8-K
Colombier Acquisition Corp. III (CLBR)
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):February 3, 2026
COLOMBIER ACQUISITION CORP. III
(Exact name of registrant as specified in itscharter)
| Cayman Islands | 001-43096 | 98-1880474 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
375 South County Road, Suite 220Palm Beach, FL 33480
(Address of principal executive offices, includingzip code)
Registrant’s telephone number, including
area code: (561) 223-9937
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<br>Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange<br>Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b)<br>under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c)<br>under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| 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-eighth of one redeemable warrant | CLBR U | New York Stock Exchange |
| Class A ordinary shares, par value $0.0001 per share | CLBR | New York Stock Exchange |
| Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | CLBR 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 February 5, 2026, Colombier Acquisition Corp. III (the “Company”) consummated its initial public offering (“IPO”) of 29,900,000 units (the “Units”), including 3,900,000 Units issued pursuant to the full exercise of the underwriters’ over-allotment option. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”), and one-eighth of one redeemable warrant of the Company (each, a “Warrant”), with each whole Warrant entitling the holder thereof to purchase one Class A Ordinary Share for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $299,000,000.
In connection with the IPO, the Company entered into the following agreements, forms of which were previously filed as exhibits to the Company’s registration statement on Form S-1 (File No. 333-290932) for the IPO, originally filed with the U.S. Securities and Exchange Commission on October 17, 2025, as amended (the “Registration Statement”):
| ● | An Underwriting Agreement, dated February 3, 2026, by and<br>between the Company and Roth Capital Partners, LLC (“Roth”), as the representative of the several underwriters, a copy of<br>which is attached as Exhibit 1.1 hereto and incorporated herein by reference. |
|---|---|
| ● | A Warrant Agreement, dated February 3, 2026, by and between<br>the Company and Continental Stock Transfer & Trust Company, as warrant agent, a copy of which is attached as Exhibit 4.1 hereto and<br>incorporated herein by reference. |
| --- | --- |
| ● | An Investment Management Trust Agreement, dated February<br>3, 2026, by and between the Company and Continental Stock Transfer & Trust Company, as trustee, a copy of which is attached as Exhibit<br>10.1 hereto and incorporated herein by reference. |
| --- | --- |
| ● | A Registration Rights Agreement, dated February 3, 2026,<br>by and among the Company, Roth and certain security holders, a copy of which is attached as Exhibit 10.2 hereto and incorporated herein<br>by reference. |
| --- | --- |
| ● | A Private Placement Units Purchase Agreement, dated February<br>3, 2026 (the “Private Placement Units Purchase Agreement”), by and between the Company and the Company’s sponsor,<br>Colombier Sponsor III LLC (the “Sponsor”), a copy of which is attached as Exhibit 10.3 hereto and incorporated herein<br>by reference. |
| --- | --- |
| ● | A Letter Agreement, dated February 3, 2026, by and among<br>the Company, its officers, its directors and the Sponsor, a copy of which is attached as Exhibit 10.4 hereto and incorporated herein<br>by reference. |
| --- | --- |
| ● | An Administrative Support Agreement, dated February 3, 2026,<br>by and between the Company and an affiliate of the Sponsor, a copy of which is attached as Exhibit 10.5 hereto and incorporated herein<br>by reference. |
| --- | --- |
| ● | Indemnity Agreements, each dated February 3, 2026, by and between the Company<br>and each director and officer of the Company, a form of which is attached as Exhibit 10.6 hereto and incorporated herein by reference. |
| --- | --- |
Item 3.02. Unregistered Sales of Equity Securities.
Simultaneously with the closing of the IPO, pursuant to the Private Placement Units Purchase Agreement, the Company completed the private sale of an aggregate of 150,000 units (the “Private Placement Units”) to the Sponsor at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $1,500,000. The Private Placement Units (and underlying securities) are identical to the Units sold in the IPO, except as otherwise disclosed in the Registration Statement. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
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Item 5.02. Departure of Directors or Certain Officers; Electionof Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective February 4, 2026, upon the commencement of trading of the Company’s Units on the New York Stock Exchange, in connection with the IPO, Paul T. Abrahimzadeh was appointed as President of the Company, Andrew Nasser was appointed as Chief Investment Officer of the Company, and Jordan Cohen was appointed as Chief Operating Officer of the Company. On February 4, 2026, upon the commencement of trading of the Company’s Units on the New York Stock Exchange, Donald J. Trump, Jr., Chris Buskirk, Candice Willoughby, Blake Masters, Chamath Palihapitiya, and Laura Ingraham were appointed to the board of directors of the Company (the “Board”). Effective February 4, 2026, upon the commencement of trading of the Company’s Units on the New York Stock Exchange, Mr. Masters, Ms. Ingraham and Ms. Willoughby were appointed to the Board’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee with Ms. Willoughby serving as chair of the Audit Committee, Ms. Ingraham serving as chair of the Compensation Committee and Mr. Masters serving as chair of the Nominating and Corporate Governance Committee.
On February 3, 2026, the Company entered into indemnity agreements with each of the directors and executive officers, which require the Company to indemnify each of them to the fullest extent permitted by applicable law and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. The foregoing summary of the indemnity agreements does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the form of indemnity agreement, which is filed as Exhibit 10.6 to this Current Report on Form 8-K and incorporated herein by reference.
Item 5.03. Amendments to Certificate of Incorporation orBylaws; Change in Fiscal Year.
On February 3, 2026, in connection with the IPO, the Company filed its amended and restated memorandum and articles of association (the “Amended and Restated Memorandum and Articles of Association”) with the Cayman Islands Registrar of Companies, which was effective on February 3, 2026. The terms of the Amended and Restated Memorandum and Articles of Association are set forth in the Registration Statement and are incorporated herein by reference. A copy of the Amended and Restated Memorandum and Articles of Association is attached as Exhibit 3.1 hereto and incorporated herein by reference.
Item 8.01. Other Events.
A total of $299,000,000, comprised of $298,825,000 of the net proceeds from the IPO (which amount includes up to $3,000,000 of the underwriters’ deferred discount, which amount may be reduced to $850,000 in certain circumstances, pursuant to the terms of the Underwriting Agreement) and $175,000 of the proceeds of the sale of the Private Placement Units, was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee. Except with respect to interest earned on the funds in the trust account that may be released to the Company to pay its taxes, to fund its working capital requirements (subject to a limit of the greater of $1,000,000 and 10% of the interest earned on the trust account per fiscal year ending on December 31), and for winding up and dissolution expenses, the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of the Company’s initial business combination, (ii) the redemption of the Company’s public shares if it is unable to complete its initial business combination within 24 months from the closing of the IPO (or 27 months from the closing of the IPO if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the closing of the IPO), subject to applicable law, and (iii) the redemption of the Company’s public shares properly submitted in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum and Articles of Association to modify the substance or timing of its obligation to redeem 100% of the Company’s public shares if it has not consummated an initial business combination within 24 months from the closing of the IPO (or 27 months from the closing of the IPO if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the closing of the IPO) or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity.
On February 3, 2026, the Company issued a press release announcing the pricing of the IPO, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.
On February 5, 2026, the Company issued a press release announcing the closing of the IPO, a copy of which is attached as Exhibit 99.2 to this Current Report on Form 8-K.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being filed herewith:
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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.
| COLOMBIER ACQUISITION CORP. III | |||
|---|---|---|---|
| By: | /s/ Omeed Malik | ||
| Name: | Omeed Malik | ||
| Title: | Chief Executive Officer | ||
| Dated: February 5, 2026 |
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Exhibit 1.1
Certain personally identifiable information has been omitted from this exhibit pursuant to
item 601(a)(6) of Regulation S-K. [***] indicates that information has been redacted.
Execution Version
26,000,000 Units
COLOMBIER ACQUISITION CORP. III
UNDERWRITING AGREEMENT
February 3, 2026
ROTH CAPITAL PARTNERS, LLC
888 San Clemente Dr.
Newport Beach, CA 92660
As Representative of the several Underwriters
Ladies and Gentlemen:
- INTRODUCTORY. Colombier Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), proposes to sell, pursuant to the terms of this Underwriting Agreement (the “Agreement”), to the several underwriters named in Schedule A hereto (the “Underwriters,” and each an “Underwriter”), an aggregate of 26,000,000 units of the Company (the “Firm Units”) at a purchase price (excluding the Deferred Underwriting Commission described in Section 3 hereof) of $10.00 per Firm Unit. The Firm Units are to be offered initially to the public at the offering price of $10.00 per Firm Unit. Each Firm Unit consists of one Class A ordinary share, par value $0.0001 per share (“ClassA Ordinary Shares” and the Class A ordinary shares included in the Firm Units, the “Firm Shares”) of the Company and one-eighth of one warrant (collectively, the “Firm Warrants”), of which each whole Firm Warrant entitles the holder thereof to purchase one Class A Ordinary Share under the terms further described below. The Company also proposes to sell to the several Underwriters, upon the terms and conditions set forth in Section 3 hereof, up to an additional 3,900,000 units (the “Optional Units”), each unit consisting of one Class A Ordinary Share (collectively, the “OptionalShares”) and one-eighth of one warrant as described above (collectively, the “Optional Warrants”). The Firm Units and the Optional Units are hereinafter sometimes collectively referred to as the “Public Units”; the Firm Shares and the Optional Shares as the “Public Shares”; and the Firm Warrants and the Optional Warrants as the “Public Warrants*.*” Roth Capital Partners, LLC (“Roth”) is acting as representative of the several Underwriters and in such capacity is hereinafter referred to as the “Representative.” The several Underwriters propose initially to offer the Public Units for sale upon the terms set forth in the Prospectus (as defined below).
The Public Shares and the Public Warrants included in the Firm Units and any Optional Units will not be separately tradable until the 52nd day after the date hereof unless the Representative informs the Company of its decision to allow earlier separate trading, subject to the Company filing a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “Commission”) containing an audited balance sheet reflecting the Company’s receipt of gross proceeds from the initial public offering contemplated by this Agreement (the “Offering”) and issuing a press release announcing when such separate trading will begin. Each whole Public Warrant entitles its holder to purchase one Class A Ordinary Share for $11.50 per share during the period commencing on the date on which the Company completes an initial Business Combination, and expiring at 5:00 P.M., New York City time, on the fifth anniversary of the completion of an initial Business Combination or earlier upon redemption; provided that no fractional Class A Ordinary Shares shall be issued in respect of the Public Warrants. As used herein, the term “Business Combination,” as described more fully in the Registration Statement (as defined below), shall mean an amalgamation, merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities and involving the Company.
In September 2025, the Company issued an aggregate of 9,583,334 Class B Ordinary Shares, par value $0.0001 per share (“Class B Ordinary Shares”), to Colombier Sponsor III LLC, a Delaware limited liability company (the “Sponsor”), for an aggregate purchase price of $25,000. In October 2025, the Company capitalized $38.33 standing to the credit of the Company’s share premium account and issued an additional 383,333 Class B Ordinary Shares, resulting in the Sponsor holding an aggregate of 9,966,667 Class B Ordinary Shares (the “Insider Shares”). The Insider Shares include an aggregate of up to 1,300,000 Class B Ordinary Shares subject to forfeiture to the extent the Over-Allotment Option (as defined below) is not exercised in full, so that the Sponsor will collectively own 25.0% of the Company’s issued and outstanding Ordinary Shares after the Offering (excluding the sale of Private Units (as defined below) and assuming that the Sponsor does not purchase Public Units in the Offering).
Simultaneously with the closing of the Offering, the Company will enter into a Private Placement Units Purchase Agreement (the “Private Unit Purchase Agreement”) with the Sponsor, substantially in the form filed as an exhibit to the Registration Statement. Pursuant to the Private Unit Purchase Agreement, the Sponsor has agreed to purchase from the Company an aggregate of 150,000 units (including if the underwriters’ over-allotment option is exercised in full) (the “Private Units” and, together with the Public Units, the “Units”), each unit consisting of one Class A Ordinary Share (collectively, the “Private Shares” and, together with the Public Shares, the “Shares”) and one-eighth of one warrant (collectively, the “Private Warrants” and, together with the Public Warrants, the “Warrants”). The Private Units, Private Shares and Private Warrants are substantially similar to the Public Units, Public Shares and Public Warrants, respectively, except to the extent contemplated in the General Disclosure Package (as defined below) and the Prospectus.
The holders of the Private Shares affiliated with any Underwriter and any Insider Shares allocated to, issued to or held for the benefit of the Representative or any Underwriter (or any of their respective affiliates) in connection with the Upfront Underwriting Compensation (including any Class A Ordinary Shares issued upon conversion thereof, collectively, the “Underwriter Insider Shares”), will not sell, transfer, assign, pledge or hypothecate any of the Private Shares or Underwriter Insider Shares for a period of 180 days pursuant to FINRA Rule 5110(e)(1) following the effective date of the Registration Statement to anyone other than (i) the Representative or an Underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Representative or of any such Underwriter or selected dealer. Additionally, pursuant to FINRA Rule 5110(e), the Private Shares and Underwriter Insider Shares will not 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. The certificates for the Private Shares and Underwriter Insider Shares shall contain legends to reflect the above FINRA and contractual transfer restrictions. The holders of the Private Shares and Underwriter Insider Shares shall have registration rights as provided for in the Registration Rights Agreement (as defined below) which will be in compliance with FINRA Rule 5110(g).
The Company has entered into an Investment Management Trust Agreement, dated as of the date hereof, with Continental Stock Transfer & Trust Company (“CST”), as trustee, substantially in the form filed as an exhibit to the Registration Statement (the “Trust Agreement”), pursuant to which the proceeds from the sale of the Private Units and a portion of the proceeds from the Offering will be deposited and held in a trust account (the “Trust Account”) for the benefit of the Company, the Underwriters and the holders of the Public Units.
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The Company has entered into a Warrant Agreement, dated as of the date hereof, with respect to the Warrants with CST, as warrant agent, substantially in the form filed as an exhibit to the Registration Statement (the “Warrant Agreement”), pursuant to which CST will act as warrant agent in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants.
The Company has entered into a Registration Rights Agreement, dated as of the date hereof, with the holders of the Insider Shares and the Private Units and the Representative (the “Registration Rights Agreement”), substantially in the form filed as an exhibit to the Registration Statement, pursuant to which the Company has granted certain registration rights in respect of, among other securities, the Insider Shares, the Private Units and the securities underlying the Private Units.
The Company has entered into a letter agreement (the “Insider Letter”), dated as of the date hereof, with the Company’s initial shareholders, officers and directors, substantially in the form filed as an exhibit to the Registration Statement, pursuant to which the initial shareholders, officers and directors agree to certain actions described in the Prospectus.
The Private Unit Purchase Agreement, the Trust Agreement, the Warrant Agreement, the Registration Rights Agreement and the Insider Letter are hereinafter referred to as the “Other Transaction Agreements”.
- REPRESENTATIONSAND WARRANTIES. The Company represents and warrants to the several Underwriters, as of the date hereof and as of each Closing Date (as defined below), and agrees with the several Underwriters, that:
(a) Registration Statement. A registration statement of the Company on Form S-1 (File No. 333-290932) (including all amendments thereto filed before the execution of this Agreement, the “Initial Registration Statement”) in respect of the Public Units, the Public Shares and the Public Warrants has been filed with the Commission. The Initial Registration Statement and any post-effective amendment thereto, each in the form heretofore delivered to you, have become effective in such form and meet the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Commission thereunder (the “Securities Act Rules”). Other than (i) the Initial Registration Statement, (ii) a registration statement, if any, increasing the size of the offering filed pursuant to Rule 462(b) under the Securities Act and the Securities Act Rules (a “Rule462(b) Registration Statement”), (iii) any Preliminary Prospectus (as defined below) and (iv) the Prospectus contemplated by this Agreement to be filed pursuant to Rule 424(b) under the Securities Act in accordance with Section 4(a) hereof, no other document with respect to the offer and sale of the Public Units, Public Shares or Public Warrants has heretofore been filed with the Commission. No stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or the Rule 462(b) Registration Statement, if any, has been issued and, to the Company’s knowledge, no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been initiated or threatened by the Commission (any preliminary prospectus included in the Initial Registration Statement or filed with the Commission pursuant to Rule 424 under the Securities Act is hereinafter called a “PreliminaryProspectus”). The Initial Registration Statement, including all exhibits thereto and including the information contained in the Prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act and deemed to be part of the Initial Registration Statement at the time it became effective for purposes of Section 11 of the Securities Act (the “Effective Time”), as such section applies to the respective Underwriters, is hereinafter collectively called the “Registration Statement.” If the Company files a Rule 462(b) Registration Statement which becomes effective prior to the Closing Date, then any reference herein to the term “Registration Statement” shall be deemed to include such Rule 462(b) Registration Statement. “MarketMaking Prospectus” means the final prospectus 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 Securities Act Rules, filed by the Company with the Commission pursuant to Rule 424 of the Securities Act Rules) relating to offers and sales of Public Units, and the Public Shares and Public Warrants underlying the Public Units, in connection with market making transactions as filed with the Commission pursuant to Rule 424(b) of the Securities Act. The final prospectus, in the form filed pursuant to and within the time limits described in Rule 424(b) under the Securities Act, including the final Market Making Prospectus, is hereinafter called the “Prospectus.”
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(b) General Disclosure Package. As of the Applicable Time (as defined below) and as of each Closing Date, as the case may be, neither (i) the Pricing Prospectus (as defined below) (the “General Disclosure Package”), nor (ii) any individual Written Testing-the-Waters Communication (as defined below), when considered together with the General Disclosure Package, included or will include any untrue statement of a material fact or omitted or will 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; provided, however, that the Company makes no representations or warranties as to information contained in or omitted from the General Disclosure Package in reliance upon, and in conformity with, written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters’ Information (as defined in Section 18). As used in this paragraph and elsewhere in this Agreement:
“Applicable Time” means 7:00 p.m., New York time, on the date of this Agreement or such other time as agreed to by the Company and the Representative.
“Pricing Prospectus” means the Preliminary Prospectus relating to the Public Units, the Public Shares and the Public Warrants that is included in the Registration Statement immediately prior to the Applicable Time.
“Written Testing-the-WatersCommunication” means any Testing-the-Waters Communication (as defined below) that is a written communication within the meaning of Rule 405 under the Securities Act.
(c) No Stop Orders; No Material Misstatements. No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus has been issued by the Commission, and, to the Company’s knowledge, no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been instituted or threatened by the Commission, and each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and the Securities Act Rules, and did not contain an untrue statement of a material fact or omit to state a 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; provided, however, that the Company makes no representations or warranties as to information contained in or omitted from any Preliminary Prospectus or the Prospectus, in reliance upon, and in conformity with, written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters’ Information.
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(d) Registration Statement and Prospectus Contents. As of the Effective Time, the Registration Statement complied in all material respects with the requirements of the Securities Act and the Securities Act Rules and did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; as of the Applicable Time, the Pricing Prospectus complied in all material respects with the requirements of the Securities Act (including Section 10(a) of the Securities Act) and the Securities Act Rules and did not include an 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; at all times during the Market Making Period (as defined below), the Registration Statement and the Market Making Prospectus do and will contain all material statements that are required to be stated therein in accordance with the Securities Act and the Securities Act Rules, and did or will, in all material respects, conform to the requirements of the Securities Act and the Securities Act Rules; as of the Applicable Time, the General Disclosure Package did not include an 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 Market Making Prospectus, as of its date, did not, and during the Market Making Period, 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 Prospectus will comply, as of its date and at each Closing Date, in all material respects, with the requirements of the Securities Act (including Section 10(a) of the Securities Act) and the Securities Act Rules and, as of the date the Prospectus is filed with the Commission, and at each Closing Date, the Prospectus will not include an untrue statement of 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; provided, however, that the foregoing representations and warranties in this paragraph (d) shall not apply to information contained in or omitted from the Registration Statement or the Prospectus, or any amendment or supplement thereto, in reliance upon, and in conformity with, written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters’ Information.
(e) No Free Writing Prospectus. The Company has not disseminated any written materials which may be deemed a “free writing prospectus” under the Securities Act Rules.
(f) Distribution of Offering Materials. The Company has not, directly or indirectly, distributed and will not distribute until the end of the Market Making Period any offering material in connection with the Offering other than any Preliminary Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act.
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(g) Emerging Growth Company. From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communications) through the date hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging Growth Company”). “Testing-the-Waters Communication” means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act.
(h) Ineligible Issuer. The Company is an “ineligible issuer”, as defined in Rule 405 under the Securities Act, and was such an “ineligible issuer” as of the eligibility determination date, within the meaning of Rules 164 and 433 under the Securities Act, for the offering of the Public Units.
(i) Testing-the-Waters Communications. The Company (a) has not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (b) has not authorized anyone other than the Representative to engage in Testing-the-Waters Communications on its behalf. The Company reconfirms that the Representative has been authorized by it to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications other than those listed on Schedule B hereto.
(j) Organization and Good Standing. The Company has been duly organized and is validly existing as an exempted company in good standing under the laws of the Cayman Islands. The Company is duly qualified to do business and is in good standing as a foreign corporation or other business entity in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own or hold its property and to conduct its business as described in the General Disclosure Package and the Prospectus, and to enter into this Agreement and the Other Transaction Agreements, and to carry out the transactions contemplated hereby and thereby, except where the failure to so qualify or have such power or authority would not (i) have a material adverse effect on the business, properties, general affairs, management, financial position, shareholders’ equity, results of operations or prospects of the Company or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement and the Other Transaction Agreements or (iii) impair in any material respect the ability of the Company to consummate any transactions contemplated by this Agreement, the Other Transaction Agreements, the General Disclosure Package or the Prospectus (any such effect as described in clauses (i), (ii) or (iii), a “Material Adverse Effect”). The Company has no subsidiaries. The Company does not own, directly or indirectly, any shares, shares of stock or other equity interests or long-term debt securities of any corporation, firm, partnership, joint venture, association or other entity.
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(k) Properties. The Company owns or leases all such properties as are necessary to conduct its business as currently conducted, and as proposed to be conducted and described in the General Disclosure Package and the Prospectus.
(l) Offering Documents. This Agreement has been duly authorized, executed and delivered by the Company. Each of the Trust Agreement and the Warrant Agreement has been duly authorized, executed and delivered by the Company, and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except, in each case, as the enforceability thereof may be limited by bankruptcy, insolvency, or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles of general applicability. The Private Unit Purchase Agreement has been duly authorized, executed and delivered by the Company (and, to the Company’s knowledge, the Sponsor) and is a valid and binding agreement of the Company (and, to the Company’s knowledge, the Sponsor), enforceable against the Company (and, to the Company’s knowledge, the Sponsor) in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles of general applicability. Each of the Registration Rights Agreement and the Insider Letter has been duly authorized, executed and delivered by the Company (and, to the Company’s knowledge, the Company’s initial shareholders and the Company’s officers and directors that are parties thereto) and is a valid and binding agreement of the Company (and, to the Company’s knowledge, the Company’s initial shareholders and the Company’s officers and directors that are parties thereto), enforceable against the Company (and, to the Company’s knowledge, the Company’s initial shareholders and the Company’s officers and directors that are parties thereto) in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles of general applicability.
(m) The Offering Securities. The Units have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein or in the Private Unit Purchase Agreement, as applicable, and registered in the Company's register of members will be duly and validly issued, will be free of statutory and contractual preemptive rights, resale rights, rights of first refusal or similar rights, will conform to the descriptions thereof in the Registration Statement, the General Disclosure Package and the Prospectus, and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles of general applicability. The certificates for the Units are in due and proper form. The Public Shares included in the Units have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein or in the Private Unit Purchase Agreement, as applicable, and registered in the Company's register of members will be duly and validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights. The Warrants included in the Units, when executed, authenticated, issued and delivered in the manner set forth in the Warrant Agreement against payment therefor as provided herein or in the Private Unit Purchase Agreement, as applicable, will be duly executed, authenticated, issued and delivered and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, or similar laws affecting creditors’ rights generally from time to time in effect and by equitable principles of general applicability. The Class A Ordinary Shares issuable upon exercise of the Warrants included in the Units have been duly authorized and reserved for issuance upon exercise of the Warrants and, when issued and delivered against payment therefor pursuant to the Warrant Agreement and registered in the Company's register of members, will be duly and validly issued, fully paid and non-assessable; the holders of such Class A Ordinary Shares are not and will not be subject to personal liability by reason of being such holders; such Class A Ordinary Shares are not and will not be subject to any statutory or contractual preemptive rights, resale rights, rights of first refusal or similar rights; and all corporate action required to be taken for the authorization, issuance and delivery of such Class A Ordinary Shares (other than the issuance and delivery to be made upon exercise of the Warrants and payment therefor pursuant to the Warrant Agreement) has been duly and validly taken.
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(n) Capitalization. The Company has an authorized capitalization as set forth under the heading “Capitalization” in the Pricing Prospectus, and all of the issued shares of the Company have been duly and validly authorized and issued, are fully paid and non-assessable, have been issued in compliance with federal and state securities laws, and conform to the description thereof contained in the General Disclosure Package and the Prospectus. 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 General Disclosure Package and the Prospectus. All of the Company’s options, warrants and other rights to purchase or exchange any securities for the Company’s capital shares, if any, have been duly authorized and validly issued, were issued in compliance with federal and state securities laws and conform to the description thereof contained in the General Disclosure Package and the Prospectus. None of the outstanding Insider Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. As of the date set forth in the General Disclosure Package, there were no authorized or outstanding capital shares, options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital shares of the Company other than those described above or accurately described in the General Disclosure Package. Since such date, the Company has not issued any securities, other than those described in the General Disclosure Package.
(o) No Conflicts. The execution, delivery and performance of this Agreement and each of the Other Transaction Agreements, and the issue and sale of the Units and the consummation of the transactions contemplated hereby and thereby will not (with or without notice or lapse of time or both) (i) conflict with or result in a breach or violation of any of the terms or provisions of, constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien, encumbrance, security interest, claim or charge upon any property or assets of the Company pursuant to any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, (ii) result in any violation of the provisions of the Company’s Amended and Restated Memorandum and Articles of Association (the “Memorandum and Articles”) or any other internal governance instruments of the Company or (iii) result in the violation of any law, statute, rule, regulation, judgment, order or decree of any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or any self-regulatory organization or other non-governmental regulatory authority (including the rules and regulations of the New York Stock Exchange (the “Exchange”)), domestic or foreign, having jurisdiction over the Company or any of its properties or assets except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse Effect. A “Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of notice or lapse of time would give the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company.
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(p) No Consents Required. No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or any self-regulatory organization or other non-governmental regulatory authority (including the Exchange), or approval of the shareholders of the Company, is required in connection with the issuance and sale of the Units or in connection with the transactions contemplated in this Agreement or the Other Transaction Agreements, or the consummation by the Company of the transactions contemplated hereby or thereby, other than (i) registration of the Public Units, the Public Shares and the Public Warrants (and the Class A Ordinary Shares underlying them) under the Securities Act, which has been effected (or, with respect to any registration statement to be filed hereunder pursuant to Rule 462(b) under the Securities Act, will be effected in accordance herewith), (ii) any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Public Units are being offered by the Underwriters, (iii) under the applicable rules of FINRA, (iv) any listing applications and related consents or any notices required by the Exchange in the ordinary course of the Offering, (v) filings with the Commission pursuant to Rule 424(b) under the Securities Act and (vi) any such other required approvals as have been obtained prior to the date hereof.
(q) No Preemptive Rights. Except as described in the Registration Statement (excluding the exhibits thereto), each Preliminary Prospectus and the Prospectus, (i) no person has the right, contractual or otherwise, to cause the Company to issue or sell to it any Public Units, capital shares or other equity interests of the Company, (ii) no person has any preemptive rights, resale rights, rights of first refusal or other rights to receive any Public Units, capital shares or other equity interests in the Company, (iii) no person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Public Units, and (iv) no person has the right, contractual or otherwise, to cause the Company to register under the Securities Act any Public Units, capital shares or other equity interests in the Company or to include any such securities or interests in the Registration Statement or the offering contemplated thereby.
(r) Independent Auditors. To the Company’s knowledge, Withum Smith+Brown, PC (“Withum”), who have certified certain financial statements of the Company included in the Registration Statement, the General Disclosure Package and the Prospectus, is an independent registered public accounting firm with respect to the Company within the meaning of Article 2-01 of Regulation S-X under the Securities Act (“Regulation S-X”) and the rules and standards of the Public Company Accounting Oversight Board (United States) (the “PCAOB”).
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(s) Financial Statements. The financial statements, together with the related notes, included in the General Disclosure Package, the Prospectus and in the Registration Statement fairly present the financial position and the results of operations and changes in financial position of the Company at the respective dates or for the respective periods therein specified. Such statements and related notes have been prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis throughout the periods involved except as may be set forth in the related notes included in the General Disclosure Package and the Prospectus. The financial statements, together with the related notes, included in the General Disclosure Package and the Prospectus comply in all material respects with Regulation S-X. No other financial statements or supporting schedules or exhibits are required by Regulation S-X to be described or included in the Registration Statement, the General Disclosure Package or the Prospectus. Except as set forth in the General Disclosure Package and the Prospectus, the Company is not party to any off-balance sheet transactions, agreements or other contractual arrangements that have or are reasonably likely to have a material current or future effect on the Company’s financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources. Except as set forth in the General Disclosure Package and the Prospectus, the Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust or other entity. Any summary financial data included in the General Disclosure Package, the Prospectus and the Registration Statement fairly present the information shown therein as at the respective dates and for the respective periods specified and are derived from the financial statements set forth in the Registration Statement, the Pricing Prospectus and the Prospectus and other financial information.
(t) No Material Adverse Change. Subsequent to the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, there has not been, (i) any material adverse change, or any development involving a prospective material adverse change, in the business, properties, management, financial condition or results of operation of the Company, (ii) any transaction which is material to the Company, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company, which is material to the Company, (iv) any material loss or interference with the business of the Company from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any action, order or decree of any court or governmental or regulatory authority, (v) any change in the authorised share capital or outstanding indebtedness of the Company or (vi) any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital shares.
(u) Legal Proceedings. Except as set forth in the General Disclosure Package and the Prospectus, there is no legal or governmental proceeding pending to which the Company is a party or of which any property or assets of the Company is the subject that is required to be described in the Registration Statement, the General Disclosure Package or the Prospectus and is not described therein, or which, singularly or in the aggregate, if determined adversely to effect the Company, could reasonably be expected to have a Material Adverse Effect; and to the Company’s knowledge, no such proceedings are threatened or contemplated by governmental or regulatory authorities or threatened by others.
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(v) No Violation or Default. The Company is not (i) in violation of the Memorandum and Articles or any other internal governance instruments of the Company, (ii) in default in any respect, and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it is bound or to which any of its property or assets is subject or (iii) in violation in any respect of any law, ordinance, governmental rule, regulation or court order, decree or judgment to which it or its property or assets may be subject except, in the case of clauses (ii) and (iii) above, for any such violation or default that would not, singularly or in the aggregate, have a Material Adverse Effect.
(w) Licenses or Permits. The Company possesses all licenses, certificates, authorizations and permits issued by, and has made all declarations and filings with, the appropriate federal, state, local and foreign governmental or regulatory commissions, boards, bodies, authorities and agencies that are necessary for the ownership or lease of its property and the conduct of its businesses as described in the General Disclosure Package and the Prospectus (collectively, the “Governmental Permits”) except where any failures to possess or make the same would not, singularly or in the aggregate, have a Material Adverse Effect. The Company is in material compliance with all such Governmental Permits; all such Governmental Permits are valid and in full force and effect, except where the validity or failure to be in full force and effect would not, singularly or in the aggregate, have a Material Adverse Effect. The Company has not received notification of any revocation, modification, suspension, termination or invalidation (or proceedings related thereto) of any such Governmental Permit and the Company has no reason to believe that any such Governmental Permit will not be renewed.
(x) Investment Company Act. The Company is not and, after giving effect to the offering of the Public Units and the Private Units and the application of the proceeds thereof as described in the General Disclosure Package and the Prospectus, will not be, required to register as an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules and regulations of the Commission thereunder.
(y) No Stabilization. Neither the Company nor, to the Company’s knowledge, any of its officers, directors or affiliates has taken or will take, directly or indirectly, any action without the consent of the Representative designed or intended to stabilize or manipulate the price of any security of the Company, or which caused or resulted in, or which might in the future reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company.
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(z) Intellectual Property. The Company owns or possesses the valid right to use all (i) valid and enforceable trademarks, trademark registrations, service marks, service mark registrations, Internet domain name registrations, copyrights, copyright registrations, licenses and trade secret rights (“Intellectual Property Rights”) and (ii) service marks, trade names, Internet domain names and other intellectual property (collectively, “Intellectual Property Assets”) necessary to conduct its business as currently conducted, and as proposed to be conducted and described in the General Disclosure Package and the Prospectus. To the Company’s knowledge, the Company’s business as now conducted does not give rise to any infringement of, any misappropriation of, or other violation of, any valid and enforceable Intellectual Property Rights or any valid Intellectual Property Assets of any other person which is reasonably likely to have a Material Adverse Effect.
(aa) Real and Personal Property. The Company does not own any real property or personal property.
