8-K
Hennessy Capital Investment Corp. VIII (HCIC)
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
Dateof Report (Date of Earliest Event Reported): February 4, 2026
HENNESSY
CAPITAL INVESTMENT CORP. VIII
(Exact Name of Registrant as Specified in its Charter)
001-43100
(Commission File Number)
| Cayman Islands | 6770 | 98-1872964 |
|---|---|---|
| (State<br> or Other Jurisdiction<br><br> of Incorporation) | (Primary<br> Standard Industrial<br><br> <br>Classification<br> Code Number) | (IRS<br> Employer<br><br> Identification No.) |
| 195 US Hwy 50, Suite 207<br><br> <br>Zephyr Cove, Nevada | 89448 | |
| --- | --- | |
| (Address<br> of Principal Executive Offices) | (Zip<br> Code) |
Registrant’s Telephone Number, Including Area Code: (775) 339-1671
Not
Applicable
(Former Name or Former Address, if Changed Since Last 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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Units,<br> each consisting of one Class A ordinary share and one right | HCICU | The<br> Nasdaq Stock Market LLC |
| Class<br> A ordinary shares, par value $0.0001 per share | HCIC | The<br> Nasdaq Stock Market LLC |
| Rights,<br> each right entitling the holder to receive one-twelfth (1/12) of one Class A ordinary share upon the consummation of an initial business<br> combination | HCICR | The<br> Nasdaq Stock Market LLC |
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. ☐
Item1.01. Entry into a Material Definitive Agreement.
On February 6, 2026, Hennessy Capital Investment Corp. VIII, a Cayman Islands exempted company (the “Company”), consummated its initial public offering (the “IPO”) of 24.15 million units (the “Units”), which included 3.15 million Units sold pursuant to the full exercise of the Underwriters’ (as defined below) over-allotment option. Each Unit consists of one Class A ordinary share (“Class A ordinary share”) and one right to receive one-twelfth (1/12) of one Class A ordinary share upon the consummation of the Company’s initial business combination (“Share Right”). The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $241.5 million.
On February 4, 2026, the Company’s Registration Statement on Form S-1 (File No. 333-291924) related to the IPO was declared effective by the staff of the U.S. Securities and Exchange Commission, and the Company subsequently filed a Registration Statement on Form S-1 (File No. 333-293211) pursuant to Rule 462(b) under the Securities Act of 1933, as amended, which became effective immediately upon filing (collectively, the “Registration Statement”). In connection with the IPO, the Company entered into the following agreements, forms of which were previously filed as exhibits to the Registration Statement:
| ● | An<br> Underwriting Agreement, dated February 4, 2026, among the Company, Barclays Capital Inc.<br> (“Barclays”) and Cohen & Company Capital Markets, a Division of Cohen<br> & Company Securities, LLC (“Cohen”), as representatives of the several<br> underwriters named in Schedule A thereto (collectively with Barclays and Cohen, the “Underwriters”)<br> , a copy of which is attached as Exhibit 1.1 hereto and incorporated by reference herein; |
|---|---|
| ● | A<br> Share Rights Agreement, dated February 4, 2026, between the Company and Odyssey Transfer<br> and Trust Company, a Minnesota corporation (“Odyssey”), as Share Rights<br> agent, a copy of which is attached as Exhibit 4.1 hereto and incorporated by reference herein; |
| ● | A<br> Letter Agreement, dated February 4, 2026 (the “Letter Agreement”), by<br> and among the Company, its officers, its directors and the Company’s sponsor, HC VIII<br> Sponsor LLC (the “Sponsor”), a copy of which is attached as Exhibit 10.1<br> hereto and incorporated by reference herein; |
| ● | An<br> Investment Management Trust Agreement, dated February 4, 2026, by and between the Company<br> and Odyssey, as trustee, a copy of which is attached as Exhibit 10.2 hereto and incorporated<br> by reference herein; |
| ● | A<br> Registration Rights Agreement, dated February 4, 2026 (the “Registration Rights Agreement”), by and among the Company, the Sponsor and certain other securityholders<br> of the Company, a copy of which is attached as Exhibit 10.3 hereto and incorporated by reference<br> herein; |
| ● | An<br> Administrative Support Agreement, dated February 4, 2026, by and between the Company and<br> Hennessy Capital Group LLC, a copy of which is attached as Exhibit 10.4 hereto and incorporated<br> by reference herein; |
| ● | A<br> Private Placement Units Purchase Agreement, dated February 4, 2026 (the “Sponsor Private Placement Units Purchase Agreement”), by and between the Company and the<br> Sponsor, a copy of which is attached as Exhibit 10.5 hereto and incorporated by reference<br> herein; and |
| ● | Indemnity<br> Agreements, by and between the Company and each of the officers and directors of the Company,<br> the form of which is attached as Exhibit 10.6 hereto and incorporated by reference herein. |
The foregoing description is qualified in its entirely by reference to full text of the applicable agreement or form thereof, each of which is incorporated by reference herein.
Item3.02. Unregistered Sales of Equity Securities.
Simultaneously with the closing of the IPO on February 6, 2026, the Company completed the private placement and sale to the Sponsor of an aggregate of 671,000 private placement units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $6.71 million. 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.
The Private Placement Units are identical to the Units sold in the IPO, except that (i) the Private Placement Units (and the Class A ordinary shares and Share Rights underlying the Private Placement Units and the Class A ordinary shares issuable upon conversion of the Share Rights) may not be transferred, assigned or sold, subject to certain limited exceptions set forth in the Letter Agreement and as described in the Registration Statement, until 30 days after the completion of the Company’s initial business combination, and (ii) the holders of the Private Placement Units are entitled to certain registration rights in respect thereof (and with respect to the Class A ordinary shares and Share Rights underlying such Private Placement Units and the Class A ordinary shares issuable upon conversion of the Share Rights).
Item5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements ofCertain Officers.
Effective February 4, 2026, in connection with the IPO, Brian Bonner, Kyle Crowley, Javier Saade, Sandra Stash and Elizabeth Williams were appointed to the board of directors of the Company (the “Board”). Effective February 4, 2026, each of Brian Bonner, Javier Saade and Elizabeth Williams was also appointed to the Board’s Audit Committee, with Elizabeth Williams serving as chair of the Audit Committee, and each of Brian Bonner, Kyle Crowley and Sandra Stash was also appointed to the Board’s Compensation Committee, with Brian Bonner serving as chair of the Compensation Committee.
On February 4, 2026, each director and executive officer of the Company entered into the Letter Agreement, the Registration Rights Agreement and an Indemnity Agreement with the Company. The Indemnity Agreements require the Company to indemnify each director and executive officer of the Company 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 descriptions of the Letter Agreement, the Registration Rights Agreement and form of Indemnity Agreement do not purport to be complete and are qualified in their entirety by reference to the Letter Agreement, the Registration Rights Agreement and form of Indemnity Agreement, copies of which are attached as Exhibits 10.1, 10.3 and 10.6, respectively, and are incorporated by reference herein.
In January 2026, the Sponsor transferred 25,000 Class B ordinary shares of the Company to each of Messrs. Bonner, Crowley and Saade and Ms. Stash and 30,000 Class B ordinary shares of the Company to Ms. Williams at the same price originally paid by the Sponsor for such shares. The Company will reimburse its directors for reasonable out-of-pocket expenses incurred in connection with fulfilling their roles as directors.
Other than the foregoing, none of the directors is a party to any arrangement or understanding with any person pursuant to which he or she was appointed as a director of the Company, nor is any director party to any transaction required to be disclosed under Item 404(a) of Regulation S-K involving the Company.
Item5.03. Amendments to Certificate of Incorporation or Bylaws; Change in Fiscal Year.
On February 4, 2026, in connection with the IPO, the Company filed its Amended and Restated Memorandum and Articles of Association with the Registrar of Companies in the Cayman Islands, which became effective the same day. The terms of the Amended and Restated Memorandum and Articles of Association are set forth in the Registration Statement and are incorporated by reference herein. A copy of the Amended and Restated Memorandum and Articles of Association is attached as Exhibit 3.1 hereto and incorporated by reference herein.
Item8.01. Other Events.
A total of $241.5 million of the net proceeds from the IPO and the sale of the Private Placement Units (which amount includes the Underwriters’ deferred underwriting discounts and commissions of up to $4.83 million) was deposited into a segregated trust account located in the United States, with Odyssey acting as trustee (the “Trust Account”). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes (other than excise taxes, if any) and to fund its working capital requirements, subject to an annual limit of 5.0% of the interest earned, the funds held in the Trust Account will not be released from the Trust Account until the earliest of: (1) the completion of the Company’s initial business combination; (2) the redemption of any Class A ordinary shares sold as part of the Units in the IPO (the “public shares”) properly submitted in connection with a shareholder vote to amend the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to provide for the redemption of the Company’s public shares in connection with the Company’s initial business combination or to redeem 100% of the public shares if the Company has not consummated an initial business combination within 24 months from the closing of the IPO (the “Completion Window”) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (3) the redemption of all of the public shares if the Company is unable to complete an initial business combination within the Completion Window, subject to applicable law.
On February 4, 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 6, 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.
Item9.01. Financial Statements and Exhibits.
(d)Exhibits
The following exhibits are being filed herewith:
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.
Dated: February 6, 2026
| Hennessy Capital Investment Corp. VIII | |
|---|---|
| By: | /s/ Nicholas Geeza |
| Name: | Nicholas<br> Geeza |
| Title: | Chief<br> Financial Officer |
Exhibit 1.1
UNDERWRITINGAGREEMENT
between
HENNESSY CAPITAL INVESTMENT CORP. VIII
and
BarclaysCapital Inc.
and
COHEN & COMPANY CAPITAL MARKETS, A DIVISION OF Cohen & Company Securities, LLC
as Representatives of the Underwriters
Dated: February 4, 2026
UNDERWRITING AGREEMENT
New York, New York
February 4, 2026
Barclays Capital Inc.
Cohen & Company Capital Markets,
a division of Cohen & Company Securities, LLC
c/o Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
c/o Cohen & Company Capital Markets,
a division of Cohen & Company Securities, LLC
3 Columbus Circle, 24th Floor
New York, NY 10019
AsRepresentatives of the Underwriters
namedon Schedule A hereto
Ladies and Gentlemen:
The undersigned, Hennessy Capital Investment Corp. VIII, a Cayman Islands exempted company with limited liability (the “Company”), hereby confirms its agreement with Barclays Capital Inc. (“Barclays”) and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“CCM” and together with Barclays, collectively, the “Representatives”) and with the other underwriters named on Schedule A hereto (if any), for which the Representatives are acting as representatives (the Representatives and such other underwriters being collectively referred to herein as the “Underwriters” or, each underwriter individually, an “Underwriter,” provided that, if only the Representatives are listed on such Schedule A, any references to Underwriters shall refer exclusively to the Representatives) as follows:
| 1. | Purchase and Sale of Securities. |
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1.1 Firm Securities.
1.1.1 Purchase of Firm Units. On the basis of the representations and warranties contained herein, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, severally and not jointly, and the Underwriters agree to purchase from the Company, severally and not jointly, an aggregate of 21,000,000 units (the “Firm Units”) of the Company, as set forth opposite the respective names of the Underwriters on Schedule A hereto, at a purchase price (net of discounts and commissions and the Deferred Underwriting Commission described in Section 1.3 below) of $9.60 per Firm Unit. The Firm Units are to be offered initially to the public (the “Offering”) at the offering price of $10.00 per Firm Unit. Each Firm Unit consists of one (1) Class A ordinary share (the “Ordinary Shares”), $0.0001 par value per share, of the Company (the “Public Shares”), and one (1) right (the “Share Rights”) to receive one-twelfth (1/12) of one Ordinary Share upon consummation of a Business Combination (as defined below). The Ordinary Shares and Share Rights included in the Firm Units will trade separately on the fifty-second (52nd) day following the date hereof (or if such date is not a Business Day (as defined in Section 1.1.2), the following Business Day) unless the Representatives determine to allow earlier separate trading. Notwithstanding the immediately preceding sentence, in no event will the Ordinary Shares and the Share Rights included in the Firm Units trade separately until (i) the Company has filed with the Securities and Exchange Commission (the “Commission”) a Current Report on Form 8-K that includes an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the Offering and the Unit Private Placement (as defined in Section 1.4.2) and updated financial information with respect to any proceeds the Company receives from the exercise of the Over-allotment Option (as defined in Section 1.2.1) if such option is exercised prior to the filing of the Current Report on Form 8-K, and (ii) the Company has issued a press release announcing when such separate trading will begin.
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1.1.2 Payment and Delivery. Delivery and payment for the Firm Units shall be made at 10:00 a.m., New York City time, on the first (1st) Business Day (as defined below) following the commencement of trading of the Units (as defined in Section 1.2.1), or at such earlier time as shall be agreed upon by the Representatives and the Company, at the offices of Kirkland & Ellis LLP, counsel to the Underwriters (“Kirkland”), or at such other place as shall be agreed upon by the Representatives and the Company. The hour and date of delivery and payment for the Firm Units are called the “Closing Date.” Payment for the Firm Units shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable as follows: $210,000,000 of the proceeds received by the Company for the Firm Units and the sale of the Placement Units (as defined in Section 1.4.2) shall be deposited in the trust account (the “Trust Account”) established by the Company for the benefit of the Public Shareholders (as defined below), as described in the Registration Statement (as defined in Section 2.1.1) pursuant to the terms of an Investment Management Trust Agreement (the “Trust Agreement”) between the Company and Odyssey Transfer and Trust Company (“Odyssey”). The funds deposited in the Trust Account shall include an aggregate of $4,200,000 ($0.20 per Firm Unit), up to which amount shall be payable to the Underwriters as Deferred Underwriting Commission in accordance with Section 1.3 hereof. The remaining proceeds received by the Company for the Firm Units and the sale of the Placement Units (less commissions and actual expense payments or other fees payable pursuant to this Underwriting Agreement (this “Agreement”), if any, shall be paid to the order of the Company upon delivery to the Representatives of certificates (in form and substance satisfactory to the Representatives) representing the Firm Units (or through the facilities of The Depository Trust Company (“DTC”)) for the account of the Underwriters. The Firm Units shall be registered in such name or names and in such authorized denominations as the Representatives may request in writing at least two (2) full Business Days prior to the Closing Date. If delivery is not made through the facilities of DTC, the Company will permit the Representatives to examine and package the Firm Units for delivery, at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver any of the Firm Units except upon tender of payment by the Representatives for all the Firm Units. The Representatives may, at their option, delegate one of the other Underwriters (with such Underwriter’s consent) to take delivery of the Firm Units and the Option Units and to make payment therefor as set forth above and below. As used herein, the term “Public Shareholders” means the holders of Ordinary Shares sold as part of the Units in the Offering or acquired in the aftermarket, including the Sponsor (as defined in Section 1.4.1) and any officer or director of the Company, to the extent, he, she or it acquires such Ordinary Shares in the aftermarket (and solely with respect to such Ordinary Shares). “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; provided, however, that for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home,” “shelter-in-place,” “non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York are generally open for use by customers on such day.
1.2 Over-Allotment Option.
1.2.1 Option Units. The Representatives are hereby granted an option (the “Over-allotment Option”) to purchase up to an additional 3,150,000 units (the “Option Units”), the net proceeds of which will be deposited in the Trust Account, solely for the purposes of covering any over-allotments, if any, in connection with the distribution and sale of the Firm Units. Such Option Units shall be identical in all respects to the Firm Units. Such Option Units shall be purchased for each account of the several Underwriters in the same proportion as the number of Firm Units, set forth opposite such Underwriter’s name on Schedule A hereto, bears to the total number of Firm Units (subject to adjustment by the Representatives to eliminate fractions). The Firm Units and the Option Units are hereinafter collectively referred to as the “Units,” and the Units, the Ordinary Shares and the Share Rights included in the Units, and the Ordinary Shares issuable pursuant to the Share Rights are hereinafter referred to collectively as the “Public Securities.” No Option Units shall be sold or delivered unless the Firm Units previously have been, or simultaneously are, sold and delivered. The right to purchase the Option Units, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representatives to the Company. The purchase price to be paid for each Option Unit will be the same price per Firm Unit set forth in Section 1.1.1 hereof.
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1.2.2 Exercise of Option. The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representatives as to all (at any time) or any part (from time to time) of the Option Units within forty-five (45) days after the effective date (“Effective Date”) of the Registration Statement. The Underwriters will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Representatives, which must be confirmed in accordance with Section 9.1 herein setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later than five (5) full Business Days after the date of the notice or such other time and in such other manner as shall be agreed upon by the Company and the Representatives, at the offices of Kirkland or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representatives. If such delivery and payment for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.
1.2.3 Payment and Delivery. Payment for the Option Units shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, payable as follows: $9.80 per Option Unit shall be deposited in the Trust Account pursuant to the Trust Agreement upon delivery to the Representatives of certificates (in form and substance satisfactory to the Representatives) representing the Option Units (or through the facilities of DTC) for the account of the Representatives. The amount of the payments for the Option Units to be deposited in the Trust Account will include $0.20 per Option Unit (up to $630,000), payable to CCM as Deferred Underwriting Commission, in accordance with Section 1.3 hereof. The certificates representing the Option Units to be delivered will be in such denominations and registered in such names as the Representatives request in writing not less than two (2) full Business Days prior to the Closing Date or the Option Closing Date, as the case may be, and will be made available to the Representatives for inspection, checking and packaging at the aforesaid office of the Company’s transfer agent or correspondent not less than one (1) full Business Day prior to such Closing Date. The Company shall not be obligated to sell or deliver the Option Units except upon tender of payment by the Representatives for applicable Option Units.
1.3 Deferred Underwriting Commission.
1.3.1 Deferred Underwriting Commission. The Representatives agree that (i) 2.0% of the gross proceeds from the sale of the Firm Units ($4,200,000) and 2.0% of the gross proceeds from the sale of the Option Units (up to $630,000), if any (collectively, the “Deferred Underwriting Commission”), will be deposited and held in the Trust Account and up to which amount(s) shall be payable directly from the Trust Account, without accrued interest, to CCM upon the consummation of the initial Business Combination (such consummation, the “Specified Event”), subject, in each case, to the reductions provided for in this Section 1.3.1. The Trust Agreement shall provide that the Trustee is required to obtain a written instruction signed by the Company and acknowledged by CCM with respect to the transfer of the funds held in the Trust Account, including the payment of the Deferred Underwriting Commission from the Trust Account, prior to commencing any liquidation of the assets of the Trust Account in connection with the consummation of a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more entities (the “Business Combination”), and such provision of the Trust Agreement shall not be permitted to be amended without the prior written consent of the Representatives. In the event that the Company is unable to consummate a Business Combination and Odyssey, as the trustee of the Trust Account (in this context, the “Trustee”), commences liquidation of the Trust Account as provided in the Trust Agreement, CCM agrees that (i) it shall forfeit any rights or claims to the Deferred Underwriting Commission, including any accrued interest thereon; and (ii) the Deferred Underwriting Commission, together with all other amounts on deposit in the Trust Account, shall be distributed on a pro rata basis among the Public Shareholders. CCM shall have the right to agree to any further modifications to the Deferred Underwriting Commission. For the avoidance of doubt, the obligations of each Underwriter under this Agreement shall be fully satisfied upon the payment of the purchase price for the Public Securities purchased by such Underwriter on the Closing Date or Option Closing Date, and CCM shall be entitled to the Deferred Underwriting Commission without any further conditions except for those set forth above and below. Notwithstanding anything to the contrary in this Agreement, CCM may at any time prior to the Specified Event and in its sole and absolute discretion, by written notice to the Company, elect to forfeit any right or claim to the Deferred Underwriting Commission, in which case the Company agrees to instruct the Trustee not to pay such Deferred Underwriting Commission upon the occurrence of a Specified Event. CCM further agrees that the Deferred Underwriting Commission will be based on, and paid out of, funds available in the Trust Account after payments made out of the Trust Account to honor redemption rights of the Public Shareholders. CCM further agrees that the Deferred Underwriting Commission shall be decreased by $0.20 for every Ordinary Share for which a Public Shareholder exercises its redemption rights in connection with or prior to the Specified Event.
