed<br> and delivered by or on behalf of the Company, and constitute the legal valid and binding<br> obligations of the Company enforceable in accordance with their respective terms. | | --- | --- | | 4.6. | No<br> order, consent, approval, licence, authorisation or validation of or exemption by any government<br> or public body or authority of the Cayman Islands or any sub division thereof is required<br> to authorise or is required in connection with (i) the execution, delivery, performance and<br> enforcement of the Transaction Documents, (ii) the issuance, sale and offer of the Securities,<br> (iii) the listing of the Securities on the Stock Exchange, (iv) the filing of the Registration<br> Statements and the Prospectus with the SEC, (v) the issuance, circulation or distribution<br> of the Registration Statements or the Prospectus, and (vi) the payment of dividends and other<br> distributions declared and payable on the Class A Ordinary Shares. | | --- | --- | | 4.7. | It<br> is not necessary or desirable to ensure the legality, validity, enforceability or admissibility<br> into evidence (other than court filings in the ordinary course of proceedings) in the Cayman<br> Islands of the Transaction Documents that they be registered in any register kept by, or<br> filed with, any governmental authority or regulatory body in the Cayman Islands. However,<br> to the extent that any of the Transaction Documents creates a charge over assets of the Company,<br> the Company and its Directors are under an obligation to enter such charge in the Register<br> of Mortgages and Charges of the Company in accordance with section 54 of the Act. While there<br> is no exhaustive definition of a charge under Cayman Islands law, a charge normally has the<br> following characteristics: | | --- | --- | | (a) | it<br> is a proprietary interest granted by way of security which entitles the chargee to resort<br> to the charged property only for the purposes of satisfying some liability due to the chargee<br> (whether from the chargor or a third party); and | | --- | --- | | (b) | the<br> chargor retains an equity of redemption to have the property restored to him when the liability<br> has been discharged. | | --- | --- |
However, as the Transaction Documents are governed by the Foreign Laws, the question of whether they would possess these particular characteristics would be determined under the Foreign Laws.
| **conyers.com |** 7 |
| --- | | 4.8. | Subject<br> to paragraph 4.7 hereof, based solely on our review of the Register of Mortgages and Charges,<br> as at [*] 2025, there are [no] entries on the Register of Mortgages and Charges of the Company<br> kept at the registered office of the Company pursuant to section 54 of the Act. However,<br> failure to register any charge, mortgage or other security interest or encumbrance in the<br> Register of Mortgages and Charges does not operate to invalidate it. | | --- | --- | | 4.9. | There<br> is no stamp, registration or similar tax or duty to be paid on or in relation to any of the<br> Transaction Documents provided that they are executed and remain outside the Cayman Islands.<br> If it becomes necessary to bring the Transaction Documents into the Cayman Islands for enforcement<br> or otherwise, nominal stamp duty will be payable on the Transaction Documents. In the case<br> of any Transaction Document creating security over movable property situated in the Cayman<br> Islands granted by an exempted company, an ordinary non-resident company or a foreign company,<br> or over shares in an exempted company or an ordinary non-resident company, stamp duty will<br> be payable on an ad valorem basis to a maximum of CI$500.00 (US$600.00). Apart from<br> the payment of stamp duty, there are no acts, conditions or things required by the laws and<br> regulations of the Cayman Islands to be done, fulfilled or performed in order to make the<br> Transaction Documents admissible in evidence in the Cayman Islands (other than court filings<br> in the ordinary course of proceedings). | | --- | --- | | 4.10. | There<br> are no restrictions under Cayman Islands law which would prevent the Company from paying<br> dividends to shareholders in U.S. dollars or any other currency. All dividends and other<br> distributions declared and payable on the Class A Ordinary Shares may, under the current<br> laws and regulations of the Cayman Islands, (i) be made free and clear of, and without withholding<br> or deduction for or on account of, any taxes, duties, assessments or governmental charges<br> of whatsoever nature imposed, levied, collected, withheld or assessed by the Cayman Islands<br> government or any political subdivision or authority thereof or therein having power to tax;<br> and (ii) where paid in the Cayman Islands, be freely transferred out of the Cayman Islands<br> without the necessity of obtaining any consent of the Cayman Islands government or any political<br> subdivision or authority thereof or therein. | | --- | --- | | 4.11. | The<br> statements in the Prospectus under the captions “Description of Securities”,<br> “Anti-Money Laundering – Cayman Islands”, “Cayman Islands Data Protection”<br> and “Enforceability of Civil Liabilities” insofar and to the extent that they<br> constitute a summary or description of the rights of the Securities, the Listing M&A<br> or the laws and regulations of the Cayman Islands fairly and accurately present the information<br> and summarise the matters referred to therein. | | --- | --- | | 4.12. | There<br> is no capital gain, income, issuance, registration, transfer or other tax or duty of the<br> Cayman Islands imposed by withholding or otherwise on any payment to be made pursuant to<br> the Transaction Documents. | | --- | --- | | 4.13. | Based<br> solely upon a search of the electronic Register of Writs and other Originating Process of<br> the Grand Court of the Cayman Islands conducted at [10:00] a.m. on [*] 2025 (which would<br> not reveal details of (i) proceedings before 1995, (ii) proceedings which have been filed<br> but not actually entered in the Register of Writs and other Originating Processes of the<br> Grand Court of the Cayman Islands at the time of our search, (iii) counterclaims, (iv) proceedings<br> filed on the Restricted Registers of Writs and other Originating Processes or (v) an application<br> for the appointment of a restructuring officer on an interim basis under section 91C of the<br> Act) there are no actions pending against the Company nor any petitions to wind up the Company<br> pending in the Grand Court of the Cayman Islands to which the Company is subject. | | --- | --- |
| **conyers.com |** 8 |
| --- | | 4.14. | The<br> Underwriter has standing to bring an action or proceedings before the appropriate courts<br> in the Cayman Islands for the enforcement of the Underwriting Agreement. It is not necessary<br> or advisable in order for the Underwriter to enforce its rights under the Underwriting Agreement,<br> including the exercise of remedies thereunder, that it be licensed, qualified or otherwise<br> entitled to carry on business in the Cayman Islands. | | --- | --- | | 4.15. | The<br> Underwriter will not be deemed to be resident, domiciled or carrying on business in the Cayman<br> Islands by reason only of the execution, performance and/or enforcement of the Underwriting<br> Agreement. | | --- | --- | | 4.16. | The<br> Company has the legal capacity to sue and be sued in its own name under the laws of the Cayman<br> Islands. | | --- | --- | | 4.17. | The<br> Company is not entitled to any immunity under the laws of the Cayman Islands, whether characterised<br> as sovereign immunity or otherwise, from any legal proceedings to enforce the Transaction<br> Documents in respect of itself or its property. | | --- | --- | | 4.18. | The<br> indemnification and contribution provisions set forth in section 5 of the Underwriting Agreement<br> do not in our view contravene the public policy or the laws of the Cayman Islands so long<br> as those provisions do not extend to fraud or dishonesty. | | --- | --- | | 4.19. | There<br> are no exchange control restrictions in the Cayman Islands. The Company is free to acquire,<br> hold and sell foreign currency and securities without restriction. | | --- | --- | | 4.20. | The<br> choice of the Foreign Laws as the governing law of the Transaction Documents is a valid choice<br> of law and would be recognised and given effect to in any action brought before a court of<br> competent jurisdiction in the Cayman Islands, except for those laws (a) which such court<br> considers to be procedural in nature, (b) which are revenue or penal laws or (c) the application<br> of which would be inconsistent with public policy, as such term is interpreted under the<br> laws of the Cayman Islands. The submission in the Transaction Documents to the jurisdiction<br> of the Foreign Courts is valid and binding upon the Company. | | --- | --- | | 4.21. | The<br> courts of the Cayman Islands would recognise as a valid judgment, a final and conclusive<br> judgment in personam obtained in the Foreign Courts against the Company based upon<br> the Transaction Documents expressed to be governed by the Foreign Laws under which a sum<br> of money is payable (other than a sum of money payable in respect of multiple damages, taxes<br> or other charges of a like nature or in respect of a fine or other penalty) or, in certain<br> circumstances, an in personam judgment for non-monetary relief, and would give a judgment<br> based thereon provided that (a) such courts had proper jurisdiction over the parties subject<br> to such judgment; (b) such courts did not contravene the rules of natural justice of the<br> Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment<br> would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence<br> relevant to the action is submitted prior to the rendering of the judgment by the courts<br> of the Cayman Islands; and (f) there is due compliance with the correct procedures under<br> the laws of the Cayman Islands. | | --- | --- |
| **conyers.com |** 9 |
| --- | | 4.22. | There<br> are no reporting obligations under the laws of the Cayman Islands on holders of the Securities<br> listed on the Stock Exchange and the holders of the Securities will not be subject to any<br> reporting or similar requirements under the laws of the Cayman Islands with respect to their<br> holding of the Securities. | | --- | --- | | 4.23. | The<br> obligations of the Company under the Transaction Documents will rank at least pari passu in priority of payment with all other unsecured unsubordinated indebtedness of the Company,<br> other than indebtedness which is preferred by virtue of any provision of the laws of the<br> Cayman Islands of general application. | | --- | --- | | 4.24. | The<br> form of share certificate used to evidence the Class A Ordinary Shares is in an acceptable<br> legal form under the laws of the Cayman Islands and the Listing M&A. | | --- | --- | | 4.25. | Any<br> monetary judgment in a court of the Cayman Islands in respect of a claim brought in connection<br> with the Transaction Documents is likely to be expressed in the currency in which such claim<br> is made, since such courts have power to grant a monetary judgment expressed otherwise than<br> in the currency of the Cayman Islands but they may not necessarily do so. | | --- | --- | | 4.26. | The<br> register of members of the Company is prima facie evidence of the matters that are directed<br> or authorised to be inserted therein by the Act and a member registered in the register of<br> members will be deemed, as a matter of Cayman Islands law, to have prima facie legal title<br> to those Class A Ordinary Shares as set against its name in the register of members. | | --- | --- | | 4.27. | There<br> are no Cayman Islands statutes or regulations that are required by Cayman Islands law to<br> be described in the Registration Statements or the Prospectus. | | --- | --- |
Yours faithfully,
ConyersDill & Pearman Pte. Ltd.
| **conyers.com |** 10 |
| --- |
Exhibit3.1
THECOMPANIES ACT (AS REVISED)
OFTHE CAYMAN ISLANDS
EXEMPTEDCOMPANY LIMITED BY SHARES
SECONDAMENDED AND RESTATED
MEMORANDUMOF ASSOCIATION
OF
TGE Value Creative Solutions Corp
(Adopted by special resolution dated 17 December 2025 and effective on 18 December 2025)
| 1. | The<br> name of the Company is TGE Value Creative Solutions Corp. |
|---|---|
| 2. | The<br> registered office of the Company shall be at the offices of Conyers Trust Company (Cayman) Limited,<br> Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1- 1111, Cayman Islands, or at such<br> other place within the Cayman Islands as the Directors may decide. |
| --- | --- |
| 3. | The<br> objects for which the Company is established are unrestricted and the Company shall have full power<br> and authority to carry out any object not prohibited by the laws of the Cayman Islands. |
| --- | --- |
| 4. | The<br> liability of each Member is limited to the amount unpaid on such Member’s shares. |
| --- | --- |
| 5. | The<br> share capital of the Company is US$55,500 divided into 500,000,000 Class A ordinary shares of a par<br> value of US$0.0001 each, 50,000,000 Class B ordinary shares of a par value of US$0.0001 each and 5,000,000<br> preference shares of a par value of US$0.0001 each. |
| --- | --- |
| 6. | The<br> Company has power to register by way of continuation as a body corporate limited by shares under the<br> laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |
| --- | --- |
| 7. | Capitalised<br> terms that are not defined in this Second Amended and Restated Memorandum of Association bear the respective<br> meanings given to them in the Second Amended and Restated Articles of Association of the Company. |
| --- | --- |
| www.verify.gov.ky File#: 422434 |  <br><br>Filed: 18-Dec-2025 09:47 EST<br><br>Auth Code: J69243012745 |
| --- | --- |
THECOMPANIES ACT (AS REVISED)
OFTHE CAYMAN ISLANDS
EXEMPTEDCOMPANY LIMITED BY SHARES
SECONDAMENDED AND RESTATED
ARTICLESOF ASSOCIATION
OF
TGE Value Creative Solutions Corp
(Adopted by special resolution dated 17 December 2025 and effective on 18 December 2025)
| 1 | INTERPRETATION |
|---|---|
| 1.1 | In the Articles Table<br> A in the First Schedule to the Statute does not apply and, unless there is something in the subject<br> or context inconsistent therewith: |
| --- | --- |
| Affiliate | in<br> respect of a person, means any other person that, directly or indirectly, through one or more intermediaries,<br> controls, is controlled by, or is under common control with, such person, and (a) in the case of<br> a natural person, shall include, without limitation, such person’s spouse, parents, children,<br> siblings, mother-in-law and father-in-law and brothers and sisters- in- law, whether by blood, marriage<br> or adoption or anyone residing in such person’s home, a trust for the benefit of any of the<br> foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any<br> of the foregoing and (b)<br> in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly,<br> or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such<br> entity. |
|---|---|
| Applicable Law | means, with<br> respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments,<br> decisions, decrees or orders of any governmental authority applicable to such person. |
| Articles | means these<br> second amended and restated articles of association of the Company. |
| 2<br><br><br><br>www.verify.gov.ky File#: 422434 | <br><br>Filed: 18-Dec-2025 09:47 EST<br><br>Auth Code: J69243012745 |
| --- | --- |
| Audit Committee | means<br> the audit committee of the board of directors of the Company established pursuant to the Articles,<br> or any successor committee. |
| --- | --- |
| Auditor | means the<br> person for the time being performing the duties of auditor of the Company (if any). |
| Business Combination | means a<br> merger, amalgamation, share exchange, asset acquisition, share purchase, reorganisation or similar business combination<br> involving the Company, with one or more businesses or entities (the “target business”) which Business<br> Combination: (a) must occur with one or more target businesses that together have an aggregate fair market value of<br> at least 80 per cent of the assets held in the Trust Account (excluding the deferred underwriting commissions and<br> any Permitted Withdrawals) at the time of the agreement to enter into such Business Combination; and (b) must not<br> be effectuated with another blank cheque company or a similar company with nominal operations. |
| Business Day | means any<br> day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are<br> authorised or obligated by law to close in New York City. |
| Cause | means a<br> conviction for a criminal offence involving dishonesty or engaging in conduct which brings a Director or the Company<br> into disrepute or which results in a material financial detriment to the Company. |
| Clearing House | means a<br> clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are<br> listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| Class A Share | means a<br> class A ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| Class B Share | means a<br> class B ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| Company | means the<br> above named company. |
| Company’s Website | means the<br> website of the Company and/or its web-address or domain name, if any. |
| 3<br><br><br><br>www.verify.gov.ky File#: 422434 | <br><br>Filed: 18-Dec-2025 09:47 EST<br><br>Auth Code: J69243012745 |
| --- | --- |
| Compensation Committee | means<br> the compensation committee of the board of directors of the Company established pursuant to the<br> Articles, or any successor committee. |
| --- | --- |
| Designated Stock Exchange | means any<br> securities exchange on which the securities of the Company are listed for trading, including the New York Stock Exchange<br> and the Nasdaq Stock Market LLC. |
| Directors | means the<br> directors for the time being of the Company. |
| Dividend | means any<br> dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| Electronic Communication | means a<br> communication sent by electronic means, including electronic posting to the Company’s Website, transmission<br> to any number, address or internet website (including the website of the Securities and Exchange Commission) or other<br> electronic delivery methods as otherwise decided and approved by the Directors. |
| Electronic Record | has the<br> same meaning as in the Electronic Transactions Act. |
| Electronic Transactions Act | means the<br> Electronic Transactions Act (As Revised) of the Cayman Islands. |
| Equity-linked Securities | means any<br> debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing<br> transaction in connection with a Business Combination, including but not limited to a private placement of equity<br> or debt. |
| Exchange Act | means the<br> United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations<br> of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. |
| Founders | means all<br> Members immediately prior to the consummation of the IPO. |
| Independent Director | has the<br> same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange<br> Act, as the case may be. |
| IPO | means the<br> Company’s initial public offering of securities. |
| Liabilities | has the<br> meaning given in Article 51.2(b). |
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| Member | has<br> the same meaning as in the Statute. |
| --- | --- |
| Memorandum | means<br> the second amended and restated memorandum of association of the Company. |
| Minimum Member | means a<br> Member meeting the minimum requirements set forth for eligible members to submit proposals under Rule 14a-8 of the<br> Exchange Act or any applicable rules thereunder as may be amended or promulgated thereunder from time to time. |
| Nominating and Corporate Governance Committee | means any<br> nominating and corporate governance committee of the board of directors of the Company established pursuant to the<br> Articles, or any successor committee. |
| Officer | means a<br> person appointed to hold an office in the Company. |
| Ordinary Resolution | means a<br> resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies<br> are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority<br> when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| Over-Allotment Option | means the<br> option of the Underwriters to purchase up to an additional fifteen (15) per cent of the units (as described in the<br> Articles) sold in the IPO at a price equal to US$10 per unit, less, underwriting discounts and commissions. |
| Permitted Withdrawal | means interest<br> earned on the Trust Account that has been or may be withdrawn for payment of any income taxes and up to $100,000 to<br> pay dissolution expenses. |
| Preference Share | means a<br> preference share of a par value of US$0.0001 in the share capital of the Company. |
| Public Share | means a<br> Class A Share issued as part of the units (as described in the Articles) issued in the IPO. |
| Redemption Notice | means a<br> notice in a form approved by the Directors by which a holder of Public Shares is entitled to require the Company to<br> redeem its Public Shares. |
| Register of Members | means the<br> Register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch<br> or duplicate Register of Members. |
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| Registered Office | means<br> the registered office for the time being of the Company. |
| --- | --- |
| Representative | means a<br> representative of the Underwriters. |
| Seal | means the<br> common seal of the Company and includes every duplicate seal. |
| Securities and Exchange Commission | means the<br> United States Securities and Exchange Commission. |
| Share | means<br>a Class A Share, a Class B Share or a Preference Share and includes a fraction of a share in the Company. |
| Special Resolution | subject<br> to Article 31.4 and 49.2, has the same meaning as in the Statute, and includes a unanimous written resolution. |
| Sponsor | means TGE<br> SpiderNet Capital Group LLC, a Cayman limited liability company, and its successors or assigns. |
| Statute | means the<br> Companies Act (As Revised) of the Cayman Islands. |
| Tax Filing Authorised Person | means such<br> person as any Director shall designate from time to time, acting severally. |
| Treasury Share | means a<br> Share held in the name of the Company as a treasury share in accordance with the Statute. |
| Trust Account | means the<br> trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net<br> proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously<br> with the closing date of the IPO, will be deposited, the balance of which, including any interest accrued thereupon,<br> shall be applied and distributed in accordance with these Articles and the terms as set out in the trust agreement<br> governing the Trust Account (as may be amended from time to time). |
| Underwriter | means an<br> underwriter of the IPO from time to time and any successor underwriter. |
| 1.2 | In<br> the Articles: |
| --- | --- |
| (a) | words<br> importing the singular number include the plural number and vice versa; |
| --- | --- |
| (b) | words<br> importing the masculine gender include the feminine gender; |
| --- | --- |
| (c) | words<br> importing persons include corporations as well as any other legal or natural person; |
| --- | --- |
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| (d) | “written”<br> and “in writing” include all modes of representing or reproducing words<br> in visible form, including in the form of an Electronic Record; |
| --- | --- |
| (e) | “shall”<br> shall be construed as imperative and “may” shall be construed as permissive; |
| --- | --- |
| (f) | references<br> to provisions of any law or regulation shall be construed as references to those provisions<br> as amended, modified, re-enacted or replaced; |
| --- | --- |
| (g) | any<br> phrase introduced by the terms “including”, “include”,<br> “in particular” or any similar expression shall be construed as illustrative<br> and shall not limit the sense of the words preceding those terms; |
| --- | --- |
| (h) | the<br> term “and/or” is used herein to mean both “and” as<br> well as “or.” The use of “and/or” in certain contexts<br> in no respects qualifies or modifies the use of the terms “and” or “or”<br> in others. The term “or” shall not be interpreted to be exclusive and<br> the term “and” shall not be interpreted to require the conjunctive (in<br> each case, unless the context otherwise requires); |
| --- | --- |
| (i) | headings<br> are inserted for reference only and shall be ignored in construing the Articles; |
| --- | --- |
| (j) | any<br> requirements as to delivery under the Articles include delivery in the form of an Electronic<br> Record; |
| --- | --- |
| (k) | any<br> requirements as to execution or signature under the Articles including the execution of the<br> Articles themselves can be satisfied in the form of an electronic signature as defined in<br> the Electronic Transactions Act; |
| --- | --- |
| (l) | sections<br> 8 and 19(3) of the Electronic Transactions Act shall not apply; |
| --- | --- |
| (m) | the<br> term “clear days” in relation to the period of a notice means that period<br> excluding the day when the notice is received or deemed to be received and the day for which<br> it is given or on which it is to take effect; |
| --- | --- |
| (n) | the<br> term “holder” in relation to a Share means a person whose name is entered<br> in the Register<br>of Members as the holder of such Share; |
| --- | --- |
| (o) | reference<br> to a meeting: (a) shall, where the context is appropriate, include a meeting that has been<br> postponed by the Board pursuant to Article 23.9, and (b) shall mean a meeting convened and<br> held in any manner permitted by these Articles and any Member or Director attending and participating<br> at a meeting by means of electronic facilities shall be deemed to be present at that meeting<br> for all purposes of these Articles, and attend, participate, attending, participating, attendance<br> and participation shall be construed accordingly; |
| --- | --- |
| (p) | references<br> to the right of a Member to speak at a general meeting shall include the right to raise questions<br> or make statements to the chairman of the meeting, verbally or in written form, by means<br> of electronic facilities. Such a right shall be deemed to have been duly exercised if the<br> questions or statements may be heard or seen by all or only some of the persons present at<br> the meeting (or only by the chairman of the meeting) in which event the chairman of the meeting<br> shall relay the questions raised or the statements made verbatim to all persons present at<br> the meeting, either orally or in writing using electronic facilities; |
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| (q) | unless<br> the context otherwise requires, any reference to “print”, “printed”,<br> or “printed copy” and “printing” shall be deemed to<br> include electronic versions or electronic copies; and |
| --- | --- |
| (r) | any<br> reference to the term “place” within these Articles shall be construed<br> as applicable only in contexts where a physical location is required or relevant. Any reference<br> to a “place” for the delivery, receipt, or payment of monies, whether by<br> the Company or by Members, shall not preclude the use of electronic means for such delivery,<br> receipt, or payment. For the avoidance of doubt, references to a “place”<br> in the context of meetings shall include physical, electronic, or hybrid meeting formats,<br> as permitted by applicable laws and regulations. Notices of meetings, adjournments, postponements,<br> or any other references to a “place” shall be interpreted to include virtual<br> platforms or electronic means of communication where applicable. Where the term “place”<br> is out of context, unnecessary, or not applicable, such reference shall be disregarded without<br> affecting the validity or interpretation of the relevant provision. |
| --- | --- |
| 2. | COMMENCEMENT<br> OF BUSINESS |
| --- | --- |
| 2.1 | The<br> business of the Company may be commenced as soon after incorporation of the Company as the<br> Directors shall see fit. |
| --- | --- |
| 2.2 | The<br> Directors may pay, out of the capital or any other monies of the Company, all expenses incurred<br> in or about the formation and establishment of the Company, including the expenses of registration. |
| --- | --- |
| 3. | ISSUE<br> OF SHARES |
| --- | --- |
| 3.1 | Subject<br> to the provisions, if any, in the Memorandum (and to any direction that may be given by the<br> Company in general meeting) and, where applicable, the rules and regulations of the Designated<br> Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory<br> authority or otherwise under Applicable Law, and without prejudice to any rights attached<br> to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose<br> of Shares (including fractions of a Share) with or without preferred, deferred or other rights<br> or restrictions, whether in regard to Dividends or other distributions, voting, return of<br> capital or otherwise and to such persons, at such times and on such other terms as they think<br> proper, and may also (subject to the Statute and the Articles) vary such rights, save that<br> the Directors shall not allot, issue, grant options over or otherwise dispose of Shares (including<br> fractions of a Share) to the extent that it may affect the ability of the Company to carry<br> out a Class B Share Conversion set out in Article 17. |
| --- | --- |
| 3.2 | The<br> Company may issue rights, options, warrants or convertible securities or securities of similar<br> nature conferring the right upon the holders thereof to subscribe for, purchase or receive<br> any class of Shares or other securities in the Company on such terms as the Directors may<br> from time to time determine. |
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| 3.3 | The<br> Company may issue units of securities in the Company, which may be comprised of whole or<br> fractional Shares, rights, options, warrants or convertible securities or securities of similar<br> nature conferring the right upon the holders thereof to subscribe for, purchase or receive<br> any class of Shares or other securities in the Company, upon such terms as the Directors<br> may from time to time determine. |
| --- | --- |
| 3.4 | The<br> Company shall not issue Shares to bearer. |
| --- | --- |
| 4. | REGISTER<br> OF MEMBERS |
| --- | --- |
| 4.1 | The<br> Company shall maintain or cause to be maintained the Register of Members in accordance with<br> the Statute. |
| --- | --- |
| 4.2 | The<br> Directors may determine that the Company shall maintain one or more branch registers of Members<br> in accordance with the Statute. The Directors may also determine which register of Members<br> shall constitute the principal register and which shall constitute the branch register or<br> registers, and to vary such determination from time to time. |
| --- | --- |
| 5. | CLOSING<br> REGISTER OF MEMBERS OR FIXING RECORD DATE |
| --- | --- |
| 5.1 | For<br> the purpose of determining Members entitled to notice of, or to vote at any meeting of Members<br> or any adjournment or postponement thereof, or Members entitled to receive payment of any<br> Dividend or other distribution, or in order to make a determination of Members for any other<br> purpose, the Directors may, after notice has been given by advertisement in an appointed<br> newspaper or any other newspaper or by any other means in accordance with the rules and regulations<br> of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other<br> competent regulatory authority or otherwise under Applicable Law, provide that the Register<br> of Members shall be closed for transfers for a stated period which shall not in any case<br> exceed forty days. |
| --- | --- |
| 5.2 | In<br> lieu of, or apart from, closing the Register of Members, the Directors may fix in advance<br> or arrears a date as the record date for any such determination of Members entitled to notice<br> of, or to vote at any meeting of the Members or any adjournment or postponement thereof,<br> or for the purpose of determining the Members entitled to receive payment of any Dividend<br> or other distribution, or in order to make a determination of Members for any other purpose. |
| --- | --- |
| 5.3 | If<br> the Register of Members is not so closed and no record date is fixed for the determination<br> of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled<br> to receive payment of a Dividend or other distribution, the date on which notice of the meeting<br> is sent or the date on which the resolution of the Directors resolving to pay such Dividend<br> or other distribution is passed, as the case may be, shall be the record date for such determination<br> of Members. When a determination of Members entitled to vote at any meeting of Members has<br> been made as provided in this Article, such determination shall apply to any adjournment<br> or postponement thereof. |
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| 6. | CERTIFICATES<br> FOR SHARES |
| --- | --- |
| 6.1 | A<br> Member shall only be entitled to a share certificate if the Directors resolve that share<br> certificates shall be issued. Share certificates representing Shares, if any, shall be in<br> such form as the Directors may determine. Share certificates shall be signed by one or more<br> Directors or other person authorised by the Directors. The Directors may authorise certificates<br> to be issued with the authorised signature(s) affixed by mechanical process. All certificates<br> for Shares shall be consecutively numbered or otherwise identified and shall specify the<br> Shares to which they relate. All certificates surrendered to the Company for transfer shall<br> be cancelled and, subject to the Articles, no new certificate shall be issued until the former<br> certificate representing a like number of relevant Shares shall have been surrendered and<br> cancelled. |
| --- | --- |
| 6.2 | The<br> Company shall not be bound to issue more than one certificate for Shares held jointly by<br> more than one person and delivery of a certificate to one joint holder shall be a sufficient<br> delivery to all of them. |
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| 6.3 | If<br> a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms<br> (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred<br> by the Company in investigating evidence, as the Directors may prescribe, and (in the case<br> of defacement or wearing out) upon delivery of the old certificate. |
| --- | --- |
| 6.4 | Every<br> share certificate sent in accordance with the Articles will be sent at the risk of the Member<br> or other person entitled to the certificate. The Company will not be responsible for any<br> share certificate lost or delayed in the course of delivery. |
| --- | --- |
| 6.5 | Share<br> certificates shall be issued within the relevant time limit as prescribed by the Statute,<br> if applicable, or as the rules and regulations of the Designated Stock Exchange, the Securities<br> and Exchange Commission and/or any other competent regulatory authority or otherwise under<br> Applicable Law may from time to time determine, whichever is shorter, after the allotment<br> or, except in the case of a Share transfer which the Company is for the time being entitled<br> to refuse to register and does not register, after lodgement of a Share transfer with the<br> Company. |
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| 7. | TRANSFER<br> OF SHARES |
| --- | --- |
| 7.1 | Subject<br> to the terms of the Articles, any Member may transfer all or any of his Shares by an instrument<br> of transfer provided that such transfer complies with the rules and regulations of the Designated<br> Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory<br> authority or otherwise under Applicable Law. If the Shares in question were issued in conjunction<br> with rights, options or warrants issued pursuant to the Articles on terms that one cannot<br> be transferred without the other, the Directors shall refuse to register the transfer of<br> any such Share without evidence satisfactory to them of the like transfer of such option<br> or warrant. |
| --- | --- |
| 7.2 | The<br> instrument of transfer of any Share shall be in writing in the usual or common form or in<br> a form prescribed by the rules and regulations of the Designated Stock Exchange, the Securities<br> and Exchange Commission and/or any other competent regulatory authority or otherwise under<br> Applicable Law or in any other form approved by the Directors and shall be executed by or<br> on behalf of the transferor (and if the Directors so require, signed by or on behalf of the<br> transferee) and may be under hand or, if the transferor or transferee is a Clearing House<br> or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution<br> as the Directors may approve from time to time. The transferor shall be deemed to remain<br> the holder of a Share until the name of the transferee is entered in the Register of Members. |
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| 8. | REDEMPTION,<br> REPURCHASE AND SURRENDER OF SHARES |
| --- | --- |
| 8.1 | Subject<br> to the provisions of the Statute, and, where applicable, the rules and regulations of the<br> Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent<br> regulatory authority or otherwise under Applicable Law, the Company may issue Shares that<br> are to be redeemed or are liable to be redeemed at the option of the Member or the Company.<br> The redemption of such Shares, except Public Shares, shall be effected in such manner and<br> upon such other terms as the Company may, by Special Resolution, determine before the issue<br> of such Shares. With respect to redeeming or repurchasing the Shares: |
| --- | --- |
| (a) | Members<br> who hold Public Shares are entitled to request the redemption of such Shares in the circumstances<br> described in the Article 51; |
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| (b) | Class<br> B Shares held by the Founders shall be surrendered by the Founders on a pro rata basis for<br> no consideration to the extent that the Over-Allotment Option is not exercised in full so<br> that the Founders will own twenty-five (25) per cent of the Company’s issued Shares<br> after the IPO (exclusive of any securities purchased in a private placement simultaneously<br> with the IPO); and |
| --- | --- |
| (c) | Public<br> Shares shall be repurchased by way of tender offer in the circumstances set out in Article<br> 51. |
| --- | --- |
| 8.2 | Subject<br> to the provisions of the Statute, and, where applicable, the rules and regulations of the<br> Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent<br> regulatory authority or otherwise under Applicable Law, the Company may purchase its own<br> Shares (including any redeemable Shares) in such manner and on such other terms as the Directors<br> may agree with the relevant Member. For the avoidance of doubt, redemptions, repurchases<br> and surrenders of Shares in the circumstances described in the Article above shall not require<br> further approval of the Members. |
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| 8.3 | The<br> Company may make a payment in respect of the redemption or purchase of its own Shares in<br> any manner permitted by the Statute, including out of capital. |
| --- | --- |
| 8.4 | The<br> Directors may accept the surrender for no consideration of any fully paid Share. |
| --- | --- |
| 9. | TREASURY<br> SHARES |
| --- | --- |
| 9.1 | The<br> Directors may, prior to the purchase, redemption or surrender of any Share, determine that<br> such Share shall be held as a Treasury Share. |
| --- | --- |
| 9.2 | The<br> Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms<br> as they think proper (including, without limitation, for nil consideration). |
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| 10. | VARIATION<br> OF RIGHTS OF SHARES |
| --- | --- |
| 10.1 | Subject<br> to Article 3.1, if at any time the share capital of the Company is divided into different<br> classes of Shares, all or any of the rights attached to any class (unless otherwise provided<br> by the terms of issue of the Shares of that class) may, whether or not the Company is being<br> wound up, be varied without the consent of the holders of the issued Shares of that class<br> where such variation is considered by the Directors not to have a material adverse effect<br> upon such rights; otherwise, any such variation shall be made only with the consent in writing<br> of the holders of not less than two thirds of the issued Shares of that class (other than<br> with respect to a waiver of the provisions of Article 17, which as stated therein shall only<br> require the consent in writing of the holders of a majority of the issued Shares of that<br> class), or with the approval of a resolution passed by a majority of not less than two thirds<br> of the votes cast at a separate meeting of the holders of the Shares of that class. For the<br> avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation<br> may not have a material adverse effect, to obtain consent from the holders of Shares of the<br> relevant class. To any such meeting all the provisions of the Articles relating to general<br> meetings shall apply mutatis mutandis, except that the necessary quorum shall be one person<br> holding or representing by proxy at least one third of the issued Shares of the class and<br> that any holder of Shares of the class present in person or by proxy may demand a poll. |
| --- | --- |
| 10.2 | For<br> the purposes of a separate class meeting, the Directors may treat two or more or all the<br> classes of Shares as forming one class of Shares if the Directors consider that such class<br> of Shares would be affected in the same way by the proposals under consideration, but in<br> any other case shall treat them as separate classes of Shares. |
| --- | --- |
| 10.3 | The<br> rights conferred upon the holders of the Shares of any class issued with preferred or other<br> rights shall not, unless otherwise expressly provided by the terms of issue of the Shares<br> of that class, be deemed to be varied: (i) by the creation or issue of further Shares ranking<br> pari passu therewith or Shares issued with preferred or other rights; or (ii) where<br> the constitutional documents of the Company are amended or new constitutional documents of<br> the Company are adopted, in each case, as a result of the Company undertaking a transfer<br> by way of continuation in a jurisdiction outside the Cayman Islands. |
| --- | --- |
| 11. | COMMISSION<br> ON SALE OF SHARES |
| --- | --- |
The Company may, in so far as the Statute permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.