(bb) No Labor Dispute. There is (A) no significant unfair labor practice complaint pending against the Company nor, to the Company’s knowledge, threatened against it, before the National Labor Relations Board, any state or local labor relation board or any foreign labor relations board, and no significant grievance or significant arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the Company, or, to the Company’s knowledge, threatened against it and (B) no labor disturbance by or dispute with, employees of the Company exists or, to the Company’s knowledge, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its principal suppliers, manufacturers, customers or contractors, that could reasonably be expected, singularly or in the aggregate, to have a Material Adverse Effect. The Company is not aware that any key employee or significant group of employees of the Company plans to terminate employment with the Company.
(cc) Compliance with ERISA. No “prohibited transaction” (as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”)) or “accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than events with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or could reasonably be expected to occur with respect to any employee benefit plan of the Company which could, singularly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company is in compliance in all material respects with applicable law, including ERISA and the Code. The Company has not incurred and could not reasonably be expected to incur liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in ERISA).
(dd) Environmental Laws and Hazardous Materials. The Company is in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable to its business (“Environmental Laws”). There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company (or, to the Company’s knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of the property now or previously owned or leased by the Company, or upon any other property, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge.
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(ee) Taxes. The Company (i) has timely filed all necessary federal, state, local and foreign tax returns, and all such returns were true, complete and correct, (ii) has paid all federal, state, local and foreign taxes, for which it is liable, including all sales and use taxes and all taxes which the Company is obligated to withhold from amounts owing to employees, creditors and third parties and (iii) does not have any tax deficiency or claims outstanding or assessed or, to its knowledge, proposed against it, except those, in each of the cases described in clauses (i), (ii) and (iii) above, that would not, singularly or in the aggregate, have a Material Adverse Effect.
(ff) Insurance. The Company has and 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 this Offering, including, without limitation, liabilities or losses arising under the Securities Act, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the rules and regulations of the Commission, and any applicable foreign securities laws).
(gg) Accounting Controls. To the extent required, the Company maintains a system of “internal control over financial reporting” (as such term is defined in Rule 13a-15(f) of the rules and regulations of the Commission under the Exchange Act (the “Exchange Act Rules”)) that complies with the requirements of the Exchange Act and has been designed by its principal executive and principal financial officers, or under their supervision, to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity 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. The Company’s internal control over financial reporting is effective. Except as described in the General Disclosure Package and the Prospectus, there has been (A) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (B) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
(hh) Disclosure Controls. To the extent required, the Company maintains “disclosure controls and procedures” (as such is defined in Rule 13a-15(e) of the Exchange Act Rules) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company in reports that it files or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s management to allow timely decisions regarding disclosures.
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(ii) Minute Books. The minute books of the Company have been made available to the Underwriters and counsel for the Underwriters, and such books (i) contain a complete summary of all meetings and actions of the board of directors (including each board committee) and shareholders of the Company since the time of its incorporation through the date of the latest meeting and action and (ii) accurately in all material respects reflect all transactions referred to in such minutes.
(jj) No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company on the one hand, and the Company’s directors, officers or shareholders (or analogous interest holders) or any of their affiliates on the other hand, which is required to be described in the General Disclosure Package and the Prospectus and which is not so described.
(kk) No Registration Rights. No person has the right to require registration of any ordinary shares or other securities of the Company because of the filing or effectiveness of the Registration Statement, except for persons who have expressly waived such right in writing or who have been given timely and proper written notice and have failed to exercise such right within the time or times required under the terms and conditions of such right. Except as described in the General Disclosure Package and the Prospectus, there are no persons with registration rights or similar rights to have any securities registered by the Company or any of its subsidiaries under the Securities Act.
(ll) Margin Rules. The application of the proceeds received by the Company from the issuance, sale and delivery of the Public Units as described in the General Disclosure Package and the Prospectus will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.
(mm) No Broker’s Fees. The Company is not a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against the Company or the Underwriters for a brokerage commission, finder’s fee or like payment in connection with the Offering and sale of the Public Units or any transaction contemplated by this Agreement, the Registration Statement, the General Disclosure Package or the Prospectus.
(nn) Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in either the General Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.
(oo) Listing. The Public Units, Public Shares, and the Public Warrants have been approved for listing on the Exchange subject to notice of issuance. A registration statement has been filed on Form 8-A pursuant to Section 12(b) of the Exchange Act, which registration statement complies in all material respects with the Exchange Act and the Exchange Act Rules and is effective as of the date hereof.
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(pp) Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or, to the Company’s knowledge, any of the Company’s officers or directors, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans, to the extent such provisions and rules and regulations are applicable.
(qq) No Unlawful Payments. Neither the Company nor, to the Company’s knowledge, any employee or agent of the Company, has (i) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic political parties or campaigns from corporate funds, (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended or (iv) made any other unlawful payment.
(rr) Statistical and Market Data. The statistical and market related data included in the Registration Statement, the General Disclosure Package and the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and such data agree with the sources from which they are derived.
(ss) Compliance with Money Laundering Laws. The operations of the Company are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-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 Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.
(tt) Compliance with OFAC.
(A) Neither the Company nor any director, officer or employee thereof, nor, to the Company’s knowledge, any agent, affiliate or representative of the Company, is an individual or entity (“Person”) that is, or is owned or controlled by a Person that is: (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council (“UNSC”), the European Union (“EU”), His Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including Russia, the Crimea Region of Ukraine, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, Cuba, Iran, North Korea, Sudan and Syria).
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(B) The Company will not, directly or indirectly, use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any other Person: (i) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Offering, whether as underwriter, advisor, investor or otherwise).
(C) The Company has not knowingly engaged in, is not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.
(uu) FINRA Matters. Except as disclosed in the Registration Statement, neither the Company nor any of its affiliates (within the meaning of FINRA Rule 5121(f)(1)) directly or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article I, Section 1(ee) of the By-Laws of FINRA) of, any person that is a member of FINRA (a “FINRA Member”).
(vv) Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, during the period beginning 180 days prior to the first confidential submission of the Registration Statement with the Commission and ending on the effective date of the Registration Statement, the Company has not made any direct or indirect payments (in cash, securities or any other “non-cash compensation” as defined in FINRA Rule 5110(f)(1)(B)), nor has it entered into any arrangements, contracts, agreements or understandings relating to the payment to: (i) any person, as a finder’s fee, consulting, investment banking, financial advisory, origination 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; (ii) any FINRA Member; or (iii) any person that, to the Company’s knowledge, has any direct or indirect affiliation or association with any FINRA Member, other than payments to the Underwriters pursuant to this Agreement.
(ww) Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, no person to whom securities of the Company have been privately sold during the period beginning 180 days prior to the initial submission of the Registration Statement with the Commission has, to the Company’s knowledge, any relationship or affiliation or association with any FINRA Member intending to participate in the Offering. As used in this Agreement, the term “FINRA Member intending to participate in the Offering” includes any associated person of a FINRA Member intending to participate in the Offering, any associated person of a FINRA Member who is among such associated person’s immediate family and any affiliate of a FINRA Member intending to participate in the Offering.
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(xx) Except as disclosed in the Registration Statement, to the Company’s knowledge, no FINRA Member intending to participate in the Offering has a conflict of interest with the Company. For this purpose, a “conflict of interest” exists if, at the time of the FINRA Member’s participation in the Offering, any of the following applies: (A) the securities are to be issued by the FINRA Member; (B) the Company controls, is controlled by or is under common control with the FINRA Member or the FINRA Member’s associated persons; (C) at least 5% of the net proceeds of the Offering, not including underwriting compensation, are intended to be (i) used to reduce or retire the balance of a loan or credit facility extended by the FINRA Member, its affiliates and its associated persons, in the aggregate, or (ii) otherwise directed to the FINRA Member, its affiliates and associated persons, in the aggregate; or (D) as a result of the Offering and any transactions contemplated at the time of the Offering: (i) the FINRA Member will be an affiliate of the Company, (ii) the FINRA Member will become publicly owned or (iii) the Company will become a FINRA Member or form a broker-dealer subsidiary.
(yy) No Integration. The Company has not made any offer or sale of any securities which are required to be “integrated” pursuant to the Securities Act or the rules and regulations of the Commission with the offer and sale of the Public Units or any of their underlying securities pursuant to the Registration Statement.
(zz) Questionnaires. To the knowledge of the Company, all information contained in the questionnaires completed by the Company’s officers and directors and provided to the Underwriters (the “Questionnaires”) is true and correct and the Company has not become aware of any information that would cause the information disclosed in the Questionnaires to become inaccurate and incorrect.
(aaa) No Acquisition Target Discussions. The Company has not, nor to its knowledge, has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any potential target business regarding a potential initial Business Combination with the Company.
(bbb) No Insider Fee Arrangements. No agreements have been entered into for the payment by the Company of consulting, finder or success fees to any of the Company’s officers, directors, shareholders or their affiliates for assisting the Company in consummating its initial Business Combination.
Any certificate signed by or on behalf of the Company and delivered to the Representative or to counsel for the Underwriters shall be deemed to be a representation and warranty by the Company to each Underwriter as to the matters covered thereby.
PURCHASE,SALE AND DELIVERY OF OFFERED SECURITIES. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters, and the Underwriters agree, severally and not jointly, to purchase from the Company the respective number of Firm Units set forth opposite the names of the Underwriters in Schedule A hereto. The Company is advised by the Representative that the Underwriters intend (i) to make a public offering of their respective portions of the Firm Units as soon after the effective date of the Registration Statement as in the Representative’s judgment is advisable and (ii) initially to offer the Firm Units upon the terms set forth in the Prospectus.
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The purchase price to be paid by the Underwriters to the Company for the Firm Units will be (excluding the Deferred Underwriting Commission described in Section 3 hereof) $10.00 per Firm Unit (the “Purchase Price”).
The Company will deliver the Firm Units to the Representative for the respective accounts of the several Underwriters, through the facilities of The Depository Trust Company or, at the election of the Representative, in the form of definitive certificates, in each such case, issued in such names and in such denominations as the Representative may direct by notice in writing to the Company given at or prior to 12:00 Noon, New York time, on the business day immediately preceding the Closing Date against payment of the aggregate Purchase Price therefor by wire transfer in federal (same day) funds to the Trust Account and such other account(s) as may be specified by the Company. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a condition of the obligations of each Underwriter hereunder. The time and date of the delivery and closing shall be at 12:00 Noon, New York time, on February 5, 2026, in accordance with Rule 15c6-1 of the Exchange Act. The time and date of such payment and delivery are herein referred to as the “Initial Closing Date”. The Initial Closing Date and the location of delivery of, and the form of payment for, the Firm Units may be varied by agreement between the Company and the Representative.
In addition, the Company hereby grants to the several Underwriters the option (the “Over-Allotment Option”) to purchase, and upon the basis of the representations and warranties and subject to the terms and conditions herein set forth, the Underwriters shall have the right to purchase, severally and not jointly, from the Company, ratably in accordance with the number of Firm Units to be purchased by each of them, all or a portion of the Optional Units as may be necessary to cover over-allotments made in connection with the offering of the Firm Units, at the same purchase price per Firm Unit to be paid by the Underwriters to the Company. The Over-Allotment Option may be exercised by the Representative on behalf of the several Underwriters at any time, and from time to time, on or before the forty-fifth (45th) day following the date of the Prospectus, by written notice to the Company, setting forth the number of Optional Units to be purchased by the Underwriters and the date and time for delivery of and payment for the Optional Units. The number of Optional Units to be sold to each Underwriter shall be the number which bears the same proportion to the aggregate number of Optional Units being purchased as the number of Firm Units set forth opposite the name of such Underwriter on Schedule A hereto bears to the total number of Firm Units (subject, in each case, to such adjustment as the Representative may determine to eliminate fractional shares).
Each date and time for delivery of and payment for Optional Units (which may be the Initial Closing Date, but not earlier) is herein called the “Option ClosingDate” and shall in no event be earlier than two (2) business days nor later than five (5) business days after written notice of exercise is given. Each Option Closing Date and the Initial Closing Date are herein called the “Closing Dates,” or each a “Closing Date.”
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The Company will deliver the Optional Units to the Representative for the respective accounts of the several Underwriters through the facilities of The Depository Trust Company or, at the election of the Representative, in the form of definitive certificates, in each such case, issued in such names and in such denominations as the Representative may direct by notice in writing to the Company given at or prior to 12:00 Noon, New York time, on the business day immediately preceding the Option Closing Date against payment of the aggregate Purchase Price therefor by wire transfer in federal (same day) funds to the Trust Account. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder. The Company, in the event the Representative elects to have the Underwriters take delivery of definitive certificates instead of delivery from the Company of the certificates through the facilities of The Depository Trust Company, shall make the certificates for the Optional Units available to the Representative for examination on behalf of the Underwriters in New York, New York not later than 10:00 A.M., New York Time, at least one (1) full business day prior to the Option Closing Date. The Option Closing Date and the location of delivery of, and the form of payment for, the Optional Units may be varied by agreement between the Company and the Representative.
Pursuant to the terms of the Securities Transfer Agreement between the Sponsor and the Representative, the Representative will be admitted as a member of the Sponsor in connection with the closing of the Offering and will be allocated interests in the Sponsor corresponding to 260,000 Insider Shares (as defined below) (or up to 299,000 Insider Shares if the Over-Allotment Option is exercised in full) as upfront underwriting compensation in lieu of a cash underwriting discount (the “Upfront Underwriting Compensation”).
The Representative agrees that $3,000,000 of the gross proceeds from the sale of 26,000,000 of the Firm Units (including if the Over-Allotment Option is exercised in full; which amount may be reduced to $850,000 in the event the amount held in the Trust Account following a successful consummation of a Business Combination is less than 25.0% of the amount held in the Trust Account following this Offering, after taking into account redemptions in connection with the vote on the Business Combination) (the “Deferred Underwriting Commission”), will be deposited and held in the Trust Account and payable directly from the Trust Account, without accrued interest, to the Representative for its own account upon consummation of the Company’s initial Business Combination. In the event that the Company is unable to consummate a Business Combination and CST, 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 Representative agrees that: (i) the Representative 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. Any Deferred Underwriting Commissions (for the avoidance of doubt, including any reduction to $850,000 as provided herein) will be fully earned by each Underwriter upon the payment of the purchase price for the Units purchased by such underwriter on the closing of the Offering (including payment of the purchase price of any Optional Units) and will be paid if and when the Company consummates its Business Combination, without any further conditions.
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- FURTHERAGREEMENTS. The Company agrees with the several Underwriters:
(a) Required Filings; Amendments or Supplements; Notice to the Representative. If agreed between the Company and the Representative, to prepare the Rule 462(b) Registration Statement, if necessary, in a form approved by the Representative and file such Rule 462(b) Registration Statement with the Commission by 10:00 P.M., New York time, on the date hereof, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 111(b) under the Securities Act; to prepare the Prospectus in a form approved by the Representative and to file such Prospectus pursuant to Rule 424(b) under the Securities Act not later than the second (2nd) business day following the execution and delivery of this Agreement or, if applicable, such earlier time as may be required by the Securities Act; to notify the Representative immediately of the Company’s intention to file or prepare any supplement or amendment to the Registration Statement or to the Prospectus and to make no amendment or supplement to the Registration Statement, the General Disclosure Package or to the Prospectus to which the Representative shall reasonably object by notice to the Company after a reasonable period to review; to advise the Representative, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the General Disclosure Package or the Prospectus or any amended Prospectus or any Written Testing-the-Waters Communication has been filed and to furnish the Underwriters with copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rules 433(d) or 163(b)(2) under the Securities Act, as the case may be; to advise the Representative, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus, the Prospectus or any Written Testing-the-Waters Communication, of the suspension of the qualification of the Public Units, Public Shares or Public Warrants for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement, the General Disclosure Package or the Prospectus or for additional information including any request for information concerning any Testing-the-Waters Communication; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order.
(b) Emerging Growth Company. To promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (a) the completion of the distribution of the Public Units within the meaning of the Securities Act, (b) the completion of the Market Making Period and (c) completion of the Lock-Up Period (as defined below).
If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.
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(c) Ongoing Compliance. If at any time prior to the date when a prospectus relating to the Public Units is required to be delivered (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act), including during the Market Making Period (as defined below), any event occurs or condition exists as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact, or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made when the Prospectus is delivered (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act), not misleading, or if it is necessary at any time to amend or supplement the Registration Statement or the Prospectus to comply with the Securities Act, to promptly notify the Representative thereof and upon their request to prepare an appropriate amendment or supplement in form and substance satisfactory to the Representative which will correct such statement or omission or effect such compliance and to use its best efforts to have any amendment to the Registration Statement declared effective as soon as possible. The Company will furnish without charge to each Underwriter and to any dealer in securities as many copies as the Representative may from time to time reasonably request of such amendment or supplement. In case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) relating to the Public Units, the Company upon the request of the Representative will prepare promptly an amended or supplemented Prospectus as may be necessary to permit compliance with the requirements of Section 10(a)(3) of the Securities Act and deliver to such Underwriter as many copies as such Underwriter may request of such amended or supplemented Prospectus complying with Section 10(a)(3) of the Securities Act. If during the period beginning on the date hereof and expiring on the close of trading on the later of (i) 30 days from the date hereof and (ii) the date on which the Company notifies the Representative in writing that it no longer intends to keep current the Market Making Prospectus (the “Market Making Period”), any event shall have occurred as a result of which, in the opinion of counsel for the Company or counsel for the Representative, the Market Making 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 Market Making Prospectus to comply with the Securities Act, the Company will notify the Representative promptly and prepare and file with the Commission an appropriate amendment or supplement in accordance with Section 10 of the Securities Act.
(d) Amendment to General Disclosure Package. If the General Disclosure Package is being used to solicit offers to buy the Public Units at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion of the Underwriters, it becomes necessary to amend or supplement the General Disclosure Package in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, or to make the statements therein not conflict with the information contained in the Registration Statement then on file and not superseded or modified, or if it is necessary at any time to amend or supplement the General Disclosure Package to comply with any law, to promptly prepare, file with the Commission (if required) and furnish to the Underwriters and any dealers an appropriate amendment or supplement to the General Disclosure Package.
(e) Delivery of Registration Statement. To the extent not publicly available on the Commission’s Electronic Data Gathering, Analysis and Retrieval system or any successor system (“EDGAR”), upon the request of the Representative, to furnish promptly to the Representative and to counsel for the Underwriters a signed copy of the Registration Statement as originally filed with the Commission, and of each amendment thereto filed with the Commission, including all consents and exhibits filed therewith.
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(f) Delivery of Copies. Upon request of the Representative, to the extent not publicly available on EDGAR, to deliver promptly to the Representative such number of the following documents as the Representative shall reasonably request: (i) conformed copies of the Registration Statement as originally filed with the Commission (in each case excluding exhibits), (ii) each Preliminary Prospectus, (iii) the Market Making Prospectus, (iv) the Prospectus (the delivery of the documents referred to in clauses (i), (ii), (iii) and (iv) of this paragraph to be made not later than 10:00 A.M., New York time, on the second business day following the execution and delivery of this Agreement), (v) conformed copies of any amendment to the Registration Statement (excluding exhibits) and (vi) any amendment or supplement to the General Disclosure Package or the Prospectus (the delivery of the documents referred to in clauses (v) and (vi) of this paragraph to be made not later than 10:00 A.M., New York City time, on the second business day following the date of such amendment or supplement).
(g) Earnings Statement. To make generally available to its security holders as soon as practicable, but in any event not later than sixteen (16) months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), an earnings statement of the Company (which need not be audited) complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158 under the Securities Act); and to furnish to its security holders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income, shareholders’ equity and cash flows of the Company certified by independent public accountants) and as soon as possible after each of the first three fiscal quarters of each fiscal year (beginning with the first fiscal quarter after the effective date of such Registration Statement), summary financial information of the Company for such quarter in reasonable detail.
(h) Blue Sky Compliance. To take promptly from time to time such actions as the Representative may reasonably request to qualify the Public Units and any of the underlying securities for offering and sale under the securities or Blue Sky laws of such jurisdictions (domestic or foreign) as the Representative may reasonably designate and to continue such qualifications in effect, and to comply with such laws, for so long as required to permit the offer and sale of Public Units and any of the underlying securities in such jurisdictions; provided that the Company shall not be obligated to (i) qualify as foreign corporation in any jurisdiction in which it is not so qualified, (ii) file a general consent to service of process in any jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.
(i) Reports. Upon request, during the period of five (5) years from the date hereof, to deliver to each of the Underwriters, (i) as soon as they are available, copies of all reports or other communications (financial or other) furnished to security holders and (ii) as soon as they are available, copies of any reports and financial statements furnished or filed with the Commission or any national securities exchange on which the Public Units, the Public Shares, or the Public Warrants are listed. However, so long as the Company is subject to the reporting requirements of either Section 13 or Section 15(d) of the Exchange Act and is timely filing reports on EDGAR, it is not required to furnish such reports or statements to the Underwriters.
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(j) Lock-Up. During the period commencing on and including the date hereof and ending on and including the 180th day following the date of this Agreement (the “Lock-Up Period”) to not, without the prior written consent of the Representative (which consent may be withheld at the sole discretion of the Representative), directly or indirectly offer, sell (including in any short sale), assign, transfer, pledge, contract to sell, establish an open “put equivalent position” within the meaning of Rule 16a-1(h) under the Exchange Act or otherwise dispose of, or announce the offering of, or file any registration statement under the Securities Act in respect of, any Units, Class A Ordinary Shares, options, rights or warrants to acquire Class A Ordinary Shares or securities exchangeable or exercisable for or convertible into Class A Ordinary Shares (other than is contemplated by this Agreement with respect to the Public Units) or publicly announce any intention to do any of the foregoing. The Company will cause each of the Company’s officers, directors and security holders prior to the Offering to furnish to the Representative, prior to the Initial Closing Date, an Insider Letter, which contains, among other things, “lock-up” restrictions on disposition of securities of the Company, and the Company shall not release any such party from such “lock-up” restrictions without the prior written consent of the Representative (which consent may be withheld at the sole discretion of the Representative). Notwithstanding the foregoing, the Company may: (a) issue and sell the Private Units, (b) issue and sell the Optional Units on exercise of the option provided for in Section 3 hereof, (c) register with the Commission pursuant to the Registration Rights Agreement, in accordance with the terms of the Registration Rights Agreement, the resale of the Insider Shares, the Private Units, the Private Shares and the Private Warrants and Class A Ordinary Shares underlying the Private Units and the Private Warrants and (d) issue securities in connection with a Business Combination; provided, further, that in no case except in connection with the conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to the Memorandum and Articles, where the holders of such Class B Ordinary Shares have waived any right to receive funds from the Trust Account, after the issue of Public Shares, and prior to the consummation of a Business Combination, shall the Company issue any ordinary shares, options, rights or warrants to acquire ordinary shares or securities exchangeable or exercisable for or convertible into ordinary shares, or any preference shares, in each case, that participate in any manner in the Trust Account or that vote as a class with the Class A Ordinary Shares on a Business Combination.
(k) Intentionally Omitted.
(l) Delivery of SEC Correspondence. To supply the Underwriters with copies of all correspondence to and from, and all documents issued to and by, the Commission in connection with the registration of the Public Units, the Public Shares and the Public Warrants (and the Class A Ordinary Shares underlying them) under the Securities Act or any of the Registration Statement, any Preliminary Prospectus or the Prospectus, or any amendment or supplement thereto or document incorporated by reference therein.
(m) Press Releases. Prior to the Initial Closing Date, not to issue any press release or other communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects, without the prior consent of the Representative, unless in the judgment of the Company and its counsel, and after notification to the Representative, such press release or communication is required by law or rules of the Exchange.
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(n) Compliance with Regulation M. Until the Underwriters shall have notified the Company of the completion of the resale of the Public Units, not to, and use its best efforts to cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other persons, bid for or purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest, any Public Units, or attempt to induce any person to purchase any Public Units; and not to, and to use its best efforts to cause its affiliated purchasers not to, make bids or purchase for the purpose of creating actual, or apparent, active trading in or of raising the price of the Public Units.
(o) Registrar, Transfer Agent and Warrant Agent. To maintain, at its expense, a registrar, transfer agent and warrant agent for the Units, Class A Ordinary Shares, and Warrants.
(p) Use of Proceeds. To apply the net proceeds from the sale of the Units as set forth in the Registration Statement, the General Disclosure Package and the Prospectus under the heading “Use of Proceeds”; except as disclosed in the General Disclosure Package and the Prospectus, the Company does not intend to use any of the proceeds from the sale of the Public Units hereunder to repay any outstanding debt owed to any affiliate of any Underwriter.
(q) Exchange Listing. To use its reasonable best efforts to list the Public Units, Public Shares and the Public Warrants on the Exchange, and to maintain the listing of the Public Units, Public Shares and the Public Warrants on the Exchange until completion of a Business Combination.
(r) Performance of Covenants and Satisfaction of Conditions. To use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to each Closing Date and to satisfy all conditions precedent to the delivery of the Firm Units and the Optional Units.
(s) Private Unit Funds. No later than the Initial Closing Date, to cause the Sponsor to wire to the Trust Account and/or the Company’s operating account, as directed by the Company, the purchase price for the Private Units to be purchased by them on the Initial Closing Date, and to direct the trustee to hold such funds in escrow therein, such that upon payment for the Public Units pursuant to this Agreement, the amount of cash in the Trust Account (without giving effect to any income earned thereon) will equal $10.00 per Public Unit outstanding as of the Initial Closing Date.
(t) Other Prospectuses. At any time at or after the executing of this Agreement, not to, directly or indirectly, offer or sell any Public Units, Public Shares or Public Warrants by means of any “prospectus” (within the meaning of the Securities Act), or use any “prospectus” (within the meaning of the Securities Act) in connection with the offer or sale of any Public Units, Public Shares or Public Warrants, in each case other than the Prospectus.
(u) No Stabilization or Manipulation. Not to take, directly or indirectly, any action designed, or which will constitute, or has constituted, or might reasonably be expected to cause or result in, the stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Public Units, Public Shares or Public Warrants.
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(v) Exchange Act Registration. For a period of time commencing at the Effective Time and ending at least five (5) years from the date of the consummation of the Business Combination, or until such earlier time at which Liquidation (as defined below) occurs, to use its reasonable best efforts to maintain the registration of the Public Units, the Public Shares and the Public Warrants (and the shares of Class A Ordinary Shares underlying them) under the provisions of the Exchange Act, except, in the case of the Public Units, after the completion of a Business Combination; the Company will not deregister the Public Units, Public Shares or Public Warrants under the Exchange Act, except, in the case of the Public Units, after the completion of a Business Combination, without the prior written consent of the Representative; “Liquidation” means the distribution of all of the funds in the Trust Account to the shareholders holding Public Shares (the “Public Shareholders”) in connection with the redemption of the Class A Ordinary Shares held by such Public Shareholders pursuant to the terms of the Memorandum and Articles.
(w) Audited Balance Sheet. To retain, as of the date hereof, its independent registered public accounting firm to audit the balance sheet of the Company (the “Audited Balance Sheet”) as of the time at which payment and delivery of the Firm Units have been made (the “Time of Purchase”) reflecting the receipt by the Company of the proceeds of the Offering at the Time of Purchase; as soon as the Audited Balance Sheet becomes available, to promptly, but not later than four business days after the Time of Purchase, file a Current Report on Form 8-K with the Commission, which report shall contain the Company’s Audited Balance Sheet; additionally, upon the Company’s receipt of the proceeds from the exercise of all or any portion of the Over-Allotment Option provided for in Section 3 hereof, to promptly, but not later than four business days after the receipt of such proceeds, file a Current Report on Form 8-K with the Commission, which report shall disclose the Company’s sale of Optional Units and its receipt of the proceeds therefrom.
(x) Review of Financial Statements. For a period commencing on the Effective Time and ending at least five (5) years from the date of the consummation of the Business Combination or until such earlier time at which the Liquidation occurs or the Public Shares and Public Warrants cease to be publicly traded, to, at its expense, cause its regularly engaged independent registered public accounting firm to review the Company’s financial statements for each of the first three fiscal quarters prior to the announcement of quarterly financial information, the filing of the Company’s Quarterly Report on Form 10-Q and the mailing, if any, of quarterly financial information to shareholders.
(y) Payment of Deferred Underwriting Commission on Business Combination. Upon the consummation of the Company’s initial Business Combination, the Company agrees that it will cause the Trustee to pay the Deferred Underwriting Commission directly from the Trust Account to the Representative, in accordance with Section 3. For the avoidance of doubt, the parties acknowledge that, pursuant to Section 3, the Deferred Underwriting Commission may be reduced to $850,000 in the event the amount held in the Trust Account following a successful consummation of a Business Combination is less than 25.0% of the amount held in the Trust Account following this Offering, after taking into account redemptions in connection with the vote on the Business Combination, and any payment pursuant to this Section shall be in an amount equal to the Deferred Underwriting Commission as so reduced, if applicable. The Representative shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Underwriting Commission.
(z) Intentionally Omitted.
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(aa) Warrant Agent. To retain a warrant agent for a period commencing at the Effective Time and ending at least five (5) years from the date of the consummation of the Business Combination or until such earlier time at which the Liquidation occurs or the Public Warrants cease to be publicly traded. CST is acceptable to the Representative.
(bb) Transactions with Insiders. Not to consummate a Business Combination with any entity that is affiliated with any of the Company’s officers, directors or initial shareholders unless it obtains an opinion from an independent investment banking firm or another independent entity that commonly provides fairness opinions that such Business Combination is fair to the Company’s shareholders from a financial point of view; other than as set forth in the Registration Statement, the Company shall not pay any of the Company’s officers, directors, initial shareholders or any of their respective affiliates any fees or compensation for services rendered to the Company prior to, or in connection with, the consummation of a Business Combination.
(cc) FINRA Notification. For a period of sixty (60) days following the Effective Time, in the event any person (regardless of any FINRA affiliation or association) is engaged to assist the Company in its search for a merger candidate or to provide any other merger and acquisition services, or has provided or will provide any investment banking, financial, advisory and/or consulting services to the Company, to promptly provide to the Representative and counsel for the Underwriters a notification prior to entering into the agreement or transaction relating to a potential Business Combination: (i) the identity of the person providing any such services; (ii) complete details of all such services and copies of all agreements governing such services prior to entering into the agreement or transaction; and (iii) justification as to why the value received by any person for such services is not underwriting compensation for the Offering; the Company also agrees that proper disclosure of such arrangement or potential arrangement will be made in the tender offer materials or proxy statement, as applicable, which the Company may file in connection with the Business Combination for purposes of offering redemption of shares held by its shareholders for soliciting shareholder approval; as applicable. The Company shall advise the Representative and counsel for the Underwriters if the Company is aware that any 10% or greater shareholder of the Company becomes an affiliate or associated person of a FINRA Member participating in the distribution of the Company’s securities (other than the Representative).
(dd) Proceeds to be Held in Trust. To cause the proceeds of the Offering and the sale of the Private Units held in the Trust Account to be used in accordance with the Trust Agreement.
(ee) Reservation of Shares. To reserve and keep available the maximum number of its authorized but unissued securities that are issuable upon exercise of the Warrants outstanding from time to time.
(ff) Rule 419. To use commercially reasonable efforts to prevent the Company from becoming subject to Rule 419 under the Securities Act prior to the consummation of any Business Combination, including using its best efforts to prevent any of the Company’s outstanding securities from being deemed to be a “penny stock” as defined in Rule 3a51-1 under the Exchange Act during such period.
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(gg) Controls. To the extent required by Rule 13a-15(e) under the Exchange Act, to maintain “disclosure controls and procedures” (as defined under Rule 13a-15(e) under the Exchange Act) and 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.
(hh) Sarbanes-Oxley. As soon as legally required to do so, to take all actions, and to use its best efforts to cause its directors and officers, in their capacities as such, to take all actions, necessary to comply with any provisions of the Sarbanes-Oxley Act of 2002, as amended, including Section 402 related to loans and Sections 302 and 906 related to certifications, and to comply with the rules of the Commission and the Exchange promulgated thereunder and relating thereto.
(ii) Intentionally Omitted.
(jj) Insider Letter Amendments. To not take any action or omit to take any action which would cause a breach of any Insider Letter and to not allow any amendments to, or waivers of, any Insider Letter without the prior written consent of the Representative.
(kk) Trust Account Waivers. To use its reasonable best efforts to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses, lenders or other third parties with which it does business enter into agreements waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of the Public Shareholders. Such agreements shall substantially be in the forms attached hereto as Exhibit I and Exhibit II. Except for with respect to the Deferred Underwriting Commission, each of the Underwriters and the Representative hereby agree that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account and waive 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.
(ll) Future Financings. The Company agrees that neither it, nor any successor of the Company, will consummate any public or private equity or debt financing prior to or in connection with the consummation of a Business Combination, unless all investors in such financing expressly waive, in writing, any Claim against the Trust Account.
(mm) Intentionally Omitted.
(nn) Public Announcement of Business Combination. In the event that the Company desires or is required by an applicable law or regulation to cause an announcement (“Business Combination Announcement”) to be placed in The Wall Street Journal, The New York Times or any other news or media publication or outlet or to be made via a public filing or submission with the Commission announcing the consummation of the Business Combination that indicates that the Underwriters were the underwriters in the Offering, the Company shall supply the Representative with a draft of the Business Combination Announcement and provide the Representative with a reasonable advance opportunity to comment thereon, subject to the agreement of the Underwriters to keep confidential such draft announcement in accordance with such Underwriter’s standard policies regarding confidential information.