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1.4 Private Placements.
1.4.1 Founder Shares. On October 16, 2025, the Company issued an aggregate of 8,910,429 Class B ordinary shares (the “Founder Shares”), $0.0001 par value per share, of the Company in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), for a total subscription price of $25,000 to HC VIII Sponsor LLC, a Nevada limited liability company (“Sponsor”). In October 2025 the Sponsor transferred 750,000 and 300,000 Founder Shares to Thomas D. Hennessy, the Company’s President, and Nicholas Geeza, the Company’s Executive Vice President, Chief Financial Officer and Secretary, respectively, and in January 2026, the Sponsor transferred 25,000 Founder Shares to each of Brian Bonner, Kyle Crowley, Javier Saade and Sandra Stash, each a director nominee of the Company, and 30,000 Founder Shares to Elizabeth Williams, a director nominee of the Company (together with the Sponsor, the “InitialShareholders”). On February 4, 2026, the Company effectuated a share dividend resulting in our Sponsor and Initial Shareholders holding in the aggregate 10,692,515 Founder Shares (including 1,365,430 Founder Shares that are subject to forfeiture to the extent the Over-allotment Option is exercised). No underwriting discounts, commissions or placement fees have been or will be payable in connection with the purchase of Founder Shares. Except as described in the Registration Statement, none of the Founder Shares may be sold, assigned or transferred by the Initial Shareholders until the earlier of (A) one hundred and eighty (180) days following the completion of the Business Combination and (B) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange its Ordinary Shares for cash, securities or other property. The holders of Founder Shares shall have no right to any liquidating distributions with respect to any portion of the Founder Shares in the event the Company fails to consummate a Business Combination. The holders of the Founder Shares shall not have redemption rights with respect to the Founder Shares. In the event that the Over-allotment Option is not exercised in full, the Sponsor will be required to forfeit such number of Founder Shares (up to 1,365,430 Founder Shares) such that the Founder Shares then outstanding will comprise 30.1% of the issued and outstanding Public Shares after giving effect to the Offering and exercise, if any, of the Over-allotment Option.
1.4.2 Unit Private Placement. Simultaneously with the Closing Date, the Sponsor will purchase from the Company, pursuant to the Sponsor Purchase Agreement (as defined below), an aggregate of 630,500 private placement units (the “Placement Units”) (or up to 671,000 Placement Units if the Over-allotment Option is exercised in full), each Placement Unit consisting of one (1) Ordinary Share (the “Private Shares”) and one (1) right to receive one-twelfth (1/12) of an Ordinary Share upon consummation of a Business Combination (the “Private Rights”), which Placement Units are substantially identical to the Units included in the Firm Units, subject to certain exceptions, at a purchase price of $10.00 per Placement Unit, in a private placement intended to be exempt from registration under the Act pursuant to Section 4(a)(2) of the Act. The private placement of the Placement Units to the Sponsor is referred to herein as the “Unit Private Placement.” Certain proceeds from the sale of the Placement Units shall be deposited into the Trust Account. None of the Placement Units, Private Shares or Private Rights (collectively, the “Placement Securities”) may be sold, assigned or transferred by the Sponsor or its permitted transferees until thirty (30) days after consummation of a Business Combination.
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1.4.3 No underwriting discounts, commissions, or placement fees have been or will be payable in connection with the Placement Units sold in the Unit Private Placement. The Placement Units are identical to the Units except that (i) none of the Placement Units will be transferable, assignable or salable until thirty (30) days after the consummation of a Business Combination, except to permitted transferees, and (ii) will be entitled to registration rights. The Public Securities, the Placement Securities, and the Founder Shares are hereinafter referred to collectively as the “Securities.”
1.5 Working Capital. Upon consummation of the Offering and the Unit Private Placement, it is intended that up to $1,255,000 (or $1,030,000 if the Over-allotment Option is exercised in full) of the proceeds from the Offering and the Unit Private Placement will be released to the Company and held outside of the Trust Account to fund the working capital requirements of the Company. In the event that the Offering expenses are less than $850,000, the amount of funds available outside of the Trust Account to fund the working capital requirements of the Company would increase by a corresponding amount.
1.6 Interest Income. Prior to the Company’s consummation of a Business Combination or the Company’s liquidation, interest earned on the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to (i) pay any taxes, other than excise taxes, payable by the Company, (ii) fund the Company’s working capital requirements, subject to an annual limit of 5.0% of the interest earned on the Trust Account, and (iii) pay up to $100,000 for dissolution expenses, all as more fully described in the Prospectus (as defined in Section 2.1.1). Additionally, all permitted withdrawals can only be made from interest and not from the principal held in the Trust Account.
| 2. | Representations and Warranties of the Company. The Company<br>represents and warrants to the Underwriters as follows: |
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2.1 Filing of Registration Statement.
2.1.1 Pursuant to the Act. The Company has filed with the Commission a registration statement and an amendment or amendments thereto, on Form S-1 (File No. 333-291924 and 333-293211), including any related preliminary prospectus (“PreliminaryProspectus”), including any prospectus that is included in the Registration Statement immediately prior to the effectiveness of the Registration Statement, for the registration of the offer and sale of the Public Securities under the Act, which registration statement and amendment or amendments have been prepared by the Company in conformity with the requirements of the Act, and the rules and regulations (the “Regulations”) of the Commission under the Act. The conditions for use of Form S-1 to register the Offering under the Act, as set forth in the General Instructions to such Form, have been satisfied. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of such time pursuant to Rule 430A of the Regulations), is hereinafter called the “Registration Statement,” and the form of the final prospectus dated the Effective Date included in the Registration Statement (or, if applicable, the form of final prospectus containing information permitted to be omitted at the time of effectiveness by Rule 430A of the Regulations, filed by the Company with the Commission pursuant to Rule 424 of the Regulations), is hereinafter called the “Prospectus.” For the purposes of this Agreement, “Time of Sale,” as used in the Act, means 5:48 p.m. New York City time, on the date of this Agreement. Prior to the Time of Sale, the Company prepared a Preliminary Prospectus, which was included in the Registration Statement filed on February 2, 2026, for distribution by the Underwriters (such Preliminary Prospectus used most recently prior to the Time of Sale together with the information included in Schedule C hereto, the “Sale Preliminary Prospectus”). Unless otherwise specified, any reference herein to the term “Registration Statement” shall be deemed to include any Registration Statement filed pursuant to Rule 462(b) under the Act registering additional securities (a “Rule 462(b)Registration Statement”). Other than a Rule 462(b) Registration Statement and the Form 8-A registration statement referred to below in Section 2.1.2, which, if filed, becomes effective upon filing, no other document with respect to the Registration Statement has been filed with the Commission. The offer and sale of all Public Securities have been registered under the Act pursuant to the Registration Statement. The Registration Statement has been declared effective by the Commission on the date hereof. If, subsequent to the date of this Agreement, the Company or the Representatives determine that at the Time of Sale, the Sale Preliminary Prospectus includes an untrue statement of a material fact or omits a statement of material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and the Company and the Representatives agree to provide an opportunity to purchasers of the Units to terminate their old purchase contracts and enter into new purchase contracts, then the Sale Preliminary Prospectus will be deemed to include any additional information available to purchasers at the time of entry into the first such new purchase contract.
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2.1.2 Pursuant to the Exchange Act. The Company has filed with the Commission a Registration Statement on Form 8-A (File Number 001-43100) providing for the registration under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of the Units, the Public Shares and the Share Rights. The registration of the Units, Public Shares and Share Rights under the Exchange Act has been declared effective by the Commission on the date hereof and the Units, the Public Shares and the Share Rights have been registered pursuant to Section 12(b) of the Exchange Act.
2.1.3 No Stop Orders, Etc. Neither the Commission nor, to the Company’s knowledge, assuming reasonable inquiry, any federal, state or other regulatory authority has issued any order or threatened to issue any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus, the Sale Preliminary Prospectus or Prospectus or any part thereof, or has instituted or, to the Company’s knowledge, assuming reasonable inquiry, threatened to institute any proceedings with respect to such an order.
2.2 Disclosures in Registration Statement.
2.2.1 10b-5 Representation. At the time of effectiveness of the Registration Statement (or at the time of any post-effective amendment to the Registration Statement) and at all times subsequent thereto up to the Closing Date and the Option Closing Date, if any, the Registration Statement, the Sale Preliminary Prospectus and the Prospectus contained and will contain all material statements that are required to be stated therein in accordance with the Act and the Regulations, and did or will, in all material respects, conform to the requirements of the Act and the Regulations. The Registration Statement, as of the Effective Date, did not, and the amendments and supplements thereto, as of their respective dates, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading. The Prospectus, as of its date and the Closing Date or the Option Closing Date, as the case may be, did not and will not, and the amendments and supplements thereto, as of their respective dates, will not, include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Sale Preliminary Prospectus, as of the Time of Sale (or such subsequent Time of Sale pursuant to Section 2.1.1), did not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. When any Preliminary Prospectus or the Sale Preliminary Prospectus was first filed with the Commission (whether filed as part of the Registration Statement for the registration of the Public Securities or any amendment thereto or pursuant to Rule 424(a) of the Regulations) and when any amendment thereof or supplement thereto was first filed with the Commission, such Preliminary Prospectus or the Sale Preliminary Prospectus and any amendments thereof and supplements thereto complied or will have been corrected in the Sale Preliminary Prospectus and the Prospectus to comply in all material respects with the applicable provisions of the Act and the Regulations and did not and will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representation and warranty made in this Section 2.2.1 does not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters by the Underwriters expressly for use in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of the Underwriters consists solely of the following: 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” (such information, collectively, the “Underwriters’ Information”).
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2.2.2 Disclosure of Agreements. The agreements and documents described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus conform to the descriptions thereof contained therein in all material respects and there are no agreements or other documents required to be described in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which its property or business is or may be bound or affected and (i) that is referred to in the Registration Statement, Sale Preliminary Prospectus or the Prospectus or attached as an exhibit thereto, or (ii) that is material to the Company’s business, has been duly authorized and validly executed by the Company, is in full force and effect and is enforceable against the Company and, to the Company’s knowledge, assuming reasonable inquiry, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (y) as enforceability of any indemnification or contribution provision may be limited under the foreign, federal and state securities laws; and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought, and no such agreement or instrument has been assigned by the Company, and neither the Company nor, to the Company’s knowledge, assuming reasonable inquiry, any other party is in breach or default thereunder and, to the Company’s knowledge, assuming reasonable inquiry, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a breach or default thereunder. To the Company’s knowledge, assuming reasonable inquiry, the performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental laws and regulations.
2.2.3 Prior Securities Transactions. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company since the date of the Company’s formation, except as disclosed in the Registration Statement.
2.2.4 Regulations. The disclosures in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus concerning the effects of federal, foreign, state and local regulation on the Company’s business as currently contemplated are correct in all material respects and do not omit to state a material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading.
2.3 Changes After Dates in Registration Statement.
2.3.1 No Material Adverse Change. Since the respective dates as of which information is given in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, except as otherwise specifically stated therein, (i) there has been no material adverse change in the condition, financial or otherwise, or business prospects of the Company, (ii) there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement, (iii) no member of the Company’s board of directors (the “Board of Directors”) or management has resigned from any position with the Company and (iv) no event or occurrence has taken place which materially impairs, or would likely materially impair, with the passage of time, the ability of the members of the Board of Directors or management to act in their capacities with the Company as described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus.
2.3.2 Recent Securities Transactions. Subsequent to the respective dates as of which information is given in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, and except as may otherwise be indicated or contemplated herein or therein, the Company has not (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its share capital.
2.4 Independent Registered Public Accounting Firm. To the Company’s knowledge, WithumSmith+Brown, PC (“Withum”), whose report is filed with the Commission as part of, and is included in, the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus, is an independent registered public accounting firm as required by the Act, the Regulations and the Public Company Accounting Oversight Board (the “PCAOB”), including the rules and regulations promulgated by such entity. To the Company’s knowledge, Withum is currently registered with the PCAOB. Withum has not, during the periods covered by the financial statements included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.
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2.5 Financial Statements; Statistical Data.
2.5.1 Financial Statements. The financial statements, including the notes thereto and supporting schedules (if any) included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus fairly present the financial position, the results of operations and the cash flows of the Company at the dates and for the periods to which they apply; such financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”), consistently applied throughout the periods involved; and the supporting schedules included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus present fairly the information required to be stated therein in conformity with the Regulations. No other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus. The Registration Statement, the Sale Preliminary Prospectus and the Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company’s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. There are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus in accordance with Regulation S-X or Form S-1 that have not been included as required.
2.5.2 Statistical Data. The statistical, industry-related and market-related data included in the Registration Statement, the Sale Preliminary Prospectus and/or the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate, and such data materially agree with the sources from which they are derived.
2.6 Authorized Capital; Options. The Company had at the date or dates indicated in each of the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus, as the case may be, duly authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus. Based on the assumptions stated in the Registration Statement, the Sale Preliminary Prospectus, and the Prospectus, the Company will have on the Closing Date or on the Option Closing Date, as the case may be, the adjusted share capitalization set forth therein. Except as set forth in, or contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, on the Effective Date and on the Closing Date or Option Closing Date, as the case may be, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized but unissued Ordinary Shares or any security convertible into Ordinary Shares, or any contracts or commitments to issue or sell Ordinary Shares or any such options, warrants, rights or convertible securities.
2.7 Valid Issuance of Securities.
2.7.1 Outstanding Securities. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities was issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized and outstanding securities of the Company conform in all material respects to all statements relating thereto contained in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus. All offers and sales and any transfers of the outstanding securities of the Company were at all relevant times either registered under the Act and the applicable state securities or Blue Sky laws or, based in part on the representations and warranties of the purchasers of such securities, exempt from such registration requirements.
2.7.2 Securities Sold Pursuant to this Agreement. The Public Securities have been duly authorized and reserved for issuance and when issued and paid for in accordance with this Agreement, will be validly issued, and the Ordinary Shares will be fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Public Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities has been duly and validly taken. The form of certificates for the Public Securities conform to the corporate law of the jurisdiction of the Company’s incorporation and applicable securities laws. The Public Securities conform in all material respects to the descriptions thereof contained in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, as the case may be.
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2.7.3 Placement Securities.
2.7.3.1 The Placement Securities have been duly authorized and reserved for issuance and when issued and paid for in accordance with the Sponsor Purchase Agreement, will be validly issued; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Placement Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Placement Securities has been duly and validly taken.
2.7.4 No Integration. Neither the Company nor any of its affiliates has, prior to the date hereof, made any offer or sale of any securities which are required to be or may be “integrated” pursuant to the Act or the Regulations with the Offering.
2.8 Registration Rights of Third Parties. Except as set forth in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.
2.9 Validity and Binding Effect of Agreements. This Agreement, the Trust Agreement, the Insider Letter (as defined in Section 2.21.1), the Services Agreement (as defined in Section 2.21.3), the Registration Rights Agreement (as defined in Section 2.21.4), the Rights Agreement (as defined in Section 2.23) and the Sponsor Purchase Agreement (collectively with this Agreement, the “Transaction Documents”) have been duly and validly authorized by the Company and, when executed and delivered, will constitute the valid and binding agreements of the Company, enforceable against the Company in accordance with their respective terms, except (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) with respect to this Agreement only, as enforceability of any indemnification or contribution provision may be limited under the foreign, federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.
2.10 No Conflicts, Etc. The execution, delivery, and performance by the Company of the Transaction Documents, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both, (i) result in a breach or violation of, or conflict with any of the terms and provisions of, or constitute a default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its property is subject except pursuant to the Trust Agreement; (ii) result in any violation of the provisions of the Amended and Restated Memorandum and Articles of Association, as may be amended from time to time, of the Company (the “CharterDocuments”); or (iii) violate any existing applicable statute, law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties, assets or business constituted as of the date hereof.
2.11 No Defaults; Violations. No default or violation exists in the due performance and observance of any term, covenant or condition of any license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except for any such default or violation that would not have a Material Adverse Effect (as defined in Section 2.15). The Company is not (a) in violation of any term or provision of its Charter Documents or (b) in violation of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except in the case of clause (b) above for any such violation that would not have a Material Adverse Effect.
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2.12 Corporate Power; Licenses; Consents.
2.12.1 Conduct of Business. The Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus. The disclosures in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus concerning the effects of foreign, federal, state and local regulation on the Offering and the Company’s business purpose as currently contemplated are correct in all material respects and do not omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Since its formation, the Company has conducted no business and has incurred no liabilities other than in connection with its formation and in furtherance of the Offering or as otherwise described in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, as applicable.
2.12.2 Transactions Contemplated Herein. The Company has all requisite corporate power and authority to enter into the Transaction Documents and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection herewith and therewith have been obtained. No consent, authorization, or order of, and no filing with, any court, government agency or other body, foreign or domestic, is required for the valid issuance, sale and delivery, of the Securities and the consummation of the transactions and agreements contemplated by the Transaction Documents and as contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, except with respect to applicable foreign, federal and state securities laws, the rules of The Nasdaq Global Market (“Nasdaq”) and the rules and regulations promulgated by the Financial Regulatory Authority, Inc. (“FINRA”).
2.12.3 Jurisdiction and Designation. The Company has the power to submit, and pursuant to Section 9.7 of this Agreement has, to the extent permitted by law, legally, validly, effectively and irrevocably submitted, to the jurisdiction of any New York State or United States Federal court sitting in the City of New York, Borough of Manhattan.
2.13 D&O Questionnaires. To the Company’s knowledge, assuming reasonable inquiry, all information contained in the questionnaires (“Questionnaires”) completed by each of the Company’s officers, directors and shareholders as of the date hereof (together with the Sponsor, the “Insiders”) and provided to the Representatives and their counsel and the biographies of the Insiders and other persons contained in the Registration Statement, Sale Preliminary Prospectus and the Prospectus (to the extent a biography is contained) is true and correct in all material respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate, incorrect or incomplete.
2.14 Litigation; Governmental Proceedings. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending, or to the Company’s knowledge, assuming reasonable inquiry, threatened against or involving the Company or, to the Company’s knowledge, assuming reasonable inquiry, any Insider or any shareholder or member of an Insider that has not been disclosed, that is required to be disclosed, in the Registration Statement, the Sale Preliminary Prospectus, the Prospectus or the Questionnaires.