| 12. | NON-RECOGNITION<br> OF TRUSTS |
|---|
The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.
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| 13. | LIEN<br> ON SHARES |
| --- | --- |
| 13.1 | The<br> Company shall have a first and paramount lien on all Shares (whether fully paid-up or not)<br> registered in the name of a Member (whether solely or jointly with others) for all debts,<br> liabilities or engagements to or with the Company (whether presently payable or not) by such<br> Member or his estate, either alone or jointly with any other person, whether a Member or<br> not, but the Directors may at any time declare any Share to be wholly or in part exempt from<br> the provisions of this Article. The registration of a transfer of any such Share shall operate<br> as a waiver of the Company’s lien thereon. The Company’s lien on a Share shall<br> also extend to any amount payable in respect of that Share. |
| --- | --- |
| 13.2 | The<br> Company may sell, in such manner as the Directors think fit, any Shares on which the Company<br> has a lien, if a sum in respect of which the lien exists is presently payable, and is not<br> paid within fourteen clear days after notice has been received or deemed to have been received<br> by the holder of the Shares, or to the person entitled to it in consequence of the death<br> or bankruptcy of the holder, demanding payment and stating that if the notice is not complied<br> with the Shares may be sold. |
| --- | --- |
| 13.3 | To<br> give effect to any such sale the Directors may authorise any person to execute an instrument<br> of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.<br> The purchaser or his nominee shall be registered as the holder of the Shares comprised in<br> any such transfer, and he shall not be bound to see to the application of the purchase money,<br> nor shall his title to the Shares be affected by any irregularity or invalidity in the sale<br> or the exercise of the Company’s power of sale under the Articles. |
| --- | --- |
| 13.4 | The<br> net proceeds of such sale after payment of costs, shall be applied in payment of such part<br> of the amount in respect of which the lien exists as is presently payable and any balance<br> shall (subject to a like lien for sums not presently payable as existed upon the Shares before<br> the sale) be paid to the person entitled to the Shares at the date of the sale. |
| --- | --- |
| 14. | CALL<br> ON SHARES |
| --- | --- |
| 14.1 | Subject<br> to the terms of the allotment and issue of any Shares, the Directors may make calls upon<br> the Members in respect of any monies unpaid on their Shares (whether in respect of par value<br> or premium), and each Member shall (subject to receiving at least fourteen clear days’<br> notice specifying the time or times of payment) pay to the Company at the time or times so<br> specified the amount called on the Shares. A call may be revoked or postponed, in whole or<br> in part, as the Directors may determine. A call may be required to be paid by instalments.<br> A person upon whom a call is made shall remain liable for calls made upon him notwithstanding<br> the subsequent transfer of the Shares in respect of which the call was made. |
| --- | --- |
| 14.2 | A<br> call shall be deemed to have been made at the time when the resolution of the Directors authorising<br> such call was passed. |
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| 14.3 | The<br> joint holders of a Share shall be jointly and severally liable to pay all calls in respect<br> thereof. |
| --- | --- |
| 14.4 | If<br> a call remains unpaid after it has become due and payable, the person from whom it is due<br> shall pay interest on the amount unpaid from the day it became due and payable until it is<br> paid at such rate as the Directors may determine (and in addition all expenses that have<br> been incurred by the Company by reason of such non-payment), but the Directors may waive<br> payment of the interest or expenses wholly or in part. |
| --- | --- |
| 14.5 | An<br> amount payable in respect of a Share on issue or allotment or at any fixed date, whether<br> on account of the par value of the Share or premium or otherwise, shall be deemed to be a<br> call and if it is not paid all the provisions of the Articles shall apply as if that amount<br> had become due and payable by virtue of a call. |
| --- | --- |
| 14.6 | The<br> Directors may issue Shares with different terms as to the amount and times of payment of<br> calls, or the interest to be paid. |
| --- | --- |
| 14.7 | The<br> Directors may, if they think fit, receive an amount from any Member willing to advance all<br> or any part of the monies uncalled and unpaid upon any Shares held by him, and may (until<br> the amount would otherwise become payable) pay interest at such rate as may be agreed upon<br> between the Directors and the Member paying such amount in advance. |
| --- | --- |
| 14.8 | No<br> such amount paid in advance of calls shall entitle the Member paying such amount to any portion<br> of a Dividend or other distribution payable in respect of any period prior to the date upon<br> which such amount would, but for such payment, become payable. |
| --- | --- |
| 15. | FORFEITURE<br> OF SHARES |
| --- | --- |
| 15.1 | If<br> a call or instalment of a call remains unpaid after it has become due and payable the Directors<br> may give to the person from whom it is due not less than fourteen clear days’ notice<br> requiring payment of the amount unpaid together with any interest which may have accrued<br> and any expenses incurred by the Company by reason of such non-payment. The notice shall<br> specify where payment is to be made and shall state that if the notice is not complied with<br> the Shares in respect of which the call was made will be liable to be forfeited. |
| --- | --- |
| 15.2 | If<br> the notice is not complied with, any Share in respect of which it was given may, before the<br> payment required by the notice has been made, be forfeited by a resolution of the Directors.<br> Such forfeiture shall include all Dividends, other distributions or other monies payable<br> in respect of the forfeited Share and not paid before the forfeiture. |
| --- | --- |
| 15.3 | A<br> forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such<br> manner as the Directors think fit and at any time before a sale, re-allotment or disposition<br> the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes<br> of its disposal a forfeited Share is to be transferred to any person the Directors may authorise<br> some person to execute an instrument of transfer of the Share in favour of that person. |
| --- | --- |
| 15.4 | A<br> person any of whose Shares have been forfeited shall cease to be a Member in respect of them<br> and shall surrender to the Company for cancellation the certificate for the Shares forfeited<br> and shall remain liable to pay to the Company all monies which at the date of forfeiture<br> were payable by him to the Company in respect of those Shares together with interest at such<br> rate as the Directors may determine, but his liability shall cease if and when the Company<br> shall have received payment in full of all monies due and payable by him in respect of those<br> Shares. |
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| 15.5 | A<br> certificate in writing under the hand of one Director or Officer that a Share has been forfeited<br> on a specified date shall be conclusive evidence of the facts stated in it as against all<br> persons claiming to be entitled to the Share. The certificate shall (subject to the execution<br> of an instrument of transfer) constitute a good title to the Share and the person to whom<br> the Share is sold or otherwise disposed of shall not be bound to see to the application of<br> the purchase money, if any, nor shall his title to the Share be affected by any irregularity<br> or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the<br> Share. |
| --- | --- |
| 15.6 | The<br> provisions of the Articles as to forfeiture shall apply in the case of non-payment of any<br> sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on<br> account of the par value of the Share or by way of premium as if it had been payable by virtue<br> of a call duly made and notified. |
| --- | --- |
| 16. | TRANSMISSION<br> OF SHARES |
| --- | --- |
| 16.1 | If<br> a Member dies, the survivor or survivors (where he was a joint holder), or his legal personal<br> representatives (where he was a sole holder), shall be the only persons recognised by the<br> Company as having any title to his Shares. The estate of a deceased Member is not thereby<br> released from any liability in respect of any Share, for which he was a joint or sole holder. |
| --- | --- |
| 16.2 | Any<br> person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation<br> or dissolution of a Member (or in any other way than by transfer) may, upon such evidence<br> being produced as may be required by the Directors, elect, by a notice in writing sent by<br> him to the Company, either to become the holder of such Share or to have some person nominated<br> by him registered as the holder of such Share. If he elects to have another person registered<br> as the holder of such Share he shall sign an instrument of transfer of that Share to that<br> person. The Directors shall, in either case, have the same right to decline or suspend registration<br> as they would have had in the case of a transfer of the Share by the relevant Member before<br> his death or bankruptcy or liquidation or dissolution, as the case may be. |
| --- | --- |
| 16.3 | A<br> person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or<br> dissolution of a Member (or in any other case than by transfer) shall be entitled to the<br> same Dividends, other distributions and other advantages to which he would be entitled if<br> he were the holder of such Share. However, he shall not, before becoming a Member in respect<br> of a Share, be entitled in respect of it to exercise any right conferred by membership in<br> relation to general meetings of the Company and the Directors may at any time give notice<br> requiring any such person to elect either to be registered himself or to have some person<br> nominated by him be registered as the holder of the Share (but the Directors shall, in either<br> case, have the same right to decline or suspend registration as they would have had in the<br> case of a transfer of the Share by the relevant Member before his death or bankruptcy or<br> liquidation or dissolution or any other case than by transfer, as the case may be). If the<br> notice is not complied with within ninety days of being received or deemed to be received<br> (as determined pursuant to the Articles), the Directors may thereafter withhold payment of<br> all Dividends, other distributions, bonuses or other monies payable in respect of the Share<br> until the requirements of the notice have been complied with. |
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| 17. | CLASS<br> B SHARE CONVERSION |
| --- | --- |
| 17.1 | The<br> rights attaching to all Shares shall rank pari passu in all respects unless otherwise provided<br> in these Articles, and the Class A Shares and Class B Shares shall vote together as a single<br> class on all matters (subject to Article 10, the Article 31 and Article 49) with the exception<br> that the holder of a Class B Share shall have the Conversion Rights referred to in this Article. |
| --- | --- |
| 17.2 | Class<br> B Shares shall automatically convert into Class A Shares on a one-for-one basis (the “Initial Conversion Ratio”) at any time and from time to time at the option of the holders<br> thereof and/or immediately prior to, concurrently with or immediately following the consummation<br> of a Business Combination. |
| --- | --- |
| 17.3 | Notwithstanding<br> the Initial Conversion Ratio, in the case that additional Class A Shares or any other Equity-linked<br> Securities, are issued or deemed issued in excess of the amounts issued in the IPO (including<br> pursuant to the Over-Allotment Option) and related to or in connection with the closing of<br> a Business Combination, all Class B Shares in issue shall automatically convert into Class<br> A Shares at the time of the closing of a Business Combination, the ratio for which the Class<br> B Shares shall convert into Class A Shares will be adjusted so that the number of Class A<br> Shares issuable upon conversion of all Class B Shares will equal, in the aggregate, twenty<br> five (25) per cent of the sum of: (a) the total number of all Class A Shares in issue upon<br> completion of the IPO, irrespective of whether or not such Class A Shares are redeemed in<br> connection with a Business Combination, plus (b) the total number of Class A Shares<br> issuable upon conversion of the Class B Shares issued and outstanding upon the completion<br> of the IPO, plus (c) the total number of Class A Shares issued, or deemed issued or<br> issuable upon conversion or exercise of any Equity- linked Securities issued or deemed issued,<br> by the Company in connection with or in relation to the consummation of a Business Combination<br> (including securities issued or issuable pursuant to forward purchase agreements or backstop<br> arrangements we may enter into prior to or following consummation of the IPO) excluding any<br> Class A ordinary shares or Equity-linked Securities exercisable for or convertible into Class<br> A ordinary shares issued, or to be issued, to any seller in a Business Combination and any<br> private placement warrants issued to our sponsor, officers or directors upon conversion of<br> working capital loans, minus the number of Public Shares redeemed by holders thereof,<br> provided that such conversion of Class B Shares into Class A Shares shall never be<br> less than the Initial Conversion Ratio. |
| --- | --- |
| 17.4 | Notwithstanding<br> anything to the contrary contained herein, the foregoing adjustment to the Initial Conversion<br> Ratio may be waived as to any particular issuance or deemed issuance of additional Class<br> A Shares or Equity-linked Securities by the written consent or agreement of holders of a<br> majority of the Class B Shares then in issue consenting or agreeing separately as a separate<br> class in the manner provided in Article 10. |
| --- | --- |
| 17.5 | The<br> foregoing conversion ratio shall also be adjusted to account for any subdivision (by share<br> split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation<br> or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification,<br> recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class<br> A Shares in issue into a greater or lesser number of shares occurring after the original<br> filing of the Articles without a proportionate and corresponding subdivision, combination<br> or similar reclassification or recapitalisation of the Class B Shares in issue. |
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| 17.6 | Each<br> Class B Share shall convert into its pro-rata number of Class A Shares pursuant to this Article.<br> The pro-rata share for each holder of Class B Shares will be determined as follows: each<br> Class B Share shall convert into such number of Class A Shares as is equal to the product<br> of 1 multiplied by a fraction, the numerator of which shall be the total number of Class<br> A Shares into which all of the Class B Shares in issue shall be converted pursuant to this<br> Article and the denominator of which shall be the total number of Class B Shares in issue<br> at the time of conversion. |
| --- | --- |
| 17.7 | References<br> in this Article to “converted”, “conversion” or “exchange”<br> shall mean the compulsory redemption without notice of Class B Shares of any Member and,<br> on behalf of such Members, automatic application of such redemption proceeds in paying for<br> such new Class A Shares into which the Class B Shares have been converted or exchanged at<br> a price per Class B Share necessary to give effect to a conversion or exchange calculated<br> on the basis that the Class A Shares to be issued as part of the conversion or exchange will<br> be issued at par. The Class A Shares to be issued on an exchange or conversion shall be registered<br> in the name of such Member or in such name as the Member may direct. |
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| 18. | AMENDMENTS<br> OF MEMORANDUM AND ARTICLES OF ASSOCIATION AND ALTERATION OF CAPITAL |
| --- | --- |
| 18.1 | The<br> Company may by Ordinary Resolution: |
| --- | --- |
| (a) | increase<br> its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights,<br> priorities and privileges annexed thereto, as the Company in general meeting may determine; |
| --- | --- |
| (b) | consolidate<br> and divide all or any of its share capital into Shares of larger amount than its existing<br> Shares; |
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| (c) | convert<br> all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares<br> of any denomination; |
| --- | --- |
| (d) | by<br> subdivision of its existing Shares or any of them divide the whole or any part of its share<br> capital into Shares of smaller amount than is fixed by the Memorandum or into Shares without<br> par value; and |
| --- | --- |
| (e) | cancel<br> any Shares that at the date of the passing of the Ordinary Resolution have not been taken<br> or agreed to be taken by any person and diminish the amount of its share capital by the amount<br> of the Shares so cancelled. |
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| 18.2 | All<br> new Shares created in accordance with the provisions of the preceding Article shall be subject<br> to the same provisions of the Articles with reference to the payment of calls, liens, transfer,<br> transmission, forfeiture and otherwise as the Shares in the original share capital. |
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| 18.3 | Subject<br> to the provisions of the Statute, the provisions of the Articles as regards the matters to<br> be dealt with by Ordinary Resolution, Article 31.4 and Article 49.2, the Company may by Special<br> Resolution: |
| --- | --- |
| (a) | change<br> its name; |
| --- | --- |
| (b) | alter<br> or add to the Articles (subject to Article 31.4 and Article 49.2); |
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| (c) | alter<br> or add to the Memorandum with respect to any objects, powers or other matters specified therein;<br> and |
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| (d) | reduce<br> its share capital or any capital redemption reserve fund. |
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| 19. | OFFICES<br> AND PLACES OF BUSINESS |
| --- | --- |
Subject to the provisions of the Statute, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.