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(oo) Target Fair Market Value. The Company agrees that the business(es) or entities that it acquires in its initial Business Combination (the “Target Business”) must have an aggregate fair market value equal to at least 80% of the balance in the Trust Account (excluding any taxes and the Deferred Underwriting Commissions) at the time of signing the definitive agreement for the Business Combination with such Target Business. 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 unaffiliated, independent investment banking firm, or another independent entity that commonly renders valuation opinions. The Company is not required to obtain such 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.
(pp) Forfeiture of Shares. To the extent the Over-Allotment Option is not exercised in full, the Sponsor will be required to forfeit such number of Insider Shares (up to 1,300,000) such that the Insider Shares then outstanding will comprise 25% of the issued and outstanding ordinary shares of the Company after giving effect to the Offering and exercise, if any, of the Over-Allotment Option.
PAYMENTOF EXPENSES. The Company agrees to pay, or reimburse if paid by any Underwriter, whether or not the transactions contemplated hereby are consummated or this Agreement is terminated: (a) the costs incident to the authorization, issuance, sale, preparation and delivery of the Units, the Shares and the Warrants and any taxes payable in that connection; (b) the costs incident to the registration of the Public Units, the Public Shares and the Public Warrants (and the Class A Ordinary Shares underlying them) under the Securities Act and the Exchange Act; (c) the costs incident to the preparation, printing and distribution of the Registration Statement, each Preliminary Prospectus, the General Disclosure Package, the Prospectus, any amendments, supplements and exhibits thereto and the costs of printing, reproducing and distributing all underwriting documents related to the Offering and any closing documents by mail or other means of communications; (d) any applicable listing or other fees; (e) the fees and expenses of qualifying the Units, the Shares and the Warrants under the securities laws of the several jurisdictions as provided in Section 4(h); (f) the fees and expenses (including related fees and expenses of counsel for the Underwriters not to exceed $15,000) incurred in connection with securing any required review by FINRA of the terms of the sale of the Public Units and making any filings with FINRA; (g) the cost of preparing and printing share certificates; (h) all fees and expenses of the Company’s registrar and transfer agent, trustee, and warrant agent; and (i) all other costs and expenses incident to the offering of the Public Units or the performance of the obligations of the Company under this Agreement (including the fees and expenses of the Company’s counsel and the Company’s independent accountants); provided, however, that the aggregate amount of all such expenses to be paid or reimbursed by the Company to the Underwriters under this Section 5 shall not exceed $175,000 in the aggregate; and provided further that, except to the extent otherwise provided in this Section 5 and in Sections 9 and 10, the Underwriters shall pay their own costs and expenses, including the fees and expenses of their counsel, any transfer taxes on the resale of any Public Units by them and the expenses of advertising any offering of the Public Units made by them.
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CONDITIONSTO UNDERWRITERS’ OBLIGATIONS. The respective obligations of the several Underwriters hereunder are subject to the accuracy, when made and as of the Applicable Time and on each Closing Date, of the representations and warranties of the Company contained herein, to the accuracy of the statements made by or on behalf of the Company in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and conditions:
(a) Registration Compliance; No Stop Orders. The Registration Statement has become effective under the Securities Act, and no stop order suspending the effectiveness of the Registration Statement or any part thereof, preventing or suspending the use of any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus or any part thereof shall have been issued and no proceedings for that purpose or pursuant to Section 8A under the Securities Act shall have been initiated or threatened by the Commission, and all requests for additional information on the part of the Commission (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Representative; the Rule 462(b) Registration Statement, if any, and the Prospectus shall have been filed with the Commission within the applicable time period prescribed for such filing by, and in compliance with, the Securities Act Rules and in accordance with Section 4(a) of this Agreement, and the Rule 462(b) Registration Statement, if any, shall have become effective immediately upon its filing with the Commission; and FINRA shall have raised no unresolved objection to the fairness and reasonableness of the terms of this Agreement or the transactions contemplated hereby.
(b) No Material Misstatements. None of the Registration Statement or any amendment or supplement thereto shall contain an untrue statement of a fact which, in the opinion of counsel for the Underwriters, is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading, and none of the General Disclosure Package or the Prospectus or any amendment or supplement thereto shall contain an untrue statement of fact which, in the opinion of such counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary in order to make the statements, in the light of the circumstances in which they were made, not misleading.
(c) Corporate Proceedings. All corporate proceedings incident to the authorization, form and validity of each of this Agreement, the Other Transaction Agreements, the Units and the Class A Ordinary Shares and Warrants included therein, the Private Units and the Private Shares and Private Warrants included therein, all ordinary shares outstanding prior to the date of the Prospectus, the Registration Statement, the General Disclosure Package and the Prospectus, and the transactions contemplated hereby, shall be reasonably satisfactory in all material respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.
(d) Opinion and 10b-5 Statement of Counsel for the Company. Ellenoff, Grossman & Schole LLP, as counsel to the Company, shall have furnished to the Representative such counsel’s written opinion and 10b-5 statement, and Ogier (Cayman) LLP, as Cayman counsel to the Company, shall have furnished its written opinion, in each case, addressed to the Underwriters and dated each Closing Date, in form and substance reasonably satisfactory to the Representative.
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(e) Opinion and 10b-5 Statement of Counsel for the Underwriters. The Representative shall have received from Nelson Mullins Riley & Scarborough LLP, counsel for the Underwriters, such opinion or opinions and 10b-5 statement, dated each Closing Date, with respect to such matters as the Underwriters may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters.
(f) Comfort Letter. At the time of the execution of this Agreement, the Representative shall have received from Withum a letter, addressed to the Underwriters, executed and dated such date, in form and substance reasonably satisfactory to the Representative (i) confirming that they are an independent registered accounting firm with respect to the Company within the meaning of the Securities Act and the Securities Act Rules and the rules and standards of the PCAOB and (ii) stating the conclusions and findings of such firm, of the type ordinarily included in accountants’ “comfort letters” to underwriters, with respect to the financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus.
(g) Bring-Down Comfort. On the effective date of any post-effective amendment to the Registration Statement and on each Closing Date, the Representative shall have received a letter (the “bring-down letter”) from Withum addressed to the Underwriters and dated such Closing Date confirming, as of the date of the bring-down letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the General Disclosure Package and the Prospectus, as the case may be, as of a date not more than two (2) business days prior to the date of the bring-down letter), the conclusions and findings of such firm, of the type ordinarily included in accountants’ “comfort letters” to underwriters, with respect to the financial information and other matters covered by its letter delivered to the Representative concurrently with the execution of this Agreement pursuant to paragraph (f) of this Section 6.
(h) Officers’ Certificate. The Company shall have furnished to the Representative a certificate, dated as of each Closing Date, of its Chief Executive Officer and its Chief Financial Officer stating in their respective capacities as officers of the Company on behalf of the Company that (i) no stop order suspending the effectiveness of the Registration Statement (including, for avoidance of doubt, any Rule 462(b) Registration Statement), or any post-effective amendment thereto, shall be in effect and no proceedings for such purpose shall have been instituted or, to their knowledge, threatened by the Commission, (ii) for the period from and including the date of this Agreement through and including such Closing Date, there has not occurred any Material Adverse Effect, (iii) to their knowledge, as of such Closing Date, the representations and warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to such Closing Date and (iv) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in the General Disclosure Package, any Material Adverse Effect in the financial position or results of operations of the Company, or any change or development that, singularly or in the aggregate, would reasonably be expected to involve a Material Adverse Effect, except as set forth in the General Disclosure Package and the Prospectus.
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(i) No Material Adverse Effect. Since the date of the latest audited financial statements included in the General Disclosure Package, (i) the Company shall not have sustained any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the General Disclosure Package and the Prospectus and (ii) there shall not have been any change in the authorised share capital or long-term debt of the Company, or any change, or any development involving a prospective change, in or affecting the business, properties, general affairs, management, financial position, shareholders’ equity, results of operations or prospects of the Company, otherwise than as set forth in the General Disclosure Package and the Prospectus, the effect of which, in any such case described in clause (i) or (ii) of this paragraph (i), is, in the judgment of the Representative, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Public Units on the terms and in the manner contemplated in the General Disclosure Package and the Prospectus.
(j) No Legal Impediment to Issuance. No action shall have been taken and no law, statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental or regulatory agency or body which would prevent the issuance or sale of the Public Units; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent the issuance or sale of the Public Units or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.
(k) Market Conditions. Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the following: (i) trading in any of the Company’s securities shall have been suspended or materially limited by the Commission or the Exchange, or trading in securities generally on the NYSE American, Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market, or the Exchange or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or materially limited, or minimum or maximum prices or a maximum range for prices shall have been established on any such exchange or such market by the Commission, by such exchange or market or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium shall have been declared by Federal or state authorities or a material disruption shall have occurred in commercial banking or securities settlement or clearance services in the United States, (iii) the United States shall have become engaged in hostilities or the subject of an act of terrorism or there shall have been an outbreak of or escalation in hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United States or (iv) there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Representative, impracticable or inadvisable to proceed with the sale or delivery of the Public Units on the terms and in the manner contemplated in the General Disclosure Package and the Prospectus.
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(l) Exchange Listing. The Exchange shall have approved the Public Units, Public Shares and the Public Warrants for listing thereon, subject only to official notice of issuance.
(m) Good Standing. The Representative shall have received on each Closing Date satisfactory evidence of the good standing of the Company in the Cayman Islands and its good standing as a foreign entity in such other jurisdictions as the Representative may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.
(n) Other Transaction Agreements. The Representative shall have received duly executed copies of the Other Transaction Agreements.
(o) Secretary’s Certificate. The Company shall have furnished to the Representative a Secretary’s Certificate of the Company, in form and substance reasonably satisfactory to counsel for the Underwriters and customary for the type of offering contemplated by this Agreement.
(p) Additional Documents. On or prior to each Closing Date, the Company shall have furnished to the Representative such further certificates and documents as the Representative may reasonably request.
(q) Private Units. The Sponsor shall have caused such portion of the purchase price for the Private Units to be purchased by it on the Initial Closing Date to be wired to the Trust Account, such that upon payment for the Public Units pursuant to this Agreement, the amount of cash in the Trust Account (without giving effect to any income earned thereon) will equal $10.00 per Public Unit outstanding as of the Initial Closing Date.
(r) Sponsor Investments. On the Closing Date (or such earlier date as the Representative and the Sponsor may agree), the Representative or its respective designees shall have been admitted as a member of the Sponsor with an allocation of interest in the Sponsor representing the Upfront Underwriting Compensation (as defined in Section 3 hereof).
All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.
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- INDEMNIFICATIONAND CONTRIBUTION.
(a) Indemnification of Underwriters by the Company. The Company shall indemnify and hold harmless:
(i) each Underwriter, its affiliates, directors, officers, managers, members, employees, representatives and agents and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “UnderwriterIndemnified Parties” and each an “Underwriter Indemnified Party”) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Underwriter Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (A) any untrue statement or alleged untrue statement of a material fact contained in any Written Testing-the-Waters Communication, any Preliminary Prospectus, the Registration Statement, the Prospectus, or in any amendment or supplement thereto or in any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Public Units, including any roadshow or investor presentations made to investors by the Company (whether in person or electronically) (“Marketing Materials”) or (B) the omission or alleged omission to state in any Written Testing-the-Waters Communication, any Preliminary Prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto or in any Marketing Materials, a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each Underwriter Indemnified Party promptly upon demand for any legal fees or other expenses reasonably incurred by that Underwriter Indemnified Party in connection with investigating, or preparing to defend, or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding, as such fees and expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement or alleged untrue statement in, or omission or alleged omission from any Preliminary Prospectus, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Marketing Materials made in reliance upon, and in conformity with, written information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for use therein, which information the parties hereto agree is limited to the Underwriters’ Information; and
Each indemnity agreement in this Section 7(a) is not exclusive and is in addition to each other indemnity agreement in this Section 7(a) and each other liability which the Company might have under this Agreement or otherwise, and shall not limit any rights or remedies which may otherwise be available under this Agreement, at law or in equity to any Underwriter Indemnified Party.
(b) Indemnification of Company by the Underwriters. Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company and its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Company Indemnified Parties” and each a “Company Indemnified Party”) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Company Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto or (ii) the omission or alleged omission to state in any Preliminary Prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon, and in conformity with, written information furnished to the Company through the Representative by or on behalf of that Underwriter specifically for use therein, which information the parties hereto agree is limited to the Underwriters’ Information, and shall reimburse the Company Indemnified Parties promptly upon demand for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. This indemnity agreement is not exclusive and is in addition to any liability which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available under this Agreement, at law or in equity to the Company Indemnified Parties.
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(c) Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 7, notify such indemnifying party in writing of the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this Section 7 except to the extent it has been materially prejudiced by such failure; and, provided, further, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; provided, however, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under Section 7(a) or the Representative in the case of a claim for indemnification under Section 7(b), (ii) such indemnified party shall have been advised by its counsel that there may be one or more actual or potential legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; provided, however, that except in the circumstances described in clauses (iii) of this Section 7(c), the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all such indemnified parties (in addition to any local counsel), which firm shall be designated in writing by the Representative if the indemnified parties under this Section 7 consist of any Underwriter Indemnified Party or by the Company if the indemnified parties under this Section 7 consist of any Company Indemnified Parties. Subject to this Section 7(c), the amount payable by an indemnifying party under Section 7 shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this Section 7 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) 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. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 7(a) 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 request for reimbursement, (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.
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(d) If the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party under Section 7(a) or 7(b), then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Public Units or (ii) if the allocation provided by clause (i) of this Section 7(d) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to it in clause (i) of this Section 7(d) but also the relative fault of the Company on the one hand and the Underwriters on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Public Units purchased under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters with respect to the Public Units purchased under this Agreement, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company through the Representative by or on behalf of the Underwriters for use in the Preliminary Prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters’ Information.
(e) The parties hereto agree that it would not be just and equitable if contributions pursuant to Section 7(d) above were to be determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to Section 7(d) above. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to in Section 7(d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 7, none of the Underwriters shall be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions or other fee received by such person with respect to the Offering exceeds the amount of any damages which the person has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations to contribute as provided in this Section 7 are several in proportion to their respective underwriting obligations and not joint.
TERMINATION. The obligations of the Underwriters hereunder may be terminated by the Representative, in their absolute discretion, by notice given to the Company prior to delivery of and payment for the Firm Units if, prior to that time, any of the events described in Sections 6(i), 6(j) or 6(k) have occurred or if the Underwriters shall decline to purchase the Firm Units for any reason permitted under this Agreement.
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REIMBURSEMENTOF UNDERWRITERS’ EXPENSES. Notwithstanding anything to the contrary in this Agreement, if (a) this Agreement shall have been terminated pursuant to Sections 8 or 10, (b) the Company shall fail to tender the Firm Units for delivery to the Underwriters for any reason not permitted under this Agreement, (c) the Underwriters shall decline to purchase the Firm Units for any reason permitted under this Agreement or (d) the sale of the Firm Units is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement herein or to satisfy any condition or to comply with the provisions hereof, then in addition to the payment of amounts in accordance with Section 5, the Company shall reimburse the Underwriters, pro rata based on the number of Firm Units each Underwriter agreed to sell hereunder, for the fees and expenses of Underwriters’ counsel and for such other out-of-pocket expenses as shall have been reasonably incurred by them in connection with this Agreement and the proposed purchase of the Firm Units, including travel and lodging expenses of the Underwriters, and upon demand the Company shall pay the full amount thereof to the Representative; provided, however, that the aggregate amount of all such fees and expenses to be paid or reimbursed by the Company to the Underwriters under this Section 9 shall not exceed $175,000 in the aggregate; and provided further that if this Agreement is terminated pursuant to Section 10 by reason of the default of one or more Underwriters, the Company shall not be obligated to reimburse any defaulting Underwriter on account of expenses to the extent incurred by such defaulting Underwriter; and provided further that the foregoing shall not limit any reimbursement obligation of the Company to any non-defaulting Underwriter under this Section 9.
SUBSTITUTIONOF UNDERWRITERS. If any Underwriter or Underwriters shall default in its or their obligations to purchase Public Units hereunder on any Closing Date and the aggregate number of shares which such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed ten percent (10%) of the total number of Units to be purchased by all Underwriters on such Closing Date, the other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Units which such defaulting Underwriter or Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters shall so default and the aggregate number of Units with respect to which such default or defaults occur is more than ten percent (10%) of the total number of Units to be purchased by all Underwriters on such Closing Date and arrangements satisfactory to the Representative and the Company for the purchase of such Units by other persons are not made within forty-eight (48) hours after such default, this Agreement shall terminate.
If the remaining Underwriters or substituted Underwriters are required hereby or agree to take up all or part of the Public Units of a defaulting Underwriter or Underwriters on such Closing Date as provided in this Section 10, (i) the Company shall have the right to postpone such Closing Date for a period of not more than five (5) full business days in order that the Company may effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees promptly to file any amendments to the Registration Statement or supplements to the Prospectus which may thereby be made necessary and (ii) the respective numbers of Public Units to be purchased by the remaining Underwriters or substituted Underwriters shall be taken as the basis of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of its liability to the Company or the other Underwriters for damages occasioned by its default hereunder. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of any non-defaulting Underwriter or the Company, except that the representations, warranties, covenants, indemnities, agreements and other statements set forth in Section 2, the obligations with respect to expenses to be paid or reimbursed pursuant to Sections 5 and 9 and the provisions of Section 7 and Sections 11 through 21, inclusive, shall not terminate and shall remain in full force and effect.
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- ABSENCEOF FIDUCIARY RELATIONSHIP. The Company acknowledges and agrees that:
(a) each Underwriter’s responsibility to the Company is solely contractual in nature, the Representative has been retained solely to act as underwriter in connection with the sale of the Public Units and no fiduciary, advisory or agency duty or relationship between the Representative, any other Underwriter, on the one hand, and the Company or any other party, on the other hand, has been created as a result of this Agreement or in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Representative, any other Underwriter has advised or is advising the Company on other matters;
(b) the price of the Public Units set forth in this Agreement was established by the Company following discussions and arm’s-length negotiations with the Representative, and the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;
(c) it has been advised that the Representative and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Representative has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and
(d) it waives, to the fullest extent permitted by law, any claims it may have against the Representative for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that each of the Representative shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including shareholders, employees or creditors of the Company.
SUCCESSORS;PERSONS ENTITLED TO BENEFIT OF AGREEMENT. This Agreement shall inure to the benefit of and be binding upon the several Underwriters, the Company and their respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, other than the persons mentioned in the preceding sentence, any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except that the representations, warranties, covenants, agreements and indemnities of the Company contained in this Agreement shall also be for the benefit of the Underwriter Indemnified Parties, and the indemnities of the several Underwriters shall be for the benefit of the Company Indemnified Parties. No purchaser of any of the Public Units from any Underwriter shall be deemed to be a successor or assign by reason merely of such purchase.
37
SURVIVALOF INDEMNITIES, REPRESENTATIONS, WARRANTIES, ETC. The respective indemnities, covenants, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter, the Company or any person controlling any of them and shall survive delivery of and payment for the Public Units. Notwithstanding any termination of this Agreement, including any termination pursuant to Sections 8 or 10, the indemnities, covenants, agreements, representations, warranties and other statements set forth in Sections 2, 5, 7 and 9 and Sections 11 through 21, inclusive, of this Agreement shall not terminate and shall remain in full force and effect at all times until the expiration of applicable statutes of limitations, at which time the representations, warranties and agreements shall terminate and be of no further force and effect.
NOTICES. All statements, requests, notices and agreements hereunder shall be in writing, and:
(a) if to the Underwriters, shall be delivered or sent by mail, facsimile transmission or email to Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach, California 92660, Attn: Byron Roth, email [***], with a copy to Jon Talcott, Nelson Mullins Riley & Scarborough LLP, 101 Constitution Avenue, NW, Suite 900, Washington, DC 20001; and
(b) if to the Company, shall be delivered or sent by mail, facsimile transmission or email to Colombier Acquisition Corp. III, 375 South County Road, Suite 220, Palm Beach, FL 33480, Attn: Omeed Malik, email [***], with a copy to Stuart Neuhauser, Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, NY 10105;
provided, however, that any notice to an Underwriter pursuant to Section 7 shall be delivered or sent by mail, facsimile transmission or email to such Underwriter at its address set forth in its acceptance notice to the Representative, which address will be supplied to any other party hereto by the Representative upon request. Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof.
DEFINITIONOF CERTAIN TERMS. For purposes of this Agreement, unless the context requires otherwise, (a) “affiliate” has the meaning set forth in Rule 405 under the Securities Act, (b) “business day” means any day on which the Exchange is open for trading, (c) “person” means a natural person or a legal entity, (d) “subsidiary” has the meaning set forth in Rule 405 under the Securities Act and (e) “including” means including without limitation.
GOVERNINGLAW, SUBMISSION TO JURISDICTION. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (each a “Claim”), directly or indirectly, shall be governed by and construed in accordance with the internal laws of the State of New York. Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters; and in respect of each such matter each of the Underwriters and the Company consents to the personal jurisdiction over it of such courts, the laying of venue in such courts and the validity of service of process upon it made in any manner by which notice is permitted to be made to it under Section 14 hereof at the address(es) for it set forth therein (and in the case of any Underwriter, the address to be used for any notice pursuant to Section 7). Each of the Underwriters and the Company hereby consents to personal jurisdiction, venue and the validity of service of process in any manner permitted by applicable law at such address(es) in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against any Underwriter or any indemnified party. EACH OF THE UNDERWRITERS AND THE COMPANY (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS SHAREHOLDERS AND AFFILIATES) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING TO THIS AGREEMENT. Each of the Underwriters and the Company agrees that a final, non-appealable judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon each of the Underwriters and the Company, respectively, and may be enforced in any other courts to the jurisdiction of which each of the Underwriters and the Company, respectively, is or may be subject, by suit upon such final, non-appealable judgment.
38
WAIVEROF IMMUNITY. To the extent the Company may be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced in connection with this Agreement or with any of the transactions contemplated hereunder, to claim for itself, its revenues or its assets any immunity, including sovereign immunity, from suit, jurisdiction, attachment, execution of a judgment or any other legal process, and to the extent that in any such jurisdiction such immunity may be attributed to the Company (whether or not claimed), the Company hereby irrevocably agrees not to claim, and irrevocably waives, such immunity to the maximum extent permitted by law.
UNDERWRITERS’INFORMATION. The parties hereto acknowledge and agree that, for all purposes under this Agreement, the Underwriters’ Information consists solely of the names of the Underwriters, 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 Underwriters contained in the section entitled “Legal Matters.”
AUTHORITYOF THE REPRESENTATIVE. In connection with this Agreement, the Representative will act for and on behalf of the several Underwriters, and any action taken under this Agreement by the Representative will be binding on all the Underwriters.
PARTIALUNENFORCEABILITY. The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.
GENERAL. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. In this Agreement, the masculine, feminine and neuter genders and the singular and the plural include one another. The section headings in this Agreement are for the convenience of the parties only and will not affect the construction or interpretation of this Agreement. This Agreement may be amended or modified, and the observance of any term of this Agreement may be waived, only by a writing signed by the Company and the Representative.
COUNTERPARTS. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument 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 or email/pdf transmission shall constitute valid and sufficient delivery thereof.
[Signatures follow]
39
If the foregoing is in accordance with your understanding please indicate your acceptance of this Agreement by signing in the space provided for that purpose below.
| Very truly yours, | |
|---|---|
| COLOMBIER ACQUISITION CORP. III | |
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Chief Executive Officer |
| Accepted and agreed to as of the date first above<br><br><br><br>written, on behalf of themselves and the other<br><br><br><br>several Underwriters named in Schedule A hereto. | |
| --- | --- |
| ROTH CAPITAL PARTNERS, LLC | |
| By: | /s/ Aaron Gurewitz |
| Name: | Aaron Gurewitz |
| Title: | Co-Chief Executive Officer &<br><br>Head of Investment Banking |
40
SCHEDULE A
| Name | Number of<br><br> Firm Units<br><br> to be<br><br> Purchased | |
|---|---|---|
| Roth Capital Partners, LLC | 22,100,000 | |
| StoneX Financial Inc. | 3,900,000 | |
| Total | 26,000,000 |
SCHEDULE B
Written Testing-the-Waters Communications
None.
Exhibit I
Form of Target Business Letter
Colombier Acquisition Corp. III
375 South County Road, Suite 220
Palm Beach, FL 33480
Ladies and Gentlemen:
Reference is made to the Final Prospectus of Colombier Acquisition Corp. III (the “Company”), dated February 3, 2026 (the “Prospectus”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Prospectus.
We have read the Prospectus and understand that the Company has established the Trust Account, initially in an amount of at least $260,000,000, 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 of the redemptions of their ordinary shares in connection with the consummation of a Business Combination; (ii) to the Public Shareholders upon an amendment to the Company’s Amended and Restated Memorandum and Articles of Association as described in the Prospectus; (iii) to the Public Shareholders in connection with the Company’s liquidation in the event the Company is unable to consummate a Business Combination within the required time period; or (iv) to the Company concurrently with, or after it consummates a Business Combination.
For and in consideration of the Company agreeing to evaluate the undersigned for purposes of consummating a Business Combination with it, the undersigned hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account (each, a “Claim”) and hereby 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.
| Print Name of Target Business |
|---|
| Authorized Signature of Target Business |
Exhibit II
Form of Vendor Letter
Colombier Acquisition Corp. III
375 South County Road, Suite 220
Palm Beach, FL 33480
Ladies and Gentlemen:
Reference is made to the Final Prospectus of Colombier Acquisition Corp. III (the “Company”), dated February 3, 2026 (the “Prospectus”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Prospectus.
We have read the Prospectus and understand that the Company has established the Trust Account, initially in an amount of at least $260,000,000, 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 of the redemptions of their shares in connection with the consummation of a Business Combination; (ii) to the Public Shareholders upon an amendment to the Company’s Amended and Restated Memorandum and Articles of Association as described in the Prospectus; (iii) to the Public Shareholders in connection with the Company’s liquidation in the event the Company is unable to consummate a Business Combination within the required time period; or (iv) to the Company concurrently with, or after it consummates a Business Combination.
For and in consideration of the Company agreeing to use the services of the undersigned, the undersigned hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account (each, a “Claim”) and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against the Trust Account for any reason whatsoever.