2.15 Good Standing. The Company has been duly organized and is validly existing as a corporation and is in good standing under the laws of its jurisdiction of incorporation. The Company is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a material adverse effect on the condition (financial or otherwise), earnings, assets, prospects, business, operations or properties of the Company, whether or not arising from transactions in the ordinary course of business (a “Material Adverse Effect”).
2.16 No Contemplation of a Business Combination. As of the date of this Agreement, the Company has not selected any specific Business Combination target (each a “Target Business”) and it has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly with any Target Business.
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2.17 Transactions Requiring Disclosure to FINRA.
2.17.1 Finder’s Fees. Except as disclosed in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a brokerage commission or finder’s, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or to the Company’s knowledge, assuming reasonable inquiry, any Insider that may affect the Underwriters’ compensation, as defined by FINRA.
2.17.2 Payments Within 180 Days. The Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder’s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; or (ii) to the Company’s knowledge, any “participating member,” as defined in FINRA Rule 5110(j)(15), (a “Participating Member”), with respect to the Offering, within the 180-day period prior to the initial filing of the Registration Statement, other than any prior payments to the Representatives in connection with the Offering. The Company has not issued any warrants or other securities, or granted any options, directly or indirectly, to any Participating Member within the 180-day period prior to the initial filing date of the Registration Statement. No person to whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the Registration Statement has any relationship or affiliation or association with any Participating Member. Except with respect to the Representatives in connection with the Offering, the Company has not entered into any agreement or arrangement (including, without limitation, any consulting agreement or any other type of agreement) during the 180-day period prior to the initial filing date of the Registration Statement with the Commission, which arrangement or agreement provides for the receipt of any “underwriting compensation” as defined in FINRA Rule 5110, by any Participating Member.
2.17.3 FINRA Affiliation. Except as disclosed in the FINRA Questionnaires provided to the Representatives, to the Company’s knowledge, no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s unregistered securities (whether debt or equity, registered or unregistered, regardless of the time acquired or the source from which derived) has any direct or indirect affiliation or association with any Participating Member (as defined in accordance with the rules and regulations of FINRA). The Company will advise the Representatives and Kirkland if it learns that any officer or director or any direct or indirect beneficial owner (including the Insiders) is or becomes an affiliate or associated person of a Participating Member.
2.17.4 Share Ownership. Except as disclosed in the FINRA Questionnaires provided to the Representatives, to the Company’s knowledge, no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s unregistered securities is an owner of shares or other securities of any Participating Member (other than securities purchased on the open market).
2.17.5 Loans. To the Company’s knowledge, no officer or director or any direct or indirect beneficial owner (including the Insiders) of any class of the Company’s unregistered securities has made a subordinated loan to any Participating Member in the Offering.
2.17.6 Proceeds of the Offering. Except as disclosed in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, no proceeds from the sale of the Public Securities (excluding underwriting compensation) or the Placement Units, will be paid to any Participating Member, except as specifically authorized herein.
2.17.7 Conflicts of Interest. To the Company’s knowledge, assuming reasonable inquiry, no Participating Member in the Offering has a conflict of interest with the Company. For this purpose, a “conflict of interest” exists when a Participating Member and/or its associated persons, parent or affiliates in the aggregate beneficially own 10% or more of the Company’s outstanding common equity or 10% or more of the Company’s preferred equity.
2.18 Taxes.
2.18.1 There are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of any U.S. state or any political subdivision of the United States, or under the laws of any non-U.S. jurisdiction, required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale by the Company of the Public Securities.
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2.18.2 The Company has filed all U.S. federal, state and local, and non-U.S., tax returns required to be filed with taxing authorities prior to the date hereof in a timely manner or has duly obtained extensions of time for the filing thereof. The Company has paid all taxes shown as due on such returns that were filed and has paid all taxes imposed on it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable. In the case of each of the foregoing, except where the failure to file or pay, as applicable, would not have a Material Adverse Effect. The Company has made appropriate provisions in the applicable financial statements referred to in Section 2.5.1 above in respect of all federal, state, local and foreign income and franchise taxes for all current or prior periods as to which the tax liability of the Company has not been finally determined.
2.19 Foreign Corrupt Practices Act; Anti-Money Laundering; Patriot Act.
2.19.1 Foreign Corrupt Practices Act. None of the Company, the Sponsor, any non-independent director, non-independent director nominee or executive officer nor, to the knowledge of any of the Company, after reasonable inquiry, any independent director, independent director nominee, agent, employee or other person associated with or acting on behalf of the Company, has in the course of its actions for, or on behalf of, any of the Company: (i) made any unlawful contribution, gift, or other unlawful expense relating to political activity; (ii) made any direct or indirect bribe, kickback, rebate, payoff, influence payment, or otherwise unlawfully provided anything of value, to any “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (collectively, the “FCPA”)) or domestic government official; or (iii) violated or is in violation of any provision of the FCPA, the Bribery Act 2010 of the United Kingdom, as amended (the “BriberyAct 2010”), or any other applicable anti-corruption or anti-bribery statute or regulation. The Company has conducted its business in compliance with the FCPA, Bribery Act 2010 and all other applicable anti-corruption and anti-bribery statutes or regulations, and has instituted and maintains policies and procedures reasonably designed to ensure compliance therewith.
2.19.2 Currency and Foreign Transactions Reporting Act. The operations of the Company are and have been conducted at all times in compliance with (i) the requirements of the U.S. Treasury Department Office of Foreign Asset Control and (ii) applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transaction Reporting Act of 1970, as amended, including the Money Laundering Control Act of 1986, as amended, the rules and regulations thereunder and any related or similar money laundering statutes, rules, regulations or guidelines, issued, administered or enforced by any Federal governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened.
2.19.3 Patriot Act. Neither the Company nor to the Company’s knowledge, assuming reasonable inquiry, any Insider has violated the Bank Secrecy Act of 1970, as amended, or the Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and/or the rules and regulations promulgated under any such law, or any successor law. The Company acknowledges that, in accordance with the requirements of the USA Patriot Act, the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.
2.20 Officers’ Certificate. Any certificate signed by any duly authorized officer of the Company in connection with the Offering and delivered to the Representatives or to Kirkland shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.
2.21 Agreements With Insiders.
2.21.1 Insider Letter. The Company has caused to be duly executed a legally binding and enforceable agreement (except (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; (ii) as enforceability of any indemnification, contribution or non-compete provision may be limited under foreign, federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought), a form of which is annexed as an exhibit to the Registration Statement (the “Insider Letter”), pursuant to which each of the Insiders of the Company agree to certain matters. The Insider Letter shall not be amended, modified or otherwise changed without the prior written consent of the Representatives, which consent shall not be unreasonably delayed, conditioned or withheld by the Representatives.
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2.21.2 Sponsor Purchase Agreement. The Company and the Sponsor have executed and delivered a Private Placement Units Purchase Agreement, the form of which is annexed as an exhibit to the Registration Statement (the “Sponsor Purchase Agreement”), pursuant to which the Sponsor will, among other things, on the Closing Date consummate the purchase of and deliver the purchase price for the Placement Units to be sold to the Sponsor as provided in the Sponsor Purchase Agreement. Pursuant to the Insider Letter, the Sponsor has waived any and all rights and claims it may have to any proceeds, and any interest thereon, held in the Trust Account in respect of the Placement Units. Certain proceeds from the sale of the Placement Units will be deposited by the Company in the Trust Account in accordance with the terms of the Trust Agreement on the Closing Date as provided for in the Sponsor Purchase Agreement.
2.21.3 Administrative Services. The Company and the Sponsor have entered into an agreement (“Services Agreement”) substantially in the form annexed as an exhibit to the Registration Statement, pursuant to which an affiliate of the Sponsor will make available to the Company office space, utilities, and secretarial and administrative support for $15,000 per month, and the Company will reimburse the Sponsor for any reasonable and documented out-of-pocket expenses related to identifying, investigating and completing a Business Combination. Upon completion of the Business Combination, the Company will cease paying such monthly fees.
2.21.4 Registration Rights Agreement. The Company and the Sponsor have entered into a Registration Rights Agreement (“RegistrationRights Agreement”) substantially in the form annexed as an exhibit to the Registration Statement, whereby such parties will be entitled to certain registration rights with respect to the securities they hold or may hold, as set forth in such Registration Rights Agreement and described more fully in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus.
2.21.5 Loans. The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $250,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of (i) February 28, 2026 and (ii) the consummation of the Offering.
2.22 Investment Management Trust Agreement. The Company has entered into the Trust Agreement with respect to certain proceeds of the Offering and the Unit Private Placement substantially in the form annexed as an exhibit to the Registration Statement.
2.23 Rights Agreement. The Company has entered into a share rights agreement with respect to the Share Rights, Private Rights and any other rights that may be issued by the Company with the rights agent substantially in the form filed as an exhibit to the Registration Statement (the “Rights Agreement”).
2.24 No Existing Non-Competition Agreements. To the Company’s knowledge, no Insider is subject to any non-competition agreement or non-solicitation agreement with any employer or prior employer which could materially affect his ability to be an employee, officer and/or director of the Company, except as disclosed in the Registration Statement.
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2.25 Investments. No more than 45% of the “value” (as defined in Section 2(a)(41) of the Investment Company Act of 1940, as amended (the “Investment Company Act”)) of the Company’s total assets consist of, and no more than 45% of the Company’s net income after taxes is derived from, securities other than “government securities” (as defined in Section 2(a)(16) of the Investment Company Act) or money market funds meeting the conditions of Rule 2a-7 of the Investment Company Act.
2.26 Investment Company Act. The Company is not required, and upon the issuance and sale of the Securities as herein contemplated and the application of the net proceeds therefrom as described in the Sale Preliminary Prospectus and the Prospectus will not be required, to register as an “investment company” under the Investment Company Act.
2.27 Subsidiaries. The Company does not own an interest in any corporation, partnership, limited liability company, joint venture, trust or other business entity.
2.28 Related Party Transactions. No relationship, direct or indirect, exists between or among the Company, on the one hand, and any Insider, on the other hand, which is required by the Act, the Exchange Act or the Regulations to be described in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus which is not so described as required. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business), or guarantees of indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any of their respective family members, except as disclosed in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus. The Company has not extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any director or officer of the Company.
2.29 No Influence. The Company has not offered, or caused the Underwriters to offer, the Firm Units to any person or entity with the intention of unlawfully influencing (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer’s or supplier’s level or type of business with the Company or such affiliate or (b) a journalist or publication to write or publish favorable information about the Company or any such affiliate.
2.30 Sarbanes-Oxley. The Company is, and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), and the rules and regulations promulgated thereunder and related or similar rules or regulations promulgated by any governmental or self-regulatory entity or agency, that are applicable to it as of the date hereof.
2.31 Distribution of Offering Material by the Company. The Company has not distributed and will not distribute, prior to the later of the Closing Date and the completion of the distribution of the Units, any offering material in connection with the offering and sale of the Units other than the Sale Preliminary Prospectus and the Prospectus, in each case as supplemented and amended.
2.32 The Nasdaq Global Market. The Public Securities have been authorized for listing, subject to official notice of issuance and evidence of satisfactory distribution, on the Nasdaq Global Market and the Company knows of no reason or set of facts that is likely to adversely affect such authorization.
2.33 Board of Directors. As of the Effective Date, the Board of Directors of the Company will be comprised of the persons set forth as “Directors” or “Director nominees” under the heading of the Sale Preliminary Prospectus and the Prospectus captioned “Management.” As of the Effective Date, the qualifications of the persons serving as board members and the overall composition of the board will comply with Sarbanes-Oxley and the rules promulgated thereunder and the rules of Nasdaq that are, in each case, applicable to the Company. As of the Effective Date, the Company will have an Audit Committee that satisfies the applicable requirements under Sarbanes-Oxley and the rules promulgated thereunder and the rules of Nasdaq, subject to the permitted phase-in requirements under the rules of Nasdaq.
2.34 Emerging Growth Company. From its formation through the date hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Act (an “EmergingGrowth Company”).
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2.35 No Disqualification Events. Neither the Company, nor any of its predecessors or any affiliated issuer, nor any director, executive officer, or other officer of the Company participating in the Offering, nor any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Act) connected with the Company in any capacity at the Time of Sale (each, a “Company Covered Person” and, together, “Company Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Act (a “DisqualificationEvent”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Underwriters a copy of any disclosures provided thereunder.
2.36 Free-Writing Prospectus and Testing-the-Waters. The Company has not made any offer relating to the Public Securities that would constitute an issuer free writing prospectus, as defined in Rule 433 under the Act, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405 under the Act. The Company: (a) has not engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Representatives with entities that are qualified institutional buyers within the meaning of Rule 144A under the Act or institutions that are accredited investors within the meaning of Rule 501(a) of Regulation D under the Act and (b) has not authorized anyone to engage in Testing-the-Waters Communications other than its officers and the Representatives and individuals engaged by the Representatives. The Company has not distributed any written Testing-the-Waters Communications other than those listed on Schedule B hereto. “Testing-the-WatersCommunication” means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act.
2.37 No Fee Arrangements. As of the date hereof, the Company has not entered into any agreement, written or oral, pursuant to which the Company will be obligated to pay any Insider or an affiliate of any Insider a consulting, finder or success fees for assisting the Company in consummating a Business Combination.
2.38 IT Systems. Except as would not in the aggregate reasonably be expected to have a Material Adverse Effect: (i) the Company’s information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company as currently conducted; (ii) the Company has undertaken commercially reasonable efforts to implement and maintain commercially reasonable controls, policies, procedures, and safeguards to maintain and protect its confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including any such data defined as “personal information,” “personally identifiable information” or “sensitive personal information” under applicable data protection laws (such data, “Personal Data”)) used in connection with its business and, to the Company’s knowledge, there have been no breaches, violations, outages or unauthorized uses of or accesses to any IT System or Personal Data used in connection with the operation of the Company’s business, except for those that have been remedied without cost or liability or the duty to notify any other person; and (iii) the Company is presently in compliance with (x) all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, in each case, relating to the processing of Personal Data, (y) publicly available privacy policies and (z) contractual obligations relating to the privacy and security of the IT Systems (and Personal Data stored thereon).
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2.39 Sanctions. Neither the Company, the Sponsor, any non-independent director, non-independent director nominee or executive officer, nor, to the knowledge of the Company, after reasonable inquiry, any independent director, independent director nominee, agent, employee or affiliate of the Company is: (i) currently the subject or the target of any sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”); or (ii) located, organized or resident in a country or territory that is the subject or target of Sanctions (including, without limitation, Cuba, Iran, North Korea, Syria and Crimea); and the Company will not directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, (x) for the purpose of financing or facilitating the activities of any person, or in any country or territory, that at the time of such financing or facilitation, is the subject or target of Sanctions or (y) in any other manner that will result in a violation by any person (including any person participating in the transaction whether as an underwriter, advisor, investor or otherwise) of Sanctions. The Company has not knowingly engaged in for the past five years, and is not now knowingly engaged in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the dealing or transaction, is or was the subject or target of Sanctions.
2.40 Outbound Investment Rules. The Company is not a “covered foreign person,” as such term is defined in 31 C.F.R. § 850.209.
| 3. | Covenants of the Company. The Company covenants and<br>agrees as follows: |
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3.1 Amendments to Registration Statement. The Company will deliver to the Representatives, prior to filing, any amendment or supplement to the Registration Statement, any Preliminary Prospectus or the Prospectus proposed to be filed after the Effective Date and the Company shall not file any such amendment or supplement to which the Representatives reasonably object in writing.
3.2 Federal Securities Laws.
3.2.1 Compliance. During the time when a Prospectus is required to be delivered under the Act, the Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Act, the Regulations, and the Exchange Act, and by the regulations under the Exchange Act, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities in accordance with the provisions hereof and the Sale Preliminary Prospectus and the Prospectus. If at any time when a Prospectus relating to the Securities is required to be delivered under the Act, any event shall have occurred as a result of which, in the opinion of counsel for the Company or counsel for the Underwriters, the Prospectus, as then amended or supplemented, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Prospectus to comply with the Act, the Company will notify the Representatives promptly and prepare and file with the Commission, subject to Section 3.1 hereof, an appropriate amendment or supplement in accordance with Section 10 of the Act.
3.2.2 Filing of Final Prospectus. The Company will file the Prospectus (in form and substance satisfactory to the Underwriters) with the Commission pursuant to the requirements of Rule 424 of the Regulations.
3.2.3 Exchange Act Registration. The Company will use its commercially reasonable efforts to maintain the registration of the Ordinary Shares (and Share Rights prior to consummation of the Business Combination) under the provisions of the Exchange Act (except in connection with a going-private transaction) for a period of five (5) years from the Effective Date, or until the Company is required to be liquidated or is acquired, if earlier. The Company will not deregister the Ordinary Shares (and Share Rights prior to consummation of the Business Combination) under the Exchange Act (except in connection with a going private transaction after the completion of a Business Combination) without the prior written consent of the Representatives.
3.2.4 Exchange Act Filings. From the Effective Date until the earlier of the Company’s initial Business Combination, or its liquidation and dissolution, the Company shall timely file with the Commission via the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”) such statements and reports as are required to be filed by a company registered under Section 12(b) of the Exchange Act.
3.2.5 Sarbanes-Oxley Compliance. As soon as it is legally required to do so, the Company shall take all actions necessary to obtain and thereafter maintain material compliance with each applicable provision of Sarbanes-Oxley and the rules and regulations promulgated thereunder and related or similar rules and regulations promulgated by any other governmental or self-regulatory entity or agency with jurisdiction over the Company.
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3.3 Free-Writing Prospectus. The Company agrees that it will not make any offer relating to the Public Securities that would constitute an issuer free writing prospectus, as defined in Rule 433 under the Act, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405 under the Act, without the prior consent of the Underwriters.
3.4 Delivery to Underwriters of Prospectuses. The Company will deliver to the Underwriters, without charge and from time to time during the period when the Prospectus is required to be delivered under the Act or the Exchange Act, such number of copies of each of the Preliminary Prospectus and the Prospectus as the Underwriters may reasonably request and, as soon as the Registration Statement or any amendment or supplement thereto becomes effective, deliver to the Underwriters, upon their request, two manually executed Registration Statements, including exhibits, and all post-effective amendments thereto and copies of all exhibits filed therewith or incorporated therein by reference and all manually executed consents of certified experts.
3.5 Effectiveness and Events Requiring Notice to the Representatives. The Company will use its commercially reasonable efforts to cause the Registration Statement to remain effective and will notify the Representatives immediately and confirm the notice in writing (i) of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or preventing or suspending the use of any Preliminary Prospectus or the Prospectus or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any foreign or state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event that, in the reasonable judgment of the Company, makes any statement of a material fact made in the Registration Statement or the Prospectus untrue or that requires the making of any changes in the Registration Statement or the Prospectus in order to make the statements therein, and in the light of the circumstances under which they were made, not misleading. If the Commission or any foreign or state securities commission shall enter a stop order or suspend such qualification at any time, the Company will make every reasonable effort to obtain promptly the lifting of such order.
3.6 Affiliated Transactions.
3.6.1 Business Combinations. In the event the Company seeks to consummate a Business Combination with any entity that is affiliated with any Insider, the Company, or a committee of its independent directors, shall obtain an opinion from an independent investment banking firm that is a member of FINRA, or from an independent accounting firm, that the Business Combination is fair to the Company from a financial point of view.