| 20. | GENERAL<br> MEETINGS |
|---|---|
| 20.1 | All<br> general meetings other than annual general meetings shall be called extraordinary general<br> meetings. |
| --- | --- |
| 20.2 | The<br> Company may, but shall not (unless required by the Statute) be obliged to, in each year hold<br> a general meeting as its annual general meeting, and shall specify the meeting as such in<br> the notices calling it. Any annual general meeting shall be held at such time and place as<br> the Directors shall appoint. At these meetings the report of the Directors (if any) shall<br> be presented. |
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| 20.3 | The<br> Directors, the chief executive officer or the chairman of the board of Directors may call<br> general meetings. |
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| 20.4 | Notwithstanding<br> any provisions in these Articles, any general meeting or any class meeting may be held physically,<br> as a hybrid meeting (partially physical and partially electronic) or wholly by electronic<br> means, using such telephone, electronic or other communication facilities or means as to<br> permit all persons participating in the meeting to communicate with each other simultaneously<br> and instantaneously, and participation in such a meeting shall constitute presence at such<br> meeting. Unless otherwise determined by the Directors, the manner of convening and the proceedings<br> at a general meeting set out in these Articles shall apply, mutatis mutandis, to hybrid or<br> wholly electronic meetings. In the event of any technical difficulties, disruptions, or procedural<br> issues arising during a hybrid or electronic meeting, including but not limited to connectivity<br> problems, platform malfunctions, or disputes regarding the conduct of the meeting, the chairman<br> of the meeting shall have the authority to make any rulings or decisions necessary to address<br> such issues. Any such ruling, determination, or decision made by the chairman of the meeting<br> shall be final, conclusive, and binding on the Company and all Members. |
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| 21. | NOTICE<br> OF GENERAL MEETINGS |
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| 21.1 | At<br> least five clear days’ notice shall be given of any general meeting. Every notice shall<br> specify the place, the day and the hour of the meeting and the general nature of the business<br> to be conducted at the general meeting and shall be given in the manner hereinafter mentioned<br> or in such other manner if any as may be prescribed by the Company, provided that a general<br> meeting of the Company shall, whether or not the notice specified in this Article has been<br> given and whether or not the provisions of the Articles regarding general meetings have been<br> complied with, be deemed to have been duly convened if it is so agreed: |
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| (a) | in<br> the case of an annual general meeting, by all of the Members entitled to attend and vote<br> thereat; and |
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| (b) | in<br> the case of an extraordinary general meeting, by a majority in number of the Members having<br> a right to attend and vote at the meeting, together holding not less than ninety-five (95)<br> per cent in par value of the Shares giving that right. |
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| 21.2 | The<br> accidental omission to give notice of a general meeting to, or the non-receipt of notice<br> of a general meeting by, any person entitled to receive such notice shall not invalidate<br> the proceedings of that general meeting. |
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| 22. | ADVANCE<br> NOTICE FOR BUSINESS |
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| 22.1 | At<br> each annual general meeting, the Members shall appoint the Directors then subject to appointment<br> in accordance with the procedures set forth in the Articles and subject to Applicable Law<br> and the rules of the Designated Stock Exchange or quotation system on which Shares may be<br> then listed or quoted. At any such annual general meeting any other business properly brought<br> before the annual general meeting may be transacted. |
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| 22.2 | To<br> be properly brought before an annual general meeting, business (other than nominations of<br> Directors, which must be made in compliance with, and shall be exclusively governed by, Article<br> 29) must be: |
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| (a) | specified<br> in the notice of the annual general meeting (or any supplement thereto) given to Members<br> by or at the direction of the Directors in accordance with the Articles; |
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| (b) | otherwise<br> properly brought before the annual general meeting by or at the direction of the Directors;<br> or |
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| (c) | otherwise<br> properly brought before the annual general meeting by a Member who: |
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| (i) | is<br> a Minimum Member at the time of giving of the notice provided for in this Article and at<br> the time of the annual general meeting; |
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| (ii) | is<br> entitled to vote at such annual general meeting; and |
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| (iii) | complies<br> with the notice procedures set forth in this Article. |
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| 22.3 | For<br> any such business to be properly brought before any annual general meeting pursuant to Article<br> 22.2(c), the Member must have given timely notice thereof in writing, either by personal<br> delivery or express or registered mail (postage prepaid), to the Company not earlier than<br> the close of business on the 120^th^ day and not later than the close of business<br> on the 90^th^ day prior to the one-year anniversary of the date of the annual general<br> meeting for the immediately preceding year. However, in the event that the date of the annual<br> general meeting is more than 30 days before or after such anniversary date, in order to be<br> timely, a Member’s notice must be received by the Company not later than the later<br> of: (x) the close of business 90 days prior to the date of such annual general meeting; and<br> (y) if the first public announcement of the date of such advanced or delayed annual general<br> meeting is less than 100 days prior to such date, 10 days following the date of the first<br> public announcement of the annual general meeting date. In no event shall the public announcement<br> of an adjournment or postponement of an annual general meeting, or such adjournment or postponement,<br> commence a new time period or otherwise extend any time period for the giving of a Member’s<br> notice as described herein. |
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| 22.4 | For<br> such notice of other business shall set forth as to each matter the Member proposes to bring<br> before the annual general meeting: |
| --- | --- |
| (a) | a<br> brief description of the business desired to be brought before the annual general meeting,<br> the reasons for conducting such business at the annual general meeting and the text of any<br> proposal regarding such business (including the text of any resolutions proposed for consideration<br> and, if such business includes a proposal to amend the Articles, the text of the proposed<br> amendment), which shall not exceed 1,000 words; |
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| (b) | as<br> to the Member giving notice and any beneficial owner on whose behalf the proposal is made: |
| --- | --- |
| (i) | the<br> name and address of such Member (as it appears in the Register of Members) and such beneficial<br> owner on whose behalf the proposal is made; |
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| (ii) | the<br> class and number of Shares which are, directly or indirectly, owned beneficially or of record<br> by any such Member and by such beneficial owner, respectively, or their respective Affiliates<br> (naming such Affiliates), as at the date of such notice; |
| --- | --- |
| (iii) | a<br> description of any agreement, arrangement or understanding (including, without limitation,<br> any swap or other derivative or short positions, profit interests, options, hedging transactions,<br> and securities lending or borrowing arrangement) to which such Member or any such beneficial<br> owner or their respective Affiliates is, directly or indirectly, a party as at the date of<br> such notice: (x) with respect to any Shares; or (y) the effect or intent of which is to mitigate<br> loss to, manage the potential risk or benefit of share price changes (increases or decreases)<br> for, or increase or decrease the voting power of such Member or beneficial owner or any of<br> their Affiliates with respect to Shares or which may have payments based in whole or in part,<br> directly or indirectly, on the value (or change in value) of any Shares (any agreement, arrangement<br> or understanding of a type described in this Article 22.4(b)(iii), a “Covered Arrangement”);<br> and |
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| (iv) | a<br> representation that the Member is a holder of record of Shares entitled to vote at such annual<br> general meeting and intends to appear in person or by proxy at the annual general meeting<br> to propose such business; |
| --- | --- |
| (c) | a<br> description of any direct or indirect material interest by security holdings or otherwise<br> of the Member and of any beneficial owner on whose behalf the proposal is made, or their<br> respective Affiliates, in such business (whether by holdings of securities, or by virtue<br> of being a creditor or contractual counterparty of the Company or of a third party, or otherwise)<br> and all agreements, arrangements and understandings between such Member or any such beneficial<br> owner or their respective Affiliates and any other person or persons (naming such person<br> or persons) in connection with the proposal of such business by such Member; |
| --- | --- |
| (d) | a<br> representation whether the Member or the beneficial owner intends or is part of a Group which<br> intends: |
| --- | --- |
| (i) | to<br> deliver a proxy statement and/or form of proxy to holders of at least the percentage of the<br> Ordinary Shares (or other Shares) required to approve or adopt the proposal; and/or |
| --- | --- |
| (ii) | otherwise<br> to solicit proxies from Members in support of such proposal; |
| --- | --- |
| (e) | an<br> undertaking by the Member and any beneficial owner on whose behalf the proposal is made to: |
| --- | --- |
| (i) | notify<br> the Company in writing of the information set forth in Articles 22.4(b)(ii), (b)(iii) and<br> (c) above as at the record date for the annual general meeting promptly (and, in any event,<br> within five (5) Business Days) following the later of the record date or the date notice<br> of the record date is first disclosed by public announcement; and |
| --- | --- |
| (ii) | update<br> such information thereafter within two (2) Business Days of any change in such information<br> and, in any event, as at close of business on the day preceding the meeting date; and |
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| (f) | any<br> other information relating to such Member, any such beneficial owner and their respective<br> Affiliates that would be required to be disclosed in a proxy statement or other filings required<br> to be made in connection with solicitations of proxies for, as applicable, such proposal<br> pursuant to section 14 of the Exchange Act, to the same extent as if the Shares were registered<br> under the Exchange Act. |
| --- | --- |
| 22.5 | Notwithstanding<br> anything to the contrary, the notice requirements set forth herein with respect to the proposal<br> of any business pursuant to this Article, other than nominations for Directors which must<br> be made in compliance with, and shall be exclusively governed by Article 29, shall be deemed<br> satisfied by a Member if such Member has submitted a proposal to the Company in compliance<br> with Rule 14a-8 of the Exchange Act and such Member’s proposal has been included in<br> a proxy statement that has been prepared by the Company to solicit proxies for the annual<br> general meeting; provided, that such Member shall have provided the information required<br> by Article 22.4; provided, further, that the information required by Article 22.4(b) may<br> be satisfied by providing the information to the Company required pursuant to Rule 14a-8(b)<br> of the Exchange Act. |
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| 22.6 | Notwithstanding<br> anything in the Articles to the contrary: |
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| (a) | no<br> other business brought by a Member (other than the nominations of Directors, which must be<br> made in compliance with, and shall be exclusively governed by Article 29) shall be conducted<br> at any annual general meeting except in accordance with the procedures set forth in this<br> Article; and |
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| (b) | unless<br> otherwise required by Applicable Law and the rules of any applicable stock exchange or quotation<br> system on which Shares may be then listed or quoted, if a Member intending to bring business<br> before an annual general meeting in accordance with this Article does not: (x) timely provide<br> the notifications contemplated by Article 22.4(e) above; or (y) timely appear in person or<br> by proxy at the annual general meeting to present the proposed business, such business shall<br> not be transacted, notwithstanding that proxies in respect of such business may have been<br> received by the Company or any other person or entity. |
| --- | --- |
| 22.7 | Except<br> as otherwise provided by Applicable Law or the Articles, the chairman or co-chairman of any<br> annual general meeting shall have the power and duty to determine whether any business proposed<br> to be brought before an annual general meeting was proposed in accordance with the foregoing<br> procedures (including whether the Member solicited or did not so solicit, as the case may<br> be, proxies in support of such Member’s proposal in compliance with such Member’s<br> representation as required by Article 22.4(d)) and if any business is not proposed in compliance<br> with this Article, to declare that such defective proposal shall be disregarded. The requirements<br> of this Article shall apply to any business to be brought before an annual general meeting<br> by a Member other than nominations of Directors (which must be made in compliance with, and<br> shall be exclusively governed by Article 29) and other than matters properly brought under<br> Rule 14a-8 of the Exchange Act. For purposes of the Articles, “public announcement”<br> shall mean: |
| --- | --- |
| (a) | prior<br> to the IPO, notice of the annual general meeting given to Members by or at the direction<br> of the Directors in accordance with the procedures set forth in the Articles; and |
| --- | --- |
| (b) | on<br> and after the IPO, disclosure in a press release of the Company reported by the Dow Jones<br> News Service, Associated Press or comparable news service or in a document publicly filed<br> or furnished by the Company with or to the United States Securities Exchange Commission pursuant<br> to section 13, 14 or 15(b) of the Exchange Act. |
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| 22.8 | Nothing<br> in this Article shall be deemed to affect any rights of: |
| --- | --- |
| (a) | Members<br> to request inclusion of proposals in the Company’s proxy statement pursuant to applicable<br> rules and regulations under the Exchange Act; or |
| --- | --- |
| (b) | the<br> holders of any class of Preferred Shares, or any other class of Shares authorised to be issued<br> by the Company, to make proposals pursuant to any applicable provisions thereof. |
| --- | --- |
| 22.9 | Notwithstanding<br> the foregoing provisions of this Article, a Member shall also comply with all applicable<br> requirements of the Exchange Act and the rules and regulations thereunder with respect to<br> the matters set forth in this Article, if applicable. |
| --- | --- |
| 23. | PROCEEDINGS<br> AT GENERAL MEETINGS |
| --- | --- |
| 23.1 | No<br> business shall be transacted at any general meeting unless a quorum is present. The holders<br> of one-third of the Shares being individuals present in person or by proxy or if a corporation<br> or other non-natural person by its duly authorised representative or proxy shall be a quorum. |
| --- | --- |
| 23.2 | A<br> person may participate at a general meeting by conference telephone or other communications<br> equipment by means of which all the persons participating in the meeting can communicate<br> with each other. Participation by a person in a general meeting in this manner is treated<br> as presence in person at that meeting. |
| --- | --- |
| 23.3 | A<br> resolution (including a Special Resolution) in writing (in one or more counterparts) signed<br> by or on behalf of all of the Members for the time being entitled to receive notice of and<br> to attend and vote at general meetings (or, being corporations or other non-natural persons,<br> signed by their duly authorised representatives) shall be as valid and effective as if the<br> resolution had been passed at a general meeting of the Company duly convened and held. |
| --- | --- |
| 23.4 | If<br> a quorum is not present within half an hour from the time appointed for the meeting to commence<br> or if during such a meeting a quorum ceases to be present, the meeting shall stand adjourned<br> to the same day in the next week at the same time and/or place or to such other day, time<br> and/or place as the Directors may determine, and if at the adjourned meeting a quorum is<br> not present within half an hour from the time appointed for the meeting to commence, the<br> Members present shall be a quorum. |
| --- | --- |
| 23.5 | The<br> Directors may, at any time prior to the time appointed for the meeting to commence, appoint<br> any person to act as chairman of a general meeting of the Company or, if the Directors do<br> not make any such appointment, the chairman, if any, of the board of Directors shall preside<br> as chairman at such general meeting. If there is no such chairman, or if he shall not be<br> present within fifteen minutes after the time appointed for the meeting to commence, or is<br> unwilling to act, the Directors present shall elect one of their number to be chairman of<br> the meeting. |
| --- | --- |
| 23.6 | If<br> no Director is willing to act as chairman or if no Director is present within fifteen minutes<br> after the time appointed for the meeting to commence, the Members present shall choose one<br> of their number to be chairman of the meeting. |
| --- | --- |
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| 23.7 | The<br> chairman may, with the consent of a meeting at which a quorum is present (and shall if so<br> directed by the meeting) adjourn the meeting from time to time and from place to place, but<br> no business shall be transacted at any adjourned meeting other than the business left unfinished<br> at the meeting from which the adjournment took place. |
| --- | --- |
| 23.8 | When<br> a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall<br> be given as in the case of an original meeting. Otherwise it shall not be necessary to give<br> any such notice of an adjourned meeting. |
| --- | --- |
| 23.9 | If,<br> prior to a Business Combination, a notice is issued in respect of a general meeting and the<br> Directors, in their absolute discretion, consider that it is impractical or undesirable for<br> any reason to hold that general meeting at the place, the day and the hour specified in the<br> notice calling such general meeting, the Directors may postpone the general meeting to another<br> place, day and/or hour provided that notice of the place, the day and the hour of the rearranged<br> general meeting is promptly given to all Members. No business shall be transacted at any<br> postponed meeting other than the business specified in the notice of the original meeting. |
| --- | --- |
| 23.10 | When<br> a general meeting is postponed for thirty days or more, notice of the postponed meeting shall<br> be given as in the case of an original meeting. Otherwise it shall not be necessary to give<br> any such notice of a postponed meeting. All proxy forms submitted for the original general<br> meeting shall remain valid for the postponed meeting. The Directors may postpone a general<br> meeting which has already been postponed. |
| --- | --- |
| 23.11 | A<br> resolution put to the vote of the meeting shall be decided on a poll. |
| --- | --- |
| 23.12 | A<br> poll shall be taken as the chairman directs, and the result of the poll shall be deemed to<br> be the resolution of the general meeting at which the poll was demanded. |
| --- | --- |
| 23.13 | A<br> poll demanded on the election of a chairman or on a question of adjournment shall be taken<br> forthwith. A poll demanded on any other question shall be taken at such date, time and place<br> as the chairman of the general meeting directs, and any business other than that upon which<br> a poll has been demanded or is contingent thereon may proceed pending the taking of the poll. |
| --- | --- |
| 23.14 | In<br> the case of an equality of votes the chairman shall be entitled to a second or casting vote. |
| --- | --- |
| 24. | VOTES<br> OF MEMBERS |
| --- | --- |
| 24.1 | Subject<br> to any rights or restrictions attached to any Shares, including as set out at Articles 29.1,<br> 31.4 and 49.2, every Member present in any such manner shall have one vote for every Share<br> of which he is the holder. |
| --- | --- |
| 24.2 | In<br> the case of joint holders the vote of the senior holder who tenders a vote, whether in person<br> or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised<br> representative or proxy), shall be accepted to the exclusion of the votes of the other joint<br> holders, and seniority shall be determined by the order in which the names of the holders<br> stand in the Register of Members. |
| --- | --- |
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| 24.3 | A<br> Member of unsound mind, or in respect of whom an order has been made by any court, having<br> jurisdiction in lunacy, may vote by his committee, receiver, curator bonis, or other person<br> on such Member’s behalf appointed by that court, and any such committee, receiver,<br> curator bonis or other person may vote by proxy. |
| --- | --- |
| 24.4 | No<br> person shall be entitled to vote at any general meeting unless he is registered as a Member<br> on the record date for such meeting nor unless all calls or other monies then payable by<br> him in respect of Shares have been paid. |
| --- | --- |
| 24.5 | No<br> objection shall be raised as to the qualification of any voter except at the general meeting<br> or adjourned or postponed general meeting at which the vote objected to is given or tendered<br> and every vote not disallowed at the meeting shall be valid. Any objection made in due time<br> in accordance with this Article shall be referred to the chairman whose decision shall be<br> final and conclusive. |
| --- | --- |
| 24.6 | Votes<br> may be cast either personally or by proxy (or in the case of a corporation or other non-<br> natural person by its duly authorised representative or proxy). A Member may appoint more<br> than one proxy or the same proxy under one or more instruments to attend and vote at a meeting.<br> Where a Member appoints more than one proxy the instrument of proxy shall specify the number<br> of Shares in respect of which each proxy is entitled to exercise the related votes. |
| --- | --- |
| 24.7 | A<br> Member holding more than one Share need not cast the votes in respect of his Shares in the<br> same way on any resolution and therefore may vote a Share or some or all such Shares either<br> for or against a resolution and/or abstain from voting a Share or some or all of the Shares<br> and, subject to the terms of the instrument appointing him, a proxy appointed under one or<br> more instruments may vote a Share or some or all of the Shares in respect of which he is<br> appointed either for or against a resolution and/or abstain from voting a Share or some or<br> all of the Shares in respect of which he is appointed. |
| --- | --- |
| 25. | PROXIES |
| --- | --- |
| 25.1 | The<br> instrument appointing a proxy shall be in writing and shall be executed by the appointor<br> or of his attorney duly authorised in writing, or, if the appointor is a corporation or other<br> non-natural person, executed by its duly authorised representative. A proxy need not be a<br> Member. |
| --- | --- |
| 25.2 | The<br> Directors may, in the notice convening any meeting or adjourned or postponed meeting, or<br> in an instrument of proxy sent out by the Company, specify the manner by which the instrument<br> appointing a proxy shall be deposited and the place and the time (being not later than the<br> time appointed for the commencement of the meeting or adjourned or postponed meeting to which<br> the proxy relates) at which the instrument appointing a proxy shall be deposited. In the<br> absence of any such direction from the Directors in the notice convening any meeting or adjourned<br> or postponed meeting or in an instrument of proxy sent out by the Company, the instrument<br> appointing a proxy shall be deposited physically at the Registered Office not less than 48<br> hours before the time appointed for the meeting or adjourned or postponed meeting to commence<br> at which the person named in the instrument proposes to vote. |
| --- | --- |
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| 25.3 | The<br> chairman may in any event at his discretion declare that an instrument of proxy shall be<br> deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner<br> permitted, or which has not been declared to have been duly deposited by the chairman, shall<br> be invalid. |
| --- | --- |
| 25.4 | The<br> instrument appointing a proxy may be in any usual or common form (or such other form as the<br> Directors may approve) and may be expressed to be for a particular meeting or any adjournment<br> or postponement thereof or generally until revoked. An instrument appointing a proxy shall<br> be deemed to include the power to demand or join or concur in demanding a poll. |
| --- | --- |
| 25.5 | Votes<br> given in accordance with the terms of an instrument of proxy shall be valid notwithstanding<br> the previous death or insanity of the principal or revocation of the proxy or of the authority<br> under which the proxy was executed, or the transfer of the Share in respect of which the<br> proxy is given unless notice in writing of such death, insanity, revocation or transfer was<br> received by the Company at the Registered Office before the commencement of the general meeting,<br> or adjourned or postponed meeting at which it is sought to use the proxy. |
| --- | --- |
| 26. | CORPORATE<br> MEMBERS |
| --- | --- |
| 26.1 | Any<br> corporation or other non-natural person which is a Member may in accordance with its constitutional<br> documents, or in the absence of such provision by resolution of its directors or other governing<br> body, authorise such person as it thinks fit to act as its representative at any meeting<br> of the Company or of any class of Members, and the person so authorised shall be entitled<br> to exercise the same powers on behalf of the corporation which he represents as the corporation<br> could exercise if it were an individual Member. |
| --- | --- |
| 26.2 | If<br> a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise<br> such persons as it sees fit to act as its representative at any meeting of the Company or<br> at any meeting of any class of Members provided that the authorisation shall specify the<br> number and class of Shares in respect of which each such representative is so authorised.<br> Each person so authorised under the provisions of this Article shall be deemed to have been<br> duly authorised without further evidence of the facts and be entitled to exercise the same<br> rights and powers on behalf of the Clearing House (or its nominee(s)) as if such person was<br> the registered holder of such Shares held by the Clearing House (or its nominee(s)). |
| --- | --- |
| 27. | SHARES<br> THAT MAY NOT BE VOTED |
| --- | --- |
Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.
| 28. | DIRECTORS |
|---|
There shall be a board of Directors consisting of not less than one person provided however that, subject to Article 31.1, the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors.
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| 29. | NOMINATION<br> OF DIRECTORS |
| --- | --- |
| 29.1 | Subject<br> to Article 31.1, nominations of persons for election as Directors may be made at an annual<br> general meeting only by: |
| --- | --- |
| (a) | the<br> Directors; or |
| --- | --- |
| (b) | by<br> any Member who: |
| --- | --- |
| (i) | is<br> a Minimum Member at the time of giving of the notice provided for in this Article and at<br> the time of the annual general meeting; |
| --- | --- |
| (ii) | is<br> entitled to vote for the appointments at such annual general meeting; and |
| --- | --- |
| (iii) | complies<br> with the notice procedures set forth in this Article (notwithstanding anything to the contrary<br> set forth in the Articles, this Article 29.1(b) shall be the exclusive means for a Member<br> to make nominations of persons for election of Directors at an annual general meeting). |
| --- | --- |
| 29.2 | Any<br> Member entitled to vote for the elections may nominate a person or persons for election as<br> Directors only if written notice of such Member’s intent to make such nomination is<br> given in accordance with the procedures set forth in this Article, either by personal delivery<br> or express or registered mail (postage prepaid), to the Company not earlier than the close<br> of business on the 120^th^ day and not later than the close of business on the 90^th^<br> day prior to the one-year anniversary of the date of the annual general meeting for the immediately<br> preceding year. However, in the event that the date of the annual general meeting is more<br> than 30 days before or after such anniversary date, in order to be timely, a Member’s<br> notice must be received by the Company not later than the later of: (x) the close of business<br> 90 days prior to the date of such annual general meeting; and (y) if the first public announcement<br> of the date of such advanced or delayed annual general meeting is less than 100 days prior<br> to such date, 10 days following the date of the first public announcement of the annual general<br> meeting date. In no event shall the public announcement of an adjournment or postponement<br> of an annual general meeting, or such adjournment or postponement, commence a new time period<br> or otherwise extend any time period for the giving of a Member’s notice as described<br> herein. Members may nominate a person or persons (as the case may be) for election to the<br> Directors only as provided in this Article and only for such class(es) as are specified in<br> the notice of annual general meeting as being up for election at such annual general meeting. |
| --- | --- |
| 29.3 | Each<br> such notice of a Member’s intent to make a nomination of a Director shall set forth: |
| --- | --- |
| (a) | as<br> to the Member giving notice and any beneficial owner on whose behalf the nomination is made: |
| --- | --- |
| (i) | the<br> name and address of such Member (as it appears in the Register of Members) and any such beneficial<br> owner on whose behalf the nomination is made; |
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| (ii) | the<br> class and number of Shares which are, directly or indirectly, owned beneficially and of record<br> by such Member and any such beneficial owner, respectively, or their respective Affiliates<br> (naming such Affiliates), as at the date of such notice; |
| --- | --- |
| (iii) | a<br> description of any Covered Arrangement to which such Member or beneficial owner, or their<br> respective Affiliates, directly or indirectly, is a party as at the date of such notice; |
| --- | --- |
| (iv) | any<br> other information relating to such Member and any such beneficial owner that would be required<br> to be disclosed in a proxy statement in connection with a solicitation of proxies for the<br> election of Directors in a contested election pursuant to section 14 of the Exchange Act;<br> and |
| --- | --- |
| (v) | a<br> representation that the Member is a holder of record of Shares entitled to vote at such annual<br> general meeting and intends to appear in person or by proxy at the meeting to nominate the<br> person or persons specified in such Member’s notice; |
| --- | --- |
| (b) | a<br> description of all arrangements or understandings between the Member or any beneficial owner,<br> or their respective Affiliates, and each nominee or any other person or persons (naming such<br> person or persons) pursuant to which the nomination or nominations are to be made by the<br> Member; |
| --- | --- |
| (c) | a<br> representation whether the Member or the beneficial owner is or intends to be part of a Group<br> which intends: |
| --- | --- |
| (i) | to<br> deliver a proxy statement and/or form of proxy to holders of at least the percentage of the<br> Ordinary Shares (or other Shares) required to elect the Director or Directors nominated;<br> and/or |
| --- | --- |
| (ii) | otherwise<br> to solicit proxies from Members in support of such nomination or nominations; |
| --- | --- |
| (d) | as<br> to each person whom the Member proposes to nominate for election or re-election as a Director: |
| --- | --- |
| (i) | all<br> information relating to such person as would have been required to be included in a proxy<br> statement filed in connection with a solicitation of proxies for the election of Directors<br> in a contested election pursuant to section 14 of the Exchange Act; |
| --- | --- |
| (ii) | a<br> description of any Covered Arrangement to which such nominee or any of his Affiliates is<br> a party as at the date of such notice |
| --- | --- |
| (iii) | the<br> written consent of each nominee to being named in the proxy statement as a nominee and to<br> serving as a Director if so elected; and |
| --- | --- |
| (iv) | whether,<br> if elected, the nominee intends to tender any advance resignation notice(s) requested by<br> the Directors in connection with subsequent elections, such advance resignation to be contingent<br> upon the nominee’s failure to receive a majority vote and acceptance of such resignation<br> by the Directors; and |
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| (e) | an<br> undertaking by the Member of record and each beneficial owner, if any, to (i) notify the<br> Company in writing of the information set forth in Articles 29.3(a)(ii), (a)(iii), (b) and<br> (d) above as at the record date for the annual general meeting promptly (and, in any event,<br> within five (5) Business Days) following the later of the record date or the date notice<br> of the record date is first disclosed by public announcement and (ii) update such information<br> thereafter within two (2) Business Days of any change in such information and, in any event,<br> as at close of business on the day preceding the meeting date. |
| --- | --- |
| 29.4 | No<br> person shall be eligible for election as a Director unless nominated in accordance with the<br> procedures set forth in the Articles. Except as otherwise provided by Applicable Law or the<br> Articles, the chairman or co-chairman of any annual general meeting to elect Directors or<br> the Directors may, if the facts warrant, determine that a nomination was not made in compliance<br> with the foregoing procedure or if the Member solicits proxies in support of such Member’s<br> nominee(s) without such Member having made the representation required by Article 29.3(c);<br> and if the chairman, co-chairman or the Directors should so determine, it shall be so declared<br> to the annual general meeting, and the defective nomination shall be disregarded. Notwithstanding<br> anything in the Articles to the contrary, unless otherwise required by Applicable Law or<br> the rules of the Designated Stock Exchange or quotation system on which Shares may be then<br> listed or quoted, if a Member intending to make a nomination at an annual general meeting<br> in accordance with this Article does not: |
| --- | --- |
| (a) | timely<br> provide the notifications contemplated by of Article 29.3(e); or |
| --- | --- |
| (b) | timely<br> appear in person or by proxy at the annual general meeting to present the nomination, |
| --- | --- |
such nomination shall be disregarded, notwithstanding that proxies in respect of such nomination may have been received by the Company or any other person or entity.