| Print Name of Vendor | |
|---|---|
| Authorized Signature of Vendor | |
| Exhibit 3.1<br><br> <br><br><br> <br>Companies Act (Revised)<br><br> of the Cayman Islands<br><br> <br><br><br> <br>Company Limited by Shares<br><br> <br>**** | |
| --- | --- |
| <br> AMENDED AND RESTATED<br><br> memorandum of association<br><br> OF<br><br> COLOMBIER ACQUISITION CORP. III<br><br> <br><br><br> <br>(Adopted<br> by special resolution passed on 3 February 2026) |
Companies Act (Revised)
of the Cayman Islands
Company Limited by Shares
Amended and Restated Memorandum of Association
of
Colombier Acquisition Corp. III
(Adopted by special resolution passed on 3 February 2026)
| 1 | The name of the Company is Colombier Acquisition Corporation III. |
|---|---|
| 2 | The registered office of the Company shall be at the offices of Ogier Global (Cayman) Limited, 89 Nexus<br>Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide. |
| --- | --- |
| 3 | The 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 liability of each Member is limited to the amount, if any, unpaid on such Member’s shares. |
| --- | --- |
| 5 | The share capital of the Company is US$55,100 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 1,000,000 preference shares of a par<br>value of US$0.0001 each, provided always that, subject to the Statute and the Company’s articles of association, the Company has the power<br>to do any one or more of the following: |
| --- | --- |
| (a) | to redeem or repurchase any of its shares; and |
| --- | --- |
| (b) | to increase or reduce its capital; and |
| --- | --- |
| (c) | to issue any part of its capital (whether original, redeemed, increased or reduced): |
| --- | --- |
| (i) | with or without any preferential, deferred, qualified or special rights, privileges or conditions; or |
| --- | --- |
| (ii) | subject to any limitations or restrictions, |
| --- | --- |
and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or
| (d) | to alter any of those rights, privileges, conditions, limitations or restrictions. |
|---|---|
| 6 | The 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 terms that are not defined in this Amended and Restated Memorandum of Association bear the<br>respective meanings given to them in the Amended and Restated Articles of Association of the Company. |
| --- | --- |
| Companies Act (Revised)<br><br> of the Cayman Islands<br><br> <br><br><br> <br>Company Limited by Shares<br><br> <br>**** | |
| --- | --- |
| <br> Amended and Restated<br><br> Articles of Association<br><br> OF<br><br> Colombier ACQUISITION CORP III<br><br> <br><br><br> <br>(Adopted by special resolution passed on 3<br> February 2026) |
CONTENTS
| 1 | Interpretation | 1 |
|---|---|---|
| 2 | Commencement of Business | 8 |
| 3 | Issue of Shares and other Securities | 8 |
| 4 | Register of Members | 9 |
| 5 | Closing Register of Members or Fixing Record Date | 9 |
| 6 | Certificates for Shares | 10 |
| 7 | Transfer of Shares | 10 |
| 8 | Redemption, Repurchase and Surrender of Shares | 11 |
| 9 | Treasury Shares | 12 |
| 10 | Variation of Rights of Shares | 12 |
| 11 | Commission on Sale of Shares | 13 |
| 12 | Non-Recognition of Trusts | 13 |
| 13 | Lien on Shares | 13 |
| 14 | Calls on Shares | 14 |
| 15 | Forfeiture of Shares | 14 |
| 16 | Transmission of Shares | 15 |
| 17 | Class B Share Conversion | 16 |
| 18 | Amendments of Memorandum and Articles and Alteration of Capital | 18 |
| 19 | Offices and Places of Business | 18 |
| 20 | General Meetings | 19 |
| 21 | Notice of General Meetings | 19 |
| 22 | Advance Notice for Business | 19 |
| 23 | Proceedings at General Meetings | 20 |
| 24 | Votes of Members | 22 |
| 25 | Proxies | 23 |
| 26 | Corporate Members | 23 |
| 27 | Shares that may not be Voted | 24 |
| 28 | Directors | 24 |
| 29 | Powers of Directors | 24 |
| 30 | Appointment and Removal of Directors | 25 |
| 31 | Vacation of Office of Director | 25 |
| 32 | Proceedings of Directors | 26 |
| 33 | Presumption of Assent | 27 |
| 34 | Directors’ Interests | 27 |
i
| 35 | Minutes | 28 |
|---|---|---|
| 36 | Delegation of Directors’ Powers | 28 |
| 37 | No Minimum Shareholding | 30 |
| 38 | Remuneration of Directors | 30 |
| 39 | Seal | 30 |
| 40 | Dividends, Distributions and Reserve | 30 |
| 41 | Capitalisation | 32 |
| 42 | Books of Account | 32 |
| 43 | Audit | 33 |
| 44 | Notices | 34 |
| 45 | Winding Up | 35 |
| 46 | Indemnity and Insurance | 36 |
| 47 | Financial Year | 37 |
| 48 | Transfer by Way of Continuation | 37 |
| 49 | Mergers and Consolidations | 37 |
| 50 | Business Combination | 37 |
| 51 | Certain Tax Filings | 40 |
| 52 | Business Opportunities | 40 |
| 53 | Exclusive Jurisdiction | 41 |
ii
Companies Act (Revised)
of the Cayman Islands
Company Limited by Shares
Amended and Restated Articles of Association
of
Colombier Acquisition Corp. III
(Adopted by special resolution passed on 3 February 2026)
| 1 | Interpretation |
|---|---|
| 1.1 | In the Articles Table A in the First Schedule to the Statute does not apply and, unless there is something<br>in the subject or context inconsistent therewith: |
| --- | --- |
| Affiliate | in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person’s home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. |
| --- | --- |
| Applicable Law | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. |
| Articles | means these amended and restated articles of association of the Company. |
1
| Audit Committee | means the audit committee of the board of Directors of the Company established pursuant to the Articles, or any successor committee. |
|---|---|
| Auditor | means the person for the time being performing the duties of auditor of the Company (if any). |
| Business Combination | means a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or entities (the target business), which Business Combination: (a) as long as the securities of the Company are listed on a Designated Stock Exchange, must occur with one or more target businesses that together have an aggregate fair market value of at least eighty per cent (80%) of the value of the assets held in the Trust Account (excluding deferred underwriting commissions and taxes paid or payable on the income earned on the trust account) at the time of the signing of the definitive agreement to enter into such Business Combination; and (b) must not be solely effectuated with another blank cheque company or a similar company with nominal operations. |
| business day | means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City. |
| Clearing House | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| Class A Share | means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| Class B Share | means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company. |
| Company | means the above named company. |
| Company’s Website | means the website of the Company and/or its web-address or domain name, if any. |
2
| Compensation Committee | means the compensation committee of the board of Directors of the Company established pursuant to the Articles, or any successor committee. |
|---|---|
| Completion Window | means the period of time:<br><br> <br><br><br> <br>(a) commencing<br> on, and including, the closing date of the IPO; and<br><br> <br><br><br> <br>(b) ending<br> on the date that is twenty four (24) months after the closing date of the IPO (or the date that is twenty seven (27) months after the<br> closing date of the IPO if the Company has executed, within twenty four (24) months after the closing date of the IPO, a letter of intent,<br> agreement in principle or definitive agreement for a Business Combination), such earlier date as the Directors may approve in accordance<br> with the Articles or such later date as the Members may approve in accordance with the Articles. |
| Designated Stock Exchange | means any United States national securities exchange on which the securities of the Company are listed for trading, including, but not limited to, the New York Stock Exchange, The Nasdaq Stock Market LLC, the NYSE MKT LLC or any over-the-counter (OTC) market. |
| Directors | means the directors for the time being of the Company. |
| Dividend | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| Electronic Communication | means a communication sent by electronic means, including electronic posting to the Company’s Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors. |
| Electronic Record | has the same meaning as in the Electronic Transactions Act. |
3
| Electronic Transactions Act | means the Electronic Transactions Act (Revised) of the Cayman Islands. |
|---|---|
| Equity-linked Securities | means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt. |
| Exchange Act | means the United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. |
| Founders | means all Members immediately prior to the consummation of the IPO. |
| Independent Director | has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be. |
| IPO | means the Company’s initial public offering of securities. |
| Member | has the same meaning as in the Statute. |
| Memorandum | means the amended and restated memorandum of association of the Company. |
| Nominating and Corporate Governance Committee | means any nominating and corporate governance committee of the board of Directors of the Company established pursuant to the Articles, or any successor committee. |
| Officer | means a person appointed to hold an office in the Company. |
| Ordinary Resolution | means a resolution:<br><br> <br><br><br> <br>(a) passed<br> by a simple majority of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general<br> meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member<br> is entitled; or<br><br> <br><br><br> <br>(b) approved<br> in writing by all of the Members entitled to vote on such matter at a general meeting of the Company (or such lower threshold as may be<br> allowed under the Statute from time to time). |
4
| Ordinary Shares | means the Class A Shares and the Class B Shares, collectively. |
|---|---|
| Over-Allotment Option | means the option of the Underwriters to purchase up to an additional fifteen per cent (15%) of the firm units (as described in the Articles) issued in the IPO at a price equal to US$10 per unit, less underwriting discounts and commissions. |
| Permitted Withdrawals | means amounts withdrawn from the Trust Account (i) to fund the Company’s working capital requirements, subject to a limit of the greater of $1,000,000 and 10% of the interest earned on the Trust Account per fiscal year ending on 31 December, and (ii) to pay the Company’s taxes, provided that notwithstanding the limitation applicable to working capital withdrawals, all Permitted Withdrawals may only be made from interest and not from the principal held in the Trust Account. |
| Preference Share | means a preference share of a par value of US$0.0001 in the share capital of the Company. |
| Public Share | means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO. |
| Redemption Notice | means a notice in a form approved by the Directors by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein. |
| Register of Members | means the Register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate Register of Members. |
5
| Registered Office | means the registered office for the time being of the Company. |
|---|---|
| Representative | means a representative of the Underwriters. |
| Seal | means the common seal of the Company and includes every duplicate seal. |
| Securities and Exchange Commission | means the United States Securities and Exchange Commission. |
| Share | means a Class A Share, a Class B Share or a Preference Share and includes a fraction of a share in the Company. |
| Special Resolution | means a special resolution of the Company passed<br> in accordance with the Statute, being a resolution:<br><br> <br><br><br> <br>(a) passed<br> by a majority of not less than two-thirds (or such other threshold as may be specified under the Statute from time to time), other than<br> with respect to amending either of Articles 30.1 or 48.2 (except where such amendment is proposed in respect of the consummation of a<br> Business Combination) where such majority shall be at least ninety per cent (90%), of such Members as, being entitled to do so, vote in<br> person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose<br> the resolution as a special resolution has been duly given and where a poll is taken regard shall be had in computing a majority to the<br> number of votes to which each Member is entitled; or<br><br> <br><br><br> <br>(b) approved<br> in writing by all of the Members entitled to vote at a general meeting of the Company (or such lower threshold as may be allowed under<br> the Statute from time to time). |
| Sponsor | means Colombier Sponsor III LLC, a Delaware limited liability company, and its successors or assigns. |
6
| Statute | means the Companies Act (Revised) of the Cayman Islands. |
|---|---|
| Tax Filing Authorised Person | means such person as any Director shall designate from time to time, acting severally. |
| Treasury Share | means a Share held in the name of the Company as a treasury share in accordance with the Statute. |
| Trust Account | means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of units simultaneously with the closing date of the IPO, will be deposited. |
| Underwriter | means an underwriter of the IPO from time to time and any successor underwriter. |
| 1.2 | In the Articles: |
| --- | --- |
| (a) | words importing the singular number include the plural number and vice versa; |
| --- | --- |
| (b) | words importing the masculine gender include the feminine gender; |
| --- | --- |
| (c) | words importing persons include corporations as well as any other legal or natural person; |
| --- | --- |
| (d) | “written” and “in writing” include all modes of representing or<br>reproducing words in visible form, including in the form of an Electronic Record; |
| --- | --- |
| (e) | “shall” shall be construed as imperative and “may” shall be construed<br>as permissive; |
| --- | --- |
| (f) | references 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 phrase introduced by the terms “including”, “include”, “inparticular” or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding<br>those terms; |
| --- | --- |
| (h) | the term “and/or” is used herein to mean both “and” as well as “or.”<br>The use of “and/or” in certain contexts 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 the term “and” shall not be interpreted<br>to require the conjunctive (in each case, unless the context otherwise requires); |
| --- | --- |
7
| (i) | headings are inserted for reference only and shall be ignored in construing the Articles; |
|---|---|
| (j) | any requirements as to delivery under the Articles include delivery in the form of an Electronic Record; |
| --- | --- |
| (k) | any requirements as to execution or signature under the Articles including the execution of the Articles<br>themselves can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act; |
| --- | --- |
| (l) | sections 8 and 19(3) of the Electronic Transactions Act shall not apply; |
| --- | --- |
| (m) | the term “clear days” in relation to the period of a notice means that period excluding<br>the day when the notice is received or deemed to be received and the day for which it is given or on which it is to take effect; and |
| --- | --- |
| (n) | the term “holder” in relation to a Share means a person whose name is entered in the<br>Register of Members as the holder of such Share. |
| --- | --- |
| 2 | Commencement of Business |
| --- | --- |
| 2.1 | The business of the Company may be commenced as soon after incorporation of the Company as the Directors<br>shall see fit. |
| --- | --- |
| 2.2 | The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in<br>or about the formation and establishment of the Company, including the expenses of registration. |
| --- | --- |
| 3 | Issue of Shares and other Securities |
| --- | --- |
| 3.1 | Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company<br>in general meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission<br>and/or any other competent regulatory authority or otherwise under Applicable Law, and without prejudice to any rights attached to any<br>existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with<br>or without preferred, deferred or other rights or restrictions, whether in regard to Dividends or other distributions, voting, return<br>of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the<br>Statute and the Articles) vary such rights, save that the Directors shall not allot, issue, grant options over or otherwise dispose of<br>Shares (including fractions of a Share) to the extent that it may affect the ability of the Company to carry out a Class B Share Conversion<br>set out in the Articles. |
| --- | --- |
| 3.2 | The Company may issue rights, options, warrants or convertible securities or securities of similar nature<br>conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company<br>on such terms as the Directors may from time to time determine. |
| --- | --- |
8
| 3.3 | The Company may issue units of securities in the Company, which may be comprised of whole or fractional<br>Shares, rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof<br>to subscribe for, purchase or receive any class of Shares or other securities in the Company, upon such terms as the Directors may from<br>time to time determine. The securities comprising any such units which are issued pursuant to the IPO can only be traded separately from<br>one another on the 52nd day following the date of the prospectus relating to the IPO unless the Representative(s) determines that an earlier<br>date is acceptable, subject to the Company having filed a current report on Form 8-K with the Securities and Exchange Commission and a<br>press release announcing when such separate trading will begin. Prior to such date, the units can be traded, but the securities comprising<br>such units cannot be traded separately from one another. |
|---|---|
| 3.4 | The Company shall not issue Shares to bearer. |
| --- | --- |
| 4 | Register of Members |
| --- | --- |
| 4.1 | The Company shall maintain or cause to be maintained the Register of Members in accordance with the Statute. |
| --- | --- |
| 4.2 | The Directors may determine that the Company shall maintain one or more branch registers of Members in<br>accordance with the Statute. The Directors may also determine which register of Members shall constitute the principal register and which<br>shall constitute the branch register or registers, and to vary such determination from time to time. |
| --- | --- |
| 5 | Closing Register of Members or Fixing Record Date |
| --- | --- |
| 5.1 | For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or<br>any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination<br>of Members for any other purpose, the Directors may, after notice has been given by advertisement in an appointed newspaper or any other<br>newspaper or by any other means in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange<br>Commission and/or any other competent regulatory authority or otherwise under Applicable Law, provide that the Register of Members shall<br>be closed for transfers for a stated period which shall not in any case exceed forty days. |
| --- | --- |
| 5.2 | In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrears<br>a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any<br>adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Dividend or other distribution,<br>or in order to make a determination of Members for any other purpose. |
| --- | --- |
9
| 5.3 | If the Register of Members is not so closed and no record date is fixed for the determination of Members<br>entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution,<br>the date on which notice of the meeting is sent or the date on which the resolution of the Directors resolving to pay such Dividend or<br>other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of<br>Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment<br>thereof. |
|---|---|
| 6 | Certificates for Shares |
| --- | --- |
| 6.1 | A Member shall only be entitled to a share certificate if the Directors resolve that share certificates<br>shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates<br>shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued<br>with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise<br>identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled<br>and, subject to the Articles, no new certificate shall be issued until the former certificate representing a like number of relevant Shares<br>shall have been surrendered and cancelled. |
| --- | --- |
| 6.2 | The Company shall not be bound to issue more than one certificate for Shares held jointly by more than<br>one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them. |
| --- | --- |
| 6.3 | If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any)<br>as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the<br>Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate. |
| --- | --- |
| 6.4 | Every share certificate sent in accordance with the Articles will be sent at the risk of the Member or<br>other person entitled to the certificate. The Company will not be responsible for any share certificate lost or delayed in the course<br>of delivery. |
| --- | --- |
| 6.5 | Share certificates shall be issued within the relevant time limit as prescribed by the Statute, if applicable,<br>or as the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory<br>authority or otherwise under Applicable Law may from time to time determine, whichever is shorter, after the allotment or, except in the<br>case of a Share transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgement<br>of a Share transfer with the Company. |
| --- | --- |
| 7 | Transfer of Shares |
| --- | --- |
| 7.1 | Subject 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 Stock Exchange, the Securities and Exchange<br>Commission and/or any other competent regulatory authority or otherwise under Applicable Law. If the Shares in question were issued in<br>conjunction with rights, options, warrants or units issued pursuant to the Articles on terms that one cannot be transferred without the<br>other, the Directors shall refuse to register the transfer of any such Share without evidence satisfactory to them of the like transfer<br>of such right, option, warrant or unit. |
| --- | --- |
10
| 7.2 | The instrument of transfer of any Share shall be in writing in the usual or common form or in a form prescribed<br>by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory<br>authority or otherwise under Applicable Law or in any other form approved by the Directors and shall be executed by or on behalf of the<br>transferor (and if the Directors so require, signed by or on behalf of the transferee) and may be under hand or, if the transferor or<br>transferee is a Clearing House or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the<br>Directors may approve from time to time. The transferor shall be deemed to remain the holder of a Share until the name of the transferee<br>is entered in the Register of Members. |
|---|---|
| 8 | Redemption, Repurchase and Surrender of Shares |
| --- | --- |
| 8.1 | Subject to the provisions of the Statute, and, where applicable, the rules and regulations of the Designated<br>Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law,<br>the Company may issue Shares that are to be redeemed or are liable to be redeemed at the option of the Member or the Company. The redemption<br>of such Shares, except Public Shares, shall be effected in such manner and upon such other terms as Directors or the Company may, by Ordinary<br>Resolution, determine before the issue of such Shares. With respect to redeeming or repurchasing the Shares: |
| --- | --- |
| (a) | Members who hold Public Shares are entitled to request the redemption of such Shares in the circumstances<br>described in the Business Combination Article hereof; |
| --- | --- |
| (b) | Class B Shares held by the Founders shall be surrendered by the Founders on a pro rata basis for no consideration<br>to the extent that the Over-Allotment Option is not exercised in full so that the Founders will own twenty-five per cent (25%) of the<br>Company’s issued Shares after the IPO (exclusive of any securities purchased in a private placement simultaneously with the IPO);<br>and |
| --- | --- |
| (c) | Public Shares shall be repurchased by way of tender offer in the circumstances set out in the Business<br>Combination Article hereof. |
| --- | --- |
| 8.2 | Subject to the provisions of the Statute, and, where applicable, the rules and regulations of the Designated<br>Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law,<br>the Company may purchase its own Shares (including any redeemable Shares) in such manner and on such other terms as the Directors may<br>agree with the relevant Member or in the manner set out in the Business Combination Article hereof. For the avoidance of doubt, redemptions,<br>repurchases and surrenders of Shares in the circumstances described in the Article above shall not require further approval of the Members. |
| --- | --- |
11
| 8.3 | The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner<br>permitted by the Statute, including out of capital. |
|---|---|
| 8.4 | The Directors may accept the surrender for no consideration of any fully paid Share. |
| --- | --- |
| 9 | Treasury Shares |
| --- | --- |
| 9.1 | The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share<br>shall be held as a Treasury Share. |
| --- | --- |
| 9.2 | The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they<br>think proper (including, without limitation, for nil consideration). |
| --- | --- |
| 10 | Variation of Rights of Shares |
| --- | --- |
| 10.1 | Subject to Article 3.1, if at any time the share capital of the Company is divided into different classes<br>of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class)<br>may, whether or not the Company is being wound up, be varied without the consent of the holders of the issued Shares of that class where<br>such variation is considered by the Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall<br>be made only with the consent in writing of the holders of not less than two-thirds of the issued Shares of that class (other than with<br>respect to a waiver of the provisions of the Class B Share Conversion Article hereof, which as stated therein shall only require the consent<br>in writing of the holders of a majority of the issued Shares of that class), or with the approval of a resolution passed by a majority<br>of not less than two-thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For the avoidance of doubt,<br>the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from<br>the holders of Shares of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings shall<br>apply mutatis mutandis, except that the necessary quorum shall be one person holding or representing by proxy at least one-third of the<br>issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll. |
| --- | --- |
| 10.2 | For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of<br>Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the same way by the proposals<br>under consideration, but in any other case shall treat them as separate classes of Shares. |
| --- | --- |
| 10.3 | The rights conferred upon the holders of the Shares of any class issued with preferred or other rights<br>shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied: (i) by the creation<br>or issue of further Shares ranking pari passu therewith or Shares issued with preferred or other rights; or (ii) where the constitutional<br>documents of the Company are amended or new constitutional documents of the Company are adopted, in each case, as a result of the Company<br>undertaking a transfer by way of continuation to a jurisdiction outside the Cayman Islands. |
| --- | --- |
12
| 11 | Commission 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 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.
| 13 | Lien on Shares |
|---|---|
| 13.1 | The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not) registered<br>in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether<br>presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the<br>Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a<br>transfer of any such Share shall operate as a waiver of the Company’s lien thereon. The Company’s lien on a Share shall also<br>extend to any amount payable in respect of that Share. |
| --- | --- |
| 13.2 | The Company may sell, in such manner as the Directors think fit, any Shares on which the Company has a<br>lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen clear days after notice has been<br>received or deemed to have been received by the holder of the Shares, or to the person entitled to it in consequence of the death or bankruptcy<br>of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold. |
| --- | --- |
| 13.3 | To give effect to any such sale the Directors may authorise any person to execute an instrument of transfer<br>of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or his nominee shall be registered as the<br>holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application of the purchase money, nor shall<br>his title to the Shares be affected by any irregularity or invalidity in the sale or the exercise of the Company’s power of sale<br>under the Articles. |
| --- | --- |
| 13.4 | The net proceeds of such sale after payment of costs, shall be applied in payment of such part of the<br>amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently<br>payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the sale. |
| --- | --- |
13
| 14 | Calls on Shares |
|---|---|
| 14.1 | Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon the Members<br>in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving<br>at least fourteen clear days’ notice specifying the time or times of payment) pay to the Company at the time or times so specified<br>the amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors may determine. A call may be<br>required to be paid by instalments. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the<br>subsequent transfer of the Shares in respect of which the call was made. |
| --- | --- |
| 14.2 | A call shall be deemed to have been made at the time when the resolution of the Directors authorising<br>such call was passed. |
| --- | --- |
| 14.3 | The joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof. |
| --- | --- |
| 14.4 | If a call remains unpaid after it has become due and payable, the person from whom it is due shall pay<br>interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the Directors may determine (and<br>in addition all expenses that have been incurred by the Company by reason of such non-payment), but the Directors may waive payment of<br>the interest or expenses wholly or in part. |
| --- | --- |
| 14.5 | An amount payable in respect of a Share on issue or allotment or at any fixed date, whether on account<br>of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all the provisions of the Articles<br>shall apply as if that amount had become due and payable by virtue of a call. |
| --- | --- |
| 14.6 | The Directors may issue Shares with different terms as to the amount and times of payment of calls, or<br>the interest to be paid. |
| --- | --- |
| 14.7 | The Directors may, if they think fit, receive an amount from any Member willing to advance all or any<br>part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount would otherwise become payable) pay interest<br>at such rate as may be agreed upon between the Directors and the Member paying such amount in advance. |
| --- | --- |
| 14.8 | No such amount paid in advance of calls shall entitle the Member paying such amount to any portion of<br>a Dividend or other distribution payable in respect of any period prior to the date upon which such amount would, but for such payment,<br>become payable. |
| --- | --- |
| 15 | Forfeiture of Shares |
| --- | --- |
| 15.1 | If a call or instalment of a call remains unpaid after it has become due and payable the Directors may<br>give to the person from whom it is due not less than fourteen clear days’ notice requiring payment of the amount unpaid together<br>with any interest which may have accrued and any expenses incurred by the Company by reason of such non-payment. The notice shall specify<br>where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will<br>be liable to be forfeited. |
| --- | --- |
14
| 15.2 | If the notice is not complied with, any Share in respect of which it was given may, before the payment<br>required by the notice has been made, be forfeited by a resolution of the Directors. Such forfeiture shall include all Dividends, other<br>distributions or other monies payable in respect of the forfeited Share and not paid before the forfeiture. |
|---|---|
| 15.3 | A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as<br>the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the<br>Directors think fit. Where for the purposes 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 person any of whose Shares have been forfeited shall cease to be a Member in respect of them and shall<br>surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies<br>which at the date of forfeiture were payable by him to the Company in respect of those Shares together with interest at such rate as the<br>Directors may determine, but his liability shall cease if and when the Company shall have received payment in full of all monies due and<br>payable by him in respect of those Shares. |
| --- | --- |
| 15.5 | A certificate in writing under the hand of one Director or Officer that a Share has been forfeited on<br>a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the Share. The<br>certificate shall (subject to the execution 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 the purchase money, if any, nor shall his title<br>to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the<br>Share. |
| --- | --- |
| 15.6 | The provisions of the Articles as to forfeiture shall apply in the case of non-payment of any sum which,<br>by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par value of the Share or by way of premium<br>as if it had been payable by virtue of a call duly made and notified. |
| --- | --- |
| 16 | Transmission of Shares |
| --- | --- |
| 16.1 | If a Member dies, the survivor or survivors (where he was a joint holder), or his legal personal representatives<br>(where he was a sole holder), shall be the only persons recognised by the Company as having any title to his Shares. The estate of a deceased<br>Member is not thereby released from any liability in respect of any Share, for which he was a joint or sole holder. |
| --- | --- |
| 16.2 | Any person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation or dissolution<br>of a Member (or in any other way than by transfer) may, upon such evidence being produced as may be required by the Directors, elect,<br>by a notice in writing sent by him to the Company, either to become the holder of such Share or to have some person nominated by him registered<br>as the holder of such Share. If he elects to have another person registered as the holder of such Share he shall sign an instrument of<br>transfer of that Share to that person. The Directors shall, in either case, have the same right to decline or suspend registration as<br>they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution,<br>as the case may be. |
| --- | --- |
15
| 16.3 | A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or dissolution<br>of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages<br>to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member in respect of a Share,<br>be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors<br>may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him<br>be registered as the holder of the Share (but 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 his death or bankruptcy or liquidation or<br>dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety days of being received<br>or deemed to be received (as determined pursuant to the Articles), the Directors may thereafter withhold payment of all Dividends, other<br>distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with. |
|---|---|
| 17 | Class B Share Conversion |
| --- | --- |
| 17.1 | The rights attaching to the Class A Shares and Class B Shares shall rank pari passu in all respects,<br>and the Class A Shares and Class B Shares shall vote together as a single class on all matters (subject to the Variation of Rights of<br>Shares Article, the Appointment and Removal of Directors Article and the Transfer by Way of Continuation Article) with the exception that<br>the holder of a Class B Share shall have the conversion rights referred to in this Article. |
| --- | --- |
| 17.2 | Subject to adjustment as provided in Article 17.3, Class B Shares shall be automatically converted into<br>Class A Shares on a one-for-one basis (the Initial Conversion Ratio):<br>(i) at the time of a Business Combination (with such conversion taking place immediately prior to, simultaneously with, or immediately<br>following the consummation of the Business Combination, as may be determined by the Directors) or (ii) at the option of the holders of<br>Class B Shares, any time prior to the consummation of a Business Combination, subject to adjustment to account for share subdivisions,<br>share capitalisations, reorganisations, recapitalisations, or other adjustments to the aggregate authorised or issued share capital of<br>the Company. |
| --- | --- |
| 17.3 | Notwithstanding the Initial Conversion Ratio, in the case that additional Class A Shares or any other<br>Equity-linked Securities, are issued, or deemed issued, in excess of the amounts issued in the IPO (including pursuant to the Over-Allotment<br>Option) and related to or in connection with the closing of a Business Combination, all Class B Shares in issue shall automatically convert<br>into Class A Shares at the time of the closing of a Business Combination, the ratio for which the Class B Shares shall convert into Class<br>A Shares will be adjusted so that the number of Class A Shares issuable upon conversion of all Class B Shares will equal, in the aggregate,<br>twenty-five per cent (25%) of the sum of: |
| --- | --- |
| (a) | the total number of all Ordinary Shares in issue upon completion of the IPO (including any Class A Shares<br>issued pursuant to the Over-Allotment Option and excluding any Class A Shares underlying the private placement units issued to the Sponsor);<br>plus |
| --- | --- |
16
| (b) | all Class A Shares and Equity-linked Securities issued or deemed issued in connection with the closing<br>of a Business Combination, excluding any Shares or Equity-linked Securities issued, or to be issued, to any seller in a Business Combination<br>and any private placement-equivalent units and their underlying securities issued to the Sponsor or an Affiliate of the Sponsor or to<br>the Company’s officers and Directors upon the conversion of working capital loans made to the Company. |
|---|---|
| 17.4 | Notwithstanding 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 A Shares or Equity-linked Securities by the written<br>consent or agreement of holders of a majority of the Class B Shares then in issue consenting or agreeing separately as a separate class<br>in the manner provided in the Variation of Rights of Shares Article hereof. |
| --- | --- |
| 17.5 | The foregoing conversion ratio shall also be adjusted to account for any subdivision (by share split,<br>subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by reverse share<br>split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or recapitalisation<br>of the Class A Shares in issue into a greater or lesser number of Shares occurring after the original filing of the Articles without a<br>proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class B Shares in issue. |
| --- | --- |
| 17.6 | Each 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 Class B Share shall convert into such number<br>of Class A Shares as is equal to the product of one (1) multiplied by a fraction, the numerator of which shall be the total number of<br>Class A Shares into which all of the Class B Shares in issue shall be converted pursuant to this Article and the denominator of which<br>shall be the total number of Class B Shares in issue at the time of conversion. |
| --- | --- |
| 17.7 | References in this Article to “converted”, “conversion” or “exchange”<br>shall mean the compulsory redemption without notice of Class B Shares of any Member and, on behalf of such Members, automatic application<br>of such redemption proceeds in paying for such new Class A Shares into which the Class B Shares have been converted or exchanged at a<br>price per Class B Share necessary to give effect to a conversion or exchange calculated on the basis that the Class A Shares to be issued<br>as part of the conversion or exchange will 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. |
| --- | --- |
17
| 17.8 | Notwithstanding anything to the contrary in this Article, in no event shall any Class B Share convert<br>into Class A Shares at a ratio that is less than one for one. |
|---|---|
| 18 | Amendments of Memorandum and Articles and Alteration of Capital |
| --- | --- |
| 18.1 | The Company may by Ordinary Resolution: |
| --- | --- |
| (a) | increase 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 and divide all or any of its share capital into Shares of larger amount than its existing<br>Shares; |
| --- | --- |
| (c) | convert all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares of any<br>denomination; |
| --- | --- |
| (d) | by subdivision of its existing Shares or any of them divide the whole or any part of its share capital<br>into Shares of smaller amount than is fixed by the Memorandum or into Shares without par value; and |
| --- | --- |
| (e) | cancel any Shares that at the date of the passing of the Ordinary Resolution have not been taken or agreed<br>to be taken by any person and diminish the amount of its share capital by the amount of the Shares so cancelled. |
| --- | --- |
| 18.2 | All new Shares created in accordance with the provisions of the preceding Article shall be subject to<br>the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as<br>the Shares in the original share capital. |
| --- | --- |
| 18.3 | Subject to the provisions of the Statute, the provisions of the Articles as regards the matters to be<br>dealt with by Ordinary Resolution and Article 48.2, the Company may by Special Resolution: |
| --- | --- |
| (a) | change its name; |
| --- | --- |
| (b) | alter or add to the Articles (subject to Article 48.2); |
| --- | --- |
| (c) | alter or add to the Memorandum with respect to any objects, powers or other matters specified therein;<br>and |
| --- | --- |
| (d) | reduce its share capital or any capital redemption reserve fund. |
| --- | --- |
| 19 | Offices 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.
18
| 20 | General Meetings |
|---|---|
| 20.1 | All general meetings other than annual general meetings shall be called extraordinary general meetings. |
| --- | --- |
| 20.2 | The Company may, but shall not (unless required by the Statute) be obliged to, in each year hold a general<br>meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting shall<br>be held at such time and place as the Directors shall appoint. At these meetings the report of the Directors (if any) shall be presented. |
| --- | --- |
| 20.3 | The Directors, the chief executive officer or the chairman of the board of Directors may call general<br>meetings and, for the avoidance of doubt, except as expressly provided in Article 20.4 below, Members shall not have the ability to call<br>general meetings. |
| --- | --- |
| 20.4 | If at any time there are no Directors, any two (2) Members (or if there is only one (1) Member then that<br>Member) entitled to vote at general meetings of the Company may convene a general meeting in the same manner as nearly as possible as<br>that in which general meetings may be convened by the Directors. |
| --- | --- |
| 21 | Notice of General Meetings |
| --- | --- |
| 21.1 | At least five (5) clear days’ notice shall be given of any general meeting. Every notice shall specify<br>the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall<br>be given in the manner hereinafter mentioned 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 given and whether or not the provisions of<br>the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed: |
| --- | --- |
| (a) | in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and |
| --- | --- |
| (b) | in the case of an extraordinary general meeting, by a majority in number of the Members having a right<br>to attend and vote at the meeting, together holding not less than ninety-five per cent (95%) in par value of the Shares giving that right. |
| --- | --- |
| 21.2 | The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a general<br>meeting by, any person entitled to receive such notice shall not invalidate the proceedings of that general meeting. |
| --- | --- |
| 22 | Advance Notice for Business |
| --- | --- |
| 22.1 | Members seeking to bring business before an annual general meeting of the Company, or to nominate candidates<br>for appointment as Directors at an annual general meeting, must provide written notice of such business to the Company. Such notice must<br>be received by the Company by the Company’s secretary (or, if none is appointed, any other Officer) at its principal office no later than<br>the close of business on the 90^th^ day nor earlier than the close of business on the 150^th^ day prior to the anniversary<br>date of the immediately preceding annual general meeting. Pursuant to Rule 14a-8 under the Exchange Act, proposals seeking inclusion in<br>the annual proxy statement must comply with the notice periods contained therein. |
| --- | --- |
19
| 22.2 | To be in proper written form, a Member’s notice to the Company’s secretary (or, if none is appointed,<br>any other Officer) with respect to any business (other than nominations) must set forth as to each such matter such Member proposes to<br>bring before the annual general meeting (i) a brief description of the business desired to be brought before the annual general meeting,<br>the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event such business<br>includes a proposal to amend these Articles, the language of the proposed amendment) and the reasons for conducting such business at the<br>annual general meeting, (ii) the name and record address of such Member and the name and address of the beneficial owner, if any, on whose<br>behalf the proposal is made, (iii) the class and number of Shares that are owned beneficially and of record by such Member and by the<br>beneficial owner, if any, on whose behalf the proposal is made, (iv) a description of all arrangements or understandings between such<br>Member and the beneficial owner, if any, on whose behalf the proposal is made and any other person or persons (including their names)<br>in connection with the proposal of such business by such Member, (v) any material interest of such Member and the beneficial owner, if<br>any, on whose behalf the proposal is made in such business and (vi) a representation that such Member intends to appear in person or by<br>proxy at the annual general meeting to bring such business before the annual general meeting. |
|---|---|
| 23 | Proceedings at General Meetings |
| --- | --- |
| 23.1 | No business shall be transacted at any general meeting unless a quorum is present. The holders of at least<br>one-third of the Shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised<br>representative or proxy shall be a quorum. |
| --- | --- |
| 23.2 | A person may participate at a general meeting by conference telephone or other communications equipment<br>by means of which all the persons participating in the meeting can communicate with each other. Participation by a person in a general<br>meeting in this manner is treated as presence in person at that meeting. |
| --- | --- |
| 23.3 | A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on<br>behalf of all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations<br>or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective as if the resolution had<br>been passed at a general meeting of the Company duly convened and held. |
| --- | --- |
| 23.4 | If a quorum is not present within half an hour from the time appointed for the meeting to commence or<br>if during such a meeting a quorum ceases to be present, the meeting shall stand adjourned to the same day in the next week at the same<br>time and/or place or to such other day, time 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 Members present shall be a quorum. |
| --- | --- |
20
| 23.5 | The Directors may, at any time prior to the time appointed for the meeting to commence, appoint any person<br>to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment, the chairman, if any, of<br>the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if he shall not be present<br>within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors present shall elect<br>one of their number to be chairman of the meeting. The chairman from time to time may adopt certain rules and regulations for the conduct<br>of meetings as he or she sees fit. |
|---|---|
| 23.6 | If no Director is willing to act as chairman or if no Director is present within fifteen minutes after<br>the time appointed for the meeting to commence, the Members present shall choose one of their number to be chairman of the meeting. |
| --- | --- |
| 23.7 | The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed<br>by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting<br>other than the business left unfinished at the meeting from which the adjournment took place. |
| --- | --- |
| 23.8 | When a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be<br>given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting. |
| --- | --- |
| 23.9 | If, prior to a Business Combination, a notice is issued in respect of a general meeting and the Directors,<br>in their absolute discretion, consider that it is impractical or undesirable for any reason to hold that general meeting at the place,<br>the day and the hour specified in the notice calling such general meeting, the Directors may postpone the general meeting to another place,<br>day and/or hour provided that notice of the place, the day and the hour of the rearranged general meeting is promptly given to all Members.<br>No business shall be transacted at any postponed meeting other than the business specified in the notice of the original meeting. |
| --- | --- |
| 23.10 | When a general meeting is postponed for thirty days or more, notice of the postponed meeting shall be<br>given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of a postponed meeting. All proxy<br>forms submitted for the original general meeting shall remain valid for the postponed meeting. The Directors may postpone a general meeting<br>which has already been postponed. |
| --- | --- |
| 23.11 | A resolution put to the vote of the meeting shall be decided on a poll. |
| --- | --- |
| 23.12 | A poll shall be taken as the chairman directs, and the result of the poll shall be deemed to be the resolution<br>of the general meeting at which the poll was demanded. |
| --- | --- |
| 23.13 | A poll demanded on the election of a chairman or on a question of adjournment shall be taken forthwith.<br>A poll demanded on any other question shall be taken at such date, time and place as the chairman of the general meeting directs, and<br>any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the taking of the poll. |
| --- | --- |
21
| 23.14 | In the case of an equality of votes the chairman shall be entitled to a second or casting vote. |
|---|---|
| 24 | Votes of Members |
| --- | --- |
| 24.1 | Subject to any rights or restrictions attached to any Shares, including as set out at Articles 30.1 and<br>48, every Member present in any such manner shall have one vote for every Share of which he is the holder. |
| --- | --- |
| 24.2 | In the case of joint holders the vote of the senior holder who tenders a vote, whether in person or by<br>proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or proxy), shall be accepted<br>to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in which the names of the holders<br>stand in the Register of Members. |
| --- | --- |
| 24.3 | A Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction<br>in lunacy, may vote by his committee, receiver, curator bonis, or other person on such Member’s behalf appointed by that court,<br>and any such committee, receiver, curator bonis or other person may vote by proxy. |
| --- | --- |
| 24.4 | No person shall be entitled to vote at any general meeting unless he is registered as a Member on the<br>record date for such meeting nor unless all calls or other monies then payable by him in respect of Shares have been paid. |
| --- | --- |
| 24.5 | No objection shall be raised as to the qualification of any voter except at the general meeting or adjourned<br>general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection<br>made in due time in accordance with this Article shall be referred to the chairman whose decision shall be final and conclusive. |
| --- | --- |
| 24.6 | Votes may be cast either personally or by proxy (or in the case of a corporation or other non-natural<br>person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the same proxy under one or more instruments<br>to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument of proxy shall specify the number of Shares<br>in respect of which each proxy is entitled to exercise the related votes. |
| --- | --- |
| 24.7 | A Member holding more than one Share need not cast the votes in respect of his Shares in the same way<br>on any resolution and therefore may vote a Share or some or all such Shares either for or against a resolution and/or abstain from voting<br>a Share or some or all of the Shares and, subject to the terms of the instrument appointing him, a proxy appointed under one or more instruments<br>may vote a Share or some or all of the Shares in respect of which he is appointed either for or against a resolution and/or abstain from<br>voting a Share or some or all of the Shares in respect of which he is appointed. |
| --- | --- |
22
| 25 | Proxies |
|---|---|
| 25.1 | The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor<br>or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non natural person, under the hand of its<br>duly authorised representative. A proxy need not be a Member. |
| --- | --- |
| 25.2 | The Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy<br>sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time (being<br>not later than the time appointed for the commencement of the meeting or adjourned meeting to which the proxy relates) at which the instrument<br>appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice convening any meeting or<br>adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically<br>at the Registered Office on a business day not less than 48 hours before the time appointed for the meeting or adjourned meeting to commence<br>at which the person named in the instrument proposes to vote. For the purposes of this Article, business day means any day other than<br>a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to<br>close in the location of the Registered Office. |
| --- | --- |
| 25.3 | The chairman may in any event at his discretion declare that an instrument of proxy shall be deemed to<br>have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have<br>been duly deposited by the chairman, shall be invalid. |
| --- | --- |
| 25.4 | The instrument appointing a proxy may be in any usual or common form (or such other form as the Directors<br>may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument<br>appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll. |
| --- | --- |
| 25.5 | Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the<br>previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the<br>transfer of the Share in respect of which the proxy is given unless notice in writing of such death, insanity, revocation or transfer<br>was received by the Company at the Registered Office on a business day before the commencement of the general meeting, or adjourned meeting<br>at which it is sought to use the proxy. For the purposes of this Article, business day means any day other than a Saturday, a Sunday or<br>a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in the location<br>of the Registered Office. |
| --- | --- |
| 26 | Corporate Members |
| --- | --- |
| 26.1 | Any 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 body, authorise such person as it thinks<br>fit to act as its representative at any meeting 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 could exercise if it were an individual<br>Member. |
| --- | --- |
23
| 26.2 | If a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise such persons<br>as it sees fit to act as its representative at any meeting of the Company or at any meeting of any class of Members provided that the<br>authorisation shall specify the number and class of Shares in respect of which each such representative is so authorised. Each person<br>so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts<br>and be entitled to exercise the same rights and powers on behalf of the Clearing House (or its nominee(s)) as if such person was the registered<br>holder of such Shares held by the Clearing House (or its nominee(s)). |
|---|---|
| 27 | Shares 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 the requirement to have at least one Director, the Directors may from time to time fix the maximum and minimum number of Directors to be appointed by resolution of the board of Directors.