3.6.2 Compensation to Insiders. Except as disclosed in the Registration Statement, the Sale Preliminary Prospectus or the Prospectus, the Company shall not pay any of the Insiders or any of their affiliates any fees or compensation from the Company, for services rendered to the Company prior to, or in connection with, the consummation of a Business Combination.
3.7 [Reserved.]
3.8 Reports to the Representatives. For a period of five (5) years from the Effective Date or until such earlier time upon which the Company is required to be liquidated or is no longer required to file reports under the Exchange Act, the Company will furnish to the Representatives and their counsel copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities, and promptly furnish to the Underwriters (i) a copy of each periodic report the Company shall be required to file with the Commission, (ii) a copy of every press release and every news item and article with respect to the Company or its affairs that was released by the Company, (iii) a copy of each Current Report on Form 8-K or Schedules 13D, 13G, 14D-1 or 13E-4 received or prepared by the Company, (iv) two (2) copies of each registration statement filed by the Company with the Commission under the Act, and (v) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Representatives may from time to time reasonably request; provided the Representatives shall sign, if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Representatives and their counsel in connection with the Representatives’ receipt of such information. Documents filed or furnished with the Commission pursuant to its EDGAR system shall be deemed to have been delivered to the Representatives pursuant to this Section 3.8.
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3.9 Transfer Agent. For a period of five (5) years following the Effective Date or until such earlier time upon which the Company is required to be liquidated, the Company shall retain a transfer agent acceptable to the Representatives. Odyssey is acceptable to the Representatives. Until the consummation of the Business Combination or until such earlier time upon which the Company is required to be liquidated, the Company shall retain a rights agent.
3.10 Payment of Expenses. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at the Closing Date, all Company expenses incident to the performance of the obligations of the Company under this Agreement, including but not limited to (i) the Company’s legal and accounting fees and disbursements; (ii) the preparation, printing, filing, mailing and delivery (including the payment of postage with respect to such mailing) of the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, including any pre- or post-effective amendments or supplements thereto, and the printing and mailing of this Agreement and related documents, including the cost of all copies thereof and any amendments thereof or supplements thereto supplied to the Underwriters in quantities as may be required by the Underwriters; (iii) fees incurred in connection with conducting background checks of the Company’s management team, up to a maximum of $3,000 per person; (iv) the preparation, printing, engraving, issuance and delivery of the Units, the Ordinary Shares and the Share Rights included in the Units, including any transfer or other taxes payable thereon; (v) filing fees incurred in registering the Offering with FINRA and the reasonable fees of counsel of the Underwriters (such legal fees not to exceed $15,000) in connection therewith and including, without limitation, fees associated with qualifying the Offering under the “Blue Sky” laws of any states specified by the Representatives; (vi) fees, costs and expenses incurred in listing the Securities on the Nasdaq Global Market or such other stock exchanges as the Company and the Underwriters together determine; (vii) all fees and disbursements of the transfer and rights agent; (viii) all of the Company’s expenses associated with “due diligence” and “road show” meetings arranged by the Representatives and any presentations made available by way of a net roadshow, including without limitation, trips for the Company’s management to meet with prospective investors, all travel, food and lodging expenses associated with such trips incurred by the Company or such management; and (ix) all other documented out-of-pocket costs and expenses customarily borne by an issuer incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 3.10, provided that the expenses paid on behalf of or reimbursed to the Underwriters shall not exceed $50,000 in the aggregate. If the Offering is consummated, the Representatives may deduct from the net proceeds of the Offering payable to the Company on the Closing Date the expenses set forth above (which shall be mutually agreed upon between the Company and the Representatives prior to the Closing Date) to be paid by the Company to the Representatives and others.
3.11 Application of Net Proceeds. The Company will apply the net proceeds from the Offering and the Unit Private Placement received by it in a manner consistent in all material respects with the application described under the caption “Use of Proceeds” in the Prospectus.
3.12 Delivery of Earnings Statements to Security Holders. The Company will make generally available to its security holders as soon as practicable an earnings statement (which need not be certified by an independent registered public accounting firm unless required by the Act or the Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Act) covering a period of at least twelve (12) consecutive months beginning after the Effective Date.
3.13 Notice to FINRA.
3.13.1 Notice to the Representatives. For a period of sixty (60) days after the date of the Prospectus, in the event any person or entity (regardless of any FINRA affiliation or association) is engaged, in writing, to assist the Company in its search for a Target Business or to provide any other services in connection therewith, the Company will provide the following to the Representatives prior to the consummation of the Business Combination: (i) complete details of all services and copies of agreements governing such services, and (ii) justification as to why the person or entity providing the merger and acquisition services should not be considered a Participating Member with respect to the Offering, as such term is defined in FINRA Rule 5110. The Company also agrees that, if required by law, proper disclosure of such arrangement or potential arrangement will be made in the tender offer documents or proxy statement which the Company will file with the Commission in connection with the Business Combination.
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3.13.2 FINRA. The Company shall advise the Representatives if it is aware that any 10% or greater shareholder of the Company becomes an affiliate or associated person of a Participating Member.
3.13.3 Broker/Dealer. In the event the Company intends to register as a broker/dealer, merge with or acquire a registered broker/dealer, or otherwise become a member of FINRA, it shall promptly notify FINRA.
3.14 Stabilization. Neither the Company, nor to its knowledge, any of its employees, directors or shareholders (without the consent of the Representatives) has taken, and the Company will not take, and has directed its employees, directors or shareholders to not take, directly or indirectly, any action without the consent of the Representatives that is designed to or that has constituted or that might reasonably be expected to cause or result in, under the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Units.
3.15 Existing Lock-Up Agreement. The Company will use its reasonable best efforts to enforce all existing agreements between the Company and any of its security holders that prohibit the sale, transfer, assignment, pledge or hypothecation of any of the Securities in connection with the Offering. In addition, the Company will direct the Company’s transfer agent to place stop transfer restrictions upon any such Securities of the Company that are bound by such existing “lock-up” agreements for the duration of the periods contemplated in such agreements.
3.16 Payment of Deferred Underwriting Commission on Business Combination. Upon the occurrence of the Specified Event, the Company agrees that it will cause the Trustee to pay the Deferred Underwriting Commission directly from the Trust Account to CCM, in accordance with Section 1.3. CCM shall have no claim to (a) any funds in the Trust Account reserved by the Company and the Trustee for honoring redemption rights of the Public Shareholders or (b) any payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Underwriting Commission.
3.17 Internal Controls. The Company will maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorization, (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
3.18 Accounting Firm. Until the earlier of the consummation of the Company’s initial Business Combination or until such earlier time upon which the Company is required to be liquidated, the Company shall retain Withum or another independent registered public accounting firm.
3.19 Form 8-K. The Company shall, on or prior to the date hereof, retain its independent registered public accounting firm to audit the balance sheet of the Company as of the Closing Date (“AuditedFinancial Statements”) reflecting the receipt by the Company of the proceeds of the Offering and the Unit Private Placement. Within four (4) Business Days after the Closing Date, the Company shall file a Current Report on Form 8-K with the Commission, which Report shall contain the Company’s Audited Financial Statements. Promptly after the Option Closing Date, if the Over-allotment Option is exercised after the Closing Date and to the extent not reflected in the Current Report on Form 8-K referenced in the immediately preceding sentence, the Company shall file with the Commission a Current Report on Form 8-K or an amendment to the Form 8-K to provide updated financial information to reflect the exercise of such option.
3.20 Corporate Proceedings. All corporate proceedings and other legal matters necessary to carry out the provisions of this Agreement and the transactions contemplated hereby shall have been effected, except where the failure to do so would not have a Material Adverse Effect.
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3.21 Investment Company. The Company shall cause the proceeds of the Offering to be held in the Trust Account to be invested only as provided for in the Trust Agreement and disclosed in the Prospectus. The Company will conduct its business in a manner so that it will not become subject to the Investment Company Act. Furthermore, once the Company consummates a Business Combination, it shall be engaged in a business other than that of investing, reinvesting, owning, holding or trading securities.
3.22 Amendments to Charter Documents. The Company covenants and agrees, that prior to its initial Business Combination, it will not seek to amend or modify its Charter Documents, except in accordance with the procedures set forth therein.
3.23 Press Releases. The Company agrees that it will not issue press releases or engage in any other publicity relating to the Offering or which includes the name of any Underwriter, without the Representatives’ prior written consent (not to be unreasonably withheld), for a period of twenty-five (25) days after the Closing Date. Notwithstanding the foregoing, in no event shall the Company be prohibited from issuing any press releases or engaging in any other publicity required by law, except that including the name of any Underwriter therein shall require the prior written consent of such Underwriter.
3.24 Insurance. Until the earlier of the consummation of the Company’s initial Business Combination or until such earlier time upon which the Company is required to be liquidated, the Company will maintain directors’ and officers’ insurance (including, without limitation, insurance covering the Company, its directors and officers for liabilities or losses arising in connection with the Offering, including, without limitation, liabilities or losses arising under the Act, the Exchange Act, the Regulations and any applicable foreign securities laws).
3.25 Electronic Prospectus. The Company shall cause to be prepared and delivered to the Underwriters, at the Company’s expense, promptly, but in no event later than two (2) Business Days from the effective date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term “Electronic Prospectus” means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Representatives, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Units for at least the period during which a prospectus relating to the Units is required to be delivered under the Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Representatives, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for on-line time).
3.26 Unit Private Placement Proceeds. On or prior to the Closing Date, the Company shall have caused the applicable proceeds from the Unit Private Placement to be deposited in the Trust Account pursuant to the terms of the Sponsor Purchase Agreement.
3.27 Future Financings. The Company agrees that neither it, nor any successor or subsidiary of the Company, will consummate any public or private equity or debt financing prior to the consummation of a Business Combination, unless all investors in such financing expressly waive, in writing, any rights in or claims against the Trust Account.
3.28 Amendments to Certain Agreements. The Company shall not amend, modify or otherwise change the Insider Letter and the Trust Agreement without the prior written consent of the Representatives, which such consent shall not be unreasonably delayed, conditioned or withheld by the Representatives. The Trust Agreement shall provide that the Trustee is required to obtain a joint written instruction signed by both the Company and CCM with respect to the transfer of the funds held in the Trust Account from the Trust Account, prior to commencing any liquidation of the assets of the Trust Account in connection with the consummation of any Business Combination, and such provision of the Trust Agreement shall not be permitted to be amended without the prior written consent of the Representatives.
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3.29 Maintenance of Listing on Nasdaq. Until the consummation of a Business Combination, the Company will use its commercially reasonable efforts to maintain the listing of the Public Securities on Nasdaq or a national securities exchange acceptable to the Representatives.
3.30 Reservation of Shares. The Company will reserve and keep available that maximum number of its authorized but unissued securities which are issuable (i) pursuant to the Share Rights and the Placement Securities (as well as any other rights that may be issued and covered by the Rights Agreement) and (ii) upon conversion of the Founder Shares.
3.31 Notice of Disqualification Events. The Company will notify the Underwriters in writing, prior to the Closing Date, of (i) any Disqualification Event relating to any Company Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Company Covered Person.
3.32 [Reserved.]
3.33 Business Combination Securities Disclosure Documents. If any Underwriter that performs any marketing, capital markets advisory or securities placement activities in connection with a Business Combination at the request of the Company pursuant to a separate agreement between such Underwriter and the Company (such Underwriter, a “Business Combination Advisor”) may be deemed, in its sole judgment, to be an underwriter of any securities issued pursuant to any registration statement or tender offer document filed with the Commission in connection with the consummation of the Business Combination by the Company, a Target Business or any direct or indirect parent or subsidiary of any of them (any such issuer or co-issuer, a “Registrant,” and any such securities, the “Business Combination Securities”), the Company shall use its commercially reasonable efforts to provide or cause to be provided to such Business Combination Advisor information and access to all persons, properties and documents to the extent necessary for such Business Combination Advisor to complete a due diligence investigation sufficient (in the view of such Business Combination Advisor in its sole discretion) to provide such Business Combination Advisor with a “reasonable due diligence” defense in respect of any claims that could be brought against an underwriter of the applicable Business Combination Securities under federal and state securities laws, rules and regulations, including, without limitation, Section 11 of the Act. As used herein, the term “reasonable due diligence” means a reasonable investigation that provides the investigating person a reasonable ground to believe that at the time of the applicable offer, issuance or distribution of any Business Combination Securities, no registration statement, preliminary or final prospectus, proxy statement, tender offer document or offering memorandum, including, without limitation, any document incorporated by reference into any of the foregoing, or any amendment or supplement to any of the foregoing, or any other marketing document used by any Registrant, filed with or furnished by the Company to the Commission in connection with the Business Combination but excluding any filing under Rule 425 of the Act or Rule 14a-12 of the Exchange Act (each, a “Business Combination Securities Disclosure Document”), in each case relating to such offer, issuance or distribution, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. The Company agrees to use its commercially reasonable efforts to provide to such Business Combination Advisor notice of each filing under Rule 425 of the Act or Rule 14a-12 of the Exchange Act and each other form of public communication about the Business Combination reasonably in advance of such filing or public communication. The Company further covenants that it will use its reasonable best efforts to ensure that any projections provided to such Business Combination Advisor by any Registrant or prepared by any Registrant or any representative of such Registrant (a “RegistrantRepresentative”) and contained in any Business Combination Securities Disclosure Document, in each case, at the time they were prepared, will have been prepared in good faith and will be based upon assumptions which, in light of the circumstances under which they are made, are reasonable.
3.34 Obligations in Connection with Business Combination. If requested in writing by a Business Combination Advisor, if it may be deemed, in its sole judgment, to be an underwriter of any Business Combination Securities, the following shall apply:
3.34.1 Prior to entering into any definitive agreement with respect to the Business Combination (or amendment thereto) and until such time as such Business Combination is consummated:
(a) The Company agrees to notify such Business Combination Advisor with respect to, and to permit such Business Combination Advisor, at its request, to participate in, all diligence sessions with any Registrant or any Registrant Representative and all drafting sessions in respect of any Business Combination Securities Disclosure Document.
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(b) The Company shall provide drafts of all Business Combination Securities Disclosure Documents to such Business Combination Advisor and its legal counsel reasonably in advance of the filing by the Company (or, if such filing is to be made by a Registrant other than the Company, any filing which is required to be approved by the Company) of any Business Combination Securities Disclosure Document with the Commission or the circulation by any Registrant of any Business Combination Securities Disclosure Document to any prospective investor, sufficient to allow such Business Combination Advisor and its legal counsel to request changes determined by them to be reasonably necessary to such Business Combination Securities Disclosure Document before its filing or circulation. The Company shall not permit the filing with or furnishing to the Commission of any Business Combination Securities Disclosure Document without the consent of such Business Combination Advisor, which consent shall not unreasonably be withheld, delayed or conditioned.
3.34.2 Notwithstanding any provision to the contrary herein, the Company agrees that such Business Combination Advisor shall have the right, in connection with its reasonable due diligence under Section 3.33, (i) to retain counsel and other consultants and experts as it may deem necessary or desirable in connection with its reasonable due diligence under Section 3.34.1 (it being understood that the retention of any such consultant or expert or other advisor, other than outside legal counsel, will be made with the prior written approval of the Company, which approval will not be unreasonably withheld, conditioned or delayed); (ii) to use its commercially reasonable efforts to ensure that each counsel to the Company and to any other Registrant provides customary legal opinions and negative assurance letters to such Business Combination Advisor dated as of (x) the date of effectiveness of the Business Combination Securities Disclosure Document, and (y) the date of the shareholder vote to approve the Business Combination, in form and substance reasonably satisfactory to such Business Combination Advisor, (iii) to use its commercially reasonable efforts to ensure that each accounting firm or firms that were retained by the Company or by any other Registrant and that have audited any financial statements set forth in any Business Combination Securities Disclosure Document provide customary “comfort letters” to such Business Combination Advisor dated as of (x) the date of effectiveness of the Business Combination Securities Disclosure Document, and (y) the date of the shareholder vote to approve the Business Combination; and (iv) to take and shall use its reasonable best efforts to take any other actions reasonably requested by such Business Combination Advisor.
3.34.3 In connection with the Business Combination, to the extent the Company retains an unaffiliated party (the “Fairness Opinion Provider”) to prepare a report and provide an opinion (the “Fairness Opinion”) concerning the fairness, from a financial point of view, of the Business Combination to the Company and its unaffiliated shareholders, the Company shall, pursuant to, and in accordance with, applicable law, disclose in reasonable detail in a Business Combination Securities Disclosure Document the results of that report and, as necessary or appropriate, a copy of that report. Each Registrant shall provide the Fairness Opinion Provider with all information and access to persons and documents that the Fairness Opinion Provider deems reasonably necessary and appropriate in connection with the preparation of its Fairness Opinion.
3.34.4 Prior to the consummation of the Business Combination, the Company shall include in the definitive agreement for the Business Combination (i) a covenant for the assignment and assumption, by the public entity resulting from the initial Business Combination, of all of the Company’s obligations hereunder and (ii) that such Business Combination Advisor may rely on the representations and warranties contained therein as if it were a party thereto. The Company shall use its commercially reasonable efforts to ensure that each Target Business in the Business Combination agrees to deliver to such Business Combination Advisor a certificate of an officer of such Target Business stating that to such officer’s knowledge the representations and warranties made by the Target Business in the definitive agreement for the Business Combination are true and correct as of the date of such certificate, subject to (i) a customary materiality standard, (ii) any applicable carve-out with reference to disclosure included in the Business Combination Securities Disclosure Document and (iii) required adjustments for such representations and warranties that speak as of a specific date. In addition, in connection with the Business Combination, the Company will, and will use its reasonable best efforts to cause each Registrant to, comply in all material respects with (i) the obligations and covenants of the Company which relate to the period following the consummation of the Business Combination set forth in Sections 3 and 5 of this Agreement and (ii) all laws, rules and regulations applicable either to the Registrant and its business activities or to the Business Combination, as such laws, rules and regulations may be in effect at the time of the consummation of the Business Combination.
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3.34.5 Nothing herein shall be deemed to require the Underwriters to limit their rights to compensation or to reimbursement of expenses without their express agreement or otherwise to assume any liability other than as may be expressly required under the Act.
3.34.6 The Company acknowledges and agrees that nothing in this Section 3.34 shall be interpreted to obligate the Underwriters to take any action, including by serving as a Business Combination Advisor, or to refrain from taking any action, in connection with the Business Combination and any such actions will be undertaken by each Underwriter, in respect of itself, in its sole discretion.
| 4. | Conditions of Underwriters’ Obligations. The obligations<br>of the Underwriters to purchase and pay for the Units, as provided herein, shall be subject to the continuing accuracy of the representations<br>and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if any, to the accuracy<br>of the statements of officers of the Company made pursuant to the provisions hereof and to the performance in all material respects by<br>the Company of its obligations hereunder and to the following conditions: |
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4.1 Regulatory Matters.
4.1.1 Effectiveness of Registration Statement. The Registration Statement shall have become effective not later than 4:00 p.m., New York time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Representatives, and, at each of the Closing Date and each Option Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for the purpose shall have been instituted or shall be pending or contemplated by the Commission and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives and Kirkland.
4.1.2 FINRA Clearance. By the Effective Date, the Underwriters shall have received a letter of no objections from FINRA as to the terms and arrangement and amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.