| 29.5 | Notwithstanding<br> the foregoing provisions of this Article, any Member intending to make a nomination at an<br> annual general meeting in accordance with this Article, and each related beneficial owner,<br> if any, shall also comply with all requirements of the Exchange Act and the rules and regulations<br> thereunder applicable to the same extent as if the Shares were registered under the Exchange<br> Act with respect to the matters set forth in the Articles; provided, however, that any references<br> in the Articles to the Exchange Act are not intended to and shall not limit the requirements<br> applicable to nominations made or intended to be made in accordance with Article 29.1(b). |
|---|---|
| 29.6 | Nothing<br> in this Article shall be deemed to affect any rights of the holders of any class of Preferred<br> Shares, or any other class of Shares authorised to be issued by the Company, to appoint Directors<br> pursuant to the terms thereof. |
| --- | --- |
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| 29.7 | To<br> be eligible to be a nominee for election or re-election as a Director pursuant to Article<br> 29.1(b), a person must deliver (not later than the deadline prescribed for delivery of notice)<br> to the Company a written questionnaire prepared by the Company with respect to the background<br> and qualification of such person and the background of any other person or entity on whose<br> behalf the nomination is being made (which questionnaire shall be provided by the Company<br> upon written request) and a written representation and agreement (in the form provided by<br> the Company upon written request) that such person: |
| --- | --- |
| (a) | is<br> not and will not become a party to: |
| --- | --- |
| (i) | any<br> agreement, arrangement or understanding with, and has not given any commitment or assurance<br> to, any person or entity as to how such person, if elected as a Director, will act or vote<br> on any issue or question (a “Voting Commitment”) that has not been disclosed<br> to the Company; or |
| --- | --- |
| (ii) | any<br> Voting Commitment that could limit or interfere with such person’s ability to comply,<br> if elected as a Director, with such person’s duties under Applicable Law; |
| --- | --- |
| (b) | is<br> not and will not become a party to any agreement, arrangement or understanding with any person<br> or entity other than the Company with respect to any direct or indirect compensation, reimbursement<br> or indemnification in connection with service or action as a Director that has not been disclosed<br> therein; |
| --- | --- |
| (c) | in<br> such person’s individual capacity and on behalf of any person or entity on whose behalf<br> the nomination is being made, would be in compliance, if elected as a Director, and will<br> comply with, Applicable Law and corporate governance, conflict of interest, confidentiality<br> and share ownership and trading policies and guidelines of the Company that are applicable<br> to Directors generally; and |
| --- | --- |
| (d) | if<br> elected as a Director, will act in the best interests of the Company and not in the interest<br> of any individual constituency. The Nominating and Corporate Governance Committee, if established,<br> shall review all such information submitted by the Member with respect to the proposed nominee<br> and determine whether such nominee is eligible to act as a Director. The Company and the<br> Nominating and Corporate Governance Committee, if established, may require any proposed nominee<br> to furnish such other information as may reasonably be required by the Company to determine<br> the eligibility of such proposed nominee to serve as an independent Director or that could<br> be material to a reasonable Member’s understanding of the independence, or lack thereof,<br> of such nominee. |
| --- | --- |
| 29.8 | At<br> the request of the Directors, any person nominated for election as a Director shall furnish<br> to the Company the information that is required to be set forth in a Members’ notice<br> of nomination pursuant to this Article. |
| --- | --- |
| 29.9 | Any<br> Member proposing to nominate a person or persons for election as Director shall be responsible<br> for, and bear the costs associated with, soliciting votes from any other voting Member and<br> distributing materials to such Members prior to the annual general meeting in accordance<br> with the Articles and applicable rules of the United States Securities Exchange Commission.<br> A Member shall include any person or persons such Member intends to nominate for election<br> as Director in its own proxy statement and proxy card. |
| --- | --- |
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| 30 | POWERS<br> OF DIRECTORS |
| --- | --- |
| 30.1 | Subject<br> to the provisions of the Statute, the Memorandum and the Articles and to any directions given<br> by Special Resolution, the business of the Company shall be managed by the Directors who<br> may exercise all the powers of the Company. No alteration of the Memorandum or Articles and<br> no such direction shall invalidate any prior act of the Directors which would have been valid<br> if that alteration had not been made or that direction had not been given. A duly convened<br> meeting of Directors at which a quorum is present may exercise all powers exercisable by<br> the Directors. |
| --- | --- |
| 30.2 | All<br> cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable<br> instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted,<br> endorsed or otherwise executed as the case may be in such manner as the Directors shall determine<br> by resolution. |
| --- | --- |
| 30.3 | The<br> Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement<br> to any Director who has held any other salaried office or place of profit with the Company<br> or to his widow or dependants and may make contributions to any fund and pay premiums for<br> the purchase or provision of any such gratuity, pension or allowance. |
| --- | --- |
| 30.4 | The<br> Directors may exercise all the powers of the Company to borrow money and to mortgage or charge<br> its undertaking, property and assets (present and future) and uncalled capital or any part<br> thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities<br> whether outright or as security for any debt, liability or obligation of the Company or of<br> any third party. |
| --- | --- |
| 31 | APPOINTMENT<br> AND REMOVAL OF DIRECTORS |
| --- | --- |
| 31.1 | Prior<br> to the consummation of a Business Combination, the Company may by Ordinary Resolution of<br> the holders of the Class B Shares appoint any person to be a Director or may by Ordinary<br> Resolution of the holders of the Class B Shares remove any Director. For the avoidance of<br> doubt, prior to the consummation of a Business Combination, holders of Class A Shares shall<br> have no right to vote on the appointment or removal of any Director. |
| --- | --- |
| 31.2 | The<br> Directors may appoint any person to be a Director, either to fill a vacancy or as an additional<br> Director provided that the appointment does not cause the number of Directors to exceed any<br> number fixed by or in accordance with the Articles as the maximum number of Directors. |
| --- | --- |
| 31.3 | After<br> the consummation of a Business Combination, the Company may by Ordinary Resolution appoint<br> any person to be a Director or may by Ordinary Resolution remove any Director. |
| --- | --- |
| 31.4 | Prior<br> to the consummation of a Business Combination, Article 31.1 may only be amended by a Special<br> Resolution passed by at least 90% of holders of Class B Shares as, being entitled to do so,<br> vote in person or, where proxies are allowed, by proxy at a general meeting of which notice<br> specifying the intention to propose the resolution as a special resolution has been given,<br> or by way of unanimous written resolution of all of the holders of Class B Shares. |
| --- | --- |
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| 31.5 | Each<br> Director elected or appointed in accordance with Article 31 shall hold office until the expiration<br> of his term, until his successor shall have been duly elected and qualified or until his<br> earlier death, resignation or removal. No decrease in the number of Directors constituting<br> the board of Directors shall shorten the term of any incumbent Director. |
| --- | --- |
| 32. | VACATION<br> OF OFFICE OF DIRECTOR |
| --- | --- |
| 32.1 | The<br> office of a Director shall be vacated if: |
| --- | --- |
| (a) | the<br> Director gives notice in writing to the Company that he resigns the office of Director; |
| --- | --- |
| (b) | the<br> Director absents himself (for the avoidance of doubt, without being represented by proxy)<br> from three consecutive meetings of the board of Directors without special leave of absence<br> from the Directors, and the Directors pass a resolution that he has by reason of such absence<br> vacated office; or |
| --- | --- |
| (c) | the<br> Director dies, becomes bankrupt or makes any arrangement or composition with his creditors<br> generally; or |
| --- | --- |
| (d) | the<br> Director is found to be or becomes of unsound mind; or |
| --- | --- |
| (e) | all<br> of the other Directors (being not less than two in number) determine that he should be removed<br> as a Director for Cause (and not otherwise), either by a resolution passed by all of the<br> other Directors at a meeting of the Directors duly convened and held in accordance with the<br> Articles or by a resolution in writing signed by all of the other Directors; or |
| --- | --- |
| (f) | the<br> Director is removed or otherwise ceases to be a Director in accordance with these Articles. |
| --- | --- |
| 33. | PROCEEDINGS<br> OF DIRECTORS |
| --- | --- |
| 33.1 | The<br> quorum for the transaction of the business of the Directors may be fixed by the Directors,<br> and unless so fixed shall be two if there are two or more Directors, and shall be one if<br> there is only one Director. |
| --- | --- |
| 33.2 | Subject<br> to the provisions of the Articles, the Directors may meet for the transaction of business,<br> adjourn and otherwise regulate its meetings as it sees fit. Questions arising at any meeting<br> shall be decided by a majority of votes. In the case of an equality of votes, the chairman<br> shall have a second or casting vote. |
| --- | --- |
| 33.3 | A<br> person may participate in a meeting of the Directors or any committee of Directors by conference<br> telephone or other communications equipment by means of which all the persons participating<br> in the meeting can communicate with each other at the same time. Participation by a person<br> in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise<br> determined by the Directors, the meeting shall be deemed to be held at the place where the<br> chairman is located at the start of the meeting. |
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| 33.4 | A<br> resolution in writing (in one or more counterparts) signed by all the Directors or all the<br> members of a committee of the Directors or, in the case of a resolution in writing relating<br> to the removal of any Director or the vacation of office by any Director, all of the Directors<br> other than the Director who is the subject of such resolution shall be as valid and effectual<br> as if it had been passed at a meeting of the Directors, or committee of Directors as the<br> case may be, duly convened and held. |
| --- | --- |
| 33.5 | A<br> Director may, or other Officer on the direction of a Director shall, call a meeting of the<br> Directors by at least two days’ notice in writing to every Director which notice shall<br> set forth the general nature of the business to be considered unless notice is waived by<br> all the Directors either at, before or after the meeting is held. To any such notice of a<br> meeting of the Directors all the provisions of the Articles relating to the giving of notices<br> by the Company to the Members shall apply mutatis mutandis. |
| --- | --- |
| 33.6 | The<br> continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding<br> any vacancy in their body, but if and so long as their number is reduced below the number<br> fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing<br> Directors or Director may act for the purpose of increasing the number of Directors to be<br> equal to such fixed number, or of summoning a general meeting of the Company, but for no<br> other purpose. |
| --- | --- |
| 33.7 | The<br> Directors may elect one or more of them as chairman of their board and determine the period<br> for which he is to hold office; but if no such chairman is elected, or if at any meeting<br> the chairman is not present within five minutes after the time appointed for the meeting<br> to commence, the Directors present may choose one of their number to be chairman of the meeting.<br> Whenever there is for the time being more than one Director elected or appointed as chairman<br> of the board, they shall together be the “co-chairmen of the board” and each<br> of them shall be referred to as “co- chairman of the board” and entitled to discharge<br> separately all the functions and duties of the position to which he is appointed, and references<br> in these Articles to the “chairman” shall, unless the context requires otherwise,<br> be to each of the Directors for the time being elected or appointed to that position. |
| --- | --- |
| 33.8 | All<br> acts done by any meeting of the Directors or of a committee of the Directors shall, notwithstanding<br> that it is afterwards discovered that there was some defect in the appointment of any Director,<br> and/or that they or any of them were disqualified, and/or had vacated their office and/or<br> were not entitled to vote, be as valid as if every such person had been duly appointed and/or<br> not disqualified to be a Director and/or had not vacated their office and/or had been entitled<br> to vote, as the case may be. |
| --- | --- |
| 33.9 | A<br> Director may be represented at any meetings of the board of Directors by a proxy appointed<br> in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall<br> for all purposes be deemed to be that of the appointing Director. |
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| 34. | PRESUMPTION<br> OF ASSENT |
| --- | --- |
A Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.
| 35. | DIRECTORS’<br> INTERESTS |
|---|---|
| 35.1 | A<br> Director may hold any other office or place of profit under the Company (other than the office<br> of Auditor) in conjunction with his office of Director for such period and on such terms<br> as to remuneration and otherwise as the Directors may determine. |
| --- | --- |
| 35.2 | A<br> Director may act by himself or by, through or on behalf of his firm in a professional capacity<br> for the Company and he or his firm shall be entitled to remuneration for professional services<br> as if he were not a Director. |
| --- | --- |
| 35.3 | A<br> Director may be or become a director or other officer of or otherwise interested in any company<br> promoted by the Company or in which the Company may be interested as a shareholder, a contracting<br> party or otherwise, and no such Director shall be accountable to the Company for any remuneration<br> or other benefits received by him as a director or officer of, or from his interest in, such<br> other company. |
| --- | --- |
| 35.4 | No<br> person shall be disqualified from the office of Director or prevented by such office from<br> contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such<br> contract or any contract or transaction entered into by or on behalf of the Company in which<br> any Director shall be in any way interested be or be liable to be avoided, nor shall any<br> Director so contracting or being so interested be liable to account to the Company for any<br> profit realised by or arising in connection with any such contract or transaction by reason<br> of such Director holding office or of the fiduciary relationship thereby established. A Director<br> shall be at liberty to vote in respect of any contract or transaction in which he is interested<br> provided that the nature of the interest of any Director in any such contract or transaction<br> shall be disclosed by him at or prior to its consideration and any vote thereon. |
| --- | --- |
| 35.5 | A<br> general notice that a Director is a shareholder, director, officer or employee of any specified<br> firm or company and is to be regarded as interested in any transaction with such firm or<br> company shall be sufficient disclosure for the purposes of voting on a resolution in respect<br> of a contract or transaction in which he has an interest, and after such general notice it<br> shall not be necessary to give special notice relating to any particular transaction. |
| --- | --- |
| 36. | MINUTES |
| --- | --- |
The Directors shall cause minutes to be made in books kept for the purpose of recording all appointments of Officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors present at each meeting.
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| 37. | DELEGATION<br> OF DIRECTORS’ POWERS |
| --- | --- |
| 37.1 | The<br> Directors may delegate any of their powers, authorities and discretions, including the power<br> to sub-delegate, to any committee consisting of one or more Directors (including, without<br> limitation and as applicable, the Audit Committee, the Compensation Committee and the Nominating<br> and Corporate Governance Committee). Any such delegation may be made subject to any conditions<br> the Directors may impose and either collaterally with or to the exclusion of their own powers<br> and any such delegation may be revoked or altered by the Directors. Subject to any such conditions,<br> the proceedings of a committee of Directors shall be governed by the Articles regulating<br> the proceedings of Directors, so far as they are capable of applying. |
|---|---|
| 37.2 | The<br> Directors may establish any committees, local boards or agencies or appoint any person to<br> be a manager or agent for managing the affairs of the Company and may appoint any person<br> to be a member of such committees, local boards or agencies. Any such appointment may be<br> made subject to any conditions the Directors may impose, and either collaterally with or<br> to the exclusion of their own powers and any such appointment may be revoked or altered by<br> the Directors. Subject to any such conditions, the proceedings of any such committee, local<br> board or agency shall be governed by the Articles regulating the proceedings of Directors,<br> so far as they are capable of applying. |
| --- | --- |
| 37.3 | The<br> Directors may by power of attorney or otherwise appoint any person to be the agent of the<br> Company on such conditions as the Directors may determine, provided that the delegation is<br> not to the exclusion of their own powers and may be revoked by the Directors at any time. |
| --- | --- |
| 37.4 | The<br> Directors may by power of attorney or otherwise appoint any company, firm, person or body<br> of persons, whether nominated directly or indirectly by the Directors, to be the attorney<br> or authorised signatory of the Company for such purpose and with such powers, authorities<br> and discretions (not exceeding those vested in or exercisable by the Directors under the<br> Articles) and for such period and subject to such conditions as they may think fit, and any<br> such powers of attorney or other appointment may contain such provisions for the protection<br> and convenience of persons dealing with any such attorneys or authorised signatories as the<br> Directors may think fit and may also authorise any such attorney or authorised signatory<br> to delegate all or any of the powers, authorities and discretions vested in him. |
| --- | --- |
| 37.5 | The<br> Directors may appoint such Officers as they consider necessary on such terms, at such remuneration<br> and to perform such duties, and subject to such provisions as to disqualification and removal<br> as the Directors may think fit. Unless otherwise specified in the terms of his appointment<br> an Officer may be removed by resolution of the Directors or Members. An Officer may vacate<br> his office at any time if he gives notice in writing to the Company that he resigns his office. |
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| 38. | NO<br> MINIMUM SHAREHOLDING |
| --- | --- |
The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.
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| 39. | REMUNERATION<br> OF DIRECTORS |
| --- | --- |
| 39.1 | The<br> remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors<br> shall determine, provided that no remuneration shall be paid to any Director by the Company<br> prior to the consummation of a Business Combination. The Directors shall also, whether prior<br> to or after the consummation of a Business Combination, be entitled to be paid all travelling,<br> hotel and other expenses properly incurred by them in connection with their attendance at<br> meetings of Directors or committees of Directors, or general meetings of the Company, or<br> separate meetings of the holders of any class of Shares or debentures of the Company, or<br> otherwise in connection with the business of the Company or the discharge of their duties<br> as a Director, or to receive a fixed allowance in respect thereof as may be determined by<br> the Directors, or a combination partly of one such method and partly the other. |
| --- | --- |
| 39.2 | The<br> Directors may by resolution approve additional remuneration to any Director for any services<br> which in the opinion of the Directors go beyond his ordinary routine work as a Director.<br> Any fees paid to a Director who is also counsel, attorney or solicitor to the Company, or<br> otherwise serves it in a professional capacity shall be in addition to his remuneration as<br> a Director. |
| --- | --- |
| 40. | SEAL |
| --- | --- |
| 40.1 | The<br> Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the<br> authority of the Directors or of a committee of the Directors authorised by the Directors.<br> Every instrument to which the Seal has been affixed shall be signed by at least one person<br> who shall be either a Director or some Officer or other person appointed by the Directors<br> for the purpose. |
| --- | --- |
| 40.2 | The<br> Company may have for use in any place or places outside the Cayman Islands a duplicate Seal<br> or Seals each of which shall be a facsimile of the common Seal of the Company and, if the<br> Directors so determine, with the addition on its face of the name of every place where it<br> is to be used. |
| --- | --- |
| 40.3 | A<br> Director or Officer, representative or attorney of the Company may without further authority<br> of the Directors affix the Seal over his signature alone to any document of the Company required<br> to be authenticated by him under seal or to be filed with the Registrar of Companies in the<br> Cayman Islands or elsewhere wheresoever. |
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| 41. | DIVIDENDS,<br> DISTRIBUTIONS AND RESERVE |
| --- | --- |
| 41.1 | Subject<br> to the Statute and this Article and except as otherwise provided by the rights attached to<br> any Shares, the Directors may resolve to pay Dividends and other distributions on Shares<br> in issue and authorise payment of the Dividends or other distributions out of the funds of<br> the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend<br> unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend<br> specifically state that such Dividend shall be a final Dividend. No Dividend or other distribution<br> shall be paid except out of the realised or unrealised profits of the Company, out of the<br> share premium account or as otherwise permitted by law. |
| --- | --- |
| 41.2 | Except<br> as otherwise provided by the rights attached to any Shares, all Dividends and other distributions<br> shall be paid according to the par value of the Shares that a Member holds. If any Share<br> is issued on terms providing that it shall rank for Dividend as from a particular date, that<br> Share shall rank for Dividend accordingly. |
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| 41.3 | The<br> Directors may deduct from any Dividend or other distribution payable to any Member all sums<br> of money (if any) then payable by him to the Company on account of calls or otherwise. |
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| 41.4 | The<br> Directors may resolve that any Dividend or other distribution be paid wholly or partly by<br> the distribution of specific assets and in particular (but without limitation) by the distribution<br> of shares, debentures, or securities of any other company or in any one or more of such ways<br> and where any difficulty arises in regard to such distribution, the Directors may settle<br> the same as they think expedient and in particular may issue fractional Shares and may fix<br> the value for distribution of such specific assets or any part thereof and may determine<br> that cash payments shall be made to any Members upon the basis of the value so fixed in order<br> to adjust the rights of all Members and may vest any such specific assets in trustees in<br> such manner as may seem expedient to the Directors. |
| --- | --- |
| 41.5 | Except<br> as otherwise provided by the rights attached to any Shares, Dividends and other distributions<br> may be paid in any currency. The Directors may determine the basis of conversion for any<br> currency conversions that may be required and how any costs involved are to be met. |
| --- | --- |
| 41.6 | The<br> Directors may, before resolving to pay any Dividend or other distribution, set aside such<br> sums as they think proper as a reserve or reserves which shall, at the discretion of the<br> Directors, be applicable for any purpose of the Company and pending such application may,<br> at the discretion of the Directors, be employed in the business of the Company. |
| --- | --- |
| 41.7 | Any<br> Dividend, other distribution, interest or other monies payable in cash in respect of Shares<br> may be paid by wire transfer to the holder or by cheque or warrant sent through the post<br> directed to the registered address of the holder or, in the case of joint holders, to the<br> registered address of the holder who is first named on the Register of Members or to such<br> person and to such address as such holder or joint holders may in writing direct. Every such<br> cheque or warrant shall be made payable to the order of the person to whom it is sent. Any<br> one of two or more joint holders may give effectual receipts for any Dividends, other distributions,<br> bonuses, or other monies payable in respect of the Share held by them as joint holders. |
| --- | --- |
| 41.8 | No<br> Dividend or other distribution shall bear interest against the Company. |
| --- | --- |
| 41.9 | Any<br> Dividend or other distribution which cannot be paid to a Member and/or which remains unclaimed<br> after six months from the date on which such Dividend or other distribution becomes payable<br> may, in the discretion of the Directors, be paid into a separate account in the Company’s<br> name, provided that the Company shall not be constituted as a trustee in respect of that<br> account and the Dividend or other distribution shall remain as a debt due to the Member.<br> Any Dividend or other distribution which remains unclaimed after a period of six years from<br> the date on which such Dividend or other distribution becomes payable shall be forfeited<br> and shall revert to the Company. |
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| 42. | CAPITALISATION |
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The Directors may at any time capitalise any sum standing to the credit of any of the Company’s reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company.
| 43. | BOOKS<br> OF ACCOUNT |
|---|---|
| 43.1 | The<br> Directors shall cause proper books of account (including, where applicable, material underlying<br> documentation including contracts and invoices) to be kept with respect to all sums of money<br> received and expended by the Company and the matters in respect of which the receipt or expenditure<br> takes place, all sales and purchases of goods by the Company and the assets and liabilities<br> of the Company. Such books of account must be retained for a minimum period of five years<br> from the date on which they are prepared. Proper books shall not be deemed to be kept if<br> there are not kept such books of account as are necessary to give a true and fair view of<br> the state of the Company’s affairs and to explain its transactions. |
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| 43.2 | The<br> Directors shall determine whether and to what extent and at what times and places and under<br> what conditions or regulations the accounts and books of the Company or any of them shall<br> be open to the inspection of Members not being Directors and no Member (not being a Director)<br> shall have any right of inspecting any account or book or document of the Company except<br> as conferred by Statute or authorised by the Directors or by the Company in general meeting. |
| --- | --- |
| 43.3 | The<br> Directors may cause to be prepared and to be laid before the Company in general meeting profit<br> and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts<br> as may be required by law. |
| --- | --- |
| 44. | AUDIT |
| --- | --- |
| 44.1 | The<br> Directors may appoint an Auditor of the Company who shall hold office on such terms as the<br> Directors determine. |
| --- | --- |
| 44.2 | Without<br> prejudice to the freedom of the Directors to establish any other committee, if the Shares<br> (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange,<br> and if required by the rules and regulations of the Designated Stock Exchange, the Securities<br> and Exchange Commission and/or any other competent regulatory authority or otherwise under<br> Applicable Law, the Directors shall establish and maintain an Audit Committee as a committee<br> of the Directors and shall adopt a formal written Audit Committee charter and review and<br> assess the adequacy of the formal written charter on an annual basis. The composition and<br> responsibilities of the Audit Committee shall comply with the rules and regulations of the<br> Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent<br> regulatory authority or otherwise under Applicable Law. The Audit Committee shall meet at<br> least once every financial quarter, or more frequently as circumstances dictate. |
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| 44.3 | If<br> the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock<br> Exchange, the Company shall conduct an appropriate review of all related party transactions<br> on an ongoing basis and shall utilise the Audit Committee for the review and approval of<br> potential conflicts of interest. |
| --- | --- |
| 44.4 | The<br> remuneration of the Auditor shall be fixed by the Audit Committee (if one exists). |
| --- | --- |
| 44.5 | If<br> the office of Auditor becomes vacant by resignation or death of the Auditor, or by his becoming<br> incapable of acting by reason of illness or other disability at a time when his services<br> are required, the Directors shall fill the vacancy and determine the remuneration of such<br> Auditor. |
| --- | --- |
| 44.6 | Every<br> Auditor of the Company shall have a right of access at all times to the books and accounts<br> and vouchers of the Company and shall be entitled to require from the Directors and Officers<br> such information and explanation as may be necessary for the performance of the duties of<br> the Auditor. |
| --- | --- |
| 44.7 | Auditors<br> shall, if so required by the Directors, make a report on the accounts of the Company during<br> their tenure of office at the next annual general meeting following their appointment in<br> the case of a company which is registered with the Registrar of Companies as an ordinary<br> company, and at the next extraordinary general meeting following their appointment in the<br> case of a company which is registered with the Registrar of Companies as an exempted company,<br> and at any other time during their term of office, upon request of the Directors or any general<br> meeting of the Members. |
| --- | --- |
| 45. | NOTICES |
| --- | --- |
| 45.1 | Notices<br> shall be in writing and may be given by the Company to any Member either personally or by<br> sending it by courier, post, cable, telex, fax or e-mail to him or to his address as shown<br> in the Register of Members (or where the notice is given by e-mail by sending it to the e-mail<br> address provided by such Member). Notice may also be served by Electronic Communication in<br> accordance with the rules and regulations of the Designated Stock Exchange, the Securities<br> and Exchange Commission and/or any other competent regulatory authority or by placing it<br> on the Company’s Website. |
| --- | --- |
| 45.2 | Where<br> a notice is sent by: |
| --- | --- |
| (a) | courier;<br> service of the notice shall be deemed to be effected by delivery of the notice to a courier<br> company, and shall be deemed to have been received on the third day (not including Saturdays<br> or Sundays or public holidays) following the day on which the notice was delivered to the<br> courier; |
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| (b) | post;<br> service of the notice shall be deemed to be effected by properly addressing, prepaying and<br> posting a letter containing the notice, and shall be deemed to have been received on the<br> fifth day (not including Saturdays or Sundays or public holidays in the Cayman Islands) following<br> the day on which the notice was posted; |
| --- | --- |
| (c) | cable,<br> telex or fax; service of the notice shall be deemed to be effected by properly addressing<br> and sending such notice and shall be deemed to have been received on the same day that it<br> was transmitted; and |
| --- | --- |
| (d) | e-mail<br> or other Electronic Communication; service of the notice shall be deemed to be effected by<br> transmitting the e-mail to the e-mail address provided by the intended recipient and shall<br> be deemed to have been received on the same day that it was sent, and it shall not be necessary<br> for the receipt of the e-mail to be acknowledged by the recipient. A notice placed on the<br> Company’s Website, the website of the Securities and Exchange Commission or the Designated<br> Stock Exchange is deemed given by the Company to a Member on the day it is placed. |
| --- | --- |
| 45.3 | A<br> notice may be given by the Company to the person or persons which the Company has been advised<br> are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in<br> the same manner as other notices which are required to be given under the Articles and shall<br> be addressed to them by name, or by the title of representatives of the deceased, or trustee<br> of the bankrupt, or by any like description at the address supplied for that purpose by the<br> persons claiming to be so entitled, or at the option of the Company by giving the notice<br> in any manner in which the same might have been given if the death or bankruptcy had not<br> occurred. |
| --- | --- |
| 45.4 | Notice<br> of every general meeting shall be given in any manner authorised by the Articles to every<br> holder of Shares carrying an entitlement to receive such notice on the record date for such<br> meeting except that in the case of joint holders the notice shall be sufficient if given<br> to the joint holder first named in the Register of Members and every person upon whom the<br> ownership of a Share devolves by reason of his being a legal personal representative or a<br> trustee in bankruptcy of a Member where the Member but for his death or bankruptcy would<br> be entitled to receive notice of the meeting, and no other person shall be entitled to receive<br> notices of general meetings. |
| --- | --- |
| 46. | WINDING<br> UP |
| --- | --- |
| 46.1 | If<br> the Company shall be wound up, the liquidator shall apply the assets of the Company in satisfaction<br> of creditors’ claims in such manner and order as such liquidator thinks fit. Subject<br> to the rights attaching to any Shares, in a winding up: |
| --- | --- |
| (a) | if<br> the assets available for distribution amongst the Members shall be insufficient to repay<br> the whole of the Company’s issued share capital, such assets shall be distributed so<br> that, as nearly as may be, the losses shall be borne by the Members in proportion to the<br> par value of the Shares held by them; or |
| --- | --- |
| (b) | if<br> the assets available for distribution amongst the Members shall be more than sufficient to<br> repay the whole of the Company’s issued share capital at the commencement of the winding<br> up, the surplus shall be distributed amongst the Members in proportion to the par value of<br> the Shares held by them at the commencement of the winding up subject to a deduction from<br> those Shares in respect of which there are monies due, of all monies payable to the Company<br> for unpaid calls or otherwise. |
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| 46.2 | If<br> the Company shall be wound up the liquidator may, subject to the rights attaching to any<br> Shares and with the approval of a Special Resolution of the Company and any other approval<br> required by the Statute, divide amongst the Members in kind the whole or any part of the<br> assets of the Company (whether such assets shall consist of property of the same kind or<br> not) and may for that purpose value any assets and determine how the division shall be carried<br> out as between the Members or different classes of Members. The liquidator may, with the<br> like approval, vest the whole or any part of such assets in trustees upon such trusts for<br> the benefit of the Members as the liquidator, with the like approval, shall think fit, but<br> so that no Member shall be compelled to accept any asset upon which there is a liability. |
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| 47. | INDEMNITY<br> AND INSURANCE |
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| 47.1 | Every<br> Director and Officer (which for the avoidance of doubt, shall not include auditors of the<br> Company), together with every former Director and former Officer (each an “Indemnified Person”) shall be indemnified out of the assets of the Company against any liability,<br> action, proceeding, claim, demand, costs, damages or expenses, including legal expenses,<br> whatsoever which they or any of them may incur as a result of any act or failure to act in<br> carrying out their functions other than such liability (if any) that they may incur by reason<br> of their own actual fraud, wilful neglect or wilful default. No Indemnified Person shall<br> be liable to the Company for any loss or damage incurred by the Company as a result (whether<br> direct or indirect) of the carrying out of their functions unless that liability arises through<br> the actual fraud, wilful neglect or wilful default of such Indemnified Person. No person<br> shall be found to have committed actual fraud, wilful neglect or wilful default under this<br> Article unless or until a court of competent jurisdiction shall have made a finding to that<br> effect. |
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| 47.2 | Each<br> Member specifically agrees to waive any claim or right of action such Member might have,<br> whether individually or by, or in, the right of the Company, against any Director or Officer<br> in connection with new or competing merger bids or proposals which are proffered to the Board<br> at any time after the execution of a definitive agreement concerning a Business Combination<br> PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud or dishonesty<br> in relation to the Company which may attach to such Director or Officer. |
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| 47.3 | The<br> Company shall advance to each Indemnified Person reasonable attorneys’ fees and other<br> costs and expenses incurred in connection with the defence of any action, suit, proceeding<br> or investigation involving such Indemnified Person for which indemnity will or could be sought.<br> In connection with any advance of any expenses hereunder, the Indemnified Person shall execute<br> an undertaking to repay the advanced amount to the Company if it shall be determined by final<br> judgment or other final adjudication that such Indemnified Person was not entitled to indemnification<br> pursuant to this Article. If it shall be determined by a final judgment or other final adjudication<br> that such Indemnified Person was not entitled to indemnification with respect to such judgment,<br> costs or expenses, then such party shall not be indemnified with respect to such judgment,<br> costs or expenses and any advancement shall be returned to the Company (without interest)<br> by the Indemnified Person. |
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| 47.4 | The<br> Directors, on behalf of the Company, may purchase and maintain insurance for the benefit<br> of any Director or other Officer against any liability which, by virtue of any rule of law,<br> would otherwise attach to such person in respect of any negligence, default, breach of duty<br> or breach of trust of which such person may be guilty in relation to the Company. |
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| 48. | FINANCIAL<br> YEAR |
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Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31^st^ December in each year and, following the year of incorporation, shall begin on 1^st^ January in each year.