| 29 | Powers of Directors |
|---|---|
| 29.1 | Subject 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 may exercise all the powers of the Company. No<br>alteration of the Memorandum or Articles and 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 meeting of Directors at which a quorum is present<br>may exercise all powers exercisable by the Directors. |
| --- | --- |
| 29.2 | All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments<br>and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in<br>such manner as the Directors shall determine by resolution. |
| --- | --- |
| 29.3 | The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any<br>Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions<br>to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance. |
| --- | --- |
24
| 29.4 | The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its<br>undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock,<br>mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of<br>any third party. |
|---|---|
| 30 | Appointment and Removal of Directors |
| --- | --- |
| 30.1 | Subject to Article 28, prior to the closing of a Business Combination, the Company may by Ordinary Resolution<br>of the holders of the Class B Shares appoint any person to be a Director or may by Ordinary Resolution of the holders of the Class B Shares<br>remove any Director. For the avoidance of doubt, prior to the closing of a Business Combination, holders of Class A Shares shall have<br>no right to vote on the appointment or removal of any Director. |
| --- | --- |
| 30.2 | Subject to Article 28, the Directors may appoint any person to be a Director, either to fill a vacancy<br>or as an additional Director. |
| --- | --- |
| 30.3 | Subject to Article 28, after the consummation of a Business Combination, the Company may by Ordinary Resolution<br>appoint any person to be a Director or may by Ordinary Resolution remove any Director. |
| --- | --- |
| 30.4 | The Directors shall be divided into three (3) classes designated as Class I, Class II and Class III, respectively.<br>Directors shall be assigned to each class in accordance with a resolution or resolutions adopted by the board of Directors. At the first<br>annual general meeting of the Company, the term of office of the Class I Directors shall expire and Class I Directors shall be elected<br>for a full term of three (3) years. At the second annual general meeting of the Company, the term of office of the Class II Directors<br>shall expire and Class II Directors shall be elected for a full term of three (3) years. At the third annual general meeting of the Company,<br>the term of office of the Class III Directors shall expire and Class III Directors shall be elected for a full term of three (3) years.<br>At each succeeding annual general meeting of the Company, Directors shall be elected for a full term of three (3) years to succeed the<br>Directors of the class whose terms expire at such annual general meeting. Notwithstanding the foregoing provisions of this Article, each<br>Director shall hold office until the expiration 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 the board of Directors shall shorten the term<br>of any incumbent Director. |
| --- | --- |
| 31 | Vacation of Office of Director |
| --- | --- |
| 31.1 | The office of a Director shall be vacated if: |
| --- | --- |
| (a) | the Director gives notice in writing to the Company that he resigns the office of Director; or |
| --- | --- |
| (b) | the Director absents himself (for the avoidance of doubt, without being represented by proxy) from three<br>consecutive meetings of the board of Directors without special leave of absence from the Directors, and the Directors pass a resolution<br>that he has by reason of such absence vacated office; or |
| --- | --- |
25
| (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, either by a resolution passed by all of the other Directors at a meeting of<br> the Directors duly convened and held in accordance with the Articles or by a resolution in<br> writing signed by all of the other Directors. |
| --- | --- |
| 32 | Proceedings of Directors |
| --- | --- |
| 32.1 | 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. |
| --- | --- |
| 32.2 | Subject<br> to the provisions of the Articles, the Directors may regulate their proceedings as they think<br> fit. Questions arising at any meeting shall be decided by a majority of votes. In the case<br> of an equality of votes, the chairman shall have a second or casting vote. |
| --- | --- |
| 32.3 | 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. |
| --- | --- |
| 32.4 | 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. |
| --- | --- |
| 32.5 | 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. |
| --- | --- |
| 32.6 | 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. |
| --- | --- |
26
| 32.7 | The<br> Directors may elect a chairman of their board and determine the period for which he is to<br> hold office; but if no such chairman is elected, or if at any meeting the chairman is not<br> present within five minutes after the time appointed for the meeting to commence, the Directors<br> present may choose one of their number to be chairman of the meeting. |
|---|---|
| 32.8 | 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. |
| --- | --- |
| 32.9 | 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. |
| --- | --- |
| 33 | Presumption 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.
| 34 | Directors’ Interests |
|---|---|
| 34.1 | 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. |
| --- | --- |
| 34.2 | 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. |
| --- | --- |
| 34.3 | 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. |
| --- | --- |
27
| 34.4 | 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. |
|---|---|
| 34.5 | 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. |
| --- | --- |
| 35 | 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.
| 36 | Delegation of Directors’ Powers |
|---|---|
| 36.1 | 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, if established). Any such delegation may be made subject<br> to any conditions the Directors may impose and either collaterally with or to the exclusion<br> of their own powers and any such delegation may be revoked or altered by the Directors. Subject<br> to any such conditions, the proceedings of a committee of Directors shall be governed by<br> the Articles regulating the proceedings of Directors, so far as they are capable of applying. |
| --- | --- |
| 36.2 | 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. |
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| 36.3 | The<br> Directors may adopt formal written charters for committees and, if so adopted, shall review<br> and assess the adequacy of such formal written charters on an annual basis or as may be required<br> from time to time 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. Each of these committees shall be empowered to do all things necessary to<br> exercise the rights of such committee set forth in the Articles and shall have such powers<br> as the Directors may delegate pursuant to the Articles and as required by 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. Each of the Audit Committee,<br> the Compensation Committee and the Nominating and Corporate Governance Committee, if established,<br> shall consist of such number of Directors as the Directors shall from time to time determine<br> (or such minimum number as may be required from time to time by 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). For so long as any class<br> of Shares is listed on the Designated Stock Exchange, the Audit Committee, the Compensation<br> Committee and the Nominating and Corporate Governance Committee, if established, shall be<br> made up of such number of Independent Directors as is required from time to time by the rules<br> and regulations of the Designated Stock Exchange, the Securities and Exchange Commission<br> and/or any other competent regulatory authority or otherwise under Applicable Law, subject<br> to any applicable exemptions thereof. |
|---|---|
| 36.4 | 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. |
| --- | --- |
| 36.5 | 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. |
| --- | --- |
| 36.6 | 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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29
| 37 | No 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.
| 38 | Remuneration of Directors |
|---|---|
| 38.1 | The<br> remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors<br> shall determine. The Directors shall also, whether prior to or after the consummation of<br> a Business Combination, be entitled to be paid all travelling, hotel and other expenses properly<br> incurred by them in connection with their attendance at meetings of Directors or committees<br> of Directors, or general meetings of the Company, or separate meetings of the holders of<br> any class of Shares or debentures of the Company, or otherwise in connection with the business<br> of the Company or the discharge of their duties as a Director, or to receive a fixed allowance<br> in respect thereof as may be determined by the Directors, or a combination partly of one<br> such method and partly the other. |
| --- | --- |
| 38.2 | 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. |
| --- | --- |
| 39 | Seal |
| --- | --- |
| 39.1 | 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. |
| --- | --- |
| 39.2 | 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. |
| --- | --- |
| 39.3 | 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. |
| --- | --- |
| 40 | Dividends, Distributions and Reserve |
| --- | --- |
| 40.1 | 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. |
| --- | --- |
30
| 40.2 | 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. |
|---|---|
| 40.3 | 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. |
| --- | --- |
| 40.4 | 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. |
| --- | --- |
| 40.5 | 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. |
| --- | --- |
| 40.6 | 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. |
| --- | --- |
| 40.7 | 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. |
| --- | --- |
| 40.8 | No<br> Dividend or other distribution shall bear interest against the Company. |
| --- | --- |
31
| 40.9 | 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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| 41 | Capitalisation |
| --- | --- |
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.
| 42 | Books of Account |
|---|---|
| 42.1 | 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. |
| --- | --- |
| 42.2 | 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. |
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| 42.3 | 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. |
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| 43 | Audit |
| --- | --- |
| 43.1 | The<br> Directors may appoint an Auditor of the Company who shall hold office on such terms as the<br> Directors determine. |
| --- | --- |
| 43.2 | 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. |
| --- | --- |
| 43.3 | 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. |
| --- | --- |
| 43.4 | The<br> remuneration of the Auditor shall be fixed by the Audit Committee (if one exists). |
| --- | --- |
| 43.5 | 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. |
| --- | --- |
| 43.6 | 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. |
| --- | --- |
| 43.7 | 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. |
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33
| 43.8 | Any<br> payment made to members of the Audit Committee (if one exists) shall require the review and<br> approval of the Directors, with any Director interested in such payment abstaining from such<br> review and approval. |
|---|---|
| 43.9 | The<br> Audit Committee shall monitor compliance with the terms of the IPO and, if any non-compliance<br> is identified, the Audit Committee shall be charged with the responsibility to take all action<br> necessary to rectify such non-compliance or otherwise cause compliance with the terms of<br> the IPO. |
| --- | --- |
| 43.10 | At<br> least one member of the Audit Committee shall be an “audit committee financial expert”<br> as determined 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 “audit committee financial expert” shall have such past employment<br> experience in finance or accounting, requisite professional certification in accounting,<br> or any other comparable experience or background which results in the individual’s<br> financial sophistication. |
| --- | --- |
| 44 | Notices |
| --- | --- |
| 44.1 | 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. |
| --- | --- |
| 44.2 | 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; |
| --- | --- |
| (b) | post;<br> service of the notice shall be deemed to be effected by properly addressing, pre paying 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; |
| --- | --- |
| (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; and |
| --- | --- |
34
| (e) | placing<br> it on the Company’s Website; service of the notice shall be deemed to have been effected<br> one hour after the notice or document was placed on the Company’s Website. |
|---|---|
| 44.3 | 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. |
| --- | --- |
| 44.4 | 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. |
| --- | --- |
| 45 | Winding Up |
| --- | --- |
| 45.1 | 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. |
| --- | --- |
| 45.2 | 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. |
| --- | --- |
35
| 46 | Indemnity and Insurance |
|---|---|
| 46.1 | 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 to the fullest extent permitted by Applicable Law be indemnified out of<br> the assets of the Company against any liability, action, proceeding, claim, demand, costs,<br> damages or expenses, including legal expenses, whatsoever which they or any of them may incur<br> as a result of any act or failure to act in carrying out their functions other than such<br> liability (if any) that they may incur by reason of their own actual fraud, wilful neglect<br> or wilful default. No Indemnified Person shall be liable to the Company for any loss or damage<br> incurred by the Company as a result (whether direct or indirect) of the carrying out of their<br> functions unless that liability arises through the actual fraud, wilful neglect or wilful<br> default of such Indemnified Person. No person shall be found to have committed actual fraud,<br> wilful neglect or wilful default under this Article unless or until a court of competent<br> jurisdiction shall have made a finding to that effect. |
| --- | --- |
| 46.2 | 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. |
| --- | --- |
| 46.3 | 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. |
| --- | --- |
| 46.4 | 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. |
| --- | --- |
36
| 47 | Financial Year |
|---|
Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.
| 48 | Transfer by Way of Continuation |
|---|
The Company may by resolution of the Directors resolve to be registered by way of continuation in a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing (including, but not limited to, the approval of the organisational documents to be adopted by the Company in such other jurisdiction to the extent applicable). In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.
| 49 | Mergers and Consolidations |
|---|
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.
| 50 | Business Combination |
|---|---|
| 50.1 | 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. |
| --- | --- |
| 50.2 | Prior<br> to the consummation of a Business Combination, the Company shall either: |
| --- | --- |
| (a) | submit<br> such Business Combination to its Members for approval; or |
| --- | --- |
| (b) | provide<br> Members with the opportunity to have their Shares repurchased by means of a tender offer<br> for a per-Share repurchase price payable in cash, equal to the aggregate amount then on deposit<br> in the Trust Account, calculated as of two business days prior to the consummation of such<br> Business Combination, including interest earned on the Trust Account (net of Permitted Withdrawals)<br> divided by the number of then issued Public Shares. |
| --- | --- |
37
| 50.3 | 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 proposed Business Combination, it shall file tender<br> offer documents with the Securities and Exchange Commission prior to completing such Business<br> Combination which contain substantially the same financial and other information about such<br> Business Combination and the redemption rights as is required under Regulation 14A of the<br> Exchange Act. If, alternatively, the Company holds a general meeting to approve a proposed<br> Business Combination, the Company will conduct any redemptions in conjunction with a proxy<br> solicitation pursuant to Regulation 14A of the Exchange Act, and not pursuant to the tender<br> offer rules, and file proxy materials with the Securities and Exchange Commission. |
|---|---|
| 50.4 | 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. |
| --- | --- |
| 50.5 | 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 proposed Business Combination, elect to have their Public<br> Shares redeemed for cash in accordance with any applicable requirements provided for in the<br> related proxy materials (the IPO Redemption), including, without limitation, such<br> requirements with respect to the deadline for making such election (the Election Deadline),<br> provided that (a) no such Member, together with any Affiliate of such Member or any other<br> person with whom such Member is acting in concert or as a “group” (as defined<br> under Section 13 of the Exchange Act) may exercise this redemption right with respect to<br> more than fifteen per cent (15%) of the Public Shares in the aggregate without the prior<br> consent of the Company and (b) if the Company requires in its sole discretion, any holder<br> that holds Public Shares beneficially through a nominee must identify itself to the Company<br> in connection with any redemption election in order to validly redeem such Public Shares.<br> Notwithstanding the foregoing sentence, the board of Directors may, at any time and either<br> before or after the initially scheduled vote on a Business Combination, in its sole discretion<br> extend the Election Deadline to a later date and may extend an Election Deadline which has<br> already been extended. If so demanded, the Company shall pay any such redeeming Member, regardless<br> of whether he is abstaining from voting on or voting for or against such proposed Business<br> Combination, a per-Share redemption price payable in cash, equal to the aggregate amount<br> then on deposit in the Trust Account calculated as of two business days prior to the consummation<br> of the Business Combination, including interest earned on the Trust Account (net of Permitted<br> Withdrawals), divided by the number of then issued Public Shares (such redemption price being<br> referred to herein as the Redemption Price), subject to Applicable Law, but only in<br> the event that the applicable proposed Business Combination is approved and consummated. |
| --- | --- |
| 50.6 | 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). |
| --- | --- |
| 50.7 | In<br> the event that the Company does not consummate a Business Combination within the Completion<br> Window, the Company shall: |
| --- | --- |
| (a) | cease<br> all operations except for the purpose of winding up; |
| --- | --- |
38
| (b) | as<br> promptly as reasonably possible but not more than ten (10) business days thereafter, subject<br> to lawfully available funds, redeem the Public Shares, at a per-Share price, payable in cash,<br> equal to the aggregate amount then on deposit in the Trust Account, including interest earned<br> on the Trust Account (which interest shall be net of Permitted Withdrawals and less up to<br> $100,000 of interest to pay dissolution expenses), divided by the number of Public Shares<br> then in issue, which redemption will completely extinguish public Members’ rights as<br> Members (including the right to receive further liquidation distributions, if any) subject<br> to applicable law; and |
|---|---|
| (c) | as<br> promptly as reasonably possible following such redemption, subject to the approval of the<br> Company’s remaining Members and the Directors, liquidate and dissolve, |
| --- | --- |
subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of Applicable Law.
| 50.8 | In<br> the event that any amendment is made to the Articles: |
|---|---|
| (a) | in<br> a manner that would affect the substance or timing of the Company’s obligation to redeem<br> one hundred per cent (100%) of the Public Shares if the Company has not consummated a Business<br> Combination within the Completion Window; or |
| --- | --- |
| (b) | with<br> respect to any other material provisions relating to (i) the rights of holders of Class A<br> Shares; or (ii) pre-initial Business Combination activity, |
| --- | --- |
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 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 earned on the Trust Account (which interest shall be net of taxes, if any, payable), divided by the number of Public Shares then in issue, subject to Applicable Law.
| 50.9 | Except<br> for any amounts released to the Company for Permitted Withdrawals, none of the funds in the<br> Trust Account shall be released from the Trust Account until the earlier of: (i) an IPO Redemption<br> pursuant to Article 50.5; (ii) a repurchase of Shares by means of a tender offer pursuant<br> to Article 50.2(b); (iii) a distribution of the Trust Account pursuant to Article 50.7 or<br> (iv) an amendment under Article 50.8. A holder of Public Shares shall be entitled to receive<br> distributions from the Trust Account only in the event of (i) to (iv) under this Article<br> 50.9. In no other circumstance shall a holder of Public Shares have any right or interest<br> of any kind in the Trust Account. |
|---|---|
| 50.10 | Except<br> in connection with the conversion of Class B Shares into Class A Shares pursuant to Article<br> 17 where the holders of such Shares have waived any right to receive funds from the Trust<br> Account, after the issue of Public Shares, and prior to the consummation of a Business Combination,<br> the Company shall not issue additional Shares or any other securities that would entitle<br> the holders thereof to: |
| --- | --- |
| (a) | receive<br> funds from the Trust Account; or |
| --- | --- |
39
| (b) | vote<br> as a class with Public Shares on a Business Combination. |
|---|---|
| 50.11 | 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. |
| --- | --- |
| 50.12 | 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. |
| --- | --- |
| 50.13 | 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. |
| --- | --- |
| 51 | Certain Tax Filings |
| --- | --- |
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.
| 52 | Business Opportunities |
|---|---|
| 52.1 | To<br> the fullest extent permitted by Applicable Law, no individual serving as a Director or an<br> Officer shall have any duty, except and to the extent expressly assumed by contract, to refrain<br> from engaging directly or indirectly in the same or similar business activities or lines<br> of business as the Company. To the fullest extent permitted by Applicable Law, the Company<br> renounces any interest or expectancy of the Company in, or in being offered an opportunity<br> to participate in, any potential transaction or matter which (a) may be a corporate opportunity<br> for any Director or Officer, on the one hand, and the Company, on the other or (b) the presentation<br> of which would breach an existing legal obligation of a Director or an Officer to any other<br> entity. Except to the extent expressly assumed by contract, to the fullest extent permitted<br> by Applicable Law, no Director or Officer shall have any duty to communicate or offer any<br> such corporate opportunity to the Company and shall not be liable to the Company or its Members<br> for breach of any fiduciary duty as a Member, Director and/or Officer solely by reason of<br> the fact that such party pursues or acquires such corporate opportunity for itself, himself<br> or herself, directs such corporate opportunity to another person, or does not communicate<br> information regarding such corporate opportunity to the Company. |
| --- | --- |
40
| 52.2 | Except<br> as provided elsewhere in this Article, to the fullest extent permitted by Applicable Law<br> the Company hereby renounces any interest or expectancy of the Company in, or in being offered<br> an opportunity to participate in, any potential transaction or matter which may be a corporate<br> opportunity for both the Company and a Director or an Officer , about which a Director and/or<br> Officer acquires knowledge. |
|---|---|
| 52.3 | 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. |
| --- | --- |
| 52.4 | 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. |
| --- | --- |
| 53 | Exclusive Jurisdiction |
| --- | --- |
| 53.1 | 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: |
| --- | --- |
| (a) | any<br> derivative action or proceeding brought on behalf of the Company; |
| --- | --- |
| (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; |
| --- | --- |
| (c) | any<br> action asserting a claim arising pursuant to any provision of the Statute, the Memorandum<br> or the Articles; or |
| --- | --- |
| (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). |
| --- | --- |
| 53.2 | Each<br> Member irrevocably submits to the exclusive jurisdiction of the courts of the Cayman Islands<br> over all such claims or disputes. |
| --- | --- |
| 53.3 | 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. |
| --- | --- |
| 53.4 | This<br> Article 53 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 Exchange Act, or any claim for<br> which the federal district courts of the United States of America are, as a matter of the<br> laws of the United States, the sole and exclusive forum for determination of such a claim. |
| --- | --- |
41
Exhibit4.1
Certain personally identifiable information has been omitted from this exhibit pursuant to
item 601(a)(6) of Regulation S-K. [***] indicates that information has been redacted.
ExecutionVersion
WARRANTAGREEMENT
THISWARRANT AGREEMENT (this “Agreement”), dated as of February 3, 2026, is by and between Colombier Acquisition Corp. III, 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,” and also referred to herein as the “Transfer Agent”).
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 AShares”) and one-eighth of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver 3,250,000 warrants (or up to 3,737,500 warrants if the underwriters’ over-allotment option (the “Over-allotment Option”) is exercised in full) to public investors in the Offering (the “Public Warrants”);
WHEREAS, the Company entered into that certain Private Placement Units Purchase Agreement with Colombier Sponsor III LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 150,000 private placement units (including if the Over-allotment Option is exercised in full) simultaneously with the closing of the Offering (the “PrivatePlacement Units”), each Private Placement Unit comprised of one Class A Share and one-eighth of one Private Placement Warrant (as defined below), at a purchase price of $10.00 per Private Placement Unit, and in connection therewith, the issuance of 18,750 warrants (including if the Over-allotment Option is exercised in full) underlying the Private Placement Units (the “Private PlacementWarrants”), each bearing the legend set forth in Exhibit A hereto;
WHEREAS, the Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”);
WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or the Company’s officers and directors (collectively, the “Initial Purchasers”) may, but are not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,000,000 warrants at a price of $1.50 per warrant (the “Working Capital Warrants” and, together with the Public Warrants and the Private Placement Warrants, the “Warrants”), which will be identical to the Private Placement Warrants;
WHEREAS, each whole Warrant entitles the holder thereof to purchase one Class A Share at a price of $11.50 per share, subject to adjustment as described herein;
WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-290932 (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 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, 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:
| 1. | Appointment<br> of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant<br> Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this<br> Agreement. |
|---|---|
| 2. | Warrants. |
| --- | --- |
| 2.1. | Form<br> of Warrant. Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, shall be in substantially<br> the form of Exhibit B hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile<br> signature of, the Chairperson of the Company’s board of directors (the “Board”), President, Chief<br> Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile<br> signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before<br> 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.<br> All of the Public Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry Warrant Certificate”). |
| --- | --- |
| 2.2. | Effect<br> of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this<br> Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof. |
| --- | --- |
| 2.3. | Registration. |
| --- | --- |
| 2.3.1. | Warrant<br> Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original<br> issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue<br> and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions<br> delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially be represented by one or more Book-Entry<br> Warrant Certificates deposited with The Depository Trust Company (the “Depositary”) and registered in the<br> name of Cede & Co., a nominee of the Depositary. Ownership of beneficial interests in the Public Warrants shall be shown on,<br> and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry<br> Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution, with respect to a Warrant<br> in its account, a “Participant”). |
| --- | --- |
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 Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“DefinitiveWarrant Certificate”). Such Definitive Warrant Certificate shall be in the form annexed hereto as Exhibit B, with appropriate insertions, modifications and omissions, as provided above.
| 2.3.2. | Registered<br> Holder. Prior to due presentment for registration of transfer of any Warrant, the Company<br> and the Warrant Agent may deem and treat the person in whose name such Warrant is registered<br> in the Warrant Register (the “Registered Holder”) as the absolute<br> owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation<br> of ownership or other writing on a Definitive Warrant Certificate made by anyone other than<br> the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other<br> purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to<br> the contrary. |
|---|
2
| 2.4. | Detachability of Warrants.<br> The Class A Shares and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the<br> 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<br> are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day<br> following such date, or earlier (the “Detachment Date”) with the consent of Roth Capital Partners, LLC,<br> as representative of the several underwriters (the “Representative”), but in no event shall the Class A Shares<br> and the Public Warrants comprising the Units be separately traded until the Company issues a press release and files with the Commission<br> a Current Report on Form 8-K announcing when such separate trading shall begin. The Private Placement Units shall be eligible to be<br> separated into their component Class A Shares and Warrants on the Detachment Date. Holders of Warrants shall contact the Transfer Agent<br> in order to effect such separation. |
|---|---|
| 2.5. | No Fractional Warrants<br> Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of the Units, each of which is<br> comprised of one Class A Share and one-eighth of one Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise,<br> a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the<br> number of Warrants to be issued to such holder. |
| 2.6. | Private<br> Placement Warrants and Working Capital Warrants. The Private Placement Warrants and Working Capital Warrants shall be identical<br> to the Public Warrants, except that until the completion by the Company of an initial Business Combination, the Private Placement<br> Warrants and the Working Capital Warrants may not be transferred, assigned or sold by the holders thereof, other than: |
| --- | --- |
| 2.6.1. | to the<br> Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members<br> of the Sponsor or their affiliates or any affiliates of the Sponsor; |
| --- | --- |
| 2.6.2. | in the<br> case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is<br> a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; |
| --- | --- |
| 2.6.3. | in the<br> case of an individual, by virtue of the laws of descent and distribution upon death of such person; |
| --- | --- |
| 2.6.4. | in the<br> case of an individual, pursuant to a qualified domestic relations order; |
| --- | --- |
| 2.6.5. | by virtue<br> of the laws of Delaware or the limited liability company agreement of the Sponsor upon dissolution of the Sponsor; |
| 2.6.6. | by private<br> sales or transfers made in connection with any forward purchase agreement or similar arrangement, in connection with an extension<br> of the timeframe for the Company to consummate a Business Combination or in connection with the consummation of an initial Business<br> Combination at prices no greater than the price at which the Warrants were originally purchased; |
| --- | --- |
| 2.6.7. | by pro<br> rata distributions from the Sponsor to its respective members, partners or stockholders pursuant to the Sponsor’s limited liability<br> company agreement or other charter documents; |
| 2.6.8. | in the<br> event of the Company’s liquidation prior to the consummation of a Business Combination; |
| --- | --- |
| 2.6.9. | to a nominee<br> or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses 2.6.1 through 2.6.7<br> above; |
| --- | --- |
| 2.6.10 | to<br> the Company for no value for cancellation in connection with the consummation of an initial Business Combination; and |
3
| 2.6.11. | in the<br> event that, subsequent to the consummation of an initial Business Combination, the Company completes a liquidation, merger, share<br> exchange or other similar transaction which results in all of its shareholders having the right to exchange their Class A Shares<br> for cash, securities or other property; |
|---|
provided, however, that, in the case of clauses 2.6.1 through 2.6.7, and 2.6.9 these transferees (the “PermittedTransferees”) enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement and the other restrictions contained in the letter agreement, dated as of the date hereof, by and among the Company, the Sponsor, the Representative and the Company’s officers and directors.