4.1.3 No Blue Sky Stop Orders. No order suspending the sale of the Units in any jurisdiction designated by the Underwriters pursuant to Section 3.5 hereof shall have been issued on each of the Closing Date or any Option Closing Date, and no proceedings for that purpose shall have been instituted or, to the Company’s knowledge, shall be contemplated.
4.1.4 No Commission Stop Order. At the Closing Date and each Option Closing Date, the Commission has not issued any order or threatened to issue any order preventing or suspending the use of any Preliminary Prospectus, the Prospectus or any part thereof, and has not instituted or, to the Company’s knowledge, assuming reasonable inquiry, threatened to institute any proceedings with respect to such an order.
4.1.5 Approval of Listing on Nasdaq. The Securities shall have been approved for listing on the Nasdaq Global Market, subject to official notice of issuance and evidence of satisfactory distribution, satisfactory evidence of which shall have been provided to the Representatives.
4.2 Company Counsel Matters.
4.2.1 Closing Date and Option Closing Date Opinions of Counsels. On the Closing Date and each Option Closing Date, if any, the Representatives shall have received the favorable opinions and negative assurance statements of Sidley Austin LLP and Appleby (Cayman) Ltd., dated the Closing Date or each Option Closing Date, as the case may be, addressed to the Representatives as representatives for the several Underwriters, and in substantially the form attached hereto as Exhibits A and B, respectively. On the Closing Date and each Option Closing Date, the Representatives shall have received the favorable opinion and negative assurance statement of Kirkland, dated the Closing Date, addressed to the Representatives as representatives for the several Underwriters.
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4.2.2 Reliance. In rendering such opinions, such counsels may rely as to matters of fact, to the extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments of various jurisdictions having custody of documents respecting the corporate existence or good standing of the Company, provided that copies of any such statements or certificates shall be delivered to the Representatives’ counsel if requested.
4.3 Comfort Letter. At the time this Agreement is executed, and at the Closing Date and Option Closing Date, if any, the Representatives shall have received a letter, addressed to the Representatives as representatives for the several Underwriters and in form and substance satisfactory in all respects (including the non-material nature of the changes or decreases, if any, referred to in Section 4.3.3 below) to the Representatives, from Withum dated, respectively, as of the date of this Agreement and as of the Closing Date and Option Closing Date, if any:
4.3.1 Confirming that they are an independent registered public accounting firm with respect to the Company within the meaning of the Act and the applicable Regulations and that they have not, during the periods covered by the financial statements included in the Registration Statement, Preliminary Prospectus, Sale Preliminary Prospectus and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act;
4.3.2 Stating that in their opinion the financial statements of the Company included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus comply as to form in all material respects with the applicable accounting requirements of the Act and the published Regulations thereunder;
4.3.3 Stating that, on the basis of their review, which included a reading of the latest available unaudited interim financial statements of the Company (with an indication of the date of the latest available unaudited interim financial statements), a reading of the latest available minutes of the shareholders and Board of Directors and the various committees of the Board of Directors, consultations with officers and other employees of the Company responsible for financial and accounting matters and other specified procedures and inquiries, nothing has come to their attention that would lead them to believe that (a) the unaudited financial statements of the Company included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus do not comply as to form in all material respects with the applicable accounting requirements of the Act and the Regulations or are not fairly presented in conformity with GAAP applied on a basis substantially consistent with that of the audited financial statements of the Company included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus; or (b) at a date not later than five (5) days prior to the Effective Date, Closing Date or Option Closing Date, as the case may be, there was any change in the share capital or long-term debt of the Company, or any decrease in the shareholders’ equity of the Company as compared with amounts shown in the most recent balance sheet included in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus, other than as set forth in or contemplated by the Registration Statement, the Sale Preliminary Prospectus and the Prospectus or, if there was any decrease, setting forth the amount of such decrease; and (c) during the period from the most recent balance sheet included in the Registration Statement to a specified date not later than five (5) days prior to the Effective Date, Closing Date or any Option Closing Date, as the case may be, there was any decrease in revenues, net earnings or net earnings per Ordinary Share, in each case as compared with the corresponding period in the preceding year and as compared with the corresponding period in the preceding quarter, other than as set forth in or contemplated by the Registration Statement the Sale Preliminary Prospectus and the Prospectus, or, if there was any such decrease, setting forth the amount of such decrease;
4.3.4 Stating that they have compared specific dollar amounts, numbers of shares, percentages of revenues and earnings, statements and other financial information pertaining to the Company set forth in the Registration Statement, the Sale Preliminary Prospectus and the Prospectus in each case to the extent that such amounts, numbers, percentages, statements and information may be derived from the general accounting records, including work sheets, of the Company and excluding any questions requiring an interpretation by legal counsel, with the results obtained from the application of specified readings, inquiries and other appropriate procedures (which procedures do not constitute an examination in accordance with generally accepted auditing standards) set forth in the letter and found them to be in agreement;
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4.3.5 Stating that they have not, since the Company’s incorporation, brought to the attention of the Company’s management any reportable condition related to internal structure, design or operation as defined in the Statement on Auditing Standards No. 60 “Communication of Internal Control Structure Related Matters Noted in an Audit,” in the Company’s internal controls; and
4.3.6 Statements as to such other matters incident to the transaction contemplated hereby as the Representatives or Kirkland may reasonably request, including (i) that Withum is registered with the PCAOB; (ii) that Withum has sufficient assets and insurance to pay for any liability incurred by it relating to providing the letter; and (iii) that Withum is not insolvent.
4.4 Officers’ Certificates.
4.4.1 Officers’ Certificate. At each of the Closing Date and the Option Closing Date, if any, the Representatives shall have received a certificate of the Company signed by the Chairman of the Board or the Chief Executive Officer and the Secretary or Assistant Secretary of the Company, or any similar or equivalent officer of the Company (in their capacities as such), dated the Closing Date or the Option Closing Date, as the case may be, respectively, to the effect that the Company has performed in all material respects all covenants and complied with all conditions required by this Agreement to be performed or complied with by the Company prior to and as of the Closing Date, or the Option Closing Date, as the case may be, and that the conditions set forth in Section 4 hereof have been satisfied as of such date and that, as of Closing Date and the Option Closing Date, as the case may be, the representations and warranties of the Company set forth in Section 2 hereof are true and correct. In addition, the Representatives will have received such other and further certificates of officers of the Company (in their capacities as such) as the Representatives may reasonably request.
4.4.2 Secretary’s Certificate. At each of the Closing Date and the Option Closing Date, if any, the Representatives shall have received a certificate of the Company signed by the Secretary or Assistant Secretary of the Company, or any similar or equivalent officer of the Company, dated the Closing Date or the Option Closing Date, as the case may be, respectively, certifying (i) that the Charter Documents are true and complete, have not been modified and are in full force and effect; (ii) that the resolutions of the Company’s Board of Directors relating to the public offering contemplated by this Agreement are in full force and effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence between the Company or its counsel and the Commission; (iv) as to the accuracy and completeness of all correspondence between the Company or its counsel and Nasdaq; and (v) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.
4.5 No Material Changes. Prior to and on each of the Closing Date and the Option Closing Date, if any, (i) there shall have been no material adverse change or development involving a prospective material adverse change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement and the Prospectus; (ii) no action suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider before or by any court or federal, foreign or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business, operations, or financial condition or income of the Company, except as set forth in the Registration Statement and the Prospectus; (iii) no stop order shall have been issued under the Act and no proceedings therefor shall have been initiated or, to the Company’s knowledge, assuming reasonable inquiry, threatened by the Commission; and (iv) the Registration Statement, the Sale Preliminary Prospectus and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Act and the Regulations and shall conform in all material respects to the requirements of the Act and the Regulations, and neither the Registration Statement, the Sale Preliminary Prospectus nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
4.6 Delivery of Agreements. On the Effective Date, the Company shall have delivered to the Representatives executed copies of the Transaction Documents.
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4.7 Unit Private Placement. On the Closing Date, the Unit Private Placement shall have been completed in accordance with Section 3.26.
4.8 Good Standing. The Representatives shall have received on and as of (i) the Effective Date, and (ii) the Closing Date or the Option Closing Date, as the case may be, satisfactory evidence of the good standing of the Company in its jurisdiction of organization in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdiction.
4.9 Trust Waiver. On and as of the Effective Date, the Company shall have received waivers from all vendors and service providers to all claims on amounts in the Trust Account which are to be distributed to the Company’s shareholders in accordance with the terms of the Trust Agreement, except for (i) Withum and (ii) the Representatives with respect to the Deferred Underwriting Commission.
| 5. | Indemnification and Contribution. |
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5.1 Indemnification.
5.1.1 Indemnification of the Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates and their respective partners, members, directors, officers, employees and agents, and each person, if any, who controls each Underwriter or any affiliate within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, an “Indemnified Person”) as follows:
a. against any and all loss, liability, claim, damage and expense whatsoever, as reasonably incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any Preliminary Prospectus, Sale Preliminary Prospectus, any Testing-the-Waters Communication or the Prospectus or, in the event a Business Combination Advisor, in its sole judgment, may be deemed to be an underwriter of any Business Combination Securities, any Business Combination Securities Disclosure Document (or any amendment or supplement to the foregoing), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
b. against any and all loss, liability, claim, damage and expense whatsoever, as reasonably incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 5.1.4) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed, conditioned or withheld;
c. against any and all claims, actions, suits, proceedings, damages, liabilities and expenses reasonably incurred by any of them (including the reasonable fees and expenses of counsel), as incurred, that are related to or arise out of any business combination marketing or capital markets advisory activities by any Underwriter on the Company’s behalf in connection with a Business Combination, provided that the Company will not, however, be responsible to an Indemnified Person for any portion of any such claim, action, suit, proceeding, damage, liability or expense that is finally judicially determined by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from the bad faith, gross negligence or willful misconduct of the Indemnified Person seeking such indemnification; and
d. against any and all expense whatsoever (including the fees and disbursements of counsel), as reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under (a), (b) or (c) above;
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provided, however, that the foregoing agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Underwriters’ Information (and, in connection with any Business Combination, similar information provided by or on behalf of the Business Combination Advisors expressly for use in any Business Combination Securities Disclosure Document).
5.1.2 Indemnification of the Company, its Directors and Officers. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, and its directors, each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 5.1.1, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement, any Preliminary Prospectus, the Sale Preliminary Prospectus, any Testing-the-Waters Communication or the Prospectus (or any amendment or supplement to the foregoing), in reliance upon and in conformity with the Underwriters’ Information.
5.1.3 Notifications and Other Indemnification Procedures. Any party that proposes to assert the right to be indemnified under this Section 5.1 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 5.1, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 5.1 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 5.1 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of, the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable and documented out-of-pocket costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (A) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (B) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (C) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party), or (D) the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction (plus local counsel) at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 5 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (x) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.
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5.1.4 Settlement Without Consent if Failure to Reimburse. If an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 5.1.1(b) effected without its written consent if (i) such settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.
5.2 Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of Section 5.1 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company or the Underwriters, the Company and the Underwriters will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which any indemnified party may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand. The relative benefits received by the Company on the one hand and the Underwriters on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Public Securities (before deducting expenses) received by the Company bear to the total compensation received by the Underwriters (before deducting expenses) from the sale of the Units on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Underwriters, on the other hand, with respect to the statements or omissions that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.2 were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred to above in this Section 5.2 shall be deemed to include, for the purpose of this Section 5.2, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 5.1.3. Notwithstanding the foregoing provisions of Section 5.1 and this Section 5.2, each Underwriter shall not be required to contribute any amount in excess of the commissions actually received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 5.2, any person who controls a party to this Agreement within the meaning of the Act, any affiliates of the respective Underwriters and any officers, directors, partners, employees or agents of the Underwriters or their respective affiliates, will have the same rights to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 5.2, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 5.2 except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 5.1.3, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 5.1.3.
| 6. | Default by an Underwriter. |
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6.1 Default Not Exceeding 10% of Firm Units. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Units and if the number of the Firm Units with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Units that all Underwriters have agreed to purchase hereunder, then such Firm Units to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.
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6.2 Default Exceeding 10% of Firm Units. In the event that the default addressed in Section 6.1 above relates to more than 10% of the Firm Units, the Representatives may, in its discretion, arrange for it or for another party or parties satisfactory to the Company to purchase such Firm Units to which such default relates on the terms contained herein. If within one (1) Business Day after such default relating to more than 10% of the Firm Units the Representatives do not arrange for the purchase of such Firm Units, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representatives to purchase said Firm Units on such terms. In the event that neither the Representatives nor the Company arrange for the purchase of the Firm Units to which a default relates as provided in this Section 6, this Agreement may be terminated by the Representatives or the Company without liability on the part of the Company (except as provided in Sections 3.10, 5, and 9.3 hereof) or the several Underwriters (except as provided in Section 5 hereof); provided that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other several Underwriters and to the Company for damages occasioned by its default hereunder.
6.3 Postponement of Closing Date. In the event that the Firm Units to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representatives or the Company shall have the right to postpone the Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement and/or the Prospectus, as the case may be, or in any other documents and arrangements, and the Company agrees to file promptly any amendment to, or to supplement, the Registration Statement and/or the Prospectus, as the case may be, that in the reasonable opinion of counsel for the Underwriters may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such securities.
| 7. | Additional Covenants. |
|---|
7.1 Additional Shares or Options. The Company hereby agrees that, until the consummation of a Business Combination, it shall not issue any Ordinary Shares or any options or other securities convertible into Ordinary Shares, or any preferred shares or other securities of the Company that participate in any manner in the Trust Account or that vote as a class with the Ordinary Shares on a Business Combination.
7.2 Trust Account Waiver Acknowledgments. The Company hereby agrees that it will use its reasonable best efforts prior to commencing its due diligence investigation of any prospective Target Business or prior to obtaining the services of any vendor to have such Target Business and/or vendor, as applicable, acknowledge in writing whether through a letter of intent, memorandum of understanding or other similar document (and subsequently acknowledges the same in any definitive document replacing any of the foregoing), that: (a) it has read the Prospectus and understands that the Company has established the Trust Account, initially in an amount of $210,000,000 (without giving effect to any exercise of the Over-allotment Option) for the benefit of the Public Shareholders and that, except for a portion of the interest earned on the amounts held in the Trust Account, the Company may disburse monies from the Trust Account only (i) to the Public Shareholders in the event they elect to redeem Public Shares in connection with the consummation of a Business Combination, (ii) to the Public Shareholders in the event they elect to redeem Public Shares in connection with a shareholder vote to amend the Charter Documents to modify the substance and timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete its initial Business Combination within the completion window, (iii) to the Public Shareholders if the Company fails to consummate a Business Combination within the time period set forth in the Charter Documents, or (iv) to the Company after or concurrently with the consummation of a Business Combination; and (b) for and in consideration of the Company (i) agreeing to evaluate such Target Business for purposes of consummating a Business Combination with it or (ii) agreeing to engage the services of the vendor, as the case may be, such Target Business or vendor agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the Trust Account (“Claim”) and waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The Company may forego obtaining such waivers only if the Company shall have received the approval of its Chief Executive Officer and the approving vote of at least a majority of its Board of Directors.
7.3 Insider Letter. The Company shall not take any action or omit to take any action which would cause a breach of the Insider Letter and will not allow any amendments to, or waivers of, such Insider Letter without the prior written consent of the Representatives, which consent shall not be unreasonably delayed, conditioned or withheld by the Representatives.
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7.4 Rule 419. The Company agrees that it will use its commercially reasonable efforts to prevent the Company from becoming subject to Rule 419 under the Act prior to the consummation of any Business Combination, including but not limited to using its commercially reasonable efforts to prevent any of the Company’s outstanding securities from being deemed to be a “penny stock” as defined in Rule 3a-51-1 under the Exchange Act during such period.
7.5 Tender Offer Documents, Proxy Materials and Other Information. The Company shall provide to the Representatives or their counsel (if so instructed by the Representatives) with ten (10) copies of all tender offer documents or proxy information and all related material filed with the Commission in connection with a Business Combination concurrently with such filing with the Commission. Documents filed with the Commission pursuant to its EDGAR system shall be deemed to have been provided to the Representatives pursuant to this Section 7.5. In addition, the Company shall furnish any other state in which its initial public offering was registered, such information as may be requested by such state.
7.6 Emerging Growth Company. The Company shall promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the completion of the distribution of the Securities within the meaning of the Act.
7.7 Target Net Assets. The Company agrees that, so long as the Company is listed on a national securities exchange, the Target Business that it acquires must have a fair market value equal to at least 80% of the balance in the Trust Account at the time of signing the definitive agreement for the Business Combination with such Target Business (excluding taxes payable and the Deferred Underwriting Commission). The fair market value of such business must be determined by the Board of Directors of the Company based upon standards generally accepted by the financial community, such as actual and potential sales, earnings, cash flow and book value. If the Board of Directors of the Company is not able to independently determine that the Target Business meets such fair market value requirement, the Company will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria. The Company is not required to obtain an opinion as to the fair market value if the Company’s Board of Directors independently determines that the Target Business does have sufficient fair market value.
7.8 Representations and Agreements to Survive Delivery. Except as the context otherwise requires, all representations, warranties and agreements contained in this Agreement shall be deemed to be representations, warranties and agreements as of the Closing Date or the Option Closing Date, if any, and such representations, warranties and agreements of the Underwriters and the Company, including the indemnity agreements contained in Section 5 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters, the Company or any controlling person, and shall survive termination of this Agreement or the issuance and delivery of the Public Securities to the Underwriters until the earlier of the expiration of any applicable statute of limitations and the seventh (7th) anniversary of the later of the Closing Date or the Option Closing Date, if any, at which time the representations, warranties and agreements shall terminate and be of no further force and effect.
7.9 Charter Documents. The Company shall not take any action or omit to take any action that would cause the Company to be in breach or violation of any of its Charter Documents.
| 8. | Effective Date of This Agreement and Termination Thereof. |
|---|
8.1 Effective Date. This Agreement shall become effective on the Effective Date at the time the Registration Statement is declared effective by the Commission.
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8.2 Termination. The Representatives shall have the right to terminate this Agreement at any time prior to the Closing Date by notice given to the Company, (i) if any domestic or international event or act or occurrence has materially disrupted, or in the Representatives’ opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange (“NYSE”), the NYSE American, The Nasdaq Global Select Market, The Nasdaq Global Market, or The Nasdaq Capital Market or quotation on the OTCBB shall have been suspended, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or a significant increase in existing major hostilities; or (iv) if a banking moratorium has been declared by a New York State or Federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities market; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity (including, without limitation, a calamity relating to a public health matter or natural disaster) or malicious act which, whether or not such loss shall have been insured, will, in the Representatives’ opinion, make it inadvisable to proceed with the delivery of the Units; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Representatives shall have become aware after the date hereof of such a material adverse change in the conditions of the Company, or such adverse material change in general market conditions, including without limitation, as a result of terrorist activities or any other calamity (including, without limitation, a calamity relating to a public health matter or natural disaster) or crisis either within or outside the United States after the date hereof, or a significant increase in any of the foregoing, as in the Representatives’ judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Units or to enforce contracts made by the Underwriters for the sale of the Public Securities.