| 49. | TRANSFER<br> BY WAY OF CONTINUATION |
|---|---|
| 49.1 | If<br> the Company is exempted as defined in the Statute, it shall, subject to the provisions of<br> the Statute and with the approval of a Special Resolution, have the power to register by<br> way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman<br> Islands and to be deregistered in the Cayman Islands. |
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| 49.2 | Prior<br> to the closing of a Business Combination: |
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| (a) | while<br> any Class B Shares are issued and outstanding, only the Class B Shares shall carry the right<br> to vote on any resolution of the shareholders to approve any transfer by way of continuation<br> pursuant to this Article (including any Special Resolution required to amend the constitutional<br> documents of the Company or to adopt new constitutional documents of the Company, in each<br> case, as a result of the Company approving a transfer by way of continuation in a jurisdiction<br> outside the Cayman Islands); and |
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| (b) | this<br> Article 49.2 may only be amended by a Special Resolution passed by at least ninety (90) per<br> cent of such Members as, being entitled to do so, vote in person or, where proxies are allowed,<br> by proxy at a general meeting of which notice specifying the intention to propose the resolution<br> as a special resolution has been given, or by way of unanimous written resolution. |
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| 50. | MERGERS<br> AND CONSOLIDATIONS |
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The Company shall have the power to merge or consolidate with one or more other constituent companies (as defined in the Statute) upon such terms as the Directors may determine and (to the extent required by the Statute) with the approval of a Special Resolution.
| 51. | BUSINESS<br> COMBINATION |
|---|---|
| 51.1 | Notwithstanding<br> any other provision of the Articles, this Article shall apply during the period commencing<br> upon the adoption of the Articles and terminating upon the first to occur of the consummation<br> of a Business Combination and the full distribution of the Trust Account pursuant to this<br> Article. In the event of a conflict between this Article and any other Articles, the provisions<br> of this Article shall prevail. |
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| 51.2 | Prior<br> to the consummation of a Business Combination, the Company shall either: |
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| (a) | submit<br> such Business Combination to its Members for approval; or |
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| (b) | provide<br> each holder of Public Shares who is not the Sponsor, a Founder, an Officer or a Director<br> with the opportunity to have their Public Shares repurchased by means of a tender offer for<br> a per-Share repurchase price payable in cash (“Tender Offer Redemption”),<br> equal to the aggregate amount then on deposit in the Trust Account, calculated as of two<br> Business Days prior to the consummation of such Business Combination (exclusive of any and<br> all costs, fees and expenses, liabilities and contingent liabilities payable by the Company<br> to its legal advisors, and the Auditor (together, “Liabilities”), but<br> inclusive of any interest earned on the Trust Account and not previously released to the<br> Company, such interest net of any Permitted Withdrawals), divided by the number of then issued<br> Public Shares. Such obligation to repurchase Shares is subject to the completion of the proposed<br> Business Combination to which it relates, provided that the Company shall not redeem Public<br> Shares in an amount that would cause the Company’s net tangible assets to be less than<br> US$5,000,001 either immediately prior to or upon consummation of the Business Combination<br> and after payment of deferred underwriting commissions. |
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| 51.3 | If<br> the Company initiates any tender offer in accordance with Rule 13e-4 and Regulation 14E of<br> the Exchange Act in connection with a Business Combination, it shall file tender offer documents<br> with the Securities and Exchange Commission prior to completing such Business Combination<br> which contain substantially the same financial and other information about such Business<br> Combination and the redemption rights as is required under Regulation 14A of the Exchange<br> Act. If, alternatively, the Company holds a general meeting to approve a Business Combination,<br> the Company will conduct any redemptions in conjunction with a proxy solicitation pursuant<br> to Regulation 14A of the Exchange Act, and not pursuant to the tender offer rules, and file<br> proxy materials with the Securities and Exchange Commission. |
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| 51.4 | At<br> a general meeting called for the purposes of approving a Business Combination pursuant to<br> this Article, in the event that such Business Combination is approved by Ordinary Resolution,<br> the Company shall be authorised to consummate such Business Combination, provided that the<br> Company shall not consummate such Business Combination unless the Company has net tangible<br> assets of at least US$5,000,001 following the redemptions described below and after payment<br> of deferred underwriting commissions, or any greater net tangible asset or cash requirement<br> that may be contained in the agreement relating to, such Business Combination. |
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| 51.5 | Any<br> Member holding Public Shares who is not the Sponsor, a Founder, Officer or Director may,<br> in connection with any vote on a Business Combination or at an earlier time in connection<br> with the commencement of the procedures to consummate a Business Combination if the Directors<br> determine it is desirable to facilitate the consummation of such Business Combination, elect<br> to have their Public Shares redeemed for cash (the “IPO Redemption”),<br> provided that no such Member acting together with any Affiliate of his or any other person<br> with whom he is acting in concert or as a partnership, limited partnership, syndicate, or<br> other group for the purposes of acquiring, holding, or disposing of Shares may exercise this<br> redemption right with respect to more than fifteen (15) per cent of the then issued Public<br> Shares in the aggregate without the prior consent of the Company. If so demanded, the Company<br> shall pay any such redeeming Member, regardless of whether he is voting for or against such<br> proposed Business Combination, a per- Share redemption price payable in cash, equal to the<br> aggregate amount then on deposit in the Trust Account calculated as of two Business Days<br> prior to the consummation of the Business Combination (excluding any Liabilities but inclusive<br> of any interest earned on the Trust Account and not previously released to the Company, such<br> interest net of any Permitted Withdrawals), divided by the number of then issued Public Shares,<br> but only in the event that the applicable proposed Business Combination is approved and in<br> connection with its consummation, the Company shall not redeem Public Shares that would cause<br> the Company’s net tangible assets, either immediately prior to or upon consummation<br> of the Business Combination, to be less than US$5,000,001 following such redemptions and<br> after payment of deferred underwriting commissions (the “Redemption Limitation”). |
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| 51.6 | A<br> Member may not withdraw a Redemption Notice once submitted to the Company unless the Directors<br> determine (in their sole discretion) to permit the withdrawal of such redemption request<br> (which they may do in whole or in part). |
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| 51.7 | In<br> the event that the Company does not consummate a Business Combination by 24 months from the<br> consummation of the IPO, such earlier time as the Directors may approve or such later time<br> as the Members may approve in accordance with the Articles, the Company shall, as promptly<br> as reasonably possible but not more than 10 Business Days thereafter, redeem the Public Shares,<br> at a per-Share price, payable in cash (“Automatic Redemption”), equal<br> to the aggregate amount then on deposit in the Trust Account (excluding any Liabilities,<br> but inclusive of any interest earned on the Trust Account and not previously released to<br> the Company, such interest net of any Permitted Withdrawals), divided by the number of then<br> issued Public Shares, which redemption will constitute full and complete payment for such<br> Public Shares and completely extinguish public Members’ rights as Members (including<br> the right to receive further liquidation distributions or other distributions, if any), subject<br> always to any obligations under Cayman Islands law to provide for claims of creditors and<br> in all cases subject to the other requirements of Applicable Law. |
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| 51.8 | In<br> the event that any amendment is made to the Articles: |
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| (a) | to<br> modify the substance or timing of the Company’s obligation to allow redemption in connection<br> with a Business Combination or to redeem one hundred (100) per cent of the Public Shares<br> if the Company has not consummated a Business Combination within 24 months from the consummation<br> of the IPO, such earlier time as the Directors may approve or such later time as the Members<br> may approve in accordance with the Articles; or |
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| (b) | with<br> respect to any other material provisions relating to Members’ rights or pre-initial<br> Business Combination activity, |
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each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the effectiveness of any such amendment at a per-Share price, payable in cash (“Amendment Redemption”), equal to the aggregate amount then on deposit in the Trust Account (excluding any Liabilities, but inclusive of any interest earned on the Trust Account and not previously released to the Company, such interest net of any Permitted Withdrawals), divided by the number of then outstanding Public Shares subject always to any obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of Applicable Law. The Company’s ability to provide such redemption in this Article is subject to the Redemption Limitation.
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| 51.9 | The<br> Company shall settle any and all Liabilities in full before any payment in cash is made to<br> a holder of Public Shares in the event of a Tender Offer Redemption, an IPO Redemption, an<br> Automatic Redemption or an Amendment Redemption. |
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| 51.10 | A<br> holder of Public Shares shall be entitled to receive distributions from the Trust Account<br> only in the event of a Tender Offer Redemption, an IPO Redemption, an Automatic Redemption<br> or an Amendment Redemption, in each case pursuant to this Article. In no other circumstance<br> shall a holder of Public Shares have any right or interest of any kind in the Trust Account<br> and for the avoidance of any doubt, in no circumstance may a holder of Public Shares be entitled<br> to receive distributions from the Trust Account unless the Company has first settled its<br> Liabilities and, if applicable, adequately provided for claims of creditors in accordance<br> with Cayman Islands law or to the requirements of Applicable Law. |
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| 51.11 | After<br> the issue of Public Shares, and prior to the consummation of a Business Combination, the<br> Directors shall not issue additional Shares or any other securities that would entitle the<br> holders thereof to: |
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| (a) | receive<br> funds from the Trust Account; or |
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| (b) | vote<br> as a class with Public Shares on a Business Combination. |
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| 51.12 | A<br> Director may vote in respect of a Business Combination in which such Director has a conflict<br> of interest with respect to the evaluation of such Business Combination. Such Director must<br> disclose such interest or conflict to the other Directors. |
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| 51.13 | The<br> Company shall not enter into an initial Business Combination solely with another blank cheque<br> company or a similar company with nominal operations. |
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| 51.14 | The<br> Company may enter into a Business Combination with a target business that is an Affiliate<br> of the Sponsor, an Officer or a Director. In the event the Company seeks to complete a Business<br> Combination with a target business that is an Affiliate of the Sponsor, an Officer or a Director,<br> the Company, or a committee of Independent Directors, shall obtain an opinion from an independent<br> investment banking firm which is a member of the United States Financial Industry Regulatory<br> Authority or a valuation or appraisal firm stating that the consideration to be paid by the<br> Company in such a Business Combination is fair to the Company from a financial point of view. |
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| 52. | CERTAIN<br> TAX FILINGS |
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Each Tax Filing Authorised Person and any such other person, acting alone, as any Director shall designate from time to time, are authorised to file tax forms SS-4, W-8 BEN, W-8 IMY, W-9, 8832 and 2553 and such other similar tax forms as are customary to file with any US state or federal governmental authorities or foreign governmental authorities in connection with the formation, activities and/or elections of the Company and such other tax forms as may be approved from time to time by any Director or Officer. The Company further ratifies and approves any such filing made by any Tax Filing Authorised Person or such other person prior to the date of the Articles.
| 53. | BUSINESS<br> OPPORTUNITIES |
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| 53.1 | To<br> the fullest extent permitted by Applicable Law, no individual serving as a Director or an<br> Officer (“Management”) shall have any duty, except and to the extent expressly<br> assumed by contract, to refrain from engaging directly or indirectly in the same or similar<br> business activities or lines of business as the Company. To the fullest extent permitted<br> by Applicable Law, the Company renounces any interest or expectancy of the Company in, or<br> in being offered an opportunity to participate in, any potential transaction or matter which<br> may be a corporate opportunity for Management, on the one hand, and the Company, on the other.<br> Except to the extent expressly assumed by contract, to the fullest extent permitted by Applicable<br> Law, Management shall have no duty to communicate or offer any such corporate opportunity<br> to the Company and shall not be liable to the Company or its Members for breach of any fiduciary<br> duty as a Member, Director and/or Officer solely by reason of the fact that such party pursues<br> or acquires such corporate opportunity for itself, himself or herself, directs such corporate<br> opportunity to another person, or does not communicate information regarding such corporate<br> opportunity to the Company. |
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| 53.2 | To<br> the extent a court might hold that the conduct of any activity related to a corporate opportunity<br> that is renounced in this Article to be a breach of duty to the Company or its Members, the<br> Company hereby waives, to the fullest extent permitted by Applicable Law, any and all claims<br> and causes of action that the Company may have for such activities. To the fullest extent<br> permitted by Applicable Law, the provisions of this Article apply equally to activities conducted<br> in the future and that have been conducted in the past. |
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| 53.3 | Notwithstanding<br> anything to the contrary in this Article, such renouncement shall not apply to any business<br> opportunity that is expressly offered to such person solely in his or her capacity as a Director<br> or Officer of the Company and it is an opportunity the Company is able to complete on a reasonable<br> basis. |
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| 54. | EXCLUSIVE<br> JURISDICTION |
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| 54.1 | Unless<br> the Company consents in writing to the selection of an alternative forum, the courts of the<br> Cayman Islands shall have exclusive jurisdiction over any claim or dispute arising out of<br> or in connection with the Memorandum, the Articles or otherwise related in any way to each<br> Member’s shareholding in the Company, including but not limited to: |
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| (a) | any<br> derivative action or proceeding brought on behalf of the Company; |
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| (b) | any<br> action asserting a claim of breach of any fiduciary or other duty owed by any current or<br> former Director, Officer or other employee of the Company to the Company or the Members; |
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| (c) | any<br> action asserting a claim arising pursuant to any provision of the Statute, the Memorandum<br> or the Articles; or |
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| (d) | any<br> action asserting a claim against the Company governed by the “Internal Affairs Doctrine”<br> (as such concept is recognised under the laws of the United States of America). |
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| 54.2. | Each<br> Member irrevocably submits to the exclusive jurisdiction of the courts of the Cayman Islands<br> over all such claims or disputes. |
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| 54.3. | Without<br> prejudice to any other rights or remedies that the Company may have, each Member acknowledges<br> that damages alone would not be an adequate remedy for any breach of the selection of the<br> courts of the Cayman Islands as exclusive forum and that accordingly the Company shall be<br> entitled, without proof of special damages, to the remedies of injunction, specific performance<br> or other equitable relief for any threatened or actual breach of the selection of the courts<br> of the Cayman Islands as exclusive forum. |
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| 54.4. | This<br> Article 54 shall not apply to any action or suits brought to enforce any liability or duty<br> created by the U.S. Securities Act of 1933, as amended, the Securities Exchange Act of 1934,<br> as amended, or any claim for which the federal district courts of the United States of America<br> are, as a matter of the laws of the United States, the sole and exclusive forum for determination<br> of such a claim. |
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Exhibit 4.1
WARRANT AGREEMENT
TGE VALUE CREATIVE SOLUTIONS CORP
and
CONTINENTAL STOCK TRANSFER & TRUST COMPANY
THIS WARRANT AGREEMENT (this “Agreement”), dated December 18, 2025, is by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant Agent”).
WHEREAS, it is proposed that (i) the Company enter into that certain Private Placement Warrants Purchase Agreement with TGE SpiderNet Capital Group LLC, a Cayman Islands limited liability company (the “Sponsor”), dated December 18, 2025, pursuant to which the Sponsor will purchase an aggregate of 5,300,000 warrants (or up to 5,750,000 warrants if the Over-allotment Option (as defined below) in connection with the Company’s Offering (as defined below) is exercised in full) (the “Sponsor Private Placement Warrants”), and (ii) the Company enter into that certain Private Placement Warrants Purchase Agreement with Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“Cohen & Co”), dated December 18, 2025, pursuant to which the Sponsor will purchase an aggregate of 1,764,706 warrants (or up to 2,029,412 warrants if the Over-allotment Option in connection with the Company’s Offering is exercised in full) (the “Underwriters Private Placement Warrants,” and together with the Sponsor Private Placement Warrants, the “Private Placement Warrants”), simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable), each such warrant bearing the legend set forth in Exhibit B hereto at a purchase price of $0.50 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Class A ordinary share (as defined below) at a price of $11.50 per share, subject to adjustment as described herein;
WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), the Sponsor, any of its affiliates or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as the Company may require, of which up to $2,000,000 of such loans may be convertible into up to an additional 4,000,000 Private Placement Warrants at a price of $0.50 per Private Placement Warrant; and
WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Class A ordinaryshares”), and one-half of one Public Warrant (as defined below) (the “Units") and, in connection therewith, has determined to issue and deliver up to 8,625,000 redeemable warrants (including up to 1,125,000 redeemable warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise any fraction of a Warrant;
WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1 (File No. 333-289690) (the “Registration Statement”) and a prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the Class A ordinary shares included in the Units;
WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants;
WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and
WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.
NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.
Warrants.
| 2.1 | Form of Warrant. Each Warrant shall initially be issued in registered form only. |
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| 2.2 | Effect of Countersignature. If a physical certificate<br>is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a certificated Warrant shall be invalid and<br>of no effect and may not be exercised by the holder thereof. |
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| 2.3 | Registration. |
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2.3.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”).
2
If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive WarrantCertificates”) which shall be in the form annexed hereto as Exhibit A.
Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.
2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby, for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
2.4 Detachability of Warrants. The Class A ordinary shares and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Cohen & Co, but in no event shall the Class A ordinary shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall begin.
2.5 Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one Class A ordinary share and one-half of one whole Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder.
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2.6 Private Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that (i) the Private Placement Warrants may be exercised for cash or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants may be subject to certain transfer restrictions contained in the letter agreement by and among the Company, the Sponsor and the other parties thereto, as amended from time to time and the Underwriters Private Placement Warrants will not be exercisable more than five years from the effective date of the Registration Statement in accordance with FINRA Rule 5110(g)(8),
(iii) the Private Placement Warrants shall not be redeemable by the Company pursuant to Section 6.1 hereof and (iv) the holders of the Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of such warrants) may be entitled to certain registration rights. The Private Placement Warrants shall not become Public Warrants as a result of any transfer of the Private Placement Warrants, regardless of the transferee.
| 3. | Terms and Exercise of Warrants. |
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3.1 Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Class A ordinary shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “WarrantPrice” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which Class A ordinary shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) business days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable law); provided that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.
3.2 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a Business Combination, and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s second amended and restated memorandum and articles of association (as amended from time to time, the “Articles”) if the Company fails to complete a Business Combination, and (z) other than with respect to the Private Placement Warrants, 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available; provided, further, that the Private Placement Warrants held by Cohen & Co. and its permitted transferees will not be exercisable more than five (5) years after the effective date of the Registration Statement in accordance with FINRA Rule 5110(g)(A). Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.
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| 3.3 | Exercise of Warrants |
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3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book- entry, the Warrants to be exercised (the “Book-EntryWarrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election toPurchase”) any Class A ordinary shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) the payment in full of the Warrant Price for each Class A ordinary share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Class A ordinary shares and the issuance of such Class A ordinary shares, as follows:
(a) in lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent;
(b) in the event of a redemption pursuant to Section 6.1 hereof in which the Company’s board of directors (the “Board”) has elected to require all holders of the Public Warrants to exercise such Public Warrants on a “cashless basis,” by surrendering the Public Warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the Public Warrants, multiplied by the difference between the Warrant Price and the “Redemption Fair Market Value”, as defined in this subsection 3.3.1(b), by (y) the Redemption Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Redemption Fair Market Value” shall mean the volume-weighted average price of the Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the date on which the notice of redemption is sent to the holders of the Public Warrants pursuant to Section 6.2 hereof;
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(c) with respect to any Private Placement Warrant, by surrendering the Warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the Warrants, multiplied by the excess of the “Placement Exercise Fair Market Value” (as defined in this subsection 3.3.1(c)) less the Warrant Price by (y) the Placement Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Placement ExerciseFair Market Value” shall mean the average of the last reported sale price of the Class A ordinary shares for the ten (10) trading days ending on the tenth (10th) trading day prior to the date on which notice of exercise of the Private Placement Warrant is sent to the Warrant Agent; or
(d) as provided in Section 7.4 hereof.
3.3.2 Issuance of Class A Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Class A ordinary shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue Class A ordinary shares upon exercise of a Warrant unless the Class A ordinary shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. For the avoidance of doubt, in no event will the Company be required to net cash settle the Warrant exercise. Subject to Section 4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of Class A ordinary shares. The Company may require holders of Public Warrants to only settle such Warrants on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a Class A ordinary share, the Company shall round down to the nearest whole number, the number of Class A ordinary shares to be issued to such holder.
3.3.3 Valid Issuance. All Class A ordinary shares issued upon the proper exercise of a Warrant in conformity with this Agreement and the Articles shall be validly issued, fully paid and nonassessable.
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3.3.4 Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Class A ordinary shares is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Class A ordinary shares on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made and is registered in the register of members of the Company, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the register of members of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such Class A ordinary shares at the close of business on the next succeeding date on which the share transfer books or book- entry system are open and is registered in the register of members of the Company.
3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8%, as specified by such holder, or such other amount as a holder may specify (the “Maximum Percentage”), of the Class A ordinary shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Class A ordinary shares beneficially owned by such person and its affiliates shall include the number of Class A ordinary shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Class A ordinary shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Class A ordinary shares, the holder may rely on the number of outstanding Class A ordinary shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental Stock Transfer & Trust Company, as transfer agent (in such capacity, the “TransferAgent”), setting forth the number of Class A ordinary shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) business days, confirm orally and in writing to such holder the number of Class A ordinary shares then outstanding. In any case, the number of issued and outstanding Class A ordinary shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding Class A ordinary shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.
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3.3.6 Lock-Up of Certain Private Placement Warrants. The Private Placement Warrants held by Cohen & Co. or its permitted transferees and the Ordinary Shares that are issuable upon exercise of such Private Placement Warrants have been deemed compensation by the FINRA and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e)(1), commencing on the effective date of the Registration Statement. Pursuant to FINRA Rule 5110(e)(1), these securities will not be sold during the Offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the Registration Statement or commencement of sales of the Offering, except to any underwriter and selected dealer participating in the Offering and their bona fide officers or partners (provided that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period) or pursuant to another exception to the applicability of FINRA Rule 5110(e)(1).
| 4. | Adjustments. |
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| 4.1 | Share Capitalizations. |
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4.1.1 Sub-Divisions. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding Class A ordinary shares is increased by a capitalization or share dividend of Class A ordinary shares, or by a sub- division of Class A ordinary shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Class A ordinary shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Class A ordinary shares. A rights offering made to all holders of Class A ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the Class A ordinary shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Class A ordinary share paid in such rights offering divided by (y) the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume- weighted average price of the Class A ordinary shares during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Class A ordinary shares shall be issued at less than their par value.
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4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all of the holders of the Class A ordinary shares a dividend or make a distribution in cash, securities or other assets on account of such Class A ordinary shares (or other shares into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Class A ordinary shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of the Class A ordinary shares in connection with a shareholder vote to amend the Articles (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within the time period required by the Articles, or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity or (e) in connection with the redemption of public shares upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board), in good faith) of any securities or other assets paid on each Class A ordinary share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution to the extent it does not exceed $0.50 per share (which amount shall be adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Class A ordinary shares issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share. No Class A ordinary shares shall be issued at less than their par value.
4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of issued and outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and outstanding Class A ordinary shares.
4.3 Adjustments in Exercise Price. Whenever the number of Class A ordinary shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Class A ordinary shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Class A ordinary shares so purchasable immediately thereafter. No Class A ordinary shares shall be issued at less than their par value.
4.4 Raising of the Capital in Connection with the Initial Business Combination. If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.50 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Class B ordinary shares, par value $0.0001 per share, of the Company held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the completion of the Company’s initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of Class A ordinary shares during the twenty (20) trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.50 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. No Class A ordinary shares shall be issued at less than their par value.
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4.5 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding Class A ordinary shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company into another type of entity (other than a merger or consolidation in which the Company is the continuing entity and that does not result in any reclassification or reorganization of the issued and outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Class A ordinary shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares, stock or other equity securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Class A ordinary shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such merger or consolidation, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Class A ordinary shares in such merger or consolidation that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Class A ordinary shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Articles or as a result of the redemption of Class A ordinary shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) securities representing more than 50% of the aggregate voting power (including the power to vote on the election of directors) of the issued and outstanding equity securities of the Company, and (for the avoidance of doubt) such tender offer results in an change of control of the Company, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of shares, stock or other equity securities or property (including cash) to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided further that if less than 70% of the consideration receivable by the holders of the Class A ordinary shares in the applicable event is payable in the form of shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black- Scholes Warrant Value” means (i) for the Public Warrants, the value of a Public Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”) and (ii) for Private Placement Warrants, the value of a Private Placement Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for an uncapped American Call on Bloomberg, in each case, as calculated by an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Board, qualified to make such calculation. For purposes of calculating such amount, unless such accounting, appraisal, investment banking firm or consultant of nationally recognized standing definitively determines that other factors are more appropriate, (i) Section 6 of this Agreement shall be taken into account, (ii) the price of each Class A ordinary share shall be the volume weighted average price of the Class A ordinary shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (iii) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event unless the third party valuation firm definitively determines that a different volatility is more appropriate, (iv) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant and (v) the assumed dividends shall be zero. “Per Share Consideration” means (i) if the consideration paid to holders of the Class A ordinary shares consists exclusively of cash, the amount of such cash per Class A ordinary share, and (ii) in all other cases, the volume weighted average price of the Class A ordinary shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in Class A ordinary shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant.