| 2.7. | Working Capital Warrants. Each of the Working<br> Capital Warrants shall be identical to the Private Placement Warrants. |
|---|---|
| 3. | Terms<br> and Exercise of Warrants. |
| --- | --- |
| 3.1. | Warrant<br> Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,<br> including without limitation, subsection 3.3.5, to purchase from the Company the number of Class A Shares stated therein,<br> at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this<br> Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash<br> or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior<br> sentence at which the Class A Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may<br> 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<br> Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable<br> law), provided, that the Company shall provide at least three (3) days’ prior written notice of such reduction to Registered<br> Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants. |
| --- | --- |
| 3.2. | Duration<br> of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing on<br> the date on which the Company completes a Business Combination, and terminating on the earliest to occur of: (x) 5:00 p.m., New York<br> City time on the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y)<br> the liquidation of the Company, and (z) with respect to a redemption pursuant to Section 6.1 hereof, 5:00 p.m., New York City<br> time on the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”);<br> provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as<br> set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being<br> available. Each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and<br> 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<br> in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall<br> provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided<br> further that any such extension shall be identical in duration among all the Warrants. |
| --- | --- |
4
| 3.3. | Exercise<br> of Warrants. |
|---|---|
| 3.3.1. | Payment.<br> Subject to the provisions of the Warrant and this Agreement, including without limitation, subsection 3.3.5, a Warrant may<br> be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive<br> Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to<br> be exercised (the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant<br> Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an<br> election to purchase (“Election to Purchase”) Class A Shares pursuant to the exercise of a Warrant, properly<br> completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry<br> Warrant Certificate, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) payment<br> in full of the Warrant Price for each Class A Share as to which the Warrant is exercised and any and all applicable taxes due in<br> connection with the exercise of the Warrant, the exchange of the Warrant for the Class A Shares and the issuance of such Class A<br> Shares, as follows: |
| --- | --- |
| (a) | in lawful<br> money of the United States, in good bank draft or good certified check payable to the order of the Warrant Agent or by wire<br> transfer of immediately available funds; |
| --- | --- |
| (b) | in the<br> event of a redemption pursuant to Section 6 hereof in which the Board has elected to require all holders of the Warrants to<br> exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Class A Shares equal to<br> the quotient obtained by dividing (x) the product of the number of Class A Shares underlying the Warrants, multiplied by the excess<br> of the “Fair Market Value,” as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market<br> Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean<br> the average reported closing price of the Class A Shares for the ten (10) trading days ending on the third (3^rd^) trading<br> day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;<br> or |
| (c) | on a cashless<br> basis as provided in Section 7.4 hereof. |
| --- | --- |
5
| 3.3.2. | Issuance<br> of Class A Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment<br> of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of<br> such Warrant a book-entry position or certificate, as applicable, for the number of Class A Shares to which he, she or it is entitled,<br> registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,<br> a new book-entry position or countersigned Warrant, as applicable, for the number of Class A Shares as to which such Warrant shall<br> not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall<br> be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate,<br> evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated<br> to deliver any Class A Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise<br> unless a registration statement under the Securities Act with respect to the Class A Shares underlying the Public Warrants is then<br> effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section<br> 7.4 or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not be obligated<br> to issue Class A Shares upon exercise of a Warrant unless the Class A Shares issuable upon such Warrant exercise have been registered,<br> qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered<br> Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect<br> to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant. In no event will the Company be required<br> to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless<br> basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis,” the holder<br> of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a Class A Share, the Company<br> shall round down to the nearest whole number, the number of Class A Shares to be issued to such holder. |
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| 3.3.3. | Valid<br> Issuance. All Class A Shares issued upon the proper exercise of a Warrant in conformity with this Agreement and registered in<br> the Company’s register of members shall be validly issued, fully paid, and non-assessable. |
| --- | --- |
| 3.3.4. | Date of<br> Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Class A Shares is issued shall<br> for all purposes be deemed to have become the holder of record of such Class A Shares on the date on which the issuance of the Class A Shares are entered into the register of members of the Company. |
| --- | --- |
6
| 3.3.5. | Maximum<br> Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained<br> in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he,<br> 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<br> Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise,<br> such person (together with such person’s affiliates) or any “group” of which the holder or its affiliate is a member,<br> would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)(the “Maximum Percentage”)<br> of the Class A Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate<br> number of Class A Shares beneficially owned by such person and its affiliates, or any group of which such person and its affiliates<br> is a member, shall include the number of Class A Shares issuable upon exercise of the Warrant with respect to which the determination<br> of such sentence is being made, but shall exclude Class A Shares that would be issuable upon (x) exercise of the remaining, unexercised<br> portion of the Warrant beneficially owned by such person and its affiliates, or any group of which any such person or its affiliates<br> is a member, and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially<br> owned by such person and its affiliates, or any group of which such person or its affiliates is a member (including, without limitation,<br> any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to<br> the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership<br> shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the applicable regulations of the Commission. For purposes hereof, “group” has the meaning set<br> forth in Section 13(d) of the Exchange Act and applicable regulations of the Commission, and the percentage held by the holder shall<br> be determined in a manner consistent with the provisions of Section 13(d) of the Exchange Act. To the extent that a holder makes<br> the election described in this subsection 3.3.5, the Warrant Agent shall not effect the exercise of the holder’s Warrant,<br> and such holder shall not have the right to exercise such Warrant unless it provides to the Warrant Agent in its Election to Purchase,<br> a certification that, upon after giving effect to such exercise, such person (together with such person’s affiliates) or any<br> “group” of which such holder or its affiliates is a member, would not beneficially own in excess of the Maximum Percentage<br> of the Class A Shares outstanding immediately after giving effect to such exercise as determined in accordance with this subsection<br> 3.3.5. For purposes of the Warrant, in determining the number of outstanding Class A Shares, the holder may rely on the number<br> of outstanding Class A Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on<br> 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<br> by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of Class A Shares outstanding.<br> For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days,<br> confirm orally and in writing to such holder the number of Class A Shares then outstanding. In any case, the number of outstanding<br> Class A Shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder<br> and its affiliates since the date as of which such number of outstanding Class A Shares was reported. By written notice to the Company,<br> the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other<br> percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first<br> (61st) day after such notice is delivered to the Company. |
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7
| 4. | Adjustments. |
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| 4.1. | Share<br> Capitalizations. |
| --- | --- |
| 4.1.1. | Sub-division.<br> If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding Class A Shares is<br> increased by a share capitalization payable in Class A Shares, or by a sub-division of Class A Shares or other similar event, then,<br> on the effective date of such share capitalization, sub-division or similar event, the number of Class A Shares issuable on exercise<br> of each Warrant shall be increased in proportion to such increase in the outstanding Class A Shares. A rights offering made to all<br> or substantially all holders of the Class A Shares entitling holders to purchase Class A Shares at a price less than the “Historical<br> Fair Market Value” (as defined below) shall be deemed a share capitalization of a number of Class A Shares equal to the product<br> of (i) the number of Class A Shares actually sold in such rights offering (or issuable under any other equity securities sold in<br> such rights offering that are convertible into or exercisable for Class A Shares) and (ii) one (1) minus the quotient of (x) the<br> price per Class A Share paid in such rights offering divided by (y) the Historical Fair Market Value. For purposes of this subsection<br> 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Class A Shares, in determining the price<br> payable for Class A Shares, there shall be taken into account any consideration received for such rights, as well as any additional<br> amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted<br> average price of the Class A Shares as reported during the ten (10) trading day period ending on the trading day prior to the first<br> date on which the Class A Shares trade on the applicable exchange or in the applicable market, regular way, without the right to<br> receive such rights. No Class A Shares shall be issued at less than their par value. |
| --- | --- |
| 4.1.2. | Extraordinary<br> Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution<br> in cash, securities or other assets to all or substantially all of the holders of Class A Shares on account of such Class A Shares<br> (or other shares of the Company’s share capital into which the Warrants are convertible), other than (a) as described in subsection<br> 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of Class A Shares<br> in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of Class A Shares<br> in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (as<br> amended from time to time, the “Charter”) (A) to modify the substance or timing of the Company’s<br> obligation to allow redemption in connection with the Company’s initial business combination or to redeem 100% of the Class<br> A Shares included in the Units sold in the Offering (the “Public Shares”) if the Company does not complete<br> the Business Combination within the period set forth in the Charter or (B) with respect to any other material provisions relating<br> to shareholders’ rights or pre-initial Business Combination activity or (e) in connection with the redemption of Public Shares<br> upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its<br> liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then<br> the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount<br> 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<br> A Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends”<br> means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash<br> dividends and cash distributions paid on the Class A Shares during the 365-day period ending on the date of declaration of such dividend<br> or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4<br> and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Class<br> A Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering)<br> but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50. Solely for<br> purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35<br> and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Class A Shares during the 365-day period<br> ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately after<br> the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of<br> all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater<br> of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior<br> to such $0.35 dividend)). |
8
| 4.2. | Aggregation<br> of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of outstanding Class<br> A Shares is decreased by a consolidation, combination, reverse share sub-division or reclassification of Class A Shares or other<br> similar event, then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification or similar<br> event, the number of Class A Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding<br> Class A Shares. |
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| 4.3. | Adjustments<br> in Warrant Price. |
| --- | --- |
| 4.3.1. | Whenever<br> the number of Class A Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or<br> Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately<br> prior to such adjustment by a fraction (x) the numerator of which shall be the number of Class A Shares purchasable upon the exercise<br> of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Class A Shares so purchasable<br> immediately thereafter. |
| --- | --- |
| 4.3.2. | Intentionally<br>Omitted. |
| 4.4. | Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Class A Shares (other than a change covered by subsections 4.1.1, 4.1.2 or Section 4.2 hereof or that solely affects the par value of such Class A Shares), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation and is not a subsidiary of another entity whose shareholders did not own all or substantially all of the Class A Shares of the Company in substantially the same proportions immediately before such transaction and that does not result in any reclassification or reorganization of the outstanding Class A Shares), or in the case of any sale or conveyance to another 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 Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other 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”). If any reclassification or reorganization also results in a change in Class A 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 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant. |
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9
| 4.5. | Notices<br> of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Class A Shares issuable upon exercise of a<br> Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting<br> from such adjustment and the increase or decrease, if any, in the number of Class A Shares purchasable at such price upon the exercise<br> of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon<br> the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, the Company shall give written<br> 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<br> Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect<br> the legality or validity of such event. |
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| 4.6. | No<br> Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional<br> Class A Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder<br> of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall,<br> upon such exercise, round down to the nearest whole number the number of Class A Shares to be issued to such holder. |
| --- | --- |
| 4.7. | Form<br> of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants<br> issued after such adjustment may state the same Warrant Price and the same number of Class A Shares as is stated in the Warrants<br> initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make<br> any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant<br> thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form<br> as so changed. |
| --- | --- |
| 4.8. | Other<br> Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of<br> this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i)<br> avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,<br> the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national<br> standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary<br> to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of<br> such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended<br> in such opinion. For the avoidance of doubt, all adjustments made pursuant to this Section 4.8 shall be made equally to all<br> outstanding Warrants. |
| --- | --- |
| 4.9. | No Adjustment. For<br> the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion<br> ratio of the Company’s Class B ordinary shares (the “Class B Ordinary Shares”) into Class A Shares<br> or the conversion of the Class B Ordinary Shares into Class A Shares, in each case, pursuant to the Charter. |
| --- | --- |
| 5. | Transfer and Exchange of Warrants. |
| --- | --- |
| 5.1. | Registration<br> of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,<br> upon surrender of such Warrant for transfer, in the case of a certificated Warrant, properly endorsed with signatures properly guaranteed<br> and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number<br> of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the<br> Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. |
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10
| 5.2. | Procedure<br> for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or<br> transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered<br> Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except<br> as otherwise provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry Warrant<br> Certificate and Definitive Warrant Certificate may be transferred only in whole and only to the Depositary, to another nominee of<br> the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the<br> event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants and the<br> Working Capital Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant<br> Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants<br> must also bear a restrictive legend. |
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| 5.3. | Fractional<br> Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the<br> issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. |
| --- | --- |
| 5.4. | Service<br> Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. |
| --- | --- |
| 5.5. | Warrant<br> Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the<br> terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company,<br> whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such<br> purpose. |
| --- | --- |
| 5.6. | Transfer<br> of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in<br> which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit.<br> Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included<br> in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants<br> on and after the Detachment Date. |
| --- | --- |
| 6. | Redemption. |
| --- | --- |
| 6.1. | Redemption<br> of Warrants for Cash. All, but not less than all, of the outstanding Warrants may be redeemed (in whole and not in part), at<br> the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered<br> Holders of the Warrants, as described in Section 6.2 below, at a Redemption Price (as defined below) of $0.01 per Warrant;<br> provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section<br> 4 hereof) and (b) there is an effective registration statement covering the Class A Shares issuable upon exercise of the Warrants,<br> and a current prospectus relating thereto, available throughout the Measurement Period and the 30-day Redemption Period (each as<br> defined in Section 6.2 below). |
| --- | --- |
| 6.2. | Date<br> Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants<br> pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”).<br> Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to<br> the Redemption Date (such period, the “Redemption Period”) to the Registered Holders of the Warrants to<br> be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided<br> shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this<br> Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant<br> to Sections 6.1 and (b) “Reference Value” shall mean the last reported sales price of the Class<br> A Shares for any twenty (20) trading days within the thirty (30) trading-day period commencing after the completion of the initial<br> Business Combination and ending on the third (3^rd^) trading day prior to the date on which notice of the redemption is<br> given (the “Measurement Period”). |
11
| 6.3. | Exercise<br> After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with<br> Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section<br> 6.2 hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise<br> their Warrants on a “cashless basis” pursuant to subsection 3.3.1(b), the notice of redemption will contain the<br> information necessary to calculate the number of Class A Shares to be received upon exercise of the Warrants, including the “Fair<br> Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date,<br> the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption<br> Price. |
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| 7. | Other<br> Provisions Relating to Rights of Holders of Warrants. |
| --- | --- |
| 7.1. | No<br> Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the<br> Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to<br> vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of<br> the Company or any other matter. |
| --- | --- |
| 7.2. | Lost,<br> Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant<br> 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<br> Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,<br> mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not<br> the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. |
| --- | --- |
| 7.3. | Reservation<br> of Class A Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Class A<br> Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. |
| --- | --- |
| 7.4. | Registration<br> of Class A Shares; Cashless Exercise at Company’s Option. |
| --- | --- |
| 7.4.1. | Registration<br> of the Class A Shares. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days<br> after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission<br> a post-effective amendment to the Registration Statement, or a new registration statement registering, under the Securities Act,<br> the issuance of the Class A Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts<br> to cause the same to become effective and to maintain the effectiveness of such post-effective amendment or registration statement,<br> and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of<br> this Agreement. If any such post-effective or registration statement has not been declared effective by the sixtieth (60th) Business<br> Day following the closing of the initial Business Combination, holders of the Warrants shall have the right, during the period beginning<br> on the sixty-first (61st) Business Day after the closing of the initial Business Combination and ending upon such post-effective<br> amendment or registration statement being declared effective by the Commission, and during any other period when the Company shall<br> fail to have maintained an effective registration statement covering the Class A Shares issuable upon exercise of the Warrants, to<br> exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities<br> Act (or any successor rule) or another exemption) for that number of Class A Shares equal to the quotient obtained by dividing (x)<br> the product of the number of Class A Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value”<br> (as defined below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair<br> Market Value” shall mean the average reported closing price of the Class A Shares as reported during the ten (10) trading day<br> period ending on the third (3^rd^) trading day prior to the date that notice of exercise is received by the Warrant Agent<br> from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise”<br> is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise”<br> of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which<br> shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis”<br> in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Class A Shares<br> issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate<br> (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not<br> be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and<br> until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration<br> obligations under the first three sentences of this subsection 7.4.1. |
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12
| 7.4.2. | Cashless<br> Exercise at Company’s Option. If the Class A Shares are at the time of any exercise of a Warrant not listed on a national<br> securities exchange such that they satisfy the definition of “covered securities” under Section 18(b)(1) of the Securities<br> Act (or any successor rule), the Company may, at its option, require holders of Warrants who exercise their Warrants to exercise<br> such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor<br> rule) as described in subsection 7.4.1 and (i) in the event the Company so elects, the Company shall not be required to file<br> or maintain in effect a registration statement for the registration, under the Securities Act, of the Class A Shares issuable upon<br> exercise of the Warrants, notwithstanding anything in this Agreement to the contrary or (ii) if the Company does not so file or maintain<br> such registration statement, the Company agrees to use its commercially reasonable efforts to register or qualify for sale the Class<br> A Shares issuable upon exercise of the Public Warrants under the applicable blue sky laws of the state of residence of the exercising<br> Public Warrant holder to the extent an exemption is not available. |
|---|---|
| 8. | Concerning<br> the Warrant Agent and Other Matters. |
| --- | --- |
| 8.1. | Payment<br> of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the<br> Warrant Agent in respect of the issuance or delivery of Class A Shares upon the exercise of the Warrants, but the Company shall not<br> be obligated to pay any transfer taxes in respect of the Warrants or such Class A Shares. |
| --- | --- |
| 8.2. | Resignation,<br> Consolidation, or Merger of Warrant Agent. |
| --- | --- |
| 8.2.1. | Appointment<br> of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged<br> from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office<br> of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor<br> Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days<br> 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,<br> with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the<br> 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<br> cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized<br> and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan,<br> City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination<br> by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,<br> immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,<br> without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute<br> and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers,<br> and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute,<br> acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor<br> Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. |
| --- | --- |
| 8.2.2. | Notice<br> of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof<br> to the predecessor Warrant Agent and the Transfer Agent for the Class A Shares not later than the effective date of any such appointment. |
| --- | --- |
| 8.2.3. | Merger<br> or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated<br> or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant<br> Agent under this Agreement without any further act. |
| --- | --- |
13
| 8.3. | Fees<br> and Expenses of Warrant Agent. |
|---|---|
| 8.3.1. | Remuneration.<br> The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant<br> to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may<br> reasonably incur in the execution of its duties hereunder. |
| --- | --- |
| 8.3.2. | Further<br> Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,<br> and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for<br> the carrying out or performing of the provisions of this Agreement. |
| --- | --- |
| 8.4. | Liability of Warrant Agent. |
| --- | --- |
| 8.4.1. | Reliance<br> on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary<br> or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such<br> fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved<br> and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President, Executive Vice President,<br> Vice President, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely<br> 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.<br> The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Company<br> agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out of pocket costs<br> and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except<br> as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith. |
| --- | --- |
| 8.4.3. | Exclusions.<br> The Warrant Agent shall have no responsibility with respect to the validity of this Agreement<br> or with respect to the validity or execution of any Warrant (except its countersignature<br> thereof). The Warrant Agent shall not be responsible for any breach by the Company of any<br> covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall<br> not be responsible to make any adjustments required under the provisions of Section 4<br> hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining<br> of the existence of facts that would require any such adjustment; nor shall it by any act<br> hereunder be deemed to make any representation or warranty as to the authorization or reservation<br> of any Class A Shares to be issued pursuant to this Agreement or any Warrant or as to whether<br> any Class A Shares shall, when issued, be valid and fully paid and non-assessable. |
| --- | --- |
| 8.5. | Acceptance<br> of Agency. The Warrant Agent hereby accepts the agency established by this Agreement<br> and agrees to perform the same upon the terms and conditions herein set forth and among other<br> things, shall account promptly to the Company with respect to Warrants exercised and concurrently<br> account for, and pay to the Company, all monies received by the Warrant Agent for the purchase<br> of Class A Shares through the exercise of the Warrants. |
| --- | --- |
| 8.6. | Waiver.<br> The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)<br> in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the<br> date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,<br> payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby irrevocably waives<br> any and all Claims against the Trust Account, including any monies therein or any distribution therefrom, and any and all rights<br> to seek access to the Trust Account. |
| --- | --- |
14
| 9. | Miscellaneous<br> Provisions. |
|---|---|
| 9.1. | Successors.<br> All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure<br> to the benefit of their respective successors and assigns. |
| --- | --- |
| 9.2. | Notices.<br> 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<br> to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail<br> or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is<br> filed in writing by the Company with the Warrant Agent), as follows: |
| --- | --- |
Colombier Acquisition Corp. III
214 Brazilian Avenue, Suite 200-J
Palm Beach, FL 33480
Attention: Omeed Malik, Chief Executive Officer
Email: [***]
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
1 State Street, 30th Floor
New York, NY 10004
Attention: Compliance Department
Email: [***]
in each case, with copies to:
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas, 11th Floor
New York, New York 10105
Attention: Stuart Neuhauser, Esq.
Email: [***]
Roth Capital Partners, LLC
888 San Clemente Drive
Newport Beach, California 92660
Attention: Byron Roth
Email: [***]
and
Nelson Mullins Riley & Scarborough LLP
101 Constitution Ave NW, Suite 900
Washington, DC 20001
Attention: Jon Talcott
Email: [***]
15
| 9.3. | Applicable<br> Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed<br> 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<br> application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against<br> it arising out of or relating in any way to this Agreement, including the Securities Act, shall be brought and enforced in the courts<br> of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such<br> jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives<br> any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing,<br> the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or<br> any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person<br> or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented<br> to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions<br> 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<br> District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall<br> be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York<br> or the United States District Court for the Southern District of New York in connection with any action brought in any such court<br> to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon<br> such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent<br> for such warrant holder. |
|---|---|
| 9.4. | Persons<br> Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation<br> or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by<br> reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations,<br> promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their<br> successors and assigns and of the Registered Holders of the Warrants. |
| --- | --- |
| 9.5. | Examination<br> of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent<br> in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent<br> may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent. |
| --- | --- |
| 9.6. | Counterparts.<br> This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes<br> be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. |
| --- | --- |
| 9.7. | Effect<br> of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the<br> interpretation thereof. |
| --- | --- |
| 9.8. | Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of (x) curing any ambiguity or to correct any defective provision contained herein, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, (y) adjusting the definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the second sentence of subsection 4.1.2 or (z) adding or changing any other 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 interest of the Registered Holders, and (ii) to provide for the delivery of an Alternative Issuance pursuant to Section 4.4. All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require the vote or written consent of the Registered Holders of 50% of the number of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or Working Capital Warrants or any provision of this Agreement with respect to the Private Placement Warrants, or Working Capital Warrants (including, for the avoidance of doubt, the forfeiture or cancellation of any Private Placement Warrants or Working Capital Warrants), 50% of the number of then outstanding Private Placement Warrants and Working Capital Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. |
| --- | --- |
| 9.9. | Severability.<br> This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect<br> the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid<br> or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as<br> similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. |
| --- | --- |
[SignaturePage Follows]
16
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
| COLOMBIER ACQUISITION CORP. III | ||
|---|---|---|
| By: | /s/<br> Omeed Malik | |
| Name: | Omeed Malik | |
| Title: | Chief<br> Executive Officer | |
| CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent | ||
| By: | /s/ Stacy Aqui | |
| Name: | Stacy Aqui | |
| Title: | Vice<br>President |
[Signaturepage to Warrant Agreement]
17
EXHIBITA
PRIVATEPLACEMENT 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 COLOMBIER ACQUISITION CORP. III (THE “COMPANY”), COLOMBIER SPONSOR III LLC AND THE OTHER SIGNATORIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) 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.
EXHIBITB
[Form of Warrant Certificate]
[FACE]
Number
Warrants
THISWARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TOTHE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THEWARRANT AGREEMENT DESCRIBED BELOWCOLOMBIER ACQUISITION CORP. III
IncorporatedUnder the Laws of the Cayman Islands
CUSIP G2284A 111
WarrantCertificate
ThisWarrant Certificate certifies that , or registered assigns, is the registered holder of warrants evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value per share (the “Ordinary Shares”), of Colombier Acquisition Corp. III, a Cayman Islands exempted company (the “Company”). Each whole 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 non-assessable Ordinary Shares as set forth below, at the exercise price (the “Warrant 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 Warrant 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 Ordinary Share. No fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company will, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.
The initial Warrant Price per Ordinary Share for any whole Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence of certain events 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. In addition, and notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, to the extent that the holder of a Warrant has delivered a notice contemplated by subsection 3.3.5 of the Warrant Agreement, neither the Company nor the Warrant Agent shall issue to Holder, and Holder may not acquire, any right it might have to acquire, a number of Ordinary Shares upon exercise of any Warrant to the extent that, upon such exercise, the number of Ordinary Shares then beneficially owned by Holder would exceed the Maximum Percentage of Ordinary Shares outstanding immediately after giving effect to such exercise as determined in accordance with subsection 3.3.5 of the Warrant Agreement.
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.
| COLOMBIER ACQUISITION CORP. III | ||
|---|---|---|
| By: | ||
| Name: | Omeed Malik | |
| Title: | Chief Executive Officer | |
| CONTINENTAL<br>STOCK TRANSFER & TRUST COMPANY as Warrant Agent | ||
| By: | ||
| Name: | ||
| Title: |
[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 Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of [_], 2026 (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 Warrant 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 Ordinary Shares to be issued upon exercise is effective under the Securities Act of 1933, as amended, and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless exercise” as provided for in the Warrant Agreement.
The Warrant Agreement provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon the 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 an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of 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.
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 Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of Colombier Acquisition Corp. III (the “Company”) in the amount of $_____ in accordance with the terms hereof. The undersigned requests that a certificate for such Ordinary Shares be registered in the name of _____, whose address is ______, and that such Ordinary Shares be delivered to ______, whose address is ______. If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such 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 has been called for redemption by the Company pursuant to Section 6.1 of the Warrant Agreement and the Company has required “cashless” exercise pursuant to Section 6.3 and Section 3.3.1(b) of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 6.3 and Section 3.3.1(b) of the Warrant Agreement.
In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of 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 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 Ordinary Shares. If said number of Ordinary Shares is less than all of the 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 Ordinary Shares be registered in the name of ______, whose address is and that such Warrant Certificate be delivered to ______, whose address is ______.
[To be included in any Election to Purchase of a holder who has provided the notice set forth in subsection 3.3.5 of the Warrant Agreement.
By signing this Election to Purchase, the undersigned hereby certifies that upon after giving effect to such exercise, the undersigned (together with such person’s affiliates) or any “group” of which holder or its affiliates is a member, would not beneficially own in excess of the Maximum Percentage of the Ordinary Shares outstanding immediately after giving effect to such exercise as determined in accordance with subsection 3.3.5 of the Warrant Agreement.]
[Signature Page Follows]
| Date: | |
|---|---|
| (Signature) | |
| (Address) | |
| (Tax Identification Number) | |
| Signature Guaranteed: | |
| --- |
THE SIGNATURE(S) SHOULD 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 SEC RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).
Exhibit 10.1
Certain personally identifiable information has been omitted from this exhibit pursuant to
item 6(a)(6) of Regulation S-K. [***] indicates that information has been redacted.
Execution Version
INVESTMENT MANAGEMENT TRUST AGREEMENT
This Investment Management Trust Agreement (this “Agreement”) is made effective as of February 3, 2026 by and between Colombier Acquisition Corp. III, 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. 333-290932) (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 $0.0001 per share (the “Ordinary Shares”), and one-eighth 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;
WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC as representative (the “Representative”) of the underwriters (the “Underwriters”) named therein;
WHEREAS, as described in the Registration Statement, $260,000,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting Agreement) (or $299,000,000 if the Underwriters’ 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 the 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”);
WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property up to $3,000,000 (including if the Underwriters’ over-allotment option is exercised in full) which may be reduced to $850,000 in certain circumstances, as further described in the Prospectus, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon the consummation of the Business Combination (as defined below) (such discounts and commissions, 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. chartered commercial bank with consolidated assets of $100 billion or more) 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) Promptly upon receipt of written instruction of the Company, (i) invest and reinvest the Property, initially solely in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, (or any successor rule) (the “Investment Company Act”), 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 (or any successor rule), which invest only in direct U.S. government treasury obligations, (ii) hold the Property as uninvested cash or (iii) 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; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and while invested or uninvested, the Trustee may earn bank credits or other consideration during such periods.
(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 Representative 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 of the Company’s financial statements or completion 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;
(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 (“Termination Letter”) 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, President, Chief Financial Officer, Secretary or Chairman of the board of directors of the Company (the “Board”) or other director or authorized officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representative, complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes paid or payable and, in the case of Exhibit B, less up to $100,000 of interest income to pay dissolution expenses, and in the case of Exhibit E, net of Permitted Withdrawals (as defined in the Registration Statement)), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (1) 24 months after the closing of the Offering (or 27 months if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination (as defined below) within 24 months; or such earlier date as the Company’s board of directors may approve); and (2) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association, as may be amended from time to time (the “Memorandum and Articles”) (such period, the “Completion Window”), if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated by the Trustee in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes paid or payable and Permitted Withdrawals and up to $100,000 of interest income to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date;
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(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 (a “Tax PaymentWithdrawal Instruction”), 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 (aside from excise tax) owed by the Company, 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, so long as there is no reduction in the aggregate principal amount per share initially deposited in the Trust Account; 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 (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 (a “ShareholderRedemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company 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 Memorandum and Articles not for the purposes of approving, or in conjunction with the consummation of, an initial Business Combination (as defined below) (A) that would affect the substance or timing of the Company’s obligation to redeem one hundred percent (100%) of its public Ordinary Shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other provision relating to the rights of holders of Ordinary Shares or pre-initial Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request;
(l) 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 E (a “Working Capital Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company an amount, subject to a limit of the greater of $1,000,000 and 10% of the interest earned on the Property per fiscal year ending on December 31, requested by the Company to fund working capital requirements (a “Working CapitalWithdrawal”), which amount shall be delivered directly to the Company to fund its working capital purposes, so long as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, however, that to the extent there is not sufficient cash in the Trust Account to fund such Working Capital Withdrawal, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution (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; and
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(l) Not make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), 1(j), 1(k) or 1(1) above.
- Agreements and 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 Chairperson of the Board, President, Chief Executive Officer, Chief Financial Officer, Secretary, or other director or authorized officer of the Company. In addition, except with respect to its duties under Sections 1(i), 1(j), 1(k) and 1(1) 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, hold the Trustee harmless and indemnify the Trustee from and against any and all 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 “IndemnifiedClaim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; providedthat the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. 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, conditioned, or delayed; provided, further that the Company may conduct and manage the defense against any Indemnified Claim if the Trustee does not promptly take reasonable steps to mount such a defense.. 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(1) 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 or entities (the “Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the general meeting verifying the vote of such shareholders regarding such Business Combination;
(e) Provide the Representative 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) Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of funds held in the Trust Account to the Company or any other person;
(g) 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; and
(h) Within four (4) business days after the Underwriters exercise 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.
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- 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) Refund any depreciation in principal of any Property;
(e) 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;
(f) 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;
(g) Verify the accuracy of the information contained in the Registration Statement;
(h) 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;
(i) 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;
(j) 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, tax obligations, except pursuant to Section 1(j) hereof; or
(k) Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j), 1(k) or 1(1) hereof.
Trust Account 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).
(c) If the Offering is not consummated within ten (10) business days of the date of this Agreement, any funds received by the Trustee from the Company or Sponsor for purposes of funding the Trust Account shall be promptly returned to the Company or Sponsor, 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. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.
(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), 1(k) or 1(1) hereof (which sections may not be modified, amended or deleted unless such modification, amendment, or deletion is approved by the affirmative vote of two-thirds of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, of the Company, which are represented in person or by proxy and are voted at a general meeting of the Company, voting together as a single class; providedthat no such amendment will affect any Public Shareholder who has properly elected to redeem his, her or its Ordinary Shares in connection with a shareholder vote to approve an amendment to this Agreement (A) that would affect the substance or timing of the Company’s obligation to redeem one hundred percent (100%) of its public Ordinary Shares if the Company does not complete its initial Business Combination within the Completion Window or (B) with respect to any other provision relating to the rights of holders of Ordinary Shares or pre-initial Business Combination activity), 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.
(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 or by facsimile or email transmission:
| if to the Trustee, to: |
|---|
| Continental Stock Transfer & Trust Company |
| 1 State Street, 30th Floor |
| New York, New York 10004 |
| Attn: Francis Wolf and Celeste Gonzalez |
| Email: [***] |
| Email: [***] |
6
| if to the Company, to: |
|---|
| Colombier Acquisition Corp. III |
| 375 South County Road Suite 220 |
| Palm Beach, FL 33480 |
| Telephone: (561) 223-9937 |
| Attn: Omeed Malik |
| Email: [***] |
| in each case, with copies to: |
| --- |
| Ellenoff Grossman & Schole LLP |
| 1345 Avenue of the Americas |
| New York, NY 10105 |
| Attn: Stuart Neuhauser, Esq. |
| Email: [***] |
| and |
| Roth Capital Partners, LLC |
| --- |
| 888 San Clemente Drive |
| Newport Beach, California 92660 |
| Attention: Byron Roth |
| Email: [***] |
(f) 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.
(g) 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.
(h) Each of the Company and the Trustee hereby acknowledges and agrees that the Representative, on behalf of the Underwriters, is a third party beneficiary of this Agreement.
(i) 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]
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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 |
| Colombier Acquisition Corp. III | |
| --- | --- |
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Chief Executive Officer |
Signature page to
investment management trust agreement
SCHEDULE A
| Fee Item | Time and method of payment | Amount | |
|---|---|---|---|
| Initial set-up fee | Initial closing of Offering by wire transfer. | $ | 2,500.00 |
| Trustee administration fee | Payable annually. First year fee payable at initial closing of Offering by wire transfer; thereafter, payable by wire transfer or check. | $ | 9,500.00 |
| Transaction processing fee for disbursements to <br><br>Company under Sections 1(i), 1(j) and 1(k) | Billed to Company following disbursement made to Company under Section 1. | $ | 250.00 |
| Paying Agent services as required pursuant to <br><br>Sections 1(i), 1(k) and 1(1) | Billed to Company upon delivery of service pursuant to<br><br> <br>Sections 1(i).1(k) and 1(1). | Prevailing rates |
Schedule A
Exhibit A
[Letterhead of Company]
[Insert date]
| Continental Stock Transfer & Trust Company | |
|---|---|
| 1 State Street, 30th Floor | |
| New York, New York 10004 | |
| Attn: Francis Wolf and Celeste Gonzalez | |
| Re: | Trust Account—Termination Letter |
| --- | --- |
Ladies and Gentlemen:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between Colombier Acquisition Corp. III (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of February 3, 2026 (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 of the actual date of the consummation of the Business Combination (the “ConsummationDate”). 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 the trust operating account in the United States at J.P. Morgan Chase Bank, N.A. 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 the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the Underwriters with respect to the Deferred Discount). 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, the Company will not 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 concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”), (ii) the Company shall deliver to you (a) a certificate of the Chief Executive 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) a joint written instruction signed by the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to public shareholders who have properly exercised their redemption rights and payment of the Deferred Discount directly to the account or accounts directed by the Representative 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.
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 instructions as soon thereafter as possible.