8.3 Expenses. In the event that this Agreement shall not be carried out for any reason other than solely because of the termination of this Agreement pursuant to Section 6 hereof, within the time specified herein or any extensions thereof pursuant to the terms herein, (i) the obligations of the Company to pay the out of pocket expenses related to the transactions contemplated herein shall be governed by Section 3.10 hereof and (ii) the Company shall reimburse the Representatives for any reasonable and documented out-of-pocket costs and expenses incurred in connection with enforcing any provisions of this Agreement.
8.4 Indemnification. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall not be in any way affected by such election or termination or failure to carry out the terms of this Agreement or any part hereof.
| 9. | Miscellaneous. |
|---|
9.1 Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed, delivered by hand or reputable overnight courier or delivered by facsimile or electronic transmission (with printed confirmation of receipt) and confirmed and shall be deemed given when so emailed, delivered or faxed or if mailed, two days after such mailing.
If to the Representatives:
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019,
Attention: Syndicate Registration (Fax: (646) 834-8133)
with a copy, in the case of any notice pursuant to Section 5, to:
the Director of Litigation
Office of the General Counsel
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019;
and
Cohen & Company Capital Markets,
a division of Cohen & Company Securities, LLC
3 Columbus Circle, 24th Floor
New York, New York 10019
Attn: General Counsel
Email: gc@cohenandcompany.com
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Copy (which copy shall not constitute notice) to:
Kirkland & Ellis LLP
601 Lexington Avenue
New York, New York 10022
Attn: Christian O. Nagler, P.C., Mathieu Kohmann
Email: cnagler@kirkland.com; mathieu.kohmann@kirkland.com
If to the Company:
Hennessy Capital Investment Corp. VIII
195 US Hwy 50, Suite 207
Zephyr Cove, Nevada 89448
Attention: Daniel J. Hennessy
Email: dhennessy@hennessycapitalgroup.com
Copy (which copy shall not constitute notice) to:
Sidley Austin LLP
787 Seventh Avenue
New York, New York 10019
Attn: Michael P. Heinz
Email: mheinz@sidley.com
9.2 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.
9.3 Amendment. This Agreement may only be amended by a written instrument executed by each of the parties hereto.
9.4 Entire Agreement. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersede all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.
9.5 Binding Effect. This Agreement shall inure solely to the benefit of and shall be binding upon the Representatives, the Underwriters, the Company and the controlling persons, directors, agents, partners, members, employees and officers referred to in Section 5 hereof, and their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term “successors and assigns” shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.
9.6 Waiver of Immunity. To the extent that the Company may be entitled in any jurisdiction in which judicial proceedings may at any time be commenced hereunder, to claim for itself or its revenues or assets any immunity, including sovereign immunity, from suit, jurisdiction, attachment in aid of execution of a judgment or prior to a judgment, execution of a judgment or any other legal process with respect to its obligations hereunder and to the extent that in any such jurisdiction there may be attributed to the Company such an immunity (whether or not claimed), the Company hereby irrevocably agrees not to claim and irrevocably waives such immunity to the maximum extent permitted by law.
9.7 Submission to Jurisdiction. Each of the Company and the Representatives irrevocably submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in the City of New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the Sale Preliminary Prospectus and the Prospectus or the offering of the Securities. Each of the Company and the Representatives irrevocably waives, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. Any such process or summons to be served upon the Company or the Representatives may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company or the Representatives in any action, proceeding or claim. Each of the Company and the Representatives waives, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. Notwithstanding the foregoing, any action based on this Agreement may be instituted by the Underwriters in any competent court. The Company agrees that the Underwriters shall be entitled to recover all of their reasonable attorneys’ fees and expenses relating to any action or proceeding and/or incurred in connection with the preparation therefor if any of them are the prevailing party in such action or proceeding. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
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9.8 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
9.9 Execution in Counterparts; Electronic Signatures. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile, electronic mail (including pdf or any electronic signature complying with U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and valid and effective for all purposes.
9.10 Waiver. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.
9.11 No Fiduciary Relationship. The Company acknowledges and agrees that (i) the purchase and sale of the Units pursuant to this Agreement is an arm’s-length commercial transaction pursuant to a contractual relationship between the Company and the Underwriters; (ii) in connection therewith and with the process leading to such transaction, each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company; (iii) the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Underwriters have advised or are currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement; (iv) in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the Offering, either before or after the date hereof; and (v) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company agrees that it will not claim that the Underwriters have rendered advisory services of any nature or respect, or owe a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto. The Company and the Underwriters agree that they are each responsible for making their own independent judgment with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company’s securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.
9.12 Recognition of the U.S. Special Resolution Regimes. In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.
In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate (as defined below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.
For purposes of this Agreement, (a) “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (b) “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (c) “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (d) “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
[Remainderof page intentionally left blank]
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If the foregoing correctly sets forth the understanding between the Representatives and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.
| HENNESSY<br> CAPITAL INVESTMENT CORP. VIII | |
|---|---|
| By: | /s/ Daniel J. Hennessy |
| Name: | Daniel<br> J. Hennessy |
| Title: | Chief<br> Executive Officer and Chairman |
| Accepted<br> on the date first above written. | |
| For<br> themselves and as Representatives<br><br>of<br> the several Underwriters named<br><br>in<br> Schedule A hereto | |
| Barclays<br> Capital Inc. | |
| By: | /s/ Amit Chandra |
| Name: | Amit Chandra |
| Title: | Managing Director |
| COHEN<br> & COMPANY CAPITAL MARKETS, | |
| A<br> DIVISION OF COHEN & COMPANY SECURITIES, LLC | |
| By: | /s/ Jerry Serowik |
| Name: | Jerry Serowik |
| Title: | Head of Cohen & Company Capital Markets |
[Signature Page to Underwriting Agreement]
SCHEDULE A
Hennessy Capital Investment Corp. VIII
21,000,000 Units
| Underwriters | Number of<br> Firm Units<br> to be Purchased | |
|---|---|---|
| Barclays Capital Inc. | 11,235,000 | |
| Cohen & Company Capital Markets | 9,135,000 | |
| Academy Securities, Inc. | 630,000 | |
| Total | 21,000,000 |
SCHEDULE B
None.
SCHEDULE C
Public offering price per unit: $10.00
Number of units offered: 21,000,000 Firm Units and additional 3,150,000 Option Units
Number of Private Placement Units purchased by Sponsor: 630,500 Private Placement Units (or up to 671,000 Placement Units if the Over-allotment Option is exercised in full)
Number of private placement units purchased by CCM: 0
EXHIBIT A
Form of Opinion of Sidley Austin LLP
EXHIBIT B
Form of Opinion of Appleby (Cayman) Ltd.
Exhibit3.1
THECOMPANIES ACT (AS REVISED)
OFTHE CAYMAN ISLANDS
COMPANYLIMITED BY SHARES
AMENDEDAND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION
BYWAY OF SPECIAL RESOLUTION
DATED4 FEBRUARY 2026
OF
HENNESSYCAPITAL INVESTMENT CORP. VIII
| 1 |
| --- |
THECOMPANIES ACT (AS REVISED)
OFTHE CAYMAN ISLANDS
COMPANYLIMITED BY SHARES
AMENDEDAND RESTATED MEMORANDUM OF ASSOCIATION
BYWAY OF SPECIAL RESOLUTION DATED 4 FEBRUARY 2026
OF
HENNESSYCAPITAL INVESTMENT CORP. VIII
| 1. | The<br> name of the Company is Hennessy Capital Investment Corp. VIII. |
|---|---|
| 2. | The registered office of the Company will be situated at the offices of Appleby Global Services (Cayman) Limited, Suite 210, 2nd Floor<br>Windward III Regatta Office Park, PO Box 500, Grand Cayman, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands as the<br>Directors may from time to time decide. |
| --- | --- |
| 3. | The<br> objects for which the Company is established are unrestricted and the Company shall have<br> full power and authority to carry out any object that is not prohibited by the laws of the<br> Cayman Islands. |
| --- | --- |
| 4. | The<br> liability of each Member is limited to the amount, if any, unpaid on such Member’s<br> shares. |
| --- | --- |
| 5. | The<br> share capital of the Company is US$22,100.00 divided into 200,000,000 Class A ordinary shares<br> of a par value of US$0.0001 each, 20,000,000 Class B ordinary shares of a par value of US$0.0001<br> each and 1,000,000 preference shares of a par value of US$0.0001 each. |
| --- | --- |
| 6. | The<br> Company has power to register by way of continuation as a body corporate limited by shares<br> under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the<br> Cayman Islands. |
| --- | --- |
| 7. | Capitalised<br> 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<br> the Company. |
| --- | --- |
| 2 |
| --- |
THECOMPANIES ACT (AS REVISED)
OFTHE CAYMAN ISLANDS
COMPANYLIMITED BY SHARES
AMENDEDAND RESTATED ARTICLES OF ASSOCIATION
BYWAY OF SPECIAL RESOLUTION DATED 4 FEBRUARY 2026
OF
HENNESSYCAPITAL INVESTMENT CORP. VIII
| 1. | INTERPRETATION |
|---|
| 1.1 | In<br> these Articles, Table A in the First Schedule to the Statute does not apply and, unless there<br> is something in the subject or context inconsistent therewith: |
|---|
Affiliate: means, with respect to a Person, 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 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, or a corporation, a company, a partnership or other entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a corporation, a company, a partnership or other entity which directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such entity. The term Affiliated has meaning correlative to the foregoing;
ApplicableLaw: means, with respect to any Person, all applicable provisions of all constitutions, treaties, statutes, laws (including the common law), codes, rules, regulations, ordinances or orders of any Governmental Authority, and any orders, decisions, injunctions, judgments, awards and decrees of or agreements with any Governmental Authority;
Articles: means these amended and restated articles of association of the Company;
AuditCommittee: means the audit committee of the board of Directors of the Company formed 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);
BusinessCombination: means a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or assets (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 or assets with a fair market value equal to at least 80 per cent of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount held in trust) at the time of signing the definitive agreement to enter into such Business Combination; and (b) must not be effectuated solely with another blank cheque company or a similar company with nominal operations;
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businessday: 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;
ClearingHouse: 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;
ClassA Share: means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company;
ClassB Share: means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company;
ClassB Share Conversion: means the conversion of Class B Shares in accordance with Article 17;
Company: means the above named company;
Company’sWebsite: means the website of the Company and/or its web-address or domain name (if any);
CompensationCommittee: means the compensation committee of the board of Directors of the Company established pursuant to the Articles, or any successor committee;
Control: means with respect to a Person, the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty per cent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The terms Controlled and Controlling have meanings correlative to the foregoing;
DesignatedStock Exchange: means any national securities exchange or automated system on which the Company’s securities are listed for trading, including The Nasdaq Global 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;
ElectronicCommunication: 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 United States Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors;
ElectronicRecord: has the same meaning as in the Electronic Transactions Act;
ElectronicTransactions Act: means the Electronic Transactions Act (2003 Revision) of the Cayman Islands;
Equity-linkedSecurities: 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;
Founders: means the Sponsor and all Members immediately prior to the consummation of the IPO;
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GovernmentalAuthority: means any nation or government or any province or state or any other political subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, tribunal, government authority, agency, department, board, commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization;
IndemnifiedPerson: has the meaning ascribed to such term in Article 48.1;
IndependentDirector: has the same meaning as in the rules and regulations of the Designated Stock Exchange and/or the US Exchange Act, as the case may be;
InitialConversion Ratio: has the meaning ascribed to such term in Article 17.1;
IPO: means the Company’s initial public offering of securities;
IPORedemption: has the meaning given to it in Article 53.4;
Management: has the meaning given to it in Article 54.1;
Member: has the same meaning as in the Statute;
Memorandum: means the amended and restated memorandum of association of the Company;
Officer: means a person appointed to hold an office in the Company;
OrdinaryResolution: means a resolution:
| (a) | passed<br> by a simple majority of the Members as, being entitled to do so, vote in person or, where<br> proxies are allowed, by proxy at a general meeting of the Company and where a poll is taken<br> regard shall be had in computing a majority to the number of votes to which each Member is<br> entitled; or |
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| (b) | approved<br> in writing by all of the Members entitled to vote at a general meeting of the Company in<br> one or more instruments each signed by one or more of the Members; |
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OrdinaryShares: means together the Class A Shares and Class B Shares;
Over-AllotmentOption: means the option of the Underwriter to purchase up to an additional 15 per cent of the units issued in the IPO;
Person: means any individual, corporation, company, limited liability company, partnership, limited partnership, exempted limited partnership, proprietorship, association, joint venture, institution, public benefit corporation, exempted company, firm, trust, estate or other enterprise or entity (whether or not having a separate legal personality) or Governmental Authority or any of them as the context so requires, other than in respect of a Director or Officer of the Company in which circumstances Person shall mean any individual or entity permitted to act as such in accordance with the laws of the Cayman Islands;
PreferenceShare: means a preference share of a par value of US$0.0001 in the share capital of the Company;
PublicShare: means a Class A Share issued as part of the units issued in the IPO;
RedemptionNotice: means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein;
RedemptionPrice: has the meaning given to it in Article 53.4;
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Registerof 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;
RegisteredOffice: means the registered office for the time being of the Company;
Representative: means a representative of the Underwriter;
Seal: means the common seal of the Company and includes every duplicate seal;
SEC: 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;
SharePremium Account: means the share premium account established in accordance with the Articles and the Statute;
SpecialResolution: subject to Article 30.4 and Article 50.4, has the same meaning in the Statute, and includes a unanimous written resolution;
Sponsor: HC VIII Sponsor LLC, a Nevada limited liability company;
Statute: means the Companies Act (As Revised) of the Cayman Islands;
TreasuryShare: means a Share held in the name of the Company as a treasury share in accordance with the Statute;
TrustAccount: 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 the private placement of the private placement 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; and
USExchange 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 SEC thereunder, all as the same shall be in effect at the time.