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4.6 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Class A ordinary shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of Class A ordinary shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4, 4.5 or 4.9, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.
4.7 No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional Class A ordinary shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a Class A ordinary share, the Company shall, upon such exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to such holder.
4.8 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of Class A ordinary shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.
4.9 Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent registered public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.9 as a result of any issuance of securities in connection with a Business Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.
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| 5. | Transfer and Exchange of Warrants. |
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5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.
5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case, initially, of the Private Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.
5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.
5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.
5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.
5.6 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment Date.
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| 6. | Redemption. |
|---|
6.1 Redemption of Public Warrants. Not less than all of the outstanding Public Warrants may be redeemed for cash, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Public Warrants, as described in Section 6.2 below, at a Redemption Price of $0.01 per Public Warrant, provided that (a) the Reference Value (as defined below) equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) either (i) there is an effective registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below), or (ii) the Company has elected to require the exercise of the Public Warrants on a “cashless basis” pursuant to subsection 3.3.1(b) hereof.
6.2 Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Public Warrants pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the period lasting from such time until the Redemption Date, the “30-day Redemption Period”) to the Registered Holders of the Public Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1 and (b) “Reference Value” shall mean the last reported sale price of the Class A ordinary shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third (3^rd^) trading day prior to the date on which notice of the redemption is given.
6.3 Exercise After Notice of Redemption. The Public Warrants may be exercised, for cash (or, if the Company has elected to require exercise on a “cashless basis” in accordance with subsection 3.3.1(b) of this Agreement, on such “cashless basis”) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event that the Company determines to require all holders of Public Warrants to exercise their Public Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information necessary to calculate the number of Class A ordinary shares to be received upon exercise of the Public Warrants, including the “Redemption Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of the Public Warrants shall have no further rights except to receive, upon surrender of the Public Warrants, the Redemption Price.
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| 7. | Other Provisions Relating to Rights of Holders of Warrants. |
|---|
7.1 No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.
7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.
7.3 Reservation of Class A Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Class A ordinary shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.
7.4 Registration of Class A Ordinary Shares; Cashless Exercise at Company’s Option.
7.4.1 Registration of the Class A Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than thirty (30) business days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the issuance of the Class A ordinary shares issuable upon exercise of the Warrants. The Company shall use its best efforts to cause the same to become effective within sixty (60) business days following the closing of its initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60^th^) Business Day following the closing of the Business Combination, holders of the Public Warrants shall have the right, during the period beginning on the sixty-first (61^st^) Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the Public Warrants, to exercise such Public Warrants on a “cashless basis,” by exchanging the Public Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the Public Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) less the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent.
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In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Public Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Class A ordinary shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.
7.4.2 Cashless Exercise at Company’s Option. If the Class A ordinary shares are at the time of any exercise of a Public Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use its best efforts to register or qualify for sale the Class A ordinary shares issuable upon exercise of the Public Warrant under applicable blue sky laws to the extent an exemption is not available.
7.4.3 Notwithstanding the foregoing, if at any time pursuant to this Agreement the Public Warrants may be exercised on a “cashless basis” pursuant to this Section 7.4, the exercise of the Public Warrants must be completed pursuant to subsection 3.3.1(b) hereof.
| 8. | Concerning the Warrant Agent and Other Matters. |
|---|
8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Class A ordinary shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such Class A ordinary shares.
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| 8.2 | Resignation, Consolidation, or Merger of Warrant Agent. |
|---|
8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.
8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Class A ordinary shares not later than the effective date of any such appointment.
8.2.3 Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.
| 8.3 | Fees and Expenses of Warrant Agent. |
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8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.
8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.
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| 8.4 | Liability of Warrant Agent. |
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8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Secretary or the Chairman of the Board and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.
8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Company agrees, to the furthest extent permitted by applicable laws, to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.
8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Class A ordinary shares to be issued pursuant to this Agreement or any Warrant or as to whether any Class A ordinary shares shall, when issued, be valid and fully paid and nonassessable.
8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Class A ordinary shares through the exercise of the Warrants.
8.6 Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and Continental Stock Transfer & Trust Company as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.
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| 9. | Miscellaneous Provisions. |
|---|
9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.
9.2 Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau
75001 Paris, France
with a copy to the Company’s counsel at:
Skadden, Arps, Slate, Meagher & Flom LLP
c/o 42/F, Edinburgh Tower, The Landmark
15 Queen’s Road Central, Hong Kong Attention: Shu Du
Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:
Continental Stock Transfer & Trust Company
One State Street, 30th Floor
New York, New York 10004
Attention: Compliance Department
9.3 Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Securities Act, the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.
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Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope of the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcementaction”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.
9.4 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.
9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.
9.6 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
9.7 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.
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9.8 Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any ambiguity or correcting any mistake, including conforming the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or defective provision contained herein, (ii) removing or reducing the Company’s ability to redeem the Public Warrants, or (iii) adding or changing any provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the rights of the Registered Holders under this Agreement in any material respect. This Agreement may be amended by the parties hereto with the vote or written consent of the Registered Holders of at least 50% of the then outstanding Public Warrants and Private Placement Warrants, voting together as a single class, to allow for the Warrants to be or continue to be, as applicable, classified as equity in the Company’s financial statements. All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period, with respect to (a) the terms of the Public Warrants or any provision of this Agreement with respect to the Public Warrants, shall require the vote or written consent of the Registered Holders of at least 50% of the then outstanding Public Warrants, and (b) the terms of the Private Placement Warrants or any provision of this Agreement with respect to the Private Placement Warrants shall require the vote or written consent of holders of at least 50% of the then outstanding Private Placement Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to and in accordance with Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.
9.9 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
Exhibit A Form of Warrant Certificate
Exhibit B Legend — Private Placement Warrants
20
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
| TGE VALUE CREATIVE SOLUTIONS CORP | ||
|---|---|---|
| By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| Title: | Director | |
| CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT | ||
| By: | /s/ Steven Vacante | |
| Name: | Steven Vacante | |
| Title: | Vice President |
21
EXHIBIT A
[FACE]
Number
WARRANTS
THIS WARRANT SHALL BE VOID IF NOT EXERCISEDPRIOR TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE WARRANT AGREEMENT DESCRIBED BELOW
TGE VALUE CREATIVE SOLUTIONS CORPIncorporatedUnder the Laws of the Cayman Islands
CUSIP G8773E 118
Warrant Certificate
This WarrantCertificate certifies that [●], or registered assigns, is the registered holder of [●] warrant(s) (the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value each (“Class A ordinary shares”), of TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and nonassessable Class A ordinary shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.
Each whole Warrant is initially exercisable for one fully paid and non-assessable Class A ordinary share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a Class A ordinary share, the Company shall, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the Warrant holder. The number of Class A ordinary shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.
The initial Exercise Price per one Class A ordinary share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.
Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as set forth in the Warrant Agreement.
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Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.
This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.
| TGE VALUE CREATIVE SOLUTIONS CORP | |
|---|---|
| By: | |
| Name: | |
| Title: | |
| CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT | |
| By: | |
| Name: | |
| Title: |
23
[Form of Warrant Certificate]
[Reverse]
The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [●] Class A ordinary shares and are issued or to be issued pursuant to a Warrant Agreement dated as of December 18, 2025 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.
Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby, the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.
Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the issuance of the Class A ordinary shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Class A ordinary shares is current, except through “cashless exercise” as provided for in the Warrant Agreement or if another exemption from registration is available.
The Warrant Agreement provides that upon the occurrence of certain events the number of Class A ordinary shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a Class A ordinary share, the Company shall, upon exercise, round down to the nearest whole number of Class A ordinary shares to be issued to the holder of the Warrant.
Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants.
Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith.
The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.
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Election to Purchase
(To Be Executed Upon Exercise of Warrant)
The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive [●] Class A ordinary shares and herewith tenders payment for such Class A ordinary shares to the order of TGE Value Creative Solutions Corp (the “Company”) in the amount of $[●] in accordance with the terms hereof. The undersigned requests that a certificate for such Class A ordinary shares be registered in the name of [●], whose address is [●] and that such Class A ordinary shares be delivered to [●] whose address is [●]. If said number of Class A ordinary shares is less than all of the Class A ordinary shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Class A ordinary shares be registered in the name of [●], whose address is [●] and that such Warrant Certificate be delivered to [●], whose address is [●].
In the event that the Warrant is a Public Warrant that is to be exercised on a “cashless basis” as required by the Company pursuant to Section 6.1 of the Warrant Agreement, the number of Class A ordinary shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.
In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of Class A ordinary shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.
In the event that the Warrant is a Public Warrant that is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of Class A ordinary shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.
In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Class A ordinary shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Class A ordinary shares. If said number of shares is less than all of the Class A ordinary shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Class A ordinary shares be registered in the name of [●], whose address is [●] and that such Warrant Certificate be delivered to [●], whose address is [●].
[Signature Page Follows]
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Date: [●]
| (Signature) |
|---|
| (Address) |
| (Tax Identification Number) |
| Signature Guaranteed: |
| --- |
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).
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EXHIBIT B
PRIVATE PLACEMENT WARRANTS LEGEND
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE AGREEMENTS BY AND AMONG TGE VALUE CREATIVE SOLUTIONS CORP (THE “COMPANY”), TGE SPIDERNET CAPITAL GROUP LLC AND THE OTHER SIGNATORIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION EXCEPT TO A PERMITTED TRANSFEREE WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.
[SECURITIES EVIDENCED BY THIS CERTIFICATE AND ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.]
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Exhibit 10.1
December 18, 2025
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau, 75001 Paris, France
Re: Initial Public Offering
Ladies and Gentlemen:
This letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “UnderwritingAgreement”) entered into or to be entered into by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Cohen & Co., as the underwriter named therein (the “Underwriter”), relating to an underwritten initial public offering (the “Public Offering”) of 15,000,000 of the Company’s units (including up to 17,250,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one Class A ordinary share of the Company, par value US$0.0001 per share (the “Class A ordinary shares”), and one-half of one redeemable warrant (each, a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of US$11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 11 hereof.
In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, TGE SpiderNet Capital Group LLC, a Cayman Islands limited liability company (the “Sponsor”), and the other undersigned persons (each, an “Insider” and collectively, the “Insiders”), hereby agrees with the Company as follows:
1. The Sponsor and each Insider agrees with the Company that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Business Combination, including any proposals recommended by the Company’s board of directors in connection with the Business Combination, and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder approval.
2. The Sponsor and each Insider hereby agrees with the Company that in the event that the Company fails to consummate a Business Combination within twenty-four (24) months from the closing of the Public Offering, or such later period approved by the Company’s shareholders in accordance with the Company’s memorandum and articles of association as they may be amended from time to time, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Class A ordinary shares sold as part of the Units in the Public Offering (the “Offering Shares”), at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (less up to US$100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable and funds withdrawn for any permitted withdrawals), divided by the number of then issued and outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under the Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Company’s memorandum and articles of association (as amended and restated from time to time) (a) that would modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company does not complete its initial Business Combination within 24 months from the closing of the Public Offering, or (b) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and funds withdrawn for any permitted withdrawals), divided by the number of then issued and outstanding Offering Shares.
The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it. The Sponsor and each Insider hereby further waives, with respect to any Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or in the context of a tender offer made by the Company to purchase Class A ordinary shares (although the Sponsor and the Insiders shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within 24 months from the date of the closing of the Public Offering).
3. Notwithstanding the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the effective date of the Underwriting Agreement and ending one hundred and eighty (180) days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Underwriter, offer, sell, contract to sell, pledge or otherwise dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)), directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 (“Section 16”) of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to, any Units, Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Class A ordinary shares or publicly announce an intention to effect any such transaction; provided, however, that the foregoing shall not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer of Founder Shares to any current or future director or officer of the company (as long as such current or future director or officer transferee is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement, as applicable to directors and officers at the time of such transfer and as long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes an explanation as to the nature of the transfer) or any transfer of Founder Shares to a bona fide forward purchaser. The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.
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4. In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other equity holders, members or managers of the Sponsor) agrees, to the furthest extent permitted by applicable laws, to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third party (other than the Company’s independent public accountants) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party (other than the Company’s independent public accountants) for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) US$10.00 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes and for any permitted withdrawals, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within fifteen (15) days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 2,250,000 Units within forty-five (45) days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares in the aggregate equal to 5,750,000 multiplied by a fraction, (i) the numerator of which is 2,250,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 17,250,000 (the “Over-Allotment Forfeiture”). All references in this Letter Agreement to Founder Shares of the Company being forfeited shall take effect as surrenders for no consideration of such Founder Shares as a matter of Cayman Islands law. The Over-Allotment Forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the Founder Shares will represent 25% of the Company’s issued and outstanding Shares after the Public Offering. The Initial Shareholders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of the Founder Shares at 25% of the Company’s issued and outstanding Shares upon the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, (A) the references to 2,250,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15% of the number of Class A ordinary shares included in the Units issued in the Public Offering and (B) the reference to 5,750,000 in the formula set forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order for the number of Founder Shares to equal 25% of the Company’s aggregate issued and outstanding Shares after the Public Offering.
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[Reserved.]
6. The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriter and the Company would be irreparably injured in the event of a breach by such Sponsor or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 8(a), 8(b), and 10 of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach, and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.
7. (a) The Sponsor and each Insider agrees that it, he or she shall not Transfer (as defined below) any Founder Shares (or Class A ordinary shares issuable upon conversion thereof) until the earlier of (A) one hundred and eighty (180) days after the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds US$12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty- (30-) trading day period commencing at least one hundred and fifty (150) days after the Company’s initial Business Combination or (y) the date following the completion of the Company’s initial Business Combination on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property (the “Founder Shares Lock-up Period”).
(b) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or Class A ordinary shares issued or issuable upon the exercise or conversion of the Private Placement Warrants), until thirty (30) days after the completion of a Business Combination (the “Private Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).
(c) Notwithstanding the provisions set forth in paragraphs 8(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Class A ordinary shares issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares, are permitted (a) to the Company’s or the Underwriter’s officers, directors, advisors or consultants, any affiliates or family members of any of the Company’s or the Underwriter’s officers, directors, advisors or consultants, any direct or indirect members of the Sponsor or the Underwriter or any affiliates of the Sponsor or the Underwriter; (b) in the case of an individual, by gift to a member of the individual’s immediate family, or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of the Company’s Business Combination at prices no greater than the price at which the securities were originally purchased; (f) by virtue of the laws of the Cayman Islands or the Sponsor’s organizational documents or operating agreement upon dissolution of the Sponsor; (g) in the event of the Company’s liquidation prior to the Company’s completion of an initial Business Combination; (h) in the event of the Company’s completion of a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; and (i) to a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses (a) through (f) provided, however, that, in the case of clauses (a) through (f) and clause (i), these permitted transferees (the “Permitted Transferees”) shall enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.
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8. The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company, if any (including any such information included in the Prospectus), is true and accurate in all respects and does not omit any material information with respect to such Insider’s background. Each Insider’s questionnaire furnished to the Company, if any, is true and accurate in all respects. Each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.
9. Except as disclosed in or as expressly contemplated by the Prospectus, or as otherwise contemplated in the proxy statement related to the Company’s initial Business Combination, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effect the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: (i) repayment of an aggregate of up to US$250,000 in loans made to the Company by the Sponsor to cover offering-related and organizational expenses, (ii) reimbursement for any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, (iii) payment of any fees related to compensation of any of the Company’s officers or directors, and (iv) repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor, an affiliate of the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts. Up to US$2,000,000 of such loans may be convertible into warrants at a price of US$0.50 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants.
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10. The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as a director or an officer on the board of directors of the Company and hereby consents to being named in the Prospectus as a director or an officer of the Company.
11. As used herein, (i) “Business Combination” shall mean a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively, the Class A ordinary shares and the Class B ordinary shares; (iii) “Founder Shares” shall mean the 5,750,000 Class B ordinary shares, par value US$0.001 per share, issued and outstanding immediately prior to the consummation of the Public Offering; (iv) “Initial Shareholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the Warrants to purchase up to 5,300,000 Class A ordinary shares of the Company (or 5,750,000 Class A ordinary shares if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price of US$2,650,000 in the aggregate (or US$2,875,000 if the over-allotment option is exercised in full), or US$0.50 per Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “PublicShareholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (viii) “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).
12. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or between the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by the Sponsor and each Insider that is the subject of any such change, amendment, modification or waiver.
13. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and Permitted Transferees.
14. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
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15. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.
16. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile or other electronic transmission.
17. Each party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to this Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations and notice obligations.
18. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by January 1, 2026; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.
19. This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
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| Sincerely, | |
|---|---|
| TGE SPIDERNET<br> CAPITAL GROUP LLC | |
| By: | /s/ Samuel<br> Chau |
| Name: | Samuel Chau |
| Title: | Member |
| /s/ Feridun Hamdullahpur | |
| Feridun Hamdullahpur | |
| /s/ Joanne Shoveller | |
| Joanne Shoveller | |
| /s/ Xavier Zee | |
| Xavier Zee | |
| /s/ Samuel Chau | |
| Samuel Chau | |
| /s/ Calvin Choi | |
| Calvin Choi |
[SignaturePage - Letter Agreement (SPAC and Sponsor)]
| Acknowledged and Agreed: | |
|---|---|
| TGE VALUE CREATIVE SOLUTIONS CORP | |
| By: | /s/ Feridun Hamdullahpur |
| Name: | Feridun Hamdullahpur |
| Title: | Director |
[Signature Page - Letter Agreement (SPAC andSponsor)]
Exhibit 10.2
INVESTMENT MANAGEMENT TRUST AGREEMENT
This Investment Management Trust Agreement (this “Agreement”) is made effective as of December 18, 2025, by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).
WHEREAS, the Company’s registration statement on Form S-1, File No. 333- 289690 (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists of one of the Company’s Class A ordinary shares, par value US$0.0001 per share (the “Ordinary Shares”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and
WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Cohen & Company Capital Markets (the “Underwriter”); and
WHEREAS, as described in the Prospectus, US$150,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or US$172,500,000 if the Underwriter’s over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and
WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to US$6,000,000, or US$6,900,000 if the Underwriter’s over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable by the Company to the Underwriter upon the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and
WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.
NOW THEREFORE, IT IS AGREED:
- Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:
(a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. charted commercial bank with consolidated assets of US$100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;
(b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;
(c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company, or hold the Property in an interest or non-interest bearing demand deposit account at a U.S. chartered commercial bank with consolidated assets of $100 billion or more selected by the Trustee that is reasonably satisfactory to the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while account funds are invested or uninvested, the Trustee may earn bank credits or other consideration;
(d) Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;
(e) Promptly notify the Company and the Underwriter of all communications received by the Trustee with respect to any Property requiring action by the Company;
(f) Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of the tax returns relating to assets held in the Trust Account or in connection with the preparation or completing of the audit of the Company’s financial statements by the Company’s auditors;
(g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;
(h) Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;
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(i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“TerminationLetter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer or Chairman of the board of directors of the Company (the “Board”), and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (which interest shall be net of any taxes payable, and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit B, less up to US$100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of i) 24 months after the closing of the Offering and ii) such later date as may be approved by the Company’s shareholders in accordance with the Company’s memorandum and articles of association (as amended and restated from time to time), or (z) upon the end of a 30-day cure period after the date any additional amount of funds were required to be deposited in the Trust Account as a condition of any extension of such date approved by the Company’s shareholders but were not deposited, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to US$100,000 of interest to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date;
(j) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority, as applicable; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, further, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;
(k) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute to the Public Shareholders of record as of such date the amount requested by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s memorandum and articles of association (as amended and restated from time to time) that would affect the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of its public Ordinary Shares if the Company has not consummated an initial Business Combination within such time as is described in the Company’s memorandum and articles of association (as amended and restated from time to time) or with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity; and
(l) Not make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), 1(j) or 1(k) above.
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- Agreementsand Covenants of the Company. The Company hereby agrees and covenants to:
(a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer or Chairman of the Board. In addition, except with respect to its duties under Sections 1(i), 1 (j) or 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions; provided that the Company shall promptly confirm such instructions in writing;
(b) Subject to Section 4 hereof, to the furthest extent permitted by applicable laws, hold the Trustee harmless and indemnify the Trustee from and against any and all out-of-pocket expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld or delayed. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld or delayed. The Company may participate in such action with its own counsel;
(c) Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;
(d) In connection with any vote of the Company’s shareholders regarding a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses (a “Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders regarding such Business Combination;
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(e) Provide the Underwriter with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;
(f) Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement;
(g) Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in a form substantially similar to that attached hereto as Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by the Underwriter; and
(h) Within four (4) business days after the Underwriter’s exercise of the over- allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount.
- Limitations of Liability. The Trustee shall have no responsibility or liability to:
(a) Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set forth herein;
(b) Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;
(c) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;
(d) Change the investment of any Property, other than in compliance with Section 1 hereof;
(e) Refund any depreciation in principal of any Property;
(f) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;
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(g) The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;
(h) Verify the accuracy of the information contained in the Registration Statement;
(i) Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;
(j) File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;
(k) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or
(l) Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j), or (k) hereof.
TrustAccount Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.
Termination. This Agreement shall terminate as follows:
(a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including, but not limited to, the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or
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(b) At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b); or
(c) If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the Company or TGE SpiderNet Capital Group LLC for purposes of funding the Trust Account shall be promptly returned to the Company or TGE SpiderNet Capital Group LLC, as applicable.
- Miscellaneous.
(a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.
(b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
(c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty-five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value US$0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto.
(d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.
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(e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or by facsimile transmission:
if to the Trustee, to:
Continental Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, NY 10004
Attn: Francis Wolf and Celeste Gonzalez
Email: fwolf@continentalstock.com
cgonzalez@continentalstock.com
if to the Company, to:
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau
75001 Paris, France
Attn: Xavier Zee
Email: xavier.zee@amtd.world
with copies to:
Skadden, Arps, Slate, Meagher & Flom LLP
c/o 42/F, Edinburgh Tower, The Landmark
15 Queen’s Road Central, Hong Kong
Attn: Shu Du, Esq.
Email: shu.du@skadden.com
if to the Underwriter, to:
Cohen & Company Capital Markets
3 Columbus Circle, Floor 24
New York, NY 10019
Attn: Brandon Sun
Email: bsun@cohencm.com
with copies to:
Han Kun Law Offices LLP
Rooms 4301-10, 43/F., Gloucester Tower
The Landmark
15 Queen’s Road Central
Hong Kong
Attn: Steve Lin, Esq.
Email: steve.lin@hankunlaw.com
8
(f) This Agreement may not be assigned by the Trustee without the prior consent of the Company.
(g) Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.
(h) This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.
(i) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
(j) Each of the Company and the Trustee hereby acknowledges and agrees that the Underwriter is a third-party beneficiary of this Agreement.
(k) Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity without the prior written consent of the other.
[Signature Page Follows]
9
IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.
| CONTINENTAL STOCK TRANSFER & | ||
|---|---|---|
| TRUST COMPANY, as Trustee | ||
| By: | /s/ Francis Wolf | |
| Name: | Francis Wolf | |
| Title: | Vice President | |
| TGE VALUE CREATIVE SOLUTIONS CORP | ||
| By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| Title: | Director |
[Signature Page to Investment Management Trust Agreement]
SCHEDULE A
| Fee Item | Time and method of payment | Amount |
|---|---|---|
| Initial acceptance fee | Initial closing of Offering by wire transfer | Waived |
| Trustee administration fee | First year, initial closing of Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check | US$6,500 |
| Transaction processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(k) | Deduction by Trustee from accumulated income following disbursement made to Company under Section 1 | US$125 |
| Paying Agent services as required pursuant to Sections 1(i) and 1(k) | Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k) | Prevailing Rates |
Schedule A-1
EXHIBIT A
[On Company Letterhead]
[Insert date]
Continental Stock Transfer & Trust Company
One State Street, 30th Floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
Re: Trust Account Termination Letter
Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between TGE Value Creative Solutions Corp (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2025 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with [●] (the “Target Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance (or such shorter time as you may agree) of the actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.
In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds into a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that [Cohen & Co.] (the “Underwriter”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account at J.P. Morgan Chase Bank N.A. awaiting distribution, neither the Company nor the Underwriter will earn any interest or dividends.
On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you (a) a certificate of the Chairman of the Board, Chief Executive Officer or Chief Financial Officer of the Company, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) joint written instruction signed by the Company and the Underwriter with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.
A-1
In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in such written instruction as soon thereafter as possible.
| Very truly yours, | |
|---|---|
| TGE Value Creative Solutions Corp | |
| By: | |
| Name: | |
| Title: |
cc: [Cohen & Co.]
A-2
EXHIBIT B
[On Company Letterhead]
[Insert date]
Continental Stock Transfer & Trust Company
One State Street, 30th Floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
Re: Trust Account - Termination Letter
Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between TGE Value Creative Solutions Corp (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2025 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a Business Combination with a Target Business within the time frame specified in the Company’s memorandum and articles of association (as amended and restated from time to time), as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.
In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders. The Company has selected [●] as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the memorandum and articles of association (as amended and restated from time to time) of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.
| Very truly yours, | |
|---|---|
| TGE Value Creative Solutions Corp | |
| By: | |
| Name: | |
| Title: |
cc: [Cohen & Co.]
B-1
EXHIBIT C
[On Company Letterhead]
[Insert date]
Continental Stock Transfer & Trust Company
One State Street, 30th Floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
Re: Trust Account - Tax Payment Instruction
Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(j) of the Investment Management Trust Agreement between TGE Value Creative Solutions Corp (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2025 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company US$[●] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.
The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:
[WIRE INSTRUCTION INFORMATION]
| Very truly yours, | |
|---|---|
| TGE Value Creative Solutions Corp | |
| By: | |
| Name: | |
| Title: |
cc: [Cohen & Co.]
C-1
EXHIBIT D
[On Company Letterhead]
[Insert date]
Continental Stock Transfer & Trust Company
One State Street, 30th Floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
Re: Trust Account - Shareholder Redemption Withdrawal Instruction
Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(k) of the Investment Management Trust Agreement between TGE Value Creative Solutions Corp (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2025 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders of the Company US$[●] of the principal and interest income earned on the Property as of the date hereof into a segregated account held by you on behalf of the Beneficiaries for distribution to the Shareholders who have requested redemption of their Ordinary Shares. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.
The Company needs such funds to pay its Public Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to approve an amendment to the provisions of the Company’s memorandum and articles of association (as amended and restated from time to time) (i) that would affect the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of its public Ordinary Shares if the Company does not complete its initial Business Combination within the required time period or (ii) with respect to any other material provision relating to shareholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter.
| Very truly yours, | |
|---|---|
| TGE Value Creative Solutions Corp | |
| By: | |
| Name: | |
| Title: |
cc: [Cohen & Co.]