A-1
| Very truly yours, |
|---|
| Colombier Acquisition Corp. III |
| By: |
| Name: |
| Title: |
| Roth Capital Partners, LLC |
| --- |
| By: |
| Name: |
| Title: |
A-2
Exhibit B
[Letterhead of Company]
[Insert date]
| Continental Stock Transfer & Trust Company | |
|---|---|
| 1 State Street, 30th Floor | |
| New York, New York 10004 | |
| Attn: Francis Wolf and Celeste Gonzalez | |
| Re: | Trust Account—Termination Letter |
| --- | --- |
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between Colombier Acquisition Corp. III (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of February 3, 2026 (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 amended and restated memorandum and articles of association, as may be amended from time to time (the “Memorandumand Articles”), OR [the Company’s board of directors has determined to terminate the period in which the Company must consummate a Business Combination on ____, 20___ pursuant to the Company’s amended and restated memorandum and articles of association, as may be amended from time to time (the “Memorandum and Articles”)] 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 the trust operating account in the United States at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders, less permitted withdrawals and up to $100,000 to pay dissolution expenses of the Company. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such amount for dissolution expenses of $ promptly upon your receipt of this letter to the Company’s operating account at:
[WIRE INSTRUCTION INFORMATION]
The Company has selected [●], 20[ ]^1^ 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. 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 l(j) of the Trust Agreement.
| Very truly yours, | |
|---|---|
| Colombier Acquisition Corp. III | |
| By: | |
| Name: | |
| Title: | |
| cc: | Roth Capital Partners, LLC |
| --- | --- |
| 1 | 24 months (or 27 months if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination within 24 months from the closing of the Offering; or such earlier date as the Company’s board of directors may approve), or at a later date, if extended. |
| --- | --- |
B-1
Exhibit C
[Letterhead of Company]
[Insert date]
| Continental Stock Transfer & Trust Company | |
|---|---|
| 1 State Street, 30th Floor | |
| New York, New York 10004 | |
| Attn: Francis Wolf and Celeste Gonzalez | |
| Re: | Trust Account—Tax Payment Withdrawal Instruction |
| --- | --- |
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between Colombier Acquisition Corp. III (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of February 3, 2026 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $[●] 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, | |
|---|---|
| Colombier Acquisition Corp. III | |
| By: | |
| Name: | |
| Title: | |
| cc: | Roth Capital Partners, LLC |
| --- | --- |
C-1
Exhibit D
[Letterhead of Company]
[Insert date]
| Continental Stock Transfer & Trust Company | |
|---|---|
| 1 State Street, 30th Floor | |
| New York, New York 10004 | |
| Attn: Francis Wolf and Celeste Gonzalez | |
| Re: | Trust Account—Shareholder Redemption Withdrawal Instruction |
| --- | --- |
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(k) of the Investment Management Trust Agreement between Colombier Acquisition Corp. III (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of February 3, 2026 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders of the Company $[●] of the principal and interest income earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries for distribution to the Public 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 Company’s amended and restated memorandum and articles of association, as may be amended from time to time (the “Memorandum and Articles”) not for the purpose of approving, or in conjunction with the consummation of an initial Business Combination (A) that affects the substance or timing of the Company’s obligation to redeem one hundred percent (100%) of its public Ordinary Shares if the Company has not consummated an initial Business Combination within such time as is described in the Memorandum and Articles or (B) with respect to any other provision relating to the rights of holders of Ordinary Shares 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 to the redeeming Public Shareholders in accordance with your customary procedures.
| Very truly yours, | |
|---|---|
| Colombier Acquisition Corp. III | |
| By: | |
| Name: | |
| Title: | |
| cc: | Roth Capital Partners, LLC |
| --- | --- |
D-1
EXHIBIT E
[Letterhead of Company]
[Insert date]
| Continental Stock Transfer & Trust Company | |
|---|---|
| 1 State Street, 30th Floor | |
| New York, New York 10004 | |
| Attn: Francis Wolf & Celeste Gonzalez | |
| Re: | Trust Account -Working Capital Withdrawal Instruction |
| --- | --- |
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to Section 1(1) of the Investment Management Trust Agreement between Colombier Acquisition Corp. III (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of February 3, 2026 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $_______ 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 for working capital purposes, subject to a limit of the greater of $1,000,000 and 10% of the interest earned on the Property per fiscal year ending on December 31. For the current year ending December 31, 202[ ], $ has been disbursed to date (including the amounts requested hereunder). 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, | |
|---|---|
| Colombier Acquisition Corp. III | |
| By: | |
| Name: | |
| Title: | |
| cc: | Roth Capital Partners, LLC |
| --- | --- |
E-1
Exhibit 10.2
Execution Version
REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of February 3, 2026 is made and entered into by and among Colombier Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), Colombier Sponsor III LLC, a Delaware limited liability company (the “Sponsor”), , and the undersigned parties listed under Holder on the signature pages hereto (each such party, and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).
RECITALS
WHEREAS, the Sponsor owns an aggregate of 9,966,667 of the Company’s Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”) up to 1,300,000 of which will be surrendered to the Company for no consideration depending on the extent to which the underwriters of the Company’s initial public offering exercise their over-allotment option;
WHEREAS, the Founder Shares are convertible into the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), on the terms and conditions provided in the Company’s amended and restated memorandum and articles of association, as may be further amended from time to time;
WHEREAS, on the date hereof, the Company and the Sponsor entered into that certain Private Placement Units Purchase Agreement (the “Private Placement Units PurchaseAgreement”), pursuant to which the Sponsor agreed to purchase an aggregate of 150,000 units (the “Private PlacementUnits”), each Private Placement Unit consisting of one Class A ordinary share (the “Private Placement Shares”) and one-eighth of one redeemable warrant (the “Private Placement Warrants”) (including if the over-allotment option in connection with the Company’s initial public offering is exercised) in a private placement transaction occurring simultaneously with the closing of the Company’s initial public offering;
WHEREAS, in order to finance the Company’s transaction costs in connection with its search for and consummation of an initial Business Combination (as defined below), the Sponsor, its affiliates or any of the Company’s officers and directors may loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into additional warrants (“Working Capital Warrants”) at a price of $1.50 per Working Capital Warrant at the option of the lender;
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 1
DEFINITIONS
1.1 Definitions. The terms defined in this Article 1 shall, for all purposes of this Agreement, have the respective meanings set forth below:
“Agreement” shall have the meaning given in the Preamble.
“Block Trade” shall have the meaning given to it in subsection 2.3.1 of this Agreement.
“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 or entities, involving the Company.
“Commission” shall mean the U.S. Securities and Exchange Commission.
“Company” shall have the meaning given in the Preamble.
“Demanding Holder” shall mean any Holder or group of Holders, that together elects to dispose of Registrable Securities having an aggregate value of at least $25 million, at the time of the Underwritten Demand, under a Registration Statement pursuant to an Underwritten Offering.
“Effectiveness Period” shall have the meaning given in subsection 3.1.1 of this Agreement.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.
“Financial Counterparty” shall have the meaning given in subsection 2.3.1 of this Agreement.
“Founder Shares” shall have the meaning given in the Recitals hereto and shall be deemed to include the Ordinary Shares issuable upon conversion thereof.
“Holder Indemnified Persons” shall have the meaning given in subsection 4.1.1 of this Agreement.
“Founder Shares Lock-up Period” shall mean the earlier of (i) six months following the consummation of the Company’s initial Business Combination; or (ii) subsequent to the consummation of the Company’s initial Business Combination, the date on which the Company consummates a transaction which results in all of its shareholders having the right to exchange their 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 the date hereof, by and among the Company, the Sponsor and each of the Company’s officers and directors.
“Maximum Number of Securities” shall have the meaning given in subsection 2.1.4 of this Agreement.
“Misstatement” shall mean, in the case of a Registration Statement, an untrue statement of a material fact or an omission to state a material fact required to be stated therein, or necessary to make the statements therein not misleading, and in the case of a Prospectus, an untrue statement of a material fact or an omission 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.
“Ordinary Shares” shall have the meaning given in the Recitals hereto.
“Other Coordinated Offering” shall have the meaning given to it in subsection 2.3.1 of this Agreement.
“Piggyback Registration” shall have the meaning given in subsection 2.2.1 of this Agreement.
“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, Private Placement Lock-up Period or any other lock-up period, as the case may be, under the Insider Letter, the Private Placement Units Purchase Agreement, this Agreement and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.
“Private Placement Lock-up Period” shall mean the period ending immediately after the completion of the Company’s initial Business Combination.
“Private Placement Shares” shall have the meaning given in the Recitals hereto.
“Private Placement Units” shall have the meaning given in the Recitals hereto.
“Private Placement Units PurchaseAgreement” shall have the meaning given in the Recitals hereto.
“Private Placement Warrants” shall have the meaning given in the Recitals hereto.
“Pro Rata” shall have the meaning given in subsection 2.1.4 of this Agreement.
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“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 and the Ordinary Shares issued or issuable upon the conversion of any Founder Shares, (b) the Private Placement Units, Private Placement Shares, Private Placement Warrants and Ordinary Shares issuable on exercise of the 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 or acquired prior to or in connection with the Business Combination, which, for the avoidance of doubt, shall include any Ordinary Shares received by a Holder on or after the date hereof as a distribution from the Sponsor in connection with its liquidation and dissolution, (d) any Working Capital Warrants and Ordinary Shares issuable on exercise of the Working Capital Warrants, and (e) any other equity security of the Company issued or issuable with respect to any such Ordinary Share by way of a share capitalization 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 any such registration statement having become effective by the Commission.
“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) 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 or Underwritten Offering;
(f) the fees and expenses incurred in connection with the listing of any Registrable Securities on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;
(g) the fees and expenses incurred by the Company in connection with any road show for any Underwritten Offerings; and
(h) reasonable fees and expenses of one (1) legal counsel selected jointly by the Demanding Holders initiating an Underwritten Demand, the Requesting Holders participating in an Underwritten Offering and the Holders participating in a Piggyback Registration, as applicable.
“Registration Statement” shall mean any registration statement under the Securities Act 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.
“Requesting Holder” shall have the meaning given in subsection 2.1.3 of this Agreement.
“Securities Act” shall mean the Securities Act of 1933, as amended from time to time.
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“Shelf Registration” shall have the meaning given in subsection 2.1.1 of this Agreement.
“Sponsor” shall have the meaning given in the Preamble.
“Suspension Event” shall have the meaning given in Section 3.4 of this Agreement.
“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 Demand” shall have the meaning given in subsection 2.1.3 of this Agreement.
“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.
“Working Capital Shares” shall have the meaning given in the Recitals hereto.
“Working Capital Warrants” shall have the meaning given in the Recitals hereto.
ARTICLE 2
REGISTRATIONS
2.1 Registration.
2.1.1 Shelf Registration. The Company agrees that, within ten (10) business days after the consummation of the Business Combination, the Company will use commercially reasonable efforts to file with the Commission (at the Company’s sole cost and expense) a Registration Statement registering the resale or other disposition of the Registrable Securities (a “Shelf Registration”).
2.1.2 Effective Registration. The Company shall use commercially reasonable efforts to cause such Registration Statement to become effective by the Commission as soon as reasonably practicable after the initial filing of the Registration Statement. Subject to the limitations contained in this Agreement, the Company shall effect any Shelf Registration on such appropriate registration form of the Commission (a) as shall be selected by the Company and (b) as shall permit the resale or other disposition of the Registrable Securities by the Holders. If at any time a Registration Statement filed with the Commission pursuant to Section 2.1.1 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will use commercially reasonable efforts to amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place in accordance with the terms of this Agreement.
2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Sections 2.4 and 3.4 hereof, any Demanding Holder may make a written demand for an Underwritten Offering pursuant to a Registration Statement filed with the Commission in accordance with Section 2.1.1 (an “Underwritten Demand”). The Company shall, within ten (10) days of the Company’s receipt of the Underwritten Demand, notify, in writing, all other Holders of such demand, and each Holder who thereafter requests to include all or a portion of such Holder’s Registrable Securities in such Underwritten Offering pursuant to such Underwritten Demand (each such Holder that requests to include all or a portion of such Holder’s Registrable Securities in such Underwritten Offering, a “Requesting Holder”) shall so notify the Company, in writing, within two (2) days (one (1) day if such offering is an overnight or bought Underwritten Offering) 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), such Requesting Holder(s) shall be entitled to have their Registrable Securities included in such Underwritten Offering pursuant to such Underwritten Demand. All such Holders proposing to distribute their Registrable Securities through such 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 the Demanding Holders initiating such Underwritten Offering. Notwithstanding the foregoing, the Company is not obligated to effect more than an aggregate of three (3) Underwritten Offerings pursuant to this subsection 2.1.3 and is not obligated to effect an Underwritten Offering pursuant to this subsection 2.1.3 within ninety (90) days after the closing of an Underwritten Offering. In addition, notwithstanding the foregoing, as required by Rule 5110(g)(8) of the Financial Regulatory Authority (“FINRA”), Roth Capital Partners, LLC may not exercise their demand registration rights after five (5) years from the effective date of the Company’s initial public offering, and may not exercise their demand rights on more than one occasion.
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2.1.4 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Offering pursuant to an Underwritten Demand, in good faith, advises the Company, the Demanding Holders, the Requesting Holders and other persons or entities holding Ordinary Shares or other equity securities of the Company that the Company is obligated to include pursuant to separate written contractual arrangements with such persons or entities (if any) in writing that the dollar amount or number of Registrable Securities or other equity securities of the Company requested to be included in such Underwritten Offering exceeds the maximum dollar amount or maximum number of equity securities of the Company 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 “MaximumNumber of Securities”), then the Company shall include in such Underwritten Offering, as follows: (a) first, the Registrable Securities of the Demanding Holders (pro rata based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Demanding Holders have requested be included in such Underwritten Offering (such proportion is referred to herein as “Pro Rata”)) that 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 the Requesting Holders, Pro Rata, 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), Ordinary Shares or other equity securities of the Company that the Company desires to sell and that 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), Ordinary Shares or other equity securities of the Company held by other persons or entities that the Company is obligated to include pursuant to separate written contractual arrangements with such persons or entities and that can be sold without exceeding the Maximum Number of Securities.
2.2 Piggyback Registration.
2.2.1 Piggyback Rights. Subject to the provisions of subsection 2.2.2 and Sections 2.4 and 3.4 hereof, if, at any time on or after the date the Company consummates a Business Combination, the Company proposes to consummate an Underwritten Offering for its own account or for the account of shareholders of the Company, then the Company shall give written notice of such proposed action to all of the Holders as soon as practicable, which notice shall (a) describe the amount and type of securities to be included, the intended method(s) of distribution and the name of the proposed managing Underwriter or Underwriters, if any, and (b) offer to all of the Holders the opportunity to include of such number of Registrable Securities as such Holders may request in writing within two (2) days (unless such offering is an overnight or bought Underwritten Offering, then one (1) day), in each case 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 reasonable 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 Piggyback Registration and to permit the resale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to include Registrable Securities in 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. Notwithstanding the foregoing, as required by FINRA Rule 5110(g)(8), Roth Capital Partners, LLC may not exercise their “piggyback” registration rights after (7) years from the effective date of the Company’s initial public offering.
2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, 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 shares or equity securities of the Company that the Company desires to sell, taken together with (a) the shares or equity securities of the Company, if any, as to which the Underwritten Offering has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (b) the Registrable Securities as to which a Piggyback Registration has been requested pursuant to this Section 2.2 and (c) the shares or equity securities of the Company, if any, as to which inclusion in the Underwritten Offering has been requested pursuant to separate written contractual piggyback registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:
(i) If the Underwritten Offering is undertaken for the Company’s account, the Company shall include in any such Underwritten Offering (A) first, the Ordinary Shares or other equity securities of the Company 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 requesting a Piggyback Registration pursuant to subsection 2.2.1, Pro Rata, 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), Ordinary Shares or other equity securities of the Company, if any, as to which inclusion in the Underwritten Offering has been requested pursuant to written contractual piggyback registration rights of other shareholders of the Company, which can be sold without exceeding the Maximum Number of Securities; or
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(ii) If the Underwritten Offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Underwritten Offering (A) first, Ordinary Shares or other equity securities of the Company, if any, of such requesting persons or entities, other than the Holders, 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 requesting a Piggyback Registration pursuant to subsection 2.2.1, Pro Rata, 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), Ordinary Shares or other equity securities of the Company 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), Ordinary Shares or other equity securities of the Company 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.
2.2.3 Piggyback Registration Withdrawal. Any Holder 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 commencement of the Underwritten Offering. 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 or Underwritten Offering effected pursuant to this Section 2.2 shall not be counted as an Underwritten Offering pursuant to an Underwritten Demand effected under Section 2.1 hereof.
2.3 Block Trades Other Coordinated Offerings.
2.3.1 Notwithstanding any other provision of this Article 2, but subject to Sections 2.4 and 3.4, at any time and from time to time when an effective Registration Statement is on file with the Commission, if a Demanding Holder wishes to engage in (a) an underwritten registered offering not involving a “roadshow,” an offer commonly known as a “block trade” (a “Block Trade”) or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution agent, whether as agent or principal, (an “Other Coordinated Offering”), in each case, with a total offering price reasonably expected to exceed, in the aggregate, $25 million, then if such Demanding Holder requires any assistance from the Company pursuant to this Section 2.3, such Holder shall notify the Company promptly of the Block Trade or Other Coordinated Offering at least five (5) business days prior to the day such offering is to commence and the Company shall use its commercially reasonable efforts to facilitate such Block Trade or Other Coordinated Offering; provided that the Demanding Holders representing a majority of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the Company and any Underwriters or brokers, sales agents or placement agents (each, a “Financial Counterparty”) prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering.
2.3.2 Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade or Other Coordinated Offering, a majority-in interest of the Demanding Holders initiating such Block Trade or Other Coordinated Offering shall have the right to withdraw from such Block Trade or Other Coordinated Offering for any or no reason whatsoever upon written notification to the Company, the Underwriter or Underwriters (if any) and Financial Counterparty (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block Trade or Other Coordinated Offering prior to its withdrawal under this subsection 2.3.2.
2.3.3 Notwithstanding anything to the contrary in this Agreement, Section 2.2 shall not apply to a Block Trade or Other Coordinated Offering initiated by a Demanding Holder pursuant to Section 2.3 of this Agreement.
2.3.4 The Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and Financial Counterparty (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more reputable nationally recognized investment banks).
2.3.5 A Demanding Holder in the aggregate may demand no more than four (4) Block Trades or Other Coordinated Offerings pursuant to this Section 2.3 in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section 2.3 shall not be counted as a demand for an Underwritten Offering pursuant to subsection 2.1.3 hereof.
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2.4 Restrictions on Registration Rights. If (a) the Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (b) the Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and in the good faith judgment of the Board such Underwritten Offering would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the undertaking of such Underwritten Offering 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 to undertake such Underwritten Offering in the near future and that it is therefore essential to defer the undertaking of such Underwritten Offering. In such event, the Company shall have the right to defer such offering 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 twelve (12)-month period.
ARTICLE 3
COMPANY PROCEDURES
3.1 General Procedures. The Company shall use its reasonable best efforts to effect such Registration or Underwritten Offering to permit the resale or other disposition of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible and to the extent applicable:
3.1.1 prepare and file with the Commission after the consummation of the Business Combination a Registration Statement with respect to such Registrable Securities and use commercially reasonable efforts to cause such Registration Statement to become effective in accordance with Section 2.1 hereof and remain effective, including filing a replacement Registration Statement, if necessary, until all Registrable Securities covered by such Registration Statement have been sold or are no longer outstanding (such period, the “Effectiveness Period”);
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 Holders or any Underwriter 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 or are no longer outstanding;
3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters or Financial Counterparty, if any, and the Holders of Registrable Securities included in such Registration or Underwritten Offering or Block Trade, 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 (including each preliminary Prospectus) and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or Underwritten Offering or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holders; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system;
3.1.4 prior to any Underwritten Offering of Registrable Securities, use commercially reasonable efforts to (a) 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 (b) 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;
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 or Underwritten Offering;
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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 during the Effectiveness Period, furnish a conformed copy of each filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, promptly after such filing of such documents with the Commission to each seller of such Registrable Securities or its counsel; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system;
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;
3.1.10 subject to the provisions of this Agreement, notify the Holders of the happening of any event as a result of which a Misstatement exists, and then to correct such Misstatement as set forth in Section 3.4 hereof;
3.1.11 in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a Financial Counterparty pursuant to such Registration, permit a representative of the Holders, the Underwriters or other Financial Counterparty facilitating such Underwritten Offering, Block Trade, Other Coordinated Offering or other sale pursuant to such Registration, 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 or the Prospectus, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, Financial Counterparty, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters or Financial Counterparty enter into confidentiality agreements, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;
3.1.12 obtain a comfort letter from the Company’s independent registered public accountants in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a Financial Counterparty pursuant to such Registration (subject to such Financial Counterparty providing such certification or representation reasonably requested by the Company’s independent registered public accountants and the Company’s counsel), in customary form and covering such matters of the type customarily covered by comfort letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;
3.1.13 in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a Financial Counterparty pursuant to such Registration, 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 participating Holders or the Financial Counterparty, 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 participating Holders, Financial Counterparty or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to such participating Holders, Financial Counterparty or Underwriter;
3.1.14 in the event of an Underwritten Offering or a Block Trade, or an Other Coordinated Offering or sale by a Financial Counterparty pursuant to such Registration to which the Company has consented, to the extent reasonably requested by such Financial Counterparty in order to engage in such offering, allow the Underwriters or Financial Counterparty to conduct customary “underwriter’s due diligence” with respect to the Company;
3.1.15 in the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a Financial Counterparty pursuant to such Registration, enter into and perform its obligations under an underwriting agreement or other purchase or sales agreement, in usual and customary form, with the managing Underwriter or the Financial Counterparty of such offering or sale;
3.1.16 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 (1st) 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);
3.1.17 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
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3.1.18 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.
Notwithstanding the foregoing, the Company shall not be required to provide any documents or information to an Underwriter or Financial Counterparty if such Underwriter of Financial Counterparty has not then been named with respect to the applicable Underwritten Offering or other offering involving a registration as an Underwriter or Financial Counterparty, as applicable.
3.2 Registration Expenses. The Registration Expenses in respect 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 “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.
3.3 Requirements for Participation in UnderwrittenOfferings. No person or entity may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity (a) agrees to sell such person’s or entity’s securities on the basis provided in any underwriting arrangements approved by the Company and (b) 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.
3.4 Suspension of Sales. Notwithstanding anything to the contrary in this Agreement, the Company shall be entitled to (A) delay or postpone the (i) initial effectiveness of any Registration Statement or (ii) launch of any Underwritten Offering, in each case, filed or requested pursuant to this Agreement, and (B) from time to time to require the Holders not to sell under any Registration Statement or Prospectus or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event, the Board reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Company in the applicable Registration Statement or Prospectus of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement or Prospectus would be expected, in the reasonable determination of the Board, upon the advice of legal counsel, to cause the Registration Statement or Prospectus to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however, that the Company may not delay or suspend a Registration Statement, Prospectus or Underwritten Offering on more than two occasions, for more than sixty (60) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve (12)-month period. Upon receipt of any written notice from the Company of a Suspension Event while a Registration Statement filed pursuant to this Agreement is effective or if as a result of a Suspension Event a Misstatement exists, each Holder agrees that (i) it will immediately discontinue offers and sales of Registered Securities under each Registration Statement filed pursuant to this Agreement until the Holder receives copies of a supplemental or amended Prospectus (which the Company agrees to promptly prepare) that corrects the relevant misstatements or omissions and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales and (ii) it will maintain the confidentiality of information included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company, the Holders will deliver to the Company or, in Holders’ sole discretion destroy, all copies of each Prospectus covering Registrable Securities in Holders’ possession; provided, however, that this obligation to deliver or destroy shall not apply (A) to the extent the Holders are required to retain a copy of such Prospectus (x) to comply with applicable legal, regulatory, self-regulatory or professional requirements or (y) in accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic data back-up.
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 Section 13(a) or 15(d) of the Exchange Act. 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 resell or otherwise dispose of Registrable Securities 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.
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ARTICLE 4
INDEMNIFICATION AND CONTRIBUTION
4.1 Indemnification.
4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors, employees, advisors, agents, representatives, members and each person who controls such Holder (within the meaning of the Securities Act) (collectively, the “Holder IndemnifiedPersons”) against all losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and inclusive of all reasonable attorneys’ fees arising out of the enforcement of each such persons’ rights under this Section 4.1) resulting from any Misstatement, except insofar as the same are caused by or contained or included in any information furnished in writing to the Company by or on behalf of such Holder Indemnified Person specifically for use therein.
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, severally and not jointly, indemnify the Company, its officers, directors, employees, advisors, agents, representatives and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and inclusive of all reasonable attorneys’ fees arising out of the enforcement of each such persons’ rights under this Section 4.1) resulting from any Misstatement, but only to the extent that the same are made in reliance on and in conformity with information relating to the Holder so furnished in writing to the Company by or on behalf of such Holder specifically for use therein. In no event shall the liability of any selling Holder hereunder be greater in amount than the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement giving rise to such indemnification obligation.
4.1.3 Any person entitled to indemnification herein shall (a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (b) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, 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, employee, advisor, agent, representative, member or controlling person of such indemnified party and shall survive the transfer of securities.
4.1.5 If the indemnification provided under this Section 4.1 is held by a court of competent jurisdiction to be unavailable to 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 to the extent permitted by law 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 a court of law by reference to, among other things, whether the Misstatement relates to information supplied by such indemnifying party or such 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.
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ARTICLE 5
MISCELLANEOUS
5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person or by courier service or sent by overnight mail via a reputable overnight carrier, in each case providing evidence of delivery or (c) transmission by facsimile or email. 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 (3rd) business day following the date on which it is mailed, in the case of notices delivered by courier service, hand delivery or overnight mail, 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, and in the case of notices delivered by facsimile or email, at such time as it is successfully transmitted to the addressee. Any notice or communication under this Agreement must be addressed, if to the Company, to: 375 South County Road Suite 220, Palm Beach, FL 33480, with a copy to: Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, NY 10105, Attention: Adam Berkaw, and, if to any other Holder, to the address of such Holder as it appears in the applicable register for the Registrable Securities or such other address as may be designated in writing by such Holder (including on the signature pages hereto). 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.
5.2 Assignment; No Third Party Beneficiaries.
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. After the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, the Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in while or in part, to any transferee.
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 this Section 5.2.
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 (a) written notice of such assignment as provided in Section 5.1 hereof and (b) 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 (including facsimile or PDF 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.
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 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, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.
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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, 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 any 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 each such 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) a Holder of Registrable Securities, (b) the holders of the Company’s warrants pursuant to that certain Warrant Agreement, dated as of February 3, 2026, by and between the Company and Continental Stock Transfer & Trust Company and (c) holders of Private Placement Units, Private Placement Shares and Private Placement Warrants pursuant to that certain Private Placement Units Purchase Agreement dated as of February 3, 2026, 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 (a) the tenth (10th) anniversary of the date of this Agreement and (b) the date as of which the Holders cease to hold any Registrable Securities. The provisions of Article 4 shall survive any termination.
[Signature Page Follows]
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IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.
| COMPANY: | |
|---|---|
| Colombier Acquisition Corp. III, | |
| a Cayman Islands exempted company | |
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Chief Executive Officer |
| HOLDERS: | |
| Colombier Sponsor III LLC, | |
| a Delaware limited liability company | |
| By Knights Court LLC, the Managing Member | |
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Manager |
| Roth Capital Partners, LLC | |
| By: | /s/ Aaron Gurewitz |
| Name: | Aaron Gurewitz |
| Title: | Co-Chief Executive Officer & Head of Investment Banking |
SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT
Exhibit 10.3
Execution Version
PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT
This PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT (this “Agreement”) is made as of this February 3, 2026, by and between Colombier Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), having its principal place of business at 375 South County Road Suite 220, Palm Beach, FL 33480, and Colombier Sponsor III LLC (the “Purchaser”).
WHEREAS, the Company desires to sell on a private placement basis (the “Offering”) an aggregate of 150,000 units (the “Units”) of the Company, each Unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share and one-eighth of one redeemable warrant (the “Warrant”) to purchase one Class A ordinary share (the “Warrant Shares”) to be governed by the Warrant Agreement (defined herein), for a purchase price of $1,500,000, or $10.00 per Unit.
WHEREAS, the Purchaser desires to purchase the Units on the terms and conditions set forth herein and the Company wishes to accept such subscription.
NOW, THEREFORE, in consideration of the promises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:
- Agreement to Subscribe
1.1. Purchase and Issuance of the Units. For the aggregate sum of $1,500,000 (the “Purchase Price”), upon the terms and subject to the conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Purchaser, on the Closing Date (as defined in Section 1.2) 150,000 Units at $10.00 per Unit.
1.2. Closing. The closing (the “Closing”) of the Offering shall take place at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York, 10105 simultaneously with the consummation of the Company’s initial public offering (“IPO”) (such date, the “Closing Date”).
1.3. Delivery of the Purchase Price. At least one business day prior to the Closing Date of the Company’s IPO, the Purchaser agrees to deliver the Purchase Price by certified bank check or wire transfer of immediately available funds denominated in United States Dollars to the Company in accordance with the Company's wiring instructions. If the IPO is not consummated within 14 days of the date the Purchase Price is delivered, the Purchase Price shall be returned to the Purchaser by certified bank check or wire transfer of immediately available funds denominated in United States Dollars, without interest or deduction.
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1.4. Delivery of Unit Certificate. Upon the Closing Date after delivery of the Purchase Price in accordance with Section 1.3, the Purchaser shall become irrevocably entitled to receive a unit certificate representing the Units purchased hereunder.
- Representations and Warranties of the Purchaser
The Purchaser represents and warrants to the Company that:
2.1. No Government Recommendation or Approval. It understands that no United States federal or state agency or similar agency of any other country has passed upon or made any recommendation or endorsement of the Company, the Offering, the Units, the Warrants, the Warrant Shares, or the Class A ordinary shares underlying the Units (excluding the Warrant Shares, the “Unit Shares” and, collectively with the Units, the Warrants and the Warrant Shares, the “Securities”).
2.2. Organization. It is a company, validly existing and in good standing under the laws of its jurisdiction and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
2.3. Private Offering. It is an “accreditedinvestor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “SecuritiesAct”) or it is not a “U.S. Person” as defined in Rule 902 of Regulation S (“Regulation S”) under the Securities Act. It acknowledges that the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited Investors” within the meaning of Section 501(a) of Regulation D under the Securities Act and similar exemptions under state law or a non-U.S. Person under Regulation S.
2.4. Authority. This Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).
2.5. No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Purchaser’s organizational documents, (ii) any agreement, indenture or instrument to which the Purchaser is a party or (iii) any law, statute, rule or regulation to which the Purchaser is subject, or any agreement, order, judgment or decree to which the Purchaser is subject.
2.6. No Legal Advice from Company. It acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with its own legal counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements entered into between the parties hereto, it is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.
2.7. Access to Information; Independent Investigation. Prior to the execution of this Agreement, it has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make this investment, it has relied solely on its own knowledge and understanding of the Company and its business based upon its own due diligence investigation and the information furnished pursuant to this paragraph. It understands that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2 and it has not relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.
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2.8. Reliance on Representations and Warranties. It understands the Units are being offered and sold to it in reliance on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth in this Agreement in order to determine the applicability of such provisions.
2.9. No Advertisements. It is not subscribing for the Units as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting.
2.10. Legend. It acknowledges and agrees the certificates evidencing the Securities shall bear a restrictive legend (the “Legend”), in form and substance as set forth in Section 4 hereof, prohibiting the offer, sale, pledge or transfer of the securities, except (i) pursuant to an effective registration statement covering these securities under the Securities Act or (ii) pursuant to any other exemptions from the registration requirements under the Securities Act and such laws which, in the opinion of counsel for the Company, is available.
2.11. Experience, Financial Capability and Suitability. It is (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities and (ii) able to bear the economic risk of his investment in the Securities for an indefinite period of time because the Securities have not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. It has substantial experience in evaluating and investing in transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. It has substantial experience in evaluating and investing in transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
2.12. Investment Purposes. It is purchasing the Securities solely for investment purposes, for its own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof and it has no present arrangement to sell the interest in the Securities to or through any person or entity.
2.13. Restrictions on Transfer. It acknowledges and understands the Units are being offered in a transaction not involving a public offering in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act, and, if in the future, it decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act (“Rule 144”), if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. It agrees that if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, it may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or another available exemption from registration, it agrees it will not resell the Securities. It further acknowledges that because the Company is a shell company, Rule 144 may not be available to it for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination (defined below) of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.
- Representations and Warranties of the Company
The Company represents and warrants to the Purchaser that:
3.1. Valid Issuance of Share Capital. The total number of all classes of share capital which the Company has authority to issue is 500,000,000 Class A ordinary shares of a par value of US$0.0001 each, 50,000,000 Class B ordinary shares of a par value of US$0.0001 each and 1,000,000 preference shares of a par value of US$0.0001 each. As of the date hereof, the Company has issued 9,966,667 Class B ordinary shares (of which 1,300,000 Class B ordinary shares are subject to forfeiture as described in the registration statement relating to the Company’s IPO) to the Company’s sponsor and no preferred shares are issued and outstanding. All of the issued share capital of the Company has been duly authorized, validly issued, and are fully paid and non-assessable.
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3.2. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the warrant agreement to be entered into with Continental Stock Transfer & Trust Company, a New York corporation (“CST”) on or prior to the closing of the IPO (the “WarrantAgreement”) and the Amended and Restated Memorandum and Articles of Association of the Company (as applicable), as the case may be, each of the Securities will be duly and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with the terms hereof, the Warrant Agreement, the Purchaser will have or receive good title to the Warrant Shares, free and clear of all liens, claims and encumbrances of any kind other than (i) transfer restrictions hereunder and pursuant to the insider letter to be entered into on or prior to the closing of the IPO (the “InsiderLetter”) and (ii) transfer restrictions under federal and state securities laws.
3.3. Organization and Qualification. The Company has been duly incorporated and is validly existing as a Cayman Islands exempted company and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.
3.4. Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or shareholders is required, and (iii) this Agreement constitutes, and upon the execution and delivery thereof, the Warrants and Warrant Agreement, will constitute, valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of public policy.