| 1.2 | In<br> these Articles: |
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| (a) | words importing the singular<br> number include the plural number and vice versa; |
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| (b) | words importing the masculine<br> gender include the feminine gender; |
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| (c) | words importing persons include<br> corporations and any other legal or natural persons; |
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| (d) | “written”<br> and “in writing” include all modes of representing or reproducing words in visible<br> form, including in the form of an Electronic Record; |
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| (e) | “shall”<br> shall be construed as imperative and “may” shall be construed as permissive; |
| (f) | references<br> to provisions of any law or regulation shall be construed as references to those provisions<br> as amended, modified, re-enacted or replaced; |
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| (g) | any<br> phrase introduced by the terms “including”, “include”, “in<br> particular” or any similar expression shall be construed as illustrative and shall<br> not limit the sense of the words preceding those terms; |
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| --- | | (h) | the<br> 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<br> the use of the terms “and” or “or” in others. The term “or”<br> 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); | | --- | --- | | (i) | headings<br> are inserted for reference only and shall be ignored in construing the Articles; | | (j) | any<br> requirements as to delivery under the Articles include delivery in the form of an Electronic<br> Record; | | --- | --- | | (k) | any<br> requirements as to execution or signature under the Articles including the execution of the<br> Articles themselves can be satisfied in the form of an electronic signature as defined in<br> the Electronic Transactions Act; | | --- | --- | | (l) | sections<br> 8 and 19(3) of the Electronic Transactions Act shall not apply; | | (m) | the<br> term “clear days” in relation to the period of a notice means that period excluding<br> the day when the notice is received or deemed to be received and the day for which it is<br> given or on which it is to take effect; | | --- | --- | | (n) | the<br> term “holder” in relation to a Share means a Person whose name is entered in<br> the Register of Members as the holder of such Share; | | --- | --- | | (o) | reference<br> to any determination by the Directors shall be construed as a determination by the Directors<br> in their sole and absolute discretion and shall be applicable either generally or in any<br> particular case; and | | --- | --- | | (p) | reference<br> to a dollar or dollars or USD or US$ or $ and to a cent or cents is reference to dollars<br> and cents of the United States of America. | | --- | --- | | 2. | COMMENCEMENT OF BUSINESS | | --- | --- | | 2.1 | The<br> business of the Company may be commenced as soon after incorporation of the Company as the<br> Directors shall see fit. | | 2.2 | The<br> Directors may pay, out of the capital or any other monies of the Company, all expenses incurred<br> in or about the formation and establishment of the Company, including the expenses of registration. | | --- | --- | | 3. | ISSUE OF SHARES AND OTHER SECURITIES | | --- | --- |
| 3.1 | Subject<br> to the provisions, if any, in the Memorandum (and to any direction that may be given by the<br> Company in general meeting) and, where applicable, the rules and regulations of the Designated<br> Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under<br> Applicable Law, and without prejudice to any rights attached to any existing Shares, the<br> Directors may allot, issue, grant options over or otherwise dispose of Shares (including<br> fractions of a Share) with or without preferred, deferred or other rights or restrictions,<br> whether in regard to Dividends or other distributions, voting, return of capital or otherwise<br> and to such Persons, at such times and on such other terms as they think proper, and may<br> also (subject to the Statute and the Articles) vary such rights, save that the Directors<br> shall not allot, issue, grant options over or otherwise dispose of Shares (including fractions<br> of a Share) to the extent that it may affect the ability of the Company to carry out a Class<br> B Share Conversion set out in the Articles. |
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| 3.2 | The<br> Company may issue rights, options, warrants or convertible securities or securities of similar<br> nature conferring the right upon the holders thereof to subscribe for, purchase or receive<br> any class of Shares or other securities in the Company, upon such terms as the Directors<br> may from time to time determine and for such purposes the Directors may reserve an appropriate<br> number of Shares for the time being unissued. |
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| --- | | 3.3 | The<br> Company may issue units of securities in the Company, which may be comprised of whole or<br> fractional Shares, rights, options, warrants or convertible securities or securities of similar<br> nature conferring the right upon the holders thereof to subscribe for, purchase or receive<br> any class of Shares or other securities in the Company, upon such terms as the Directors<br> may from time to time determine and for such purposes the Directors may reserve an appropriate<br> number of Shares for the time being unissued. The securities comprising any such units which<br> are issued pursuant to the IPO can only be traded separately from one another on the 52nd<br> day following the date of the prospectus relating to the IPO (or, if such date is not a business<br> day, the following business day) 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<br> the SEC and a press release announcing when such separate trading will begin. Prior to such<br> date, the units can be traded, but the securities comprising such units cannot be traded<br> separately from one another. | | --- | --- | | 3.4 | The<br> Company shall not issue Shares to bearer. | | 4. | REGISTER OF MEMBERS | | --- | --- |
| 4.1 | The<br> Company shall maintain or cause to be maintained the Register of Members in accordance with<br> the Statute. |
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| 4.2 | The<br> Directors may determine that the Company shall maintain one or more branch registers of Members<br> in accordance with the Statute. The Directors may also determine which register of Members<br> shall constitute the principal register and which shall constitute the branch register or<br> registers, and to vary such determination from time to time. |
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| 5. | CLOSING OF REGISTER OF MEMBERS OR FIXING RECORD DATE |
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| 5.1 | For<br> the purpose of determining Members entitled to notice of, or to vote at any meeting of Members<br> or any adjournment thereof, or Members entitled to receive payment of any Dividend or other<br> distribution, or in order to make a determination of Members for any other purpose, the Directors<br> may, by any means in accordance with the requirements of the Designated Stock Exchange, the<br> SEC and/or any other competent regulatory authority or otherwise under Applicable Law, provide<br> that the Register of Members shall be closed for transfers for a stated period which shall<br> not in any case exceed forty days. |
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| 5.2 | In<br> lieu of, or apart from, closing the Register of Members, the Directors may fix in advance<br> or arrears a date as the record date for any such determination of Members entitled to notice<br> of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose<br> 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. |
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| 5.3 | If<br> the Register of Members is not so closed and no record date is fixed for the determination<br> of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled<br> to receive payment of a Dividend or other distribution, the date on which notice of the meeting<br> is sent or the date on which the resolution of the Directors resolving to pay such Dividend<br> or other distribution is passed, as the case may be, shall be the record date for such determination<br> of Members. When a determination of Members entitled to vote at any meeting of Members has<br> been made as provided in this Article, such determination shall apply to any adjournment<br> thereof. |
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| 6. | CERTIFICATES FOR SHARES |
| 6.1 | A<br> Member shall only be entitled to a share certificate if the Directors resolve that share<br> certificates shall be issued. Share certificates representing Shares, if any, shall be in<br> such form as the Directors may determine. Share certificates shall be signed by one or more<br> Directors or other Person authorised by the Directors. The Directors may authorise certificates<br> to be issued with the authorised signature(s) affixed by mechanical process. All certificates<br> for Shares shall be consecutively numbered or otherwise identified and shall specify the<br> Shares to which they relate. All certificates surrendered to the Company for transfer shall<br> be cancelled and, subject to the Articles, no new certificate shall be issued until the former<br> certificate representing a like number of relevant Shares shall have been surrendered and<br> cancelled. |
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| --- | | 6.2 | The<br> Company shall not be bound to issue more than one certificate for Shares held jointly by<br> more than one Person and delivery of a certificate to one joint holder shall be a sufficient<br> delivery to all of them. | | --- | --- | | 6.3 | If<br> a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms<br> (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred<br> by the Company in investigating evidence, as the Directors may prescribe, and (in the case<br> of defacement or wearing out) upon delivery of the old certificate. | | --- | --- | | 6.4 | Every<br> share certificate sent in accordance with the Articles will be sent at the risk of the Member<br> or other Person entitled to the certificate. The Company will not be responsible for any<br> share certificate lost or delayed in the course of delivery. | | --- | --- | | 6.5 | Share<br> certificates shall be issued within the relevant time limit as prescribed by the Statute,<br> if applicable, or as the rules and regulations of the Designated Stock Exchange, the SEC<br> and/or any other competent regulatory authority or otherwise under Applicable Law may from<br> time to time determine, whichever is shorter, after the allotment or, except in the case<br> of a Share transfer which the Company is for the time being entitled to refuse to register<br> and does not register, after lodgement of a Share transfer with the Company. | | --- | --- | | 7. | TRANSFER OF SHARES | | 7.1 | Subject<br> to the terms of the Articles, any Member may transfer all or any of his Shares by an instrument<br> of transfer provided that such transfer complies with the rules and regulations of the Designated<br> Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under<br> Applicable Law. If the Shares in question were issued in conjunction with rights, options<br> or warrants issued pursuant to the Articles on terms that one cannot be transferred without<br> the other, the Directors shall refuse to register the transfer of any such Share without<br> evidence satisfactory to them of the like transfer of such option or warrant. | | --- | --- | | 7.2 | The<br> instrument of transfer of any Share shall be in writing in the usual or common form or in<br> a form prescribed by the rules and regulations of the Designated Stock Exchange, the SEC<br> and/or any other competent regulatory authority or otherwise under Applicable Law or in any<br> other form approved by the Directors and shall be executed by or on behalf of the transferor<br> (and if the Directors so require, signed by or on behalf of the transferee) and may be under<br> hand or, if the transferor or transferee is a Clearing House or its nominee(s), by hand or<br> by machine imprinted signature or by such other manner of execution as the Directors may<br> approve from time to time. The transferor shall be deemed to remain the holder of a Share<br> until the name of the transferee is entered in the Register of Members. | | --- | --- | | 8. | REDEMPTION, REPURCHASE AND SURRENDER OF SHARES | | 8.1 | Subject<br> to the provisions of the Statute and the rules and regulations of the Designated Stock Exchange,<br> the SEC and/or any other competent regulatory authority or otherwise under Applicable Law,<br> the Company may: | | --- | --- | | (a) | issue<br> Shares that are to be redeemed or are liable to be redeemed at the option of the Member or<br> the Company in such manner and upon such other terms as the Directors may determine before<br> the issuance of the Shares; and | | --- | --- | | (b) | purchase<br> its own Shares (including any redeemable Shares) in such manner and on such other terms as<br> the Directors may determine and agree with the relevant Member. | | --- | --- |
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| --- | | 8.2 | The<br> Company may make a payment in respect of the redemption or purchase of its own Shares in<br> any manner permitted by the Statute, including out of capital. | | --- | --- | | 8.3 | With<br> respect to redeeming or repurchasing the Shares: | | (a) | Members<br> who hold Public Shares are entitled to request the redemption of such Shares in the circumstances<br> described in Article 53; | | --- | --- | | (b) | Public<br> Shares shall be repurchased by way of tender offer in the circumstances set out in Article<br> 53; and | | --- | --- | | (c) | Class<br> B Shares held by the Sponsor shall be surrendered by the Sponsor for no consideration on<br> a pro-rata basis to the extent that the Over-Allotment Option is not exercised in full so<br> that the Founders will own 30.1 per cent of the Company’s issued Shares after the IPO<br> (exclusive of any securities purchased in a private placement simultaneously with the IPO). | | --- | --- | | 8.4 | Subject<br> to the provisions of the Statute, and, where applicable, the rules and regulations of the<br> Designated Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise<br> under Applicable Law, the Company may purchase its own Shares (including any redeemable Shares)<br> in such manner and on such other terms as the Directors may agree with the relevant Member.<br> For the avoidance of doubt, redemptions, repurchases and surrenders of Shares in the circumstances<br> described in the Article above shall not require further approval of the Members. | | --- | --- | | 8.5 | Any<br> Share in respect of which notice of redemption has been given shall not be entitled to participate<br> in the profits of the Company in respect of the period after the date specified as the date<br> of redemption in the Redemption Notice. | | --- | --- | | 8.6 | The<br> redemption, purchase or surrender of any Share shall not be deemed to give rise to the redemption,<br> purchase or surrender of any other Share. | | --- | --- | | 8.7 | The<br> Company may make a payment in respect of the redemption or purchase of its own Shares in<br> any manner permitted by the Statute, including out of capital. | | --- | --- | | 8.8 | The<br> Directors may accept the surrender for no consideration of any fully paid Share (including<br> any redeemable share). | | --- | --- | | 9. | TREASURY SHARES | | 9.1 | The<br> Directors may, prior to the purchase, redemption or surrender of any Share, determine that<br> such Share shall be held as a Treasury Share. | | --- | --- | | 9.2 | The<br> Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms<br> as they think proper (including, without limitation, for nil consideration). | | --- | --- | | 10. | VARIATION OF SHARE RIGHTS | | 10.1 | Subject<br> to Article 3.1, if at any time the share capital of the Company is divided into different<br> classes of Shares, all or any of the rights attached to any class (unless otherwise provided<br> by the terms of issue of the Shares of that class) may, whether or not the Company is being<br> wound up, be varied without the consent of the holders of the issued Shares of that class<br> where such variation is considered by the Directors not to have a material adverse effect<br> upon such rights; otherwise, any such variation shall be made only with the consent in writing<br> of the holders of not less than two-thirds of the issued Shares of that class, or with the<br> approval of a resolution passed by a majority of not less than two-thirds of the votes cast<br> at a separate meeting of the holders of the Shares of that class (other than with respect<br> to a waiver of the provisions of the Article in respect of Class B Share Conversion hereof,<br> which as stated therein shall only require the consent in writing of the holders of a majority<br> of the issued Shares of that class). For the avoidance of doubt, the Directors reserve the<br> right, notwithstanding that any such variation may not have a material adverse effect, to<br> obtain consent from the holders of Shares of the relevant class. To any such meeting all<br> the provisions of the Articles relating to general meetings shall apply mutatis mutandis,<br> except that the necessary quorum shall be one or more Persons holding or representing by<br> proxy at least one-third of the issued Shares of the class (but so that if at any adjourned<br> meeting of such holders a quorum as above defined is not present, those Members who are present<br> shall form a quorum) and that any holder of Shares of the class present in person or by proxy<br> may demand a poll. | | --- | --- |
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| --- | | 10.2 | For<br> the purposes of a separate class meeting, the Directors may treat two or more or all the<br> classes of Shares as forming one class of Shares if the Directors consider that such class<br> of Shares would be affected in the same way by the proposals under consideration, but in<br> any other case shall treat them as separate classes of Shares. | | --- | --- | | 10.3 | The<br> rights conferred upon the holders of the Shares of any class issued with preferred or other<br> rights shall not, unless otherwise expressly provided by the terms of issue of the Shares<br> of that class, be deemed to be varied by the creation or issue of further Shares ranking<br> pari passu therewith or Shares issued with preferred or other rights. | | --- | --- | | 11. | COMMISSION ON SALES 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 |
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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 |
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| 13.1 | The<br> Company shall have a first and paramount lien on all Shares (whether fully paid-up or not)<br> registered in the name of a Member (whether solely or jointly with others) for all debts,<br> liabilities or engagements to or with the Company (whether presently payable or not) by such<br> Member or his estate, either alone or jointly with any other Person, whether a Member or<br> not, but the Directors may at any time declare any Share to be wholly or in part exempt from<br> the provisions of this Article. The registration of a transfer of any such Share shall operate<br> as a waiver of the Company’s lien thereon. The Company’s lien on a Share shall<br> also extend to any amount payable in respect of that Share. |
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| 13.2 | The<br> Company may sell, in such manner as the Directors think fit, any Shares on which the Company<br> has a lien, if a sum in respect of which the lien exists is presently payable, and is not<br> paid within fourteen clear days after notice has been received or deemed to have been received<br> by the holder of the Shares, or to the Person entitled to it in consequence of the death<br> or bankruptcy of the holder, demanding payment and stating that if the notice is not complied<br> with the Shares may be sold. |
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| 13.3 | To<br> give effect to any such sale the Directors may authorise any Person to execute an instrument<br> of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.<br> The purchaser or his nominee shall be registered as the holder of the Shares comprised in<br> any such transfer, and he shall not be bound to see to the application of the purchase money,<br> nor shall his title to the Shares be affected by any irregularity or invalidity in the sale<br> or the exercise of the Company’s power of sale under the Articles. |
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| 13.4 | The<br> net proceeds of such sale after payment of costs, shall be applied in payment of such part<br> of the amount in respect of which the lien exists as is presently payable and any balance<br> shall (subject to a like lien for sums not presently payable as existed upon the Shares before<br> the sale) be paid to the Person entitled to the Shares at the date of the sale. |
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| --- | | 14. | CALLS ON SHARES | | --- | --- | | 14.1 | Subject<br> to the terms of the allotment and issue of any Shares, the Directors may make calls upon<br> the Members in respect of any monies unpaid on their Shares (whether in respect of par value<br> or premium), and each Member shall (subject to receiving at least fourteen clear days’<br> notice specifying the time or times of payment) pay to the Company at the time or times so<br> specified the amount called on the Shares. A call may be revoked or postponed, in whole or<br> in part, as the Directors may determine. A call may be required to be paid by instalments.<br> A Person upon whom a call is made shall remain liable for calls made upon him notwithstanding<br> the subsequent transfer of the Shares in respect of which the call was made. | | 14.2 | A<br> call shall be deemed to have been made at the time when the resolution of the Directors authorising<br> such call was passed. | | --- | --- | | 14.3 | The<br> joint holders of a Share shall be jointly and severally liable to pay all calls in respect<br> thereof. | | 14.4 | If<br> a call remains unpaid after it has become due and payable, the Person from whom it is due<br> shall pay interest on the amount unpaid from the day it became due and payable until it is<br> paid at such rate as the Directors may determine (and in addition all expenses that have<br> been incurred by the Company by reason of such non-payment), but the Directors may waive<br> payment of the interest or expenses wholly or in part. | | --- | --- | | 14.5 | An<br> amount payable in respect of a Share on issue or allotment or at any fixed date, whether<br> on account of the par value of the Share or premium or otherwise, shall be deemed to be a<br> call and if it is not paid all the provisions of the Articles shall apply as if that amount<br> had become due and payable by virtue of a call. | | --- | --- | | 14.6 | The<br> Directors may issue Shares with different terms as to the amount and times of payment of<br> calls, or the interest to be paid. | | --- | --- | | 14.7 | The<br> Directors may, if they think fit, receive an amount from any Member willing to advance all<br> or any part of the monies uncalled and unpaid upon any Shares held by him, and may (until<br> the amount would otherwise become payable) pay interest at such rate as may be agreed upon<br> between the Directors and the Member paying such amount in advance. | | --- | --- | | 14.8 | No<br> such amount paid in advance of calls shall entitle the Member paying such amount to any portion<br> of a Dividend or other distribution payable in respect of any period prior to the date upon<br> which such amount would, but for such payment, become payable. | | --- | --- | | 15. | FORFEITURE OF SHARES | | 15.1 | If<br> a call or instalment of a call remains unpaid after it has become due and payable the Directors<br> may give to the Person from whom it is due not less than fourteen clear days’ notice<br> requiring payment of the amount unpaid together with any interest which may have accrued<br> and any expenses incurred by the Company by reason of such non-payment. The notice shall<br> specify where payment is to be made and shall state that if the notice is not complied with<br> the Shares in respect of which the call was made will be liable to be forfeited. | | --- | --- | | 15.2 | If<br> the notice is not complied with, any Share in respect of which it was given may, before the<br> payment required by the notice has been made, be forfeited by a resolution of the Directors.<br> Such forfeiture shall include all Dividends, other distributions or other monies payable<br> in respect of the forfeited Share and not paid before the forfeiture. | | --- | --- |
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| --- | | 15.3 | A<br> forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such<br> manner as the Directors think fit and at any time before a sale, re-allotment or disposition<br> the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes<br> of its disposal a forfeited Share is to be transferred to any Person the Directors may authorise<br> some Person to execute an instrument of transfer of the Share in favour of that Person. | | --- | --- | | 15.4 | A<br> Person any of whose Shares have been forfeited shall cease to be a Member in respect of them<br> and shall surrender to the Company for cancellation the certificate for the Shares forfeited<br> and shall remain liable to pay to the Company all monies which at the date of forfeiture<br> were payable by him to the Company in respect of those Shares together with interest at such<br> rate as the Directors may determine, but his liability shall cease if and when the Company<br> shall have received payment in full of all monies due and payable by him in respect of those<br> Shares. | | --- | --- | | 15.5 | A<br> certificate in writing under the hand of one Director or Officer of the Company that a Share<br> has been forfeited on a specified date shall be conclusive evidence of the facts stated in<br> it as against all Persons claiming to be entitled to the Share. The certificate shall (subject<br> to the execution of an instrument of transfer) constitute a good title to the Share and the<br> Person to whom the Share is sold or otherwise disposed of shall not be bound to see to the<br> application of the purchase money, if any, nor shall his title to the Share be affected by<br> any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or<br> disposal of the Share. | | --- | --- | | 15.6 | The<br> provisions of the Articles as to forfeiture shall apply in the case of non-payment of any<br> sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on<br> account of the par value of the Share or by way of premium as if it had been payable by virtue<br> of a call duly made and notified. | | --- | --- | | 16. | TRANSMISSION OF SHARES | | 16.1 | If<br> a Member dies, the survivor or survivors (where he was a joint holder), or his legal personal<br> representatives (where he was a sole holder), shall be the only Persons recognised by the<br> Company as having any title to his Shares. The estate of a deceased Member is not thereby<br> released from any liability in respect of any Share, for which he was a joint or sole holder. | | --- | --- | | 16.2 | Any<br> Person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation<br> or dissolution of a Member (or in any other way than by transfer) may, upon such evidence<br> being produced as may be required by the Directors, elect, by a notice in writing sent by<br> him to the Company, either to become the holder of such Share or to have some Person nominated<br> by him registered as the holder of such Share. If he elects to have another Person registered<br> as the holder of such Share he shall sign an instrument of transfer of that Share to that<br> Person. The Directors shall, in either case, have the same right to decline or suspend registration<br> as they would have had in the case of a transfer of the Share by the relevant Member before<br> his death or bankruptcy or liquidation or dissolution or any other case than by transfer,<br> as the case may be. | | --- | --- | | 16.3 | A<br> Person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or<br> dissolution of a Member (or in any other case than by transfer) shall be entitled to the<br> same Dividends, other distributions and other advantages to which he would be entitled if<br> he were the holder of such Share. However, he shall not, before becoming a Member in respect<br> of a Share, be entitled in respect of it to exercise any right conferred by membership in<br> relation to general meetings of the Company and the Directors may at any time give notice<br> requiring any such Person to elect either to be registered himself or to have some Person<br> nominated by him be registered as the holder of the Share (but the Directors shall, in either<br> case, have the same right to decline or suspend registration as they would have had in the<br> case of a transfer of the Share by the relevant Member before his death or bankruptcy or<br> liquidation or dissolution or any other case than by transfer, as the case may be). If the<br> notice is not complied with within ninety days of being received or deemed to be received<br> (as determined pursuant to the Articles) the Directors may thereafter withhold payment of<br> all Dividends, other distributions, bonuses or other monies payable in respect of the Share<br> until the requirements of the notice have been complied with. | | --- | --- |
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| --- | | 17. | CLASS B SHARE CONVERSION | | --- | --- | | 17.1 | The<br> 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<br> (subject to Article 10 (Variation of Share Rights), Article 30 (Appointment and Removal of<br> Directors) and Article 50 (Transfer by Way of Continuation)) with the exception that the<br> holder of a Class B Share shall have the conversion rights referred to in this Article 17.<br> Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the<br> Initial Conversion Ratio): (a) at any time and from time to time at the option of the holder<br> thereof; and (b) automatically at the time of the closing of the Business Combination. | | 17.2 | Notwithstanding<br> the Initial Conversion Ratio, in the case that additional Class A Shares or any other Equity-linked<br> Securities, are issued, or deemed issued, by the Company in excess of the amounts offered<br> in the IPO and related to the closing of a Business Combination, all Class B Shares in issue<br> shall automatically convert into Class A Shares at the time of the closing of a Business<br> Combination at a ratio for which the Class B Shares shall convert into Class A Shares will<br> be adjusted (unless the holders of a majority of the Class B Shares in issue agree to waive<br> such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that<br> the number of Class A Shares issuable upon conversion of all Class B Shares will equal, on<br> an as-converted basis, in the aggregate, 30.1 per cent of the sum of all Class A Shares and<br> Class B Shares in issue upon completion of the IPO plus all Class A Shares and Equity-linked<br> Securities issued or deemed issued in connection with a Business Combination, excluding any<br> Shares or Equity-linked Securities issued, or to be issued, to any seller in a Business Combination<br> and any private placement units issued to the Sponsor or its Affiliates upon conversion of<br> working capital loans made to the Company. | | --- | --- | | 17.3 | Notwithstanding<br> anything to the contrary contained herein, the foregoing adjustment to the Initial Conversion<br> Ratio may be waived as to any particular issuance or deemed issuance of additional Class<br> A Shares or Equity-linked Securities by the written consent or agreement of holders of a<br> majority of the Class B Shares then in issue consenting or agreeing separately as a separate<br> class in the manner provided in Article 10 (Variation of Share Rights) hereof. | | --- | --- | | 17.4 | The<br> foregoing conversion ratio shall also be adjusted to account for any share capitalisations,<br> subdivision (by share split, subdivision, exchange, rights issue, reclassification, recapitalisation<br> or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification,<br> recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class<br> A Shares in issue into a greater or lesser number of shares occurring after the original<br> filing of the Articles without a proportionate and corresponding share capitalisation, subdivision,<br> combination or similar reclassification or recapitalisation of the Class B Shares in issue. | | --- | --- | | 17.5 | Each<br> Class B Share shall convert into its pro rata number of Class A Shares pursuant to this Article.<br> The pro rata share for each holder of Class B Shares will be determined as follows: each<br> Class B Share shall convert into such number of Class A Shares as is equal to the product<br> of 1 multiplied by a fraction, the numerator of which shall be the total number of Class<br> A Shares into which all of the Class B Shares in issue shall be converted pursuant to this<br> Article and the denominator of which shall be the total number of Class B Shares in issue<br> at the time of conversion. | | --- | --- | | 17.6 | References<br> in this Article to “converted”, “conversion” or “exchange”<br> shall mean the compulsory redemption without notice of Class B Shares of any Member and,<br> on behalf of such Members, automatic application of such redemption proceeds in paying for<br> such new Class A Shares into which the Class B Shares have been converted or exchanged at<br> a price per Class B Share necessary to give effect to a conversion or exchange calculated<br> on the basis that the Class A Shares to be issued as part of the conversion or exchange will<br> be issued at par. The Class A Shares to be issued on an exchange or conversion shall be registered<br> in the name of such Member or in such name as the Member may direct. | | --- | --- | | 17.7 | Notwithstanding<br> anything to the contrary in this Article, in no event may any Class B Share convert into<br> Class A Shares at a ratio that is less than one-for-one. | | --- | --- |
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| --- | | 18. | AMENDMENTS OF MEMORANDUM AND ARTICLES OF ASSOCIATION AND ALTERATION OF CAPITAL | | --- | --- | | 18.1 | The<br> Company may by Ordinary Resolution: | | (a) | increase<br> its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights,<br> priorities and privileges annexed thereto; | | --- | --- | | (b) | consolidate<br> and divide all or any of its share capital into Shares of larger amount than its existing<br> Shares; | | --- | --- | | (c) | convert<br> all or any of its paid-up Shares into stock, and reconvert that stock into paid- up Shares<br> of any denomination; | | --- | --- | | (d) | by<br> subdivision of its existing Shares or any of them divide the whole or any part of its share<br> capital into Shares of smaller amount than is fixed by the Memorandum or into Shares without<br> par value; and | | --- | --- | | (e) | cancel<br> any Shares that at the date of the passing of the Ordinary Resolution have not been taken<br> or agreed to be taken by any Person and diminish the amount of its share capital by the amount<br> of the Shares so cancelled. | | --- | --- | | 18.2 | All<br> new Shares created in accordance with the provisions of the preceding Article shall be subject<br> to the same provisions of the Articles with reference to the payment of calls, liens, transfer,<br> transmission, forfeiture and otherwise as the Shares in the original share capital. | | --- | --- | | 18.3 | Subject<br> to the provisions of the Statute, the provisions of the Articles as regards the matters to<br> be dealt with by Ordinary Resolution and Article 30.4, the Company may by Special Resolution: | | --- | --- | | (a) | change<br> its name; | | --- | --- | | (b) | alter<br> or add to the Articles; | | (c) | alter<br> or add to the Memorandum with respect to any objects, powers or other matters specified therein;<br> and | | (d) | reduce<br> its share capital or any capital redemption reserve fund. | | 19. | OFFICES AND PLACE OF BUSINESS | | --- | --- |
Subject to the provisions of the Statute, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.