D-1
Exhibit 10.3
Execution Version
REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),dated as of December 18, 2025, is made and entered into by and among TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), TGE SpiderNet Capital Group LLC, a Cayman Islands limited liability company (the “Sponsor”), Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (the “Representative”) and each of the undersigned parties listed on the signature pages hereto under “Holders” (such parties, together with the Sponsor and the Representative and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, the “Holders” and each a “Holder”).
RECITALS
WHEREAS, the Sponsor and certain other Holders (if any) collectively own an aggregate of 5,750,000 Class B ordinary shares, par value US$0.0001 per share (the “FounderShares”), of the Company, issued prior to the date hereof in a private placement and pursuant to certain transfers;
WHEREAS, the Founder Shares will automatically convert into the Company’s Class A ordinary shares, par value US$0.0001 per share (the “Ordinary Shares”), concurrently or immediately after the closing of the initial Business Combination on a one-for-one basis, subject to adjustment, on the terms and conditions provided in the Company’s memorandum and articles of association, as may be amended and restated from time to time;
WHEREAS, up to an aggregate of 750,000 Founder Shares are subject to forfeiture by the Sponsor if the over-allotment option in connection with the Company’s initial public offering is not exercised in full;
WHEREAS, on December 18, 2025, the Company and the Sponsor entered into that certain Sponsor Warrants Purchase Agreement (the “Sponsor Warrant Purchase Agreement”), pursuant to which the Sponsor agreed to purchase 5,300,000 warrants (or up to 5,750,000 warrants if the over-allotment option in connection with the Company’s initial public offering is exercised in full) (the “Sponsor Private Placement Warrants”), in a private placement transaction occurring simultaneously with the closing of the Company’s initial public offering, each Private Placement Warrant entitling the holder thereof to purchase one Ordinary Share at a price of US$11.50;
WHEREAS, on the date hereof, the Company and the Representative entered into that certain Private Placement Warrants Purchase Agreement (the “Representative Warrant PurchaseAgreement” and together with the Sponsor Warrant Purchase Agreement, the “Private Placement Warrant Purchase Agreements”), pursuant to which the Representative agreed to purchase 1,764,706 warrants (or up to 2,029,412 warrants if the over-allotment option in connection with the Company’s initial public offering is exercised in full) (the “Representative Private Placement Warrants” and together with the Sponsor Private Placement Warrant, the “Private Placement Warrants”), in a private placement transaction occurring simultaneously with the closing of the Company’s initial public offering, each Private Placement Warrant entitling the holder thereof to purchase one Ordinary Share at a price of US$11.50; and
WHEREAS, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.
NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE I
DEFINITIONS
1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:
“Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or any principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed and (iii) the Company has a bona fide business purpose for not making such information public.
“Agreement” shall have the meaning given in the Preamble.
“Board” shall mean the Board of Directors of the Company.
“Business Combination” shall mean any merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses, involving the Company.
“Commission” shall mean the Securities and Exchange Commission.
“Company” shall have the meaning given in the Preamble.
“Demand Registration” shall have the meaning given in subsection 2.1.1.
“Demanding Holder” shall have the meaning given in subsection 2.1.1.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.
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“Form S-1” shall have the meaning given in subsection 2.1.1.
“Form S-3” shall have the meaning given in subsection 2.3.
“Founder Shares” shall have the meaning given in the Recitals hereto.
“Founder Shares Lock-up Period” shall mean, with respect to the Founder Shares (including the Ordinary Shares issued or issuable upon conversion of any Founder Shares), the period ending on the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to completion of the Company’s initial Business Combination, (x) if the last reported sale price of Ordinary Shares equals or exceeds US$12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.
“Holders” shall have the meaning given in the Preamble.
“Insider Letter” shall mean that certain letter agreement, dated as of December 18, 2025, by and between the Company, the Sponsor and each of the Company’s officers, directors and director nominees.
“Maximum Number of Securities” shall have the meaning given in subsection 2.1.4.
“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in light of the circumstances under which they were made) not misleading.
“Ordinary Shares” shall have the meaning given in the Recitals hereto.
“Permitted Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under the Insider Letter, the Private Placement Warrant Purchase Agreements, this Agreement and any other applicable agreement between such Holder and the Company and to any transferee thereafter.
“Piggyback Registration” shall have the meaning given in subsection 2.2.1.
“Private Placement Lock-up Period” shall mean, with respect to Private Placement Warrants that are held by the initial purchasers of such Private Placement Warrants or their Permitted Transferees, and any of the Ordinary Shares issued or issuable upon the exercise or conversion of the Private Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.
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“Private Placement Warrants” shall have the meaning given in the Recitals hereto.
“Private Placement Warrants Purchase Agreements” shall have the meaning given in the Recitals hereto.
“Pro Rata” shall have the meaning given in subsection 2.1.4.
“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.
“Registrable Security” shall mean (a) the Founder Shares (including the Ordinary shares issued or issuable upon conversion of any Founder Shares), (b) the Private Placement Warrants (including any Ordinary Shares issued or issuable upon the exercise of any such Private Placement Warrants), (c) any outstanding Ordinary Shares or any other equity security (including the Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (d) any equity securities (including the Ordinary Shares issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up to US$2,000,000 made to the Company by a Holder, and (e) any other equity security of the Company issued or issuable with respect to any such Ordinary Share by way of a share dividend or share split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.
“Registration” shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.
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“Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:
(A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Ordinary Shares are then listed;
(B) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);
(C) printing, messenger, telephone and delivery expenses;
(D) reasonable fees and disbursements of counsel for the Company;
(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and
(F) reasonable fees and expenses of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities to be registered for offer and sale in the applicable Registration.
“Registration Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.
“Representative” shall have the meaning given in the Recitals hereto.
“Representative Private Placement Warrants” shall have the meaning given in the Recitals hereto.
“Representative Warrant Purchase Agreement” shall have the meaning given in the Recitals hereto.
“Requesting Holder” shall have the meaning given in subsection 2.1.1.
“Securities Act” shall mean the Securities Act of 1933, as amended from time to time.
“Shelf” shall have the meaning given subsection 2.3.1.
“Sponsor” shall have the meaning given in the Recitals hereto.
“Sponsor Private Placement Warrants” shall have the meaning given in the Recitals hereto.
“Sponsor Warrant Purchase Agreement” shall have the meaning given in the Recitals hereto.
“Subsequent Shelf Registration” shall have the meaning given in subsection 2.3.2.
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“Takedown Requesting Holder” shall have the meaning given in subsection 2.3.3.
“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities.
“Underwritten Registration” or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.
“Underwritten Shelf Takedown” shall have the meaning given in subsection 2.3.3.
ARTICLE II
REGISTRATIONS
| 2.1 | Demand Registration. |
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2.1.1 Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and from time to time on or after the date the Company consummates the initial Business Combination, (i) the Sponsor or its Permitted Transferees or (ii) the Representative or its Permitted Transferees (collectively, the “Demanding Holders”) may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “DemandRegistration”). The Company shall, within five (5) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall (i) file a Registration Statement in respect of all Registrable Securities requested by the Sponsor, the Representative and Requesting Holder(s) pursuant to such Demand Registration, not more than forty-five (45) days immediately after the Company’s receipt of the Demand Registration, and (ii) shall effect the registration thereof as soon as practicable thereafter. Under no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities, including one (1) Demand Registration on behalf of the Representative or its Permitted Transferees; provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement; provided, further, that an Underwritten Shelf Takedown shall not count as a Demand Registration..
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2.1.2 Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) the Demanding Holder initiating the Demand Registration thereafter affirmatively elects to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; provided, further, that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated. Notwithstanding the foregoing, the Representative may not exercise its demand registration rights after five (5) years from the commencement of sales in the Company’s initial public offering, and may not exercise its demand rights on more than one occasion.
2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a Demanding Holder so advises the Company as part of its Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by such Demanding Holder.
2.1.4 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and the Ordinary Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.
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2.1.5 Demand Registration Withdrawal. The Demanding Holder initiating the Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.
| 2.2 | Piggyback Registration. |
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2.2.1 Piggyback Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of the Company (or by the Company and by the shareholders of the Company, including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than five (5) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. The notice periods set forth in this subsection 2.2.1 shall not apply to an Underwritten Shelf Takedown conducted in accordance with subsection 2.3.3. Notwithstanding the foregoing, the Representative may not exercise its “piggyback” registration rights after seven (7) years from the effective date of the Company’s initial public offering.
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2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration (other than an Underwritten Shelf Takedown), in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of the Ordinary Shares that the Company desires to sell, taken together with (i) the Ordinary Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the Ordinary Shares, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:
(a) If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, pro rata, based on the respective number of Registrable Securities that each Holder has so requested, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which can be sold without exceeding the Maximum Number of Securities; and
(b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the Ordinary Shares or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.
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2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.
2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.
| 2.3 | Shelf Registration. |
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2.3.1 The Holders of Registrable Securities may at any time, and from time to time on or after the date the Company consummates the initial Business Combination, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or any similar short-form registration statement that may be available at such time (“Form S-3”) , or if the Company is ineligible to use Form S-3, on Form S-1; a registration statement filed pursuant to this subsection 2.3.1 (a “Shelf”) shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested by, any Holder. Within five (5) days of the Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on a Shelf, the Company shall promptly give written notice of the proposed Registration to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s initial receipt of such written request for a Registration on a Shelf, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than US$10,000,000. The Company shall maintain each Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may be necessary to keep such Shelf continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities included on such Shelf. In the event the Company files a Shelf on Form S-1, the Company shall use its commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon as practicable after the Company is eligible to use Form S-3.
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2.3.2 If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities included thereon are still outstanding, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf or file an additional registration statement (a “Subsequent Shelf Registration”) registering the resale of all Registrable Securities including on such Shelf, and pursuant to any method or combination of methods legally available to, and requested by, any Holder. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf Registration continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities included thereon. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form. In the event that any Holder holds Registrable Securities that are not registered for resale on a delayed or continuous basis, the Company, upon request of a Holder shall promptly use its commercially reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, a Shelf (including by means of a post-effective amendment) or a Subsequent Shelf Registration and cause the same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration shall be subject to the terms hereof; provided, however, the Company shall only be required to cause such Registrable Securities to be so covered once annually after inquiry of the Holders.
2.3.3 At any time and from time to time after a Shelf has been declared effective by the Commission, either the Sponsor or the Representative may request to sell all or any portion of its Registrable Securities in an underwritten offering that is registered pursuant to the Shelf (each, an “UnderwrittenShelf Takedown”); provided that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include securities with a total offering price (including piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $10,000,000. All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company at least 48 hours prior to the public announcement of such Underwritten Shelf Takedown, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. The Company shall include in any Underwritten Shelf Takedown the securities requested to be included by any holder (each a “Takedown Requesting Holder”) at least 24 hours prior to the public announcement of such Underwritten Shelf Takedown pursuant to written contractual piggyback registration rights of such holder (including to those set forth herein). The Sponsor shall have the right to select the underwriter(s) for such offering (which shall consist of one or more reputable nationally recognized investment banks), subject to the Company’s prior approval which shall not be unreasonably withheld, conditioned or delayed. For purposes of clarity, any Registration effected pursuant to this subsection 2.3.3 shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.
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2.3.4 If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the Company, the Sponsor, the Representative and the Takedown Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Sponsor, the Representative and the Takedown Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell, exceeds the Maximum Number of Securities, then the Company shall include in such Underwritten Shelf Takedown, as follows: (i) first, the Registrable Securities of the Sponsor and the Representative that can be sold without exceeding the Maximum Number of Securities, determined Pro Rata based on the respective number of Registrable Securities that each such Holder has so requested to be included in such Underwritten Shelf Takedown; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other equity securities of the Takedown Requesting Holders, if any, that can be sold without exceeding the Maximum Number of Securities, determined Pro Rata based on the respective number of Registrable Securities that each Takedown Requesting Holder has so requested to be included in such Underwritten Shelf Takedown.
2.3.5 The Sponsor and the Representative shall have the right to withdraw from an Underwritten Shelf Takedown for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Underwritten Shelf Takedown prior to the public announcement of such Underwritten Shelf Takedown. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten Shelf Takedown prior to a withdrawal under this subsection 2.3.5.
2.4 Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.
2.5 Legends. In connection with any sale or other disposition of the Registrable Securities by a Holder pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) and upon compliance by the Holder with the requirements of this Section 2.5, if requested by the Holder, the Company shall use reasonable best efforts to cause the transfer agent for the Registrable Securities (the “Transfer Agent”) to remove any restrictive legends related to the book entry account holding such Registrable Securities and make a new, unlegended entry for such book entry shares sold or disposed of without restrictive legends within two (2) trading days of any such request therefor from the Holder; provided that the Company and the Transfer Agent have timely received from the Holder customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith. Subject to receipt from the Holder by the Company and the Transfer Agent of customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith, the Holder may request that the Company remove any legend from the book entry position evidencing its Registrable Securities and the Company will, if required by the Transfer Agent, use its commercially reasonable efforts cause an opinion of the Company’s counsel be provided, in a form reasonably acceptable to the Transfer Agent, to the effect that the removal of such restrictive legends in such circumstances may be effected under the Securities Act, following the earliest of such time as such Registrable Securities (i) are subject to or have been or are about to be sold pursuant to an effective registration statement or (ii) have been or are about to be sold pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission). If restrictive legends are no longer required for such Registrable Securities pursuant to the foregoing, the Company shall, in accordance with the provisions of this section and within two (2) trading days of any request therefor from the Holder accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry for such book entry shares. The Company shall be responsible for the fees of its Transfer Agent, its legal counsel and all DTC fees associated with such issuance.
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ARTICLE III
COMPANY PROCEDURES
3.1 General Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:
3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold;
3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by the Demanding Holder or the majority-in-interest of the Holders with Registrable Securities registered on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;
3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;
3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;
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3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;
3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;
3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;
3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus furnish a copy thereof to each seller of such Registrable Securities or its counsel, including, without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;
3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;
3.1.10 permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;
3.1.11 obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;
3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;
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3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering;
3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);
3.1.15 If the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of US$10,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and
3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.
3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “RegistrationExpenses,” all reasonable fees and expenses of any legal counsel representing the Holders.
3.3 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.
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3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.
3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.
ARTICLE IV
INDEMNIFICATION AND CONTRIBUTION
| 4.1 | Indemnification. |
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4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and agents and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.
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4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.
4.1.3 Any person entitled to indemnification herein shall (i) 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 right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) 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). 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 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.
4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.
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4.1.5 If the indemnification provided under Section 4.1 hereof 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; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. 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 subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. 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 subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.
4.2 Waiver of Medallion Guaranty. The Company agrees to use commercially reasonable efforts to enter into an indemnification agreement in customary form, in favor of Continental Stock Transfer & Trust Company (or any successor transfer agent or warrant agent of the Company) in connection with the waiver of any requirement to provide a medallion guarantee in connection with any Transfer of any equity securities of the Company by the Sponsor, the Representative or any of their Permitted Transferees.
ARTICLE V
MISCELLANEOUS
5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 66 rue Jean-Jacques Rousseau, 75001 Paris, France, Hong Kong, Attention: Feridun Hamdullahpur, and, if to any Holder, at such Holder’s address or facsimile number as set forth in the Company’s books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.
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| 5.2 | Assignment; No Third Party Beneficiaries. |
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5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.
5.2.2 Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee, but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement and other applicable agreements.
5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders, which shall include Permitted Transferees.
5.2.4 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and Section 5.2 hereof.
5.2.5 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void.
5.3 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THE AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.
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EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
5.5 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question (which majority must include the Representative if such amendment or modification is material and adverse to the Representative), compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the shares of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.
5.6 Other Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.
5.7 Term. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement and (ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities without registration pursuant to Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale. The provisions of Section 3.5 and Article IV shall survive any termination.
[SIGNATURE PAGES FOLLOW]
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IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.
| TGE VALUE CREATIVE SOLUTIONS CORP | ||
|---|---|---|
| a Cayman Islands exempted company | ||
| By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| Title: | Director | |
| HOLDERS: | ||
| --- | --- | --- |
| TGE SPIDERNET CAPITAL GROUP LLC | ||
| a Cayman Islands limited liability company | ||
| By: | /s/ Samuel Chau | |
| Name: | Samuel Chau | |
| Title: | Member | |
| By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| By: | /s/ Joanne Shoveller | |
| Name: | Joanne Shoveller | |
| By: | /s/ Samuel Chau | |
| Name: | Samuel Chau | |
| By: | /s/ Xavier Zee | |
| Name: | Xavier Zee | |
| By: | /s/ Calvin Choi | |
| Name: | Calvin Choi |
[Signature Page to Registration RightsAgreement]
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.
COHEN& COMPANY CAPITAL MARKETS,
A DIVISION OF COHEN & COMPANY SECURITIES, LLC
| By: | /s/ Jerry Serowik |
|---|---|
| Name: | Jerry Serowik |
| Title: | Senior Managing Director |
[Signature Page to Registration Rights Agreement]
Exhibit 10.4
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau
75001 Paris, France
December 18, 2025
Ladies and Gentlemen:
This letter confirms our agreement that, commencing on the effective date (the “Effective Date”) of the registration statement (the “Registration Statement”) for the initial public offering (the “IPO”) of the securities of TGE Value Creative Solutions Corp (the “Company”) and continuing until the earlier of (i) the consummation by the Company of an initial business combination and (ii) the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date, the “Termination Date”), TGE SpiderNet Capital Group LLC will make available to the Company certain office space and administrative and support services as may be required by the Company from time to time, at 66 rue Jean-Jacques Rousseau, 75001 Paris, France. In exchange therefor, the Company shall pay TGE SpiderNet Capital Group LLC up to US$10,000 per month on the Effective Date and continuing monthly thereafter until the Termination Date.
TGE SpiderNet Capital Group LLC hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies that may be set aside in a trust account (the “Trust Account”) that will be established upon the consummation of the IPO, and will not seek recourse against the Trust Account for any reason whatsoever.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, email (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or between the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.
This agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.
No party hereto may assign this agreement or any rights, interests or contracted obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be null and void and shall not operate to transfer or assign any interest or title to the purported assignee.
This agreement shall be governed by and construed in accordance with the laws of the State of New York.
[Signature page follows]
| Very truly yours, | ||
|---|---|---|
| TGE Value Creative Solutions Corp | ||
| By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| Title: | Director | |
| AGREED TO AND ACCEPTED BY: | ||
| --- | --- | --- |
| TGE SpiderNet Capital Group LLC | ||
| By: | /s/ Samuel Chau | |
| Name: | Samuel Chau | |
| Title: | Member |
Exhibit 10.5
SPONSOR WARRANTS PURCHASE AGREEMENT
THIS SPONSOR WARRANTS PURCHASE AGREEMENT (this “Agreement”), dated as of December 18, 2025, is entered into by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and TGE SpiderNet Capital Group LLC, a Cayman Islands limited liability company (the “Purchaser”).
WHEREAS, the Company intends to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one Class A ordinary share of the Company, par value US$0.0001 per share (each, an “Ordinary Share”), and one-half of one redeemable warrant.
WHEREAS, each whole warrant entitles the holder to purchase one Ordinary Share at an exercise price of US$11.50 per Ordinary Share.
WHEREAS, the Purchaser has agreed to purchase an aggregate of 5,300,000 warrants (or up to 5,750,000 warrants if the over-allotment option in connection with the Public Offering is exercised in full) (the “Sponsor Warrants”), each Sponsor Warrant entitling the holder to purchase one Ordinary Share at an exercise price of US$11.50 per Ordinary Share.
NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:
AGREEMENT
Section 1. Authorization, Purchase and Sale; Termsof the Sponsor Warrants.
(a) Authorizationof the Sponsor Warrants. The Company has duly authorized the issuance and sale of the Sponsor Warrants to the Purchaser.
(b) Purchase and Sale of the Sponsor Warrants.
(i) On the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 5,300,000 Sponsor Warrants at a price of US$0.50 per warrant for an aggregate purchase price of US$2,650,000 (the “PurchasePrice”), which shall be paid by wire transfer of immediately available funds to the Company at least one day prior to the Initial Closing Date in accordance with the Company’s wiring instructions. On the Initial Closing Date, following the payment by the Purchaser of the Purchase Price, the Company, upon the Purchaser’s request, shall deliver a warrant certificate evidencing the Sponsor Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form.
(ii) On the date of any consummation of the closing of the over-allotment option in connection with the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (each such date, an “Over-allotment Closing Date,” and each Over-allotment Closing Date (if any) and the Initial Closing Date being sometimes referred to herein as a “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to an aggregate of 450,000 Sponsor Warrants, in the same proportion as the amount of the option that is then so exercised, at a price of US$0.50 per warrant for an aggregate purchase price of up to US$225,000 (if the over-allotment option in connection with the Public Offering is exercised in full) (the “Over-allotmentPurchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least one day prior to the Over-allotment Closing Date in accordance with the Company’s wiring instructions. On the Over-allotment Closing Date, following the payment by the Purchaser of the Over-allotment Purchase Price, the Company shall, upon the Purchaser’s request, deliver a warrant certificate to the Purchaser evidencing the Sponsor Warrants purchased on such date duly registered in the Purchaser’s name or effect such delivery in book-entry form.
(c) Terms of the Sponsor Warrants.
(i) Each Sponsor Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in connection with the Public Offering (a “Warrant Agreement”), and shall be subject to the terms of a letter agreement, dated as of the date hereof, to be entered into by the Company, the Purchaser and certain other parties thereto, in connection with the Public Offering.
(ii) At the time of, or prior to, the closing of the Public Offering, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Sponsor Warrants and the Ordinary Shares underlying the Sponsor Warrants.
Section 2. Representations and Warrantiesof the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Sponsor Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that:
(a) Organizationand Corporate Power. The Company is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement.
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(b) Authorization; No Breach.
(i) The execution, delivery and performance of this Agreement and the Sponsor Warrants have been duly authorized by the Company as of the Initial Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Sponsor Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of each Closing Date, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).
(ii) The execution and delivery by the Company of this Agreement and the Sponsor Warrants, the issuance and sale of the Sponsor Warrants, the issuance of the Ordinary Shares upon exercise of the Sponsor Warrants and the fulfillment, of and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date (A) conflict with or result in a breach of the terms, conditions or provisions of, (B) constitute a default under, (C) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s share capital or assets under, (D) result in a violation of, or (E) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to, the memorandum and articles of association of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.
(c) Titleto Securities. Upon issuance in accordance with, and payment pursuant to, and registration in the register of members of the Company, the terms hereof and the Warrant Agreement, the Ordinary Shares issuable upon exercise of the Sponsor Warrants will be duly and validly issued, fully paid and non-assessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to the Sponsor Warrants and the Ordinary Shares issuable upon exercise of such Sponsor Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.
(d) GovernmentalConsents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby.
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Section 3. Representations and Warrantiesof the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Sponsor Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that:
(a) Organizationand Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
(b) Authorization; No Breach.
(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).
(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.
(c) Investment Representations.
(i) The Purchaser is acquiring the Sponsor Warrants and, upon exercise of the Sponsor Warrants, the Ordinary Shares issuable upon such exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.
(ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).
(iii) The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.
(iv) The Purchaser decided to enter into this Agreement not as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act.
(v) The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Securities.
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(vi) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.
(vii) The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) in a registered transaction or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands that the Securities and Exchange Commission (the “SEC”) has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after a Business Combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions of the Securities despite technical compliance with the requirements of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration requirements of the Securities Act.
(viii) The Purchaser has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities.
Section 4. Conditions of the Purchaser’sObligations. The obligations of the Purchaser to purchase and pay for the Sponsor Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:
(a) Representationsand Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct as of such Closing Date as though then made.
(b) Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date.
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(c) NoInjunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement.
(d) WarrantAgreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms reasonably satisfactory to the Purchaser.
Section 5. Conditions of the Company’sObligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:
(a) Representationsand Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct as of such Closing Date as though then made.
(b) Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date.
(c) NoInjunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement.
(d) WarrantAgreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms reasonably satisfactory to the Company.
Section 6. Termination. This Agreement may be terminated at any time on or after December 31, 2025 upon the election by either the Company or the Purchaser upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.
Section 7. Survival of Representations andWarranties. All of the representations and warranties contained herein shall survive each Closing Date.
Section 8. Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration statement on Form S-1 the Company has filed with the SEC, under the Securities Act.
Section 9. Miscellaneous.
(a) Successorsand Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof.
(b) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.
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(c) Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.
(d) DescriptiveHeadings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.
(e) GoverningLaw. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
(f) Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.
| COMPANY: | ||
|---|---|---|
| TGE VALUE CREATIVE SOLUTIONS CORP | ||
| By: | /s/ Feridun<br> Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| Title: | Director | |
| PURCHASER: | ||
| TGE SPIDERNET CAPITAL GROUP LLC | ||
| By: | /s/ Samuel Chau | |
| Name: | Samuel Chau | |
| Title: | Member |
[Signature Page - Sponsor Warrants Purchase Agreement]
Exhibit 10.6
INDEMNITY AGREEMENT
THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of December 18, 2025, by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Feridun Hamdullahpur (“Indemnitee”).
RECITALS
WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its Subsidiaries (as defined below) from certain liabilities;
WHEREAS, while the Memorandum and Articles of Association of the Company (as amended and restated from time to time) provide for the indemnification of the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law, and the Memorandum and Articles of Association (as amended and restated from time to time) does not provide that the indemnification provisions set forth therein are exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;
WHEREAS, this Agreement is a supplement to and in furtherance of the Memorandum and Articles of Association of the Company (as amended and restated from time to time) and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, Indemnitee may not be willing to serve as a director or an officer without adequate protection, and the Company desires Indemnitee to serve in such capacity, and Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
TERMS AND CONDITIONS
1. SERVICES TOTHE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.
2. DEFINITIONS. As used in this Agreement:
(a) References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a Subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company.
(b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.
(c) “Cayman Court” shall mean the courts of the Cayman Islands.
(d) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:
(i) Acquisition of Shares by Third Party. Other than an affiliate of TGE SpiderNet Capital Group LLC (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;
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(ii) Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;
(iii) Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;
(iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or
(v) Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.
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(e) “CompaniesAct” shall mean the Companies Act (As Revised) of the Cayman Islands, as amended from time to time.
(f) “CorporateStatus” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.
(g) “DisinterestedDirector” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.
(h) “Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.
(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(j) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan.
(l) References to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company or a Subsidiary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
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(m) “IndependentCounsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(n) The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
(o) The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.
(p) The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.
3. INDEMNITYIN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.
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- INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
5. INDEMNIFICATION FOR EXPENSES OF APARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
6. INDEMNIFICATIONFOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he or she shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.
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- ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.
(a) Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.
(b) Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.
- CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.
(a) To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
(b) The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
(c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.
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9. EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:
(a) for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision and which payment has not subsequently been returned, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;
(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or
(c) except as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.
- ADVANCES OF EXPENSES; DEFENSE OF CLAIM.
(a) Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Memorandum and Articles of Association (as amended and restated from time to time), applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.
(b) The Company will be entitled to participate in the Proceeding at its own expense.
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(c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.
- PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.
(a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.
(b) Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.
- PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.
(a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority consent of the Disinterested Directors, (ii) by a committee of such directors designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the shareholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.
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(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section (a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
(c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
- PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.
(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
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(b) If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.
(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.
(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.
(e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
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- REMEDIES OF INDEMNITEE.