3.5. No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not (i) result in a violation of the Company’s Memorandum and Articles of Association, (ii) conflict with, or constitute a default under any agreement, indenture or instrument to which the Company is a party or (iii) conflict with any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any federal, state or foreign securities filings which may be required to be made by the Company subsequent to the Closing, and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Securities in accordance with the terms hereof.
- Legends
4.1. Legend. The Company will issue the Units, the Warrants and the Unit Shares, and when issued, the Warrant Shares purchased by the Purchaser, in the name of the Purchaser. The Securities will bear the following Legend and appropriate “stop transfer” instructions:
THESE SECURITIES (i) HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.
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“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BETWEEN COLOMBIER ACQUISITION CORP. III AND COLOMBIER SPONSOR III LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH THEREIN.”
4.2. Purchaser’s Compliance. Nothing in this Section 4 shall affect in any way the Purchaser’s obligations and agreements to comply with all applicable securities laws upon resale of the Securities.
4.3. Company’s Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under the Securities Act, or (ii) pursuant to an available exemption from the registration requirements of the Securities Act.
4.4. Registration Rights. The Purchaser will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration RightsAgreement”) to be entered into with the Company on or prior to the closing of the IPO.
- Lockup
The Purchaser acknowledges and agrees that the Securities shall not be transferable, saleable or assignable until immediately after the consummation of an acquisition, share exchange, purchase of all or substantially all of the assets of, or any other similar business combination with one or more businesses or entities (a “Business Combination”), except to permitted transferees (as defined in the Insider Letter).
- Securities Laws Restrictions
The Purchaser agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities proposed to be transferred shall then be effective or (b) the Company shall have received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction complies with the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws.
- Waiver of Distributions from Trust Account
In connection with the Securities purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest or claim of any kind in or to any distributions from the trust account which will be established for the benefit of the Company’s public shareholders, managed pursuant to that certain Investment Management Trust Agreement to be entered into by and between the Company and CST (the “Trust Account”).
- Rescission Right Waiver and Indemnification
8.1. Rescission Waiver. The Purchaser understands and acknowledges that an exemption from the registration requirements of the Securities Act requires there be no general solicitation of purchasers of the Units. In this regard, if the Offering were deemed to be a general solicitation with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not, the Purchaser may have a right to rescind its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its shareholders and the Trust Account from claims that may adversely affect the Company or the interests of its shareholders, the Purchaser hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Units as a result of the issuance of the Units being deemed to be in violation of Section 5 of the Securities Act. The Purchaser acknowledges and agrees this waiver is being made in order to induce the Company to sell the Units to the Purchaser. The Purchaser agrees the foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”) and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.
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8.2. No Recourse Against Trust Account. The Purchaser agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or any Claim that may arise now or in the future.
8.3. Section 8 Waiver. The Purchaser agrees that to the extent any waiver of rights under this Section 8 is ineffective as a matter of law, the Purchaser has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a legal right. The Purchaser acknowledges the receipt and sufficiency of consideration received from the Company hereunder in this regard.
- Terms of the Unit
The Units shall be substantially identical to the Units offered in the IPO as set forth in the Underwriting Agreement, except the Units: (i) will be subject to the transfer restrictions described herein, and (ii) are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or the resale of the Units is registered under the Securities Act.
- Governing Law; Jurisdiction; Waiverof Jury Trial
This Agreement shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such territory. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby.
- Assignment; Entire Agreement; Amendment
11.1. Assignment. Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Purchaser, without the prior consent of the Company, to one or more persons agreeing to be bound by the terms hereof. Upon such assignment by a Purchaser, the assignee(s) shall become Purchaser hereunder and have the rights and obligations provided for herein to the extent of such assignment.
11.2. Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and supersedes any and all prior discussions, agreements and understandings of any and every nature.
11.3. Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.
11.4. Binding upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and permitted assigns.
- Notices; Indemnity
12.1 Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s address set forth herein or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested, postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iii) if sent by certified mail, on the fifth business day following the day such mailing is made.
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12.2 Indemnification. Subject to Section 8, each party shall indemnify the other party against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement set forth in this Agreement.
- Counterparts
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
- Survival; Severability
14.1. Survival. The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing until one (1) year following the consummation of an initial Business Combination.
14.2. Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.
- Headings
The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
- Construction
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.
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This subscription is accepted by the Company as of the date first written above.
| Colombier Acquisition Corp. III | |
|---|---|
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Chief Executive Officer |
Accepted and agreed this 3^rd^ day of February, 2026
| Colombier Sponsor III LLC | |
|---|---|
| By Knights Court LLC, the Managing Member | |
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Manager |
Exhibit 10.4
Execution Version
February 3, 2026
Colombier Acquisition Corp. III
375 South County Road Suite 220
Palm Beach, FL 33480
Re: Initial Public Offering
Ladies and Gentlemen:
This letter (this “LetterAgreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and among Colombier Acquisition Corp. III, a Cayman Islands exempted company (the “Company”) and Roth Capital Partners, LLC as representative (the “Representative”) of the underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of up to 29,900,000 of the Company’s units (including up to 3,900,000 units which may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one Class A ordinary share, par value $0.0001 per share, of the Company (the “Class A Ordinary Shares”) and one-eighth of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to the registration statement on Form S-1 (File No. 333-290932) and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company shall apply to have the Units listed on the New York Stock Exchange. 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, Colombier Sponsor III LLC, a Cayman Islands limited liability company (the “Sponsor”) and each of the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each an “Insider” and, collectively, the “Insiders”), hereby agree with the Company as follows:
The Sponsor and each Insider agree 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 all Founder Shares and any shares acquired by it, him or her in the Public Offering or the secondary public market in favor of such proposed Business Combination, except that it, he or she shall not vote any Class A Ordinary Shares that it, he or she purchased after the Company publicly announces its intention to engage in such proposed Business Combination for or against such proposed Business Combination and (ii) not redeem any Class A Ordinary Shares owned by it, him or her in connection with such shareholder approval. If the Company seeks to consummate a proposed Business Combination by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or she will not sell or tender any Ordinary Shares owned by it, him or her in connection herewith.
The Sponsor and each Insider agree that in the event that the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering (or 27 months from the closing of the Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination within 24 months from the closing of the Public Offering), or until such earlier liquidation date as Company’s board of directors may approve, or such later period approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association, as may be amended from time to time (the “Memorandum and Articles”), 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 earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (net of amounts withdrawn to fund the Company’s working capital requirements, subject to a limit of the greater of $1,000,000 and 10% of the interest earned on the Trust Account per fiscal year ending on December 31, and taxes payable (“Permitted Withdrawals,”) and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish the Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable law. The Sponsor and the Insiders agree to not propose any amendment to the Memorandum and Articles (A) that would affect the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within such time as is described in the Memorandum and Articles or (B) with respect to any other provision relating to the rights of holders of Class A Ordinary Shares 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 earned on the funds held in the Trust Account and net of Permitted Withdrawals, divided by the number of then outstanding Offering Shares. The Sponsor and each Insider acknowledges that it, he or she will not be entitled to rights to liquidating distributions from the Trust Account with respect to any Founder Shares or Private Placement Units held by it, him or her if the Company fails to complete a Business Combination within the completion window; although it, he or she will be entitled to liquidating distributions from the Trust Account with respect to any public shares it, he or she holds if the Company fails to complete a Business Combination within the prescribed time frame. The Sponsor and each Insider hereby further acknowledge that it, he or she will not be entitled to (a) redemption rights with respect to any Founder Shares and public shares held by it, him or her, in connection with the consummation of a Business Combination, or (b) redemption rights with respect to Founder Shares and public shares held by it, him or her in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) in a manner that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s public shares if the Company does not complete a Business Combination within the completion window or (B) with respect to any other provision relating to the rights of holders of the Company’s Class A Ordinary Shares or pre-initial Business Combination activity.
To the fullest extent permitted by applicable law, the Company hereby agrees to defend, indemnify, hold harmless and exonerate (including the advancement of expenses to the fullest extent permitted by applicable law) the Sponsor and its members (present and former), managers and affiliates and their respective present and former officers and directors (each, a “Sponsor Indemnitee”) from any and all costs, fees, expenses, judgments, liabilities, fines, penalties, reasonable attorneys’ fees and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such costs, fees, expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually, and reasonably, incurred by a Sponsor Indemnitee or on a Sponsor Indemnitee’s behalf in connection with any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, hearing or any other actual, threatened or completed proceeding instituted by the Company or any third party, whether civil, criminal, administrative or investigative in nature, in respect of any investment opportunities sourced by a Sponsor Indemnitee for the Company or any liability arising with respect to a Sponsor Indemnitee’s activities in connection with the affairs of the Company (in each case to the extent that such indemnification, hold harmless and exoneration obligations with respect to such matters are not expressly covered by a separate written agreement between the Company and the applicable Sponsor Indemnitee); provided, that in no event shall a Sponsor Indemnitee be entitled to be indemnified or held harmless hereunder in respect of any costs, fees, expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (if any) that a Sponsor Indemnitee may incur by reason of such person’s own actual fraud or intentional misconduct; provided, further, that, for the avoidance of doubt, under no circumstance shall a Sponsor Indemnitee have a claim to any monies or assets held in the Trust Account, and the Company shall not be permitted to procure monies or assets held in the Trust Account for the satisfaction of its obligations to any Sponsor Indemnitee in respect of the indemnification provided hereunder. The Sponsor Indemnitees shall be third party beneficiaries of this paragraph.
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the undersigned shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, 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 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, any Units, Class A Ordinary Shares, the Company’s Class B ordinary shares, par value $0.0001 per share (the “Class B Ordinary Shares” and, together with the Class A Ordinary Shares, the “Ordinary Shares”), Warrants or any securities convertible into, or exercisable, or exchangeable for, Class A Ordinary Shares owned by him, her or it; provided, however, that the foregoing shall not apply to transfers to the Sponsor by the Insiders, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, Class A Ordinary Shares, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Class A Ordinary Shares owned by him, her or it, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). If the undersigned is an officer or director of the Company, the undersigned further agrees that the forgoing restrictions shall be equally applicable to any issuer-directed Units that the undersigned may purchase in the Public Offering.
In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any officer, member or manager of the Sponsor) agrees 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 entered into a letter of intent, confidentiality or other similar agreement or business combination 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 for services rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (A) $10.00 per share of the Offering Shares or (B) such lesser amount per share of the Offering Shares 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 including interest earned on the funds held in the Trust Account and net of Permitted Withdrawals, except as to any claims by a third party or Target that executed an agreement waiving claims against and all rights to seek access to the Trust Account whether or not such agreement is enforceable. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible for any liability as a result of any such third-party claims. Notwithstanding any of the foregoing, such indemnification of the Company by the Sponsor shall not apply as to any claims under the Company’s obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 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.
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To the extent that the Underwriters do not exercise their over-allotment option to purchase an additional 3,900,000 Units (as described in the Prospectus), the Sponsor agrees, upon the expiration or waiver of such option, to forfeit, for cancellation at no cost, a number of Founder Shares equal to the product of 1,300,000 multiplied by a fraction, (i) the numerator of which is 3,900,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 3,900,000. The 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 Ordinary Shares after the Public Offering (not including the Class A Ordinary Shares underlying the Private Placement Units). The Sponsor further agrees that to the extent that the size of the Public Offering is increased or decreased and the Sponsor has either purchased or sold Ordinary Shares or an adjustment to the number of Founder Shares has been effected by way of a share dividend or share contribution back to capital or otherwise, in each case in connection with such increase or decrease in the size of the Public Offering, then (A) the references to 3,900,000 in the numerator and denominator of the formula in the first sentence of this paragraph 6 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 1,300,000 in the formula set forth in the first sentence of this paragraph 6 shall be adjusted to such number of Founder Shares that the Sponsor would have to collectively return to the Company in order for all holders of Founder Shares to hold an aggregate of 25% of the Company’s issued and outstanding Ordinary Shares after the Public Offering (not including the Class A Ordinary Shares underlying the Private Placement Units).
The Sponsor and each Insider hereby agrees and acknowledges that: (i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor of its obligations (as applicable) under paragraphs 1, 2, 4, 5, 6, 8(a) and 8(b) or by each Insider of its obligations under paragraphs 1, 2, 4, 8(a) and 8(b), (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.
Transfer Restrictions.
(a) Subject to the exceptions set forth herein, the Sponsor and each Insider agree not to Transfer any Founder Shares or the Class A Ordinary Shares issuable upon conversion of the Founder Shares held by it, him or her until the earlier of (i) six months after the date of the consummation of a Business Combination and (ii) subsequent to a Business Combination, the date on which the Company consummates a subsequent liquidation, merger, share exchange 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 (the “Lock-up”).
(b) Subject to the exceptions set forth herein, the Sponsor and each Insider agree not to Transfer any Private Placement Units (including the underlying private placement warrants, Class A Ordinary Shares, and the Class A Ordinary Shares issuable upon exercise of the private placement warrants) or private placement warrants (including the underlying Class A Ordinary Shares) issuable upon conversion of working capital loans held by it, he or she until immediately after the completion of a Business Combination.
(c) Notwithstanding the provisions set forth in paragraphs 8(a) and 8(b), transfers of the Founder Shares (including the Class A Ordinary Shares issued or issuable upon the conversion of the Founder Shares), Private Placement Units (including the underlying private placement warrants, Class A Ordinary Shares, and the Class A Ordinary Shares issuable upon exercise of the private placement warrants) or private placement warrants (including the underlying Class A Ordinary Shares) issuable upon conversion of working capital loans that are held by the Sponsor, any Insider or any of their permitted transferees, as applicable (that have complied with any applicable requirements of this paragraph 8(c)), are permitted (i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, the Sponsor, any members of the Sponsor or their affiliates or any affiliates of the Sponsor; (ii) in the case of an individual, by gift to members of the individual’s immediate family to a trust, the beneficiary of which is a member of one of the individual’s immediate family, an affiliate of such person or to a charitable organization, (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified domestic relations order; (v) by virtue of the laws of or the Sponsor’s operating agreement upon dissolution of the Sponsor; (vi) by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased; (vii) as pro rata distributions from the Sponsor to its respective members, partners or shareholders pursuant to the Sponsor’s limited liability company agreement or other charter documents; (viii) in the event of the Company’s liquidation prior to the Company’s consummation of an initial Business Combination; (ix) to a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses (i) through (vii); (x) to the Company for no value for cancellation in connection with the consummation of an initial Business Combination; and (xi) in the event that, subsequent to the Company’s consummation of an initial Business Combination, the Company completes a liquidation, merger, share exchange 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; provided, however, that, in the case of clauses (i) through (vii), these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).
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Each Insider’s biographical information furnished to the Company and the Representative that is 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 and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act. Each Insider’s questionnaire furnished to the Company and the Representative including any such information that is included in the Prospectus is true and accurate in all respects. Each Insider represents and warrants that: (i) such Insider 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; (ii) such Insider has never been convicted of, or pleaded guilty to, any crime (A) involving fraud, (B) relating to any financial transaction or handling of funds of another person or (C) pertaining to any dealings in any securities and such Insider is not currently a defendant in any such criminal proceeding; and (iii) none of the Sponsor or any such Insider has ever 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.
The Sponsor and each Insider has full right and power, without violating any agreement to which it, he or she 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 on the board of directors of the Company and each Insider hereby consents to being named in the Prospectus as an officer and/or director of the Company, as applicable.
As used herein, (i) “BusinessCombination” shall mean a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses or entities; (ii) “Founder Shares” shall mean the Class B Ordinary Shares held by the Sponsor, the Company’s independent directors and any other holder prior to the consummation of the Public Offering; (iii) “Private Placement Units” shall mean the 150,000 Units (including if the Underwriters’ over-allotment option in connection with the Public Offering is exercised in full), that the Sponsor has agreed to purchase for an aggregate purchase price of approximately $1,500,000 (including if the Underwriters’ over-allotment option in connection with the Public Offering is exercised in full), or $10.00 per Unit, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (iv) “Public Shareholders” shall mean the holders of securities issued in the Public Offering; (v) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited and (vi) “Transfer” shall mean the (a) sale 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 Exchange Act, and the rules and regulations of the Commission promulgated thereunder with any 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).
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 among 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 all parties hereto. Each of the parties hereto hereby acknowledges and agrees that each Representative is a third-party beneficiary of this Letter Agreement.
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 13 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, each Insider and each of their respective successors, heirs and assigns and permitted transferees.
This Letter 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. 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 the State of New York located in the City and County of New York, Borough of Manhattan, 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.
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 transmission.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up 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 June 30, 2026; provided, further, that paragraph 5 of this Letter Agreement shall survive such liquidation.
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| Sincerely, | |
|---|---|
| COLOMBIER SPONSOR III LLC<br><br> <br>By Knights Court LLC, the Managing Member | |
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Manager |
[SIGNATURE PAGE TO LETTER AGREEMENT]
| INSIDERS: | |
|---|---|
| /s/ Omeed Malik | |
| Name: | Omeed Malik |
| /s/ Paul T. Abrahimzadeh | |
| Name: | Paul T. Abrahimzadeh |
| /s/ Joe Voboril | |
| Name: | Joe Voboril |
| /s/ Andrew Nasser | |
| Name: | Andrew Nasser |
| /s/ Jordan Cohen | |
| Name: | Jordan Cohen |
| /s/ Donald J. Trump Jr. | |
| Name: | Donald J. Trump Jr. |
| /s/ Chris Buskirk | |
| Name: | Chris Buskirk |
| /s/ Candice Willoughby | |
| Name: | Candice Willoughby |
| /s/ Blake Masters | |
| Name: | Blake Masters |
| /s/ Chamath Palihapitiya | |
| Name: | Chamath Palihapitiya |
| /s/ Laura Ingraham | |
| Name: | Laura Ingraham |
[SIGNATURE PAGE TO LETTER AGREEMENT]
Acknowledged and Agreed:
COLOMBIER ACQUISITION CORP. III
| By: | /s/ Omeed Malik |
|---|---|
| Name: | Omeed Malik |
| Title: | Chief Executive Officer |
[SIGNATURE PAGE TO LETTER AGREEMENT]
Exhibit 10.5
Execution Version
COLOMBIER ACQUISITION CORP. III
375 South County Road Suite 220
Palm Beach, FL 33480
February 3, 2026
OJJA II, LLC
375 South County Road Suite 220
Palm Beach, FL 33480
| Re: | Administrative Support Agreement |
|---|
Ladies and Gentlemen:
This letter agreement by and between Colombier Acquisition Corp. III (the “Company”) and OJJA II, LLC, a Florida limited liability company (the “Services Provider”), an affiliate of our sponsor, Colombier Sponsor III LLC (“Sponsor”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first listed on the New York Stock Exchange (the “Listing Date”), pursuant to a Registration Statement on Form S-1 and prospectus filed with the U.S. Securities and Exchange Commission (the “Registration Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination and the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”):
(i) The Services Provider shall make available (or cause other persons to make available) to the Company certain administrative and shared personnel support services as may be reasonably required by the Company. As reimbursement therefor, the Company shall pay the Services Provider (and the Services Provider will receive on behalf of itself or, to the extent it causes another person to make support available to the Company, as nominee on behalf of such other person) the sum of $10,000 per month beginning on the Listing Date and continuing monthly thereafter until the Termination Date.
(ii) The Services Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of, or arising out of, this letter agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public shareholders of the Company and into which substantially all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever, including any Claim which may result from the operation of paragraph (iii), below.
(iii) The Company hereby agrees to indemnify and hold harmless the Services Provider, (the “Indemnitee”) from any claims, losses, liabilities, obligations, causes of action, proceedings (whether pending or threatened), investigations, damages, awards, settlements, judgments, decrees, fees, costs, penalties, amounts paid in settlement or expenses (including interest, assessments and other charges in connection therewith and reasonable fees and disbursements of attorneys and other professional advisors and costs of suit) arising out of or relating to any pending or threatened claim, action, suit, proceeding or investigation against any of them or in which any of them may be a participant or may otherwise be involved (including as a witness) that arises out of or relates to (i) the initial public offering of the Company’s securities or the Company’s operations or conduct of its business (including, for the avoidance of doubt, the company’s initial business combination, as discussed in the Registration Statement), or (ii) any claim against the Services Provider alleging any expressed or implied management or endorsement of any activities of the Company or any express or implied association between the Services Provider, on the one hand, and the Company on the other hand.
Notwithstanding anything to the contrary set forth herein or otherwise, the Company acknowledges and agrees that the Indemnitee shall be an express third-party beneficiary of the provisions of this paragraph (iii) and any related provision hereof that is or may extend rights to the Indemnitee. For the avoidance of doubt, the Company’s indemnification obligations contained in this paragraph (iii) shall survive the Company’s consummation of a Business Combination. The provisions of this paragraph (iii) are in all respects subject to the waiver against the Company’s Trust Account set forth in paragraph (ii), above.
This letter 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 among 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 amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.
No party hereto may assign either this letter agreement or any of its rights, interests or obligations hereunder without the prior written approval of the other party; provided, however, that the Services Provider may assign this letter agreement, in whole or in part, to Sponsor or any other person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, Sponsor without the prior written approval of the Company. 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 constitutes the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of laws principles.
[Signature Page Follows]
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| Very truly yours, | |
|---|---|
| COLOMBIER ACQUISITION CORP. III | |
| By: | /s/ Omeed Malik |
| Name: | Omeed Malik |
| Title: | Chief Executive Officer |
| AGREED TO AND ACCEPTED BY: | |
| --- | --- |
| OJJA II, LLC | |
| By Sierra Bonita Advisors, LLC, the Sole Member | |
| By: | /s/ Jordan Cohen |
| Name: | Jordan Cohen |
| Title: | Manager |
[SIGNATURE PAGE TO ADMINISTRATIVE SUPPORT AGREEMENT]
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Exhibit 10.6
Execution Version
INDEMNIFICATION AGREEMENT
THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of February 3, 2026, by and between Colombier Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), and [●] (“Indemnitee”).
RECITALS
WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or officers 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 as directors and officers, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect such persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors and officers are being increasingly subjected to expensive and time-consuming litigation. The amended and restated memorandum and articles of association, as may be amended from time to time (the “Memorandum and Articles”), of the Company requires indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law. The Memorandum and Articles expressly provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, 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 (as defined below) 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 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 an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve or continue to serve for or on behalf of the Company on the condition that Indemnitee 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 THECOMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director or key employee of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director or officer of the Company, as provided in Section 17 of this Agreement. 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 “BeneficialOwner” 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) A “Changein 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 Colombier Sponsor III LLC, any Person (as defined below) who 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;
(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 or nomination for election was previously so approved (collectively, the “ContinuingDirectors”), 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, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses or entities (a “BusinessCombination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty-one percent (51%) of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a 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 (as defined below)) 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 Colombier Sponsor III LLC, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving 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, providing for such Business Combination;
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(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 shareholder 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.
(d) “CompaniesLaw” shall mean the Companies Act (as amended) of the Cayman Islands, as the same may be amended from time to time.
(e) “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 (as defined below).
(f) “DelawareCourt” shall mean the Court of Chancery of the State of Delaware.
(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, manager, general partner, managing member, fiduciary, employee or agent.
(i) “ExchangeAct” shall mean the Securities Exchange Act of 1934, as amended.
(j) “Expenses” shall include all reasonable 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, including reasonable compensation for time spent by 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, including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,” however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or Fines (as defined below) against Indemnitee.
(k) “Fines” shall include all fines, including without limitation any excise tax assessed on Indemnitee with respect to any employee benefit plan and any fines imposed on Indemnitee by any governmental authority.
(l) “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 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.
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(m) The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary of the Company or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
(n) 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, legislative or investigative nature, in which Indemnitee was, is, will or might be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as a director or officer of the Company, or by reason of the fact that Indemnitee is or was Serving at the Request of the Company as a director, officer, trustee, general partner, 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.
(o) The term “Servingat the Request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
(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. INDEMNITY IN THIRD-PARTYPROCEEDINGS. To the fullest extent permitted by applicable law and the Memorandum and Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, Fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, Fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful.
4. INDEMNITY IN PROCEEDINGSBY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law and the Memorandum and Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing, no indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
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5. INDEMNIFICATIONFOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provision of this Agreement (other than the provisions of Section 27 of this Agreement), to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the Memorandum and Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law and the Memorandum and Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law and the Memorandum and Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue or matter on which Indemnitee was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
6. INDEMNIFICATIONFOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement (other than the provisions of Section 27 of this Agreement), to the extent that Indemnitee is, by reason of Indemnitee’s 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, Indemnitee shall, to the fullest extent permitted by applicable law and the Memorandum and Articles, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
7. CONTRIBUTION INTHE EVENT OF JOINT LIABILITY.
(a) To the fullest extent permissible under applicable law and the Memorandum and Articles, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, Fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
(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.
8. EXCLUSIONS. Notwithstanding any provision in this Agreement (but subject to Section 27 of this Agreement), the Company shall not be obligated under this Agreement to make any indemnification, advance of 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, contract, agreement or other indemnity or advancement provision or otherwise, except (i) with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise and (ii) as provided in Section 9 of this Agreement;
(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
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(c) except as otherwise provided in Sections 14(f) and (g) of this Agreement, 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, advance of Expenses, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.
9. INDEMNITOR OF FIRSTRESORT. The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided by one or more Persons with whom or which Indemnitee may be associated (collectively, the “Alternative Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Alternative Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee are secondary), (b) that it shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, Fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Memorandum and Articles of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Alternative Indemnitors, and (c) that it irrevocably waives, relinquishes and releases the Alternative Indemnitors from any and all claims against the Alternative Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Alternative Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Alternative Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Alternative Indemnitors are express third party beneficiaries of the terms of this Section 9.
10. ADVANCES OF EXPENSES;DEFENSE OF CLAIM.
(a) Notwithstanding any provision of this Agreement to the contrary (other than the provisions of Section 27 of this Agreement), and to the fullest extent not prohibited by applicable law or the Memorandum and Articles, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three (3) 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 and the Memorandum and Articles, 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, held harmless or exonerated by the Company under the provisions of this Agreement, the Memorandum and Articles, applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, advance of Expenses, hold harmless or exoneration payment is excluded pursuant to Section 8 of this Agreement.
(b) The Company will be entitled to participate in the Proceeding at its own expense.
(c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, Fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.
11. PROCEDURE FOR NOTIFICATIONAND APPLICATION FOR INDEMNIFICATION.
(a) Indemnitee agrees to promptly notify 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.
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(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 Indemnitee’s sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.
12. PROCEDURE UPONAPPLICATION FOR INDEMNIFICATION.
(a) A determination, if required by applicable law or the Memorandum and Articles, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board or (ii) by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. The Company will promptly advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including 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.
(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 Indemnitee of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or law firm 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) of this Agreement, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person or law firm selected by the Delaware Court, and the person or law firm with respect to whom all objections are so resolved or the person or law firm so appointed shall act as Independent Counsel under Section 12(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 such Independent Counsel’s engagement pursuant hereto.
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13. PRESUMPTIONS ANDEFFECT 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.
(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 thirty-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 Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
(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, managers or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, the Board, any committee of the Board or any director, trustee, general partner, manager or managing member of the Enterprise, or on information or records given or reports made to the Enterprise, the Board, any committee of the Board or any director, trustee, general partner, manager or managing member of the Enterprise, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, the Board, any committee of the Board or any director, trustee, general partner, manager or managing member of the Enterprise. 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 Sections 5, 6 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 7 of this Agreement, (vi) payment of indemnification pursuant to Sections 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 Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(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 and 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 of this Agreement 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.
(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.
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(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 and the Memorandum and Articles, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Memorandum and Articles now or hereafter in effect or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).
(g) Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware 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 (but subject to Section 27 of this Agreement), 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.
16. 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, 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 Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Memorandum and Articles 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.
(b) The Companies Law and the Memorandum and Articles permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement, the Memorandum and Articles or under the Companies Law, 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.
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(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 is or was Serving 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, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
(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, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.
17. DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee is Serving at the Request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability or Expense is incurred for which indemnification or advancement can be provided under this Agreement.
18. SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
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19. ENFORCEMENT ANDBINDING 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.
(b) Without limiting any of the rights of Indemnitee under the Memorandum and Articles as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
(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 Indemnitee’s 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 to prove, 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 Indemnitee 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. The Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.
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20. MODIFICATION ANDWAIVER. 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.
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 (a) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed or (b) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
(i) 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.
(ii) If to the Company, to:
Colombier Acquisition Corp. III
375 South County Road Suite 220
Palm Beach, FL 33480
Attn: Omeed Malik
With a copy, which shall not constitute notice, to:
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas
New York, New York 10105
Attn: Stuart Neuhauser
Facsimile: (212) 370-7889
or to any other address as may have been furnished to Indemnitee in writing by the Company.
22. APPLICABLE LAWAND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(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 Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. 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 of this Agreement or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.
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23. IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts (including by electronic delivery of a counterpart in pdf format), each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.
24. MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate and vice versa. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
25. PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.
26. ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required 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 CLAIMSTO TRUST ACCOUNT. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees that Indemnitee 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 Indemnitee 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. Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (a) the Company has sufficient funds outside of the trust account to satisfy its obligations hereunder or (b) the Company consummates a Business Combination.
28. MAINTENANCE OFINSURANCE. 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.
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IN WITNESS WHEREOF, the parties hereto have caused this Indemnification Agreement to be signed as of the day and year first above written.
| COLOMBIER ACQUISITION CORP. III | |
|---|---|
| By: | |
| Name: | Omeed Malik |
| Title: | Chief Executive Officer |
| INDEMNITEE | |
| By: | |
| Name: | |
| Address: |
[SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT]
Exhibit 99.1
Colombier Acquisition Corp. III Announces Pricing of $260 Million Initial Public Offering
New York, NY, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Colombier Acquisition Corp. III (the “Company,” “Colombier III”) today announced the pricing of its initial public offering of 26,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “CLBR U” beginning on February 4, 2026. Each unit consists of one Class A ordinary share and one-eighth of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “CLBR” and “CLBR WS,” respectively.
Colombier III is a blank check company formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While Colombier III may pursue an initial business combination in any business or industry but expects to focus on a target in an industry where it believes its management team and founder’s expertise will provide it with a competitive advantage.
The team is led by seasoned capital markets professionals including, Chief Executive Officer and Chairman, Omeed Malik, President, Paul T. Abrahimzadeh, Chief Financial Officer, Joe Voboril, Chief Investment Officer, Andrew Nasser, and Chief Operating Officer, Jordan Cohen. The Company’s board of directors includes Donald J. Trump Jr., Partner at 1789 Capital, Chris Buskirk, Founder and Chief Investment Officer of 1789 Capital; Candice Willoughby, Capital Markets Executive; Blake Masters, Director of PSQ Holdings, Inc and GrabAGun Digital Holdings Inc.; Chamath Palihapitiya, Founder and Managing Partner of Social Capital; and Laura Ingraham, Host of “The Ingraham Angle” on Fox News.
Roth Capital Partners is acting as sole book running manager and representative of the underwriters of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,900,000 units at the initial public offering price less the underwriting discounts and commissions to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Roth Capital Partners, LLC, Attention: 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, or by email: rothecm@roth.com.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on January 30, 2026. 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or change after the date of this release, except as required by law.
Exhibit 99.2
Colombier Acquisition Corp.III Announces Closing of Initial Public Offering
Total Gross Proceeds of$299,000,000 Million, Including
Underwriter Over-Allotment
New York, NY – February 5, 2026 – Colombier Acquisition Corp. III (the “Company”) (NYSE: CLBR U) announced today that it closed its initial public offering of 29,900,000 units, including 3,900,000 units offered pursuant to the exercise of the underwriters’ over-allotment option. The offering was priced at $10.00 per unit, generating total gross proceeds of $299,000,000. Each unit consists of one Class A ordinary share and one-eighth of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. The units are currently listed on the New York Stock Exchange (“NYSE”) and trading under the ticker symbol “CLBR U.” After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “CLBR” and “CLBR WS,” respectively.
Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units (as well as the exercise of the over-allotment option), $299,000,000 (or $10.00 per unit sold in the public offering) was placed in trust.
The Company is a blank check company formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any business or industry but expects to focus on a target in an industry where it believes its management team and founder’s expertise will provide it with a competitive advantage.
The management team is led by seasoned capital markets professionals, including Chief Executive Officer and Chairman, Omeed Malik, President, Paul T. Abrahimzadeh, Chief Financial Officer, Joe Voboril, Chief Investment Officer, Andrew Nasser, and Chief Operating Officer, Jordan Cohen. The Company’s board of directors includes Donald J. Trump Jr., Partner at 1789 Capital, Chris Buskirk, Founder and Chief Investment Officer of 1789 Capital; Candice Willoughby, Capital Markets Executive; Blake Masters, Director of PSQ Holdings, Inc and GrabAGun Digital Holdings Inc.; Chamath Palihapitiya, Founder and Managing Partner of Social Capital; and Laura Ingraham, Host of “The Ingraham Angle” on Fox News.
Roth Capital Partners acted as sole book running manager and representative of the underwriters in the offering and StoneX Financial Inc. acted as manager.
The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Roth Capital Partners, LLC, Attention: 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, or by email: rothecm@roth.com.
A registration statement relating to these securities became effective on January 30, 2026. 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. 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 final prospectus for the offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or change after the date of this release, except as required by law.