| 20. | GENERAL MEETINGS |
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| 20.1 | All<br> general meetings other than annual general meetings shall be called extraordinary general<br> meetings. |
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| --- | | 20.2 | The<br> Company may, but shall not (unless required by the Statute or, for so long as any Shares<br> are traded on a Designated Stock Exchange) be obliged to, in each year hold a general meeting<br> as its annual general meeting, and shall specify the meeting as such in the notices calling<br> it. Any annual general meeting shall be held at such time and place as the Directors shall<br> appoint. At these meetings the report of the Directors (if any) shall be presented. | | --- | --- | | 20.3 | The<br> Directors or the chairman of the board of Directors may, whenever they think fit, call general<br> meetings. | | --- | --- | | 20.4 | Members<br> seeking to bring business before the annual general meeting or to nominate candidates for<br> appointment as Directors at the annual general meeting must deliver notice to the principal<br> executive offices of the Company not less than one hundred and twenty calendar days before<br> the date of the Company’s proxy statement released to Members in connection with the<br> previous year’s annual general meeting or, if the Company did not hold an annual general<br> meeting the previous year, or if the date of the current year’s annual general meeting<br> has been changed by more than thirty days from the date of the previous year’s annual<br> general meeting, then the deadline shall be set by the Directors with such deadline being<br> a reasonable time before the Company begins to print and send its related proxy materials. | | --- | --- | | 21. | NOTICE OF GENERAL MEETINGS | | 21.1 | At<br> least five clear days’ notice shall be given of any general meeting. Every notice shall<br> specify the place, the day and the hour of the meeting and the general nature of the business<br> to be conducted at the general meeting and shall be given in the manner hereinafter mentioned<br> or in such other manner if any as may be prescribed by the Company by Ordinary Resolution<br> to such Persons as are, under the Articles, entitled to receive such notices from the Company<br> , provided that a general meeting of the Company shall, whether or not the notice specified<br> in this Article has been given and whether or not the provisions of the Articles regarding<br> general meetings have been complied with, be deemed to have been duly convened if it is so<br> agreed: | | --- | --- | | (a) | in<br> the case of an annual general meeting, by all of the Members entitled to attend and vote<br> thereat; and | | --- | --- | | (b) | in<br> the case of an extraordinary general meeting, by a majority in number of the Members having<br> a right to attend and vote at the meeting, together holding not less than ninety-five per<br> cent in par value of the Shares giving that right. | | --- | --- | | 21.2 | The<br> accidental omission to give notice of a general meeting to, or the non-receipt of notice<br> of a general meeting by, any Person entitled to receive such notice shall not invalidate<br> the proceedings of that general meeting. | | --- | --- | | 22. | PROCEEDINGS AT GENERAL MEETINGS | | 22.1 | No<br> business shall be transacted at any general meeting unless a quorum is present. Save as otherwise<br> provided by the Articles, one or more Members holding at least a majority of the paid up<br> voting share capital of the Company present in person or by proxy and entitled to vote at<br> that meeting, or if a corporation or other non-natural person by its duly authorized representative<br> or proxy shall form a quorum. | | --- | --- | | 22.2 | A<br> Person may participate at a general meeting by conference telephone, video, a virtual platform<br> or other communications equipment by means of which all the Persons participating in the<br> meeting can communicate with each other. Participation by a Person in a general meeting in<br> this manner is treated as presence in person at that meeting. | | --- | --- | | 22.3 | A<br> resolution (including a Special Resolution) in writing (in one or more counterparts) signed<br> by or on behalf of all of the Members for the time being entitled to receive notice of and<br> to attend and vote at general meetings (or, being corporations or other non-natural persons,<br> signed by their duly authorised representatives) shall be as valid and effective as if the<br> resolution had been passed at a general meeting of the Company duly convened and held. | | --- | --- |
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| --- | | 22.4 | If<br> a quorum is not present within half an hour from the time appointed for the meeting to commence,<br> the meeting shall stand adjourned to the same day in the next week at the same time and/or<br> place or to such other day, time and/or place as the Directors may determine, and if at the<br> adjourned meeting a quorum is not present within half an hour from the time appointed for<br> the meeting to commence, the Members present shall be a quorum. | | --- | --- | | 22.5 | The<br> Directors may, at any time prior to the time appointed for the meeting to commence, appoint<br> any Person to act as chairman of a general meeting of the Company or, if the Directors do<br> not make any such appointment, the chairman, if any, of the board of Directors shall preside<br> as chairman at such general meeting. If there is no such chairman, or if he shall not be<br> present within fifteen minutes after the time appointed for the meeting to commence, or is<br> unwilling to act, the Directors present shall elect one of their number to be chairman of<br> the meeting. | | --- | --- | | 22.6 | If<br> no Director is willing to act as chairman or if no Director is present within fifteen minutes<br> after the time appointed for the meeting to commence, the Members present shall choose one<br> of their number to be chairman of the meeting. | | --- | --- | | 22.7 | The<br> chairman may, with the consent of a meeting at which a quorum is present (and shall if so<br> directed by the meeting) adjourn the meeting from time to time and from place to place, but<br> no business shall be transacted at any adjourned meeting other than the business left unfinished<br> at the meeting from which the adjournment took place. | | --- | --- | | 22.8 | When<br> a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall<br> be given as in the case of an original meeting. Otherwise it shall not be necessary to give<br> any such notice of an adjourned meeting. All proxy forms submitted for the original general<br> meeting shall remain valid for the postponed meeting. The Directors may postpone a general<br> meeting which has already been postponed. | | --- | --- | | 22.9 | A<br> resolution put to the vote of the meeting shall be decided on a poll. | | 22.10 | If,<br> prior to a Business Combination, a notice is issued in respect of a general meeting and the<br> Directors, in their absolute discretion, consider that it is impractical or undesirable for<br> any reason to hold that general meeting at the place, the day and the hour specified in the<br> notice calling such general meeting, the Directors may postpone the general meeting to another<br> place, day and/or hour provided that notice of the place, the day and the hour of the rearranged<br> general meeting is promptly given to all Members. No business shall be transacted at any<br> postponed meeting other than the business specified in the notice of the original meeting. | | --- | --- | | 22.11 | A<br> poll shall be taken in such manner as the chairman directs, and the result of the poll shall<br> be deemed to be the resolution of the general meeting at which the poll was demanded. | | --- | --- | | 22.12 | In<br> the case of an equality of votes the chairman of the general meeting shall be entitled to<br> a second or casting vote. | | --- | --- | | 22.13 | A<br> poll on the election of a chairman or on a question of adjournment shall be taken forthwith.<br> A poll on any other question shall be taken at such date, time and place as the chairman<br> of the general meeting directs, and any business other than that upon which a poll has been<br> demanded or is contingent thereon may proceed pending the taking of the poll. | | --- | --- | | 23. | VOTES OF MEMBERS | | 23.1 | Subject<br> to any rights or restrictions attached to any Shares (including as set out at Article 30.4),<br> every Member who being an individual is present in person or by proxy or, if a corporation<br> or other non-natural person is present by its duly authorised representative or by proxy,<br> shall have one vote for every Share of which he is the holder. | | --- | --- |
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| --- | | 23.2 | In<br> the case of joint holders the vote of the senior holder who tenders a vote, whether in person<br> or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised<br> representative or proxy), shall be accepted to the exclusion of the votes of the other joint<br> holders, and seniority shall be determined by the order in which the names of the holders<br> stand in the Register of Members. | | --- | --- | | 23.3 | A<br> Member of unsound mind, or in respect of whom an order has been made by any court, having<br> jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee,<br> receiver, curator bonis, or other Person on such Member’s behalf appointed by that<br> court, and any such committee, receiver, curator bonis or other Person may vote by proxy. | | --- | --- | | 23.4 | No<br> Person shall be entitled to vote at any general meeting unless he is registered as a Member<br> on the record date for such meeting nor unless all calls or other monies then payable by<br> him in respect of Shares have been paid. | | --- | --- | | 23.5 | No<br> objection shall be raised as to the qualification of any voter except at the general meeting<br> or adjourned general meeting at which the vote objected to is given or tendered and every<br> vote not disallowed at the meeting shall be valid. Any objection made in due time in accordance<br> with this Article shall be referred to the chairman whose decision shall be final and conclusive. | | --- | --- | | 23.6 | Votes<br> may be cast either personally or by proxy (or in the case of a corporation or other non-<br> natural person by its duly authorised representative or proxy). A Member may appoint more<br> than one proxy or the same proxy under one or more instruments to attend and vote at a meeting.<br> Where a Member appoints more than one proxy the instrument of proxy shall specify the number<br> of Shares in respect of which each proxy is entitled to exercise the related votes. | | --- | --- | | 23.7 | A<br> Member holding more than one Share need not cast the votes in respect of his Shares in the<br> same way on any resolution and therefore may vote a Share or some or all such Shares either<br> for or against a resolution and/or abstain from voting a Share or some or all of the Shares<br> and, subject to the terms of the instrument appointing him, a proxy appointed under one or<br> more instruments may vote a Share or some or all of the Shares in respect of which he is<br> appointed either for or against a resolution and/or abstain from voting a Share or some or<br> all of the Shares in respect of which he is appointed. | | --- | --- | | 24. | PROXIES | | --- | --- |
| 24.1 | The<br> instrument appointing a proxy shall be in writing and shall be executed under the hand of<br> the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation<br> or other non-natural person, under the hand of its duly authorised representative. A proxy<br> need not be a Member. |
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| 24.2 | The<br> Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument<br> of proxy sent out by the Company, specify the manner by which the instrument appointing a<br> proxy shall be deposited and the place and the time (being not later than the time appointed<br> for the commencement of the meeting or adjourned meeting to which the proxy relates) at which<br> the instrument appointing a proxy shall be deposited. In the absence of any such direction<br> from the Directors in the notice convening any meeting or adjourned meeting or in an instrument<br> of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically<br> at the Registered Office not less than 48 hours before the time appointed for the meeting<br> or adjourned meeting to commence at which the Person named in the instrument proposes to<br> vote. |
| --- | --- |
| 24.3 | The<br> chairman may in any event at his discretion declare that an instrument of proxy shall be<br> deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner<br> permitted, or which has not been declared to have been duly deposited by the chairman, shall<br> be invalid. |
| --- | --- |
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| --- | | 24.4 | The<br> instrument appointing a proxy may be in any usual or common form (or such other form as the<br> Directors may approve) and may be expressed to be for a particular meeting or any adjournment<br> thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include<br> the power to demand or join or concur in demanding a poll. | | --- | --- | | 24.5 | Votes<br> given in accordance with the terms of an instrument of proxy shall be valid notwithstanding<br> the previous death or insanity of the principal or revocation of the proxy or of the authority<br> under which the proxy was executed, or the transfer of the Share in respect of which the<br> proxy is given unless notice in writing of such death, insanity, revocation or transfer was<br> received by the Company at the Registered Office before the commencement of the general meeting,<br> or adjourned meeting at which it is sought to use the proxy. | | --- | --- | | 25. | CORPORATE MEMBERS | | --- | --- |
Any corporation or other non-natural person which is a Member may in accordance with its constitutional documents, or in the absence of such provision by resolution of its directors or other governing body, authorise such Person as it thinks 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 to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member.
| 26. | CLEARING HOUSES |
|---|
If a Clearing House (or its nominee(s)), being a corporation, is a Member it may authorise such Person or Persons as it thinks fit to act as its representative or representatives at any general meeting of the Company or at any meeting of any class of Members provided that, if more than one Person is so authorised, the authorisation shall specify the number and class of Shares in respect of which each such Person is so authorised. A Person so authorised pursuant to this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same powers on behalf of the clearing house (or its nominee(s)) which he represents as if such Person was the registered holder of such Shares held by the Clearing House (or its nominee(s)).
| 27. | SHARES THAT MAY NOT BE VOTED |
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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 |
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| 28.1 | The<br> Company may by Ordinary Resolution from time to time fix the maximum and minimum number of<br> Directors to be appointed but unless such numbers are fixed as aforesaid the minimum number<br> of Directors shall be one (exclusive of alternate Directors) and the maximum number of Directors<br> shall be unlimited. |
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| 28.2 | The<br> Directors shall be divided into three classes: Class I, Class II and Class III. The number<br> of Directors in each class shall be as nearly equal as possible. Upon the adoption of the<br> Articles, the existing Directors shall by resolution classify themselves as Class I, Class<br> II or Class III Directors. The Class I Directors shall stand appointed for a term expiring<br> at the Company’s first annual general meeting, the Class II Directors shall stand appointed<br> for a term expiring at the Company’s second annual general meeting and the Class III<br> Directors shall stand appointed for a term expiring at the Company’s third annual general<br> meeting. Commencing at the Company’s first annual general meeting, and at each annual<br> general meeting thereafter, Directors appointed to succeed those Directors whose terms expire<br> shall be appointed for a term of office to expire at the third succeeding annual general<br> meeting after their appointment. Except as the Statute or other Applicable Law may otherwise<br> require, in the interim between annual general meetings or extraordinary general meetings<br> called for the appointment of Directors and/or the removal of one or more Directors and the<br> filling of any vacancy in that connection, additional Directors and any vacancies in the<br> board of Directors, including unfilled vacancies resulting from the removal of Directors<br> for cause, may be filled by the vote of a majority of the remaining Directors then in office,<br> although less than a quorum (as defined in the Articles), or by the sole remaining Director.<br> All Directors shall hold office until the expiration of their respective terms of office<br> and until their successors shall have been appointed and qualified. A Director appointed<br> to fill a vacancy resulting from the death, resignation or removal of a Director shall serve<br> for the remainder of the full term of the Director whose death, resignation or removal shall<br> have created such vacancy and until his successor shall have been appointed and qualified. |
| --- | --- |
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| --- | | 29. | POWERS OF DIRECTORS | | --- | --- | | 29.1 | Subject<br> to the provisions of the Statute, the Memorandum and the Articles and to any directions given<br> by Special Resolution, the business of the Company shall be managed by the Directors who<br> may exercise all the powers of the Company. No alteration of the Memorandum or Articles and<br> no such direction shall invalidate any prior act of the Directors which would have been valid<br> if that alteration had not been made or that direction had not been given. A duly convened<br> meeting of the Directors at which a quorum is present may exercise all powers exercisable<br> by the Directors. | | --- | --- | | 29.2 | All<br> cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable<br> instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted,<br> endorsed or otherwise executed, as the case may be, in such manner as the Directors shall<br> determine by resolution. | | --- | --- | | 29.3 | The<br> Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement<br> to any Director who has held any other salaried office or place of profit with the Company<br> or to his widow or dependants and may make contributions to any fund and pay premiums for<br> the purchase or provision of any such gratuity, pension or allowance. | | --- | --- | | 29.4 | The<br> Directors may exercise all the powers of the Company to borrow money and to mortgage or charge<br> its undertaking, property and assets (present and future) and uncalled capital or any part<br> thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities<br> whether outright or as security for any debt, liability or obligation of the Company or of<br> any third party. | | --- | --- | | 29.5 | The<br> Directors shall have the authority to present a winding up petition on behalf of the Company<br> without the sanction of a resolution passed by the Company in general meeting. | | --- | --- | | 30. | APPOINTMENT AND REMOVAL OF DIRECTORS | | --- | --- | | 30.1 | Subject<br> to Article 30.2, the Company may by Ordinary Resolution appoint any Person to be a Director<br> or may by Ordinary Resolution remove any Director. The Directors may appoint any Person to<br> be a Director, either to fill a