(a) In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the Commercial Arbitration Rules of the American Arbitration Association shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b) In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
(c) In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).
(d) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
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(e) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
(f) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Memorandum and Articles of Association (as amended and restated from time to time); or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).
(g) Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.
15. SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.
- NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.
(a) The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Memorandum and Articles of Association (as amended and restated from time to time), any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Memorandum and Articles of Association (as amended and restated from time to time) or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
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(b) The Companies Act and the Memorandum and Articles of Association (as amended and restated from time to time) do not prohibit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this Agreement or under the Companies Act, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.
(c) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
(d) In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, including with respect to any insurance. The Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.
(e) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.
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(f) Notwithstanding anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or its affiliates is secondary.
17. DURATIONOF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.
18. SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
- ENFORCEMENT AND BINDING EFFECT.
(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.
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(b) Without limiting any of the rights of Indemnitee under the Memorandum and Articles of Association (as amended and restated from time to time) of the Company as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
(c) The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
(d) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
(e) The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.
20. MODIFICATIONAND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.
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21. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.
If to the Company, to:
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau, 75001 Paris, France
Attention: Dr. Feridun Hamdullahpur
or to any other address as may have been furnished to Indemnitee in writing by the Company.
22. APPLICABLE LAW AND CONSENT TOJURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.
23. IDENTICALCOUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
24. MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
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25. PERIOD OFLIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.
26. ADDITIONALACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.
27. WAIVER OFCLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that he or she does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim he or she may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.
28. MAINTENANCEOF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| TGE Value Creative Solutions Corp | |
|---|---|
| By: | /s/ Feridun Hamdullahpur |
| Name: | Feridun Hamdullahpur |
| Title: | Co-Chairperson |
[Signature page to Indemnity Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| INDEMNITEE | |
|---|---|
| /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur |
[Signature page to Indemnity Agreement]
Exhibit 10.7
INDEMNITY AGREEMENT
THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of December 18, 2025, by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Joanne Shoveller (“Indemnitee”).
RECITALS
WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its Subsidiaries (as defined below) from certain liabilities;
WHEREAS, while the Memorandum and Articles of Association of the Company (as amended and restated from time to time) provide for the indemnification of the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law, and the Memorandum and Articles of Association (as amended and restated from time to time) does not provide that the indemnification provisions set forth therein are exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;
WHEREAS, this Agreement is a supplement to and in furtherance of the Memorandum and Articles of Association of the Company (as amended and restated from time to time) and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, Indemnitee may not be willing to serve as a director or an officer without adequate protection, and the Company desires Indemnitee to serve in such capacity, and Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
TERMS AND CONDITIONS
1.SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.
2. DEFINITIONS. As used in this Agreement:
(a) References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a Subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company.
(b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.
(c) “Cayman Court” shall mean the courts of the Cayman Islands.
(d) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:
(i) Acquisition of Shares by Third Party. Other than an affiliate of TGE SpiderNet Capital Group LLC (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;
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(ii) Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;
(iii) Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;
(iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or
(v) Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.
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(e) “Companies Act” shall mean the Companies Act (As Revised) of the Cayman Islands, as amended from time to time.
(f) “Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.
(g) “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.
(h) “Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.
(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(j) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan.
(l) References to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company or a Subsidiary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
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(m) “Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(n) The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
(o) The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.
(p) The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.
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3. INDEMNITY IN THIRD-PARTYPROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.
INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
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6. INDEMNIFICATION FOR EXPENSESOF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he or she shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.
7. ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.
(a) Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.
(b) Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.
- CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.
(a) To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
(b) The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
(c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.
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9. EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:
(a) for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision and which payment has not subsequently been returned, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;
(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or
(c) except as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.
- ADVANCES OF EXPENSES; DEFENSE OF CLAIM.
(a) Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Memorandum and Articles of Association (as amended and restated from time to time), applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.
(b) The Company will be entitled to participate in the Proceeding at its own expense.
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(c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.
11. PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.
(a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.
(b) Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.
| 12. | PROCEDURE UPON APPLICATION FOR INDEMNIFICATION. |
|---|
(a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority consent of the Disinterested Directors, (ii) by a committee of such directors designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the shareholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.
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(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section (a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
(c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
- PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.
(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
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(b) If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.
(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.
(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.
(e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
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14. REMEDIES OF INDEMNITEE.
(a) In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the Commercial Arbitration Rules of the American Arbitration Association shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b) In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
(c) In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).
(d) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
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(e) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
(f) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Memorandum and Articles of Association (as amended and restated from time to time); or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).
(g) Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.
15.SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.
- NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.
(a) The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Memorandum and Articles of Association (as amended and restated from time to time), any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Memorandum and Articles of Association (as amended and restated from time to time) or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
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(b) The Companies Act and the Memorandum and Articles of Association (as amended and restated from time to time) do not prohibit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this Agreement or under the Companies Act, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.
(c) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
(d) In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, including with respect to any insurance. The Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.
(e) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.
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(f) Notwithstanding anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or its affiliates is secondary.
17.DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.
18.SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
- ENFORCEMENT AND BINDING EFFECT.
(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.
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(b) Without limiting any of the rights of Indemnitee under the Memorandum and Articles of Association (as amended and restated from time to time) of the Company as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
(c) The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
(d) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
(e) The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.
20.MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.
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21. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.
If to the Company, to:
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau, 75001 Paris, France
Attention: Dr. Feridun Hamdullahpur
or to any other address as may have been furnished to Indemnitee in writing by the Company.
22. APPLICABLE LAW AND CONSENT TOJURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.
23.IDENTICAL COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
24.MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
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25. PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.
26.ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.
27.WAIVER OF CLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that he or she does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim he or she may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.
28.MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| TGE Value Creative Solutions Corp | ||
|---|---|---|
| By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| Title: | Co-Chairperson |
[Signature page to Indemnity Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| INDEMNITEE | |
|---|---|
| /s/ Joanne Shoveller | |
| Name: | Joanne Shoveller |
[Signature page to Indemnity Agreement]
Exhibit 10.8
INDEMNITY AGREEMENT
THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of December 18, 2025, by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Samuel Chau (“Indemnitee”).
RECITALS
WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its Subsidiaries (as defined below) from certain liabilities;
WHEREAS, while the Memorandum and Articles of Association of the Company (as amended and restated from time to time) provide for the indemnification of the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law, and the Memorandum and Articles of Association (as amended and restated from time to time) does not provide that the indemnification provisions set forth therein are exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;
WHEREAS, this Agreement is a supplement to and in furtherance of the Memorandum and Articles of Association of the Company (as amended and restated from time to time) and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, Indemnitee may not be willing to serve as a director or an officer without adequate protection, and the Company desires Indemnitee to serve in such capacity, and Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
TERMS AND CONDITIONS
1. SERVICES TOTHE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.
2. DEFINITIONS. As used in this Agreement:
(a) References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a Subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company.
(b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.
(c) “Cayman Court” shall mean the courts of the Cayman Islands.
(d) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:
(i) Acquisition of Shares by Third Party. Other than an affiliate of TGE SpiderNet Capital Group LLC (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;
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(ii) Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;
(iii) Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;
(iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or
(v) Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.
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(e) “CompaniesAct” shall mean the Companies Act (As Revised) of the Cayman Islands, as amended from time to time.
(f) “CorporateStatus” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.
(g) “DisinterestedDirector” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.
(h) “Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.
(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(j) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan.
(l) References to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company or a Subsidiary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
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(m) “IndependentCounsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(n) The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
(o) The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.
(p) The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.
3. INDEMNITYIN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.
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- INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
5. INDEMNIFICATION FOR EXPENSES OF APARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
6. INDEMNIFICATIONFOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he or she shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.
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- ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.
(a) Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.
(b) Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.
- CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.
(a) To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
(b) The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
(c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.
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9. EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:
(a) for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision and which payment has not subsequently been returned, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;
(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or
(c) except as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.
- ADVANCES OF EXPENSES; DEFENSE OF CLAIM.
(a) Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Memorandum and Articles of Association (as amended and restated from time to time), applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.
(b) The Company will be entitled to participate in the Proceeding at its own expense.
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(c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.
- PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.
(a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.
(b) Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.
- PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.
(a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority consent of the Disinterested Directors, (ii) by a committee of such directors designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the shareholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.
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(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section (a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
(c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
- PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.
(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
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(b) If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.
(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.
(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.
(e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
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- REMEDIES OF INDEMNITEE.
(a) In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the Commercial Arbitration Rules of the American Arbitration Association shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b) In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
(c) In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).
(d) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
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(e) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
(f) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Memorandum and Articles of Association (as amended and restated from time to time); or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).
(g) Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.
15. SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.
- NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.
(a) The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Memorandum and Articles of Association (as amended and restated from time to time), any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Memorandum and Articles of Association (as amended and restated from time to time) or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
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(b) The Companies Act and the Memorandum and Articles of Association (as amended and restated from time to time) do not prohibit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this Agreement or under the Companies Act, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.
(c) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
(d) In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, including with respect to any insurance. The Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.
(e) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.
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(f) Notwithstanding anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or its affiliates is secondary.
17. DURATIONOF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.
18. SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
- ENFORCEMENT AND BINDING EFFECT.
(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.
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(b) Without limiting any of the rights of Indemnitee under the Memorandum and Articles of Association (as amended and restated from time to time) of the Company as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
(c) The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
(d) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
(e) The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.
20. MODIFICATIONAND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.
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21. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.
If to the Company, to:
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau, 75001 Paris, France
Attention: Dr. Feridun Hamdullahpur
or to any other address as may have been furnished to Indemnitee in writing by the Company.
22. APPLICABLE LAW AND CONSENT TOJURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.
23. IDENTICALCOUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
24. MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
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25. PERIOD OFLIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.
26. ADDITIONALACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.
27. WAIVER OFCLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that he or she does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim he or she may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.
28. MAINTENANCEOF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| TGE Value Creative Solutions Corp | |
|---|---|
| By: | /s/ Feridun Hamdullahpur |
| Name: | Feridun Hamdullahpur |
| Title: | Co-Chairperson |
[Signature page to Indemnity Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| INDEMNITEE | |
|---|---|
| /s/ Samuel Chau | |
| Name: | Samuel Chau |
[Signature page to Indemnity Agreement]
Exhibit 10.9
INDEMNITY AGREEMENT
THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of December 18, 2025, by and between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Xavier Zee (“Indemnitee”).
RECITALS
WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its Subsidiaries (as defined below) from certain liabilities;
WHEREAS, while the Memorandum and Articles of Association of the Company (as amended and restated from time to time) provide for the indemnification of the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law, and the Memorandum and Articles of Association (as amended and restated from time to time) does not provide that the indemnification provisions set forth therein are exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;
WHEREAS, this Agreement is a supplement to and in furtherance of the Memorandum and Articles of Association of the Company (as amended and restated from time to time) and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, Indemnitee may not be willing to serve as a director or an officer without adequate protection, and the Company desires Indemnitee to serve in such capacity, and Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
TERMS AND CONDITIONS
1.SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.
2. DEFINITIONS. As used in this Agreement:
(a) References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a Subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company.
(b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.
(c) “Cayman Court” shall mean the courts of the Cayman Islands.
(d) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:
(i) Acquisition of Shares by Third Party. Other than an affiliate of TGE SpiderNet Capital Group LLC (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;
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(ii) Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the directors then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;
(iii) Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;
(iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or
(v) Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.
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(e) “Companies Act” shall mean the Companies Act (As Revised) of the Cayman Islands, as amended from time to time.
(f) “Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.
(g) “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.
(h) “Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.
(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(j) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan.
(l) References to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company or a Subsidiary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
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(m) “Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(n) The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
(o) The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while acting as a director or officer of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.
(p) The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.
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3. INDEMNITY IN THIRD-PARTYPROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.
4. INDEMNITY IN PROCEEDINGS BY ORIN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
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6. INDEMNIFICATION FOR EXPENSESOF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, he or she shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.
- ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.
(a) Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.
(b) Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.
- CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.
(a) To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
(b) The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
(c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.
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9. EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:
(a) for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision and which payment has not subsequently been returned, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;
(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or
(c) except as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.
- ADVANCES OF EXPENSES; DEFENSE OF CLAIM.
(a) Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the Memorandum and Articles of Association (as amended and restated from time to time), applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.
(b) The Company will be entitled to participate in the Proceeding at its own expense.
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(c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.
11. PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.
(a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.
(b) Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.
12. PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.
(a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority consent of the Disinterested Directors, (ii) by a committee of such directors designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the shareholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.
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(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section (a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
(c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
- PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.
(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
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(b) If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.
(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.
(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.
(e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
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14. REMEDIES OF INDEMNITEE.
(a) In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the Commercial Arbitration Rules of the American Arbitration Association shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b) In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
(c) In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).
(d) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
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(e) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
(f) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Memorandum and Articles of Association (as amended and restated from time to time); or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).
(g) Interest shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.
15.SECURITY. Notwithstanding anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.
- NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.
(a) The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Memorandum and Articles of Association (as amended and restated from time to time), any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Memorandum and Articles of Association (as amended and restated from time to time) or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
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(b) The Companies Act and the Memorandum and Articles of Association (as amended and restated from time to time) do not prohibit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf of him or her or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of this Agreement or under the Companies Act, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.
(c) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
(d) In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, including with respect to any insurance. The Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. No such payment by the Company shall be deemed to relieve any insurer of its obligations.
(e) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.
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(f) Notwithstanding anything contained herein, the Company is the primary indemnitor, and any indemnification or advancement obligation of the Sponsor or its affiliates is secondary.
17.DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his or her Corporate Status, whether or not he or she is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.
18.SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
- ENFORCEMENT AND BINDING EFFECT.
(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.
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(b) Without limiting any of the rights of Indemnitee under the Memorandum and Articles of Association (as amended and restated from time to time) of the Company as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
(c) The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
(d) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
(e) The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.
20.MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.
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21. NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.
If to the Company, to:
TGE Value Creative Solutions Corp
66 rue Jean-Jacques Rousseau, 75001 Paris, France
Attention: Dr. Feridun Hamdullahpur
or to any other address as may have been furnished to Indemnitee in writing by the Company.
22. APPLICABLE LAW AND CONSENT TOJURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.
23.IDENTICAL COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
24.MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
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25. PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.
26.ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.
27.WAIVER OF CLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that he or she does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim he or she may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.
28.MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| TGE Value Creative Solutions Corp | ||
|---|---|---|
| By: | /s/ Feridun Hamdullahpur | |
| Name: | Feridun Hamdullahpur | |
| Title: | Co-Chairperson |
[Signature page to Indemnity Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| INDEMNITEE |
|---|
| /s/ Xavier Zee |
| Name: Xavier Zee |
[Signature page to Indemnity Agreement]
Exhibit 10.10
Execution Version
PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT
THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT, dated as of December 18, 2025 (as it may from time to time be amended, this “Agreement”), is entered into between TGE Value Creative Solutions Corp, a Cayman Islands exempted company (the “Company”), and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (the “Purchaser”).
WHEREAS, the Company intends to consummate an initial public offering (the “Public Offering”) of the Company’s units, each unit consisting of one Class A ordinary share, par value $0.0001 per share, of the Company (each, an “OrdinaryShare”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per Ordinary Share, as set forth in the Company’s Registration Statement on Form S-1 (File No. 333-289690, the “Registration Statement”), filed with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “SecuritiesAct”).
WHEREAS, the Purchaser, who is the sole underwriter in the Public Offering, has agreed to purchase an aggregate of 1,764,706 warrants (or up to 2,029,412 warrants if the underwriter fully exercises its over-allotment option in connection with the Public Offering) (the “Private Placement Warrants”), each Private Placement Warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per share.
NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:
AGREEMENT
Section 1. Authorization, Purchase and Sale; Terms of the Private Placement Warrants; Lock-Up.
A. Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement Warrants to the Purchaser.
B. Purchase and Sale of the Private Placement Warrants.
(i) On the date of the consummation of the Public Offering or on such other time and date as may be mutually agreed in writing by the Purchaser and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, an aggregate of 1,764,706 Private Placement Warrants at a price of $0.85 per warrant for an aggregate purchase price of $1,500,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least one business day prior to the Initial Closing Date in accordance with the Company’s wiring instructions, or in such other manner as may be mutually agreed upon in writing by the Company and the Purchaser. On the Initial Closing Date, upon the payment by the Purchaser of the Purchase Price, the Company, at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form.
(ii) On the date of the consummation of the closing of the over-allotment option (if any) in connection with the Public Offering or on such other time and date as may be mutually agreed in writing by the Purchaser and the Company (each such date, the “Over-Allotment ClosingDate”, and each Over-Allotment Closing Date (if any) together with the Initial Closing Date, the “ClosingDates” and each, a “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 264,706 Private Placement Warrants (or, to the extent the over-allotment option is not exercised in full, a lesser number of Private Placement Warrants in proportion to the portion of the over-allotment option that is exercised), at a price of $0.85 per Private Placement Warrant for an aggregate purchase price of up to $225,000 (the “Over-Allotment Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least one business day prior to the Over-Allotment Closing Date in accordance with the Company’s wiring instructions, or in such other manner as may be mutually agreed in writing upon by the Company and the Purchaser. On the Over-Allotment Closing Date, upon the payment by the Purchaser of the Over-Allotment Purchase Price, the Company, at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form.
C. Terms of the Private Placement Warrants.
(i) The Private Placement Warrants will be substantially identical to the warrants offered pursuant to the warrant agreement to be entered into by the Company and a warrant agent in connection with the Public Offering (the “Warrant Agreement”), except that the Private Placement Warrants (a) will be subject to the transfer restrictions described herein, (b) are being purchased pursuant to an exemption from the registration requirements of the securities, and will become freely tradable only after certain conditions are met or the resale of the Private Placement Warrants is registered under the Securities Act, (c) will be entitled to registration rights pursuant to the Registration Rights Agreement (as defined below), (d) may be exercised by the holders on a cashless basis, (e) will not be redeemable by the Company and (f) will not be exercisable more than five years from the commencement of sales in the Public Offering in accordance with FINRA Rule 5110(g)(8).
(ii) At the time of the closing of the Public Offering, the Company and the Purchaser shall enter into a registration rights agreement (the “RegistrationRights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Warrants and the Ordinary Shares issuable upon exercise of such Private Placement Warrants.
D. Lock up.
(i) The Purchaser agrees that it shall not Transfer any Private Placement Warrants (or any Ordinary Shares underlying the Private Placement Warrants) until thirty (30) days following the consummation of the Company’s initial business combination (the “BusinessCombination”); provided, however, that Transfers of the Private Placement Warrants are permitted (a) to the Company’s or Purchaser’s officers, directors, advisors or consultants, any affiliate or family member of any of the Company’s or Purchaser’s officers, directors, advisors or consultants, any members or partners of the Sponsor or their affiliates, and funds and accounts advised by such members or partners, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the price at which the securities were originally purchased; (f) by virtue of the laws of the State of New York or such Purchaser’s organizational documents upon dissolution of such Purchaser; (g) in the event of the Company’s liquidation prior to the consummation of the initial Business Combination; (h) in the event of the Company’s completion of a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination or (i) to a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses (a) through (f); provided, however, that in the case of clauses (a) through (f) and clause (i), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by these transfer restrictions and by the same agreements entered into by the Company’s sponsor and the Purchaser with respect to such securities (including provisions relating to voting, the trust account and liquidating distributions).
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(ii) For purposes of Section 1(D)(i), the term “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).
(iii) In addition to the terms described in Sections 1(D)(i), the Purchaser acknowledge and agree that the Private Placement Warrants and their component parts and the related registration rights will be deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and will therefore, pursuant to Rule 5110(e) of the FINRA Manual, be subject to lock-up for a period of one-hundred eighty (180) days beginning on the date of commencement of sales in the IPO, subject to FINRA Rule 5110(e)(2). Additionally, the Private Placement Warrants and their component parts and the related registration rights may not be sold, transferred, assigned, pledged or hypothecated during the foregoing 180-day period except to any underwriter or selected dealer participating in the IPO and the officers or partners, registered persons or affiliates of the Purchaser and any such participating underwriter or selected dealer. Additionally, the Private Placement Warrants and their component parts and the related registration rights will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of such securities by any person for a period of 180 days beginning on the date of commencement of sales in the IPO. Additionally, notwithstanding anything to the contrary in the Warrant Agreement, the Private Placement Warrants may not be exercisable more than five years from the commencement of sales in the IPO in accordance with FINRA Rule 5110(g)(8).
Section 2. Representations and Warrantiesof the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that:
A. Incorporation and Corporate Power. The Company is an exempted company with limited liability duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement.
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B. Authorization; No Breach.
(i) The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company as of the Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of this Agreement and the Warrant Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms as of the Closing Date.
(ii) The execution and delivery by the Company of this Agreement, the issuance and sale of the Private Placement Warrants, the issuance of the Ordinary Shares upon exercise of the Private Placement Warrants, and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s equity or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the amended and restated memorandum and articles of association of the Company in effect on the date hereof or as may be amended at or prior to completion of the contemplated Public Offering, or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.
C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, and upon registration with the Company’s register of members, the Ordinary Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, and upon registration in the Company’s register of members, the Purchaser will have good title to, respectively, the Private Placement Warrants and the Ordinary Shares issuable upon exercise of such Private Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder, under the letter agreement entered into among the Company and its insiders, and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.
D. Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby.
E. Regulation D Qualification. Neither the Company nor, to its knowledge, any of its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.
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Section 3. Representations and Warrantiesof the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that:
A. Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
B. Authorization; No Breach.
(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).
(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.
C. Investment Representations.
(i) The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Ordinary Shares issuable upon such exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.
(ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D, and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.
(iii) The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.
(iv) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act.
(v) The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Securities.
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(vi) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.
(vii) The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. While the Purchaser understands that Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company, the Purchaser understands that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; (iii) the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
(viii) The Purchaser has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.
(ix) The Purchaser acknowledges that the Private Placement Warrants shall bear the legend substantially in the form set forth in the Warrant Agreement. The Purchaser acknowledges that the Private Placement Warrants and the Ordinary Shares issuable upon exercise of such Private Placement Warrants and the related registration rights will be deemed compensation by the FINRA and will therefore, pursuant to FINRA Rule 5110(e), be subject to lock-up for a period of 180 days from the commencement of sales in the Public Offering, subject to certain limited exceptions to permitted transferees in accordance with FINRA Rule 5110(e)(2). The Private Placement Warrants and the Ordinary Shares issuable upon exercise of such Private Placement Warrants and the related registration rights may not be sold, transferred, assigned, pledged or hypothecated or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of such securities by any person for a period of 180 days from the commencement of sales in the Public Offering. The Purchaser further acknowledges that the Private Placement Warrants are subject to additional transfer restrictions under the terms of the underwriting agreement by and between the Company and the Purchaser.
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Section 4. Conditions of the Purchaser’sObligations. The obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:
A. Representations and Warranties. The representations and warranties of the Company contained in Section 2 hereof shall be true and correct at and as of such Closing Date as though then made.
B. Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date.
C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.
D. Registration Rights Agreement. The Company shall have entered into the Registration Rights Agreement on terms satisfactory to the Purchaer.
Section 5. Conditions of the Company’sObligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:
A. Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing Date as though then made.
B. Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date.
C. Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.
D. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.
Section 6. Termination. This Agreement may be terminated at any time after December 31, 2025 upon the election by either the Company or the Purchaser upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.
Section 7. Survival of Representationsand Warranties. All of the representations and warranties contained herein shall survive the Closing Date.
Section 8. Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.
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Section 9. Miscellaneous.
A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members).
B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.
C. Counterparts. This Agreement may be executed and delivered (including executed manually or electronically via DocuSign or other similar services and delivered by portable document format (pdf) transmission) in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.
D. Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.
E. Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of the State of New York.
F. Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.
COMPANY
TGE VALUE CREATIVE SOLUTIONS CORP
a Cayman Islands exempted company
| By: | /s/ Feridun Hamdullahpur | |
|---|---|---|
| Name: | Feridun Hamdullahpur | |
| Title: | Director |
[Signature Page to Private Placement Warrants Purchase Agreement]
IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.
PURCHASER
COHEN & COMPANY CAPITAL MARKETS,
A DIVISION OF COHEN & COMPANY SECURITIES, LLC
| By: | /s/ Jerry Serowik | |
|---|---|---|
| Name: | Jerry Serowik | |
| Title: | Senior Managing Director |
[Signature Page to Private Placement Warrants Purchase Agreement]
Exhibit 99.1
TGE Value Creative Solutions Corp, Sponsoredby TGE, Announces Pricing of $150,000,000 Initial Public Offering
Dec 18, 2025, 17:45 ET
NEW YORK and LONDON and PARIS, Dec. 18, 2025 /PRNewswire/ -- TGE Value Creative Solutions Corp (the “Company”), a special purpose acquisition company sponsored by The Generation Essentials Group (NYSE: TGE; LSE: TGE), announced today that it successfully priced its initial public offering of 15,000,000 units at $10.00 per unit.
The Company’s units will be listed on the New York Stock Exchange (“NYSE”) and will begin trading on December 19, 2025, under the ticker symbol “BEBE U.”
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on NYSE under the symbols “BEBE” and “BEBE WS,” respectively.
The Company is a Cayman Islands exempted company, formed as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. While the Company may pursue an initial business combination target in any industry or geographic location, the Company intends to focus its search on high potential businesses in the media, digital media, entertainment, high fashion, lifestyle, culture, and gaming sectors.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, acted as the sole underwriter and sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. The offering is being made only by means of a prospectus.
Copies of the prospectus may be obtained, when available, from Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, 3 Columbus Circle, 24th Floor, New York, NY 10019. Attention: Prospectus Department, or by email at capitalmarkets@cohencm.com or by accessing the SEC’s website, www.sec.gov.
A registration statement relating to these securities was filed with the Securities and Exchange Commission (the “SEC”) and became effective on December 18, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
tgevaluecreativesolutions@amtd.world
Exhibit 99.2
First The Generation Essentials Group-SponsoredSPAC Announces Successful Closing of $150 million IPO
Dec 22, 2025, 16:05 ET
PARIS, NEW YORK and LONDON, Dec. 22, 2025 /PRNewswire/ -- TGE Value Creative Solutions Corp (the “Company”), a special purpose acquisition company sponsored by The Generation Essentials Group (NYSE: TGE; LSE: TGE), announced today that it successfully completed its successful initial public offering of 15,000,000 units at $10.00 per unit. The offering resulted in gross proceeds to the Company of $150,000,000.
The Company’s units are listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “BEBE U.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on NYSE under the symbols “BEBE” and “BEBE WS,” respectively.
The Company is a Cayman Islands registered company, formed as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. While the Company may pursue an initial business combination target in any industry or geographic location, the Company intends to focus its search on high potential businesses in the media, digital media, entertainment, high fashion, lifestyle, culture, and gaming sectors.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, acted as the sole underwriter and sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. The offering is being made only by means of a prospectus.
Copies of the prospectus may be obtained, when available, from Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, 3 Columbus Circle, 24th Floor, New York, NY 10019. Attention: Prospectus Department, or by email at capitalmarkets@cohencm.com or by accessing the SEC’s website, www.sec.gov.
A registration statement relating to these securities was filed with the Securities and Exchange Commission (the “SEC”) and became effective on December 18, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of the initial public offering and simultaneous private placement. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
SPAC_enquiry@TGE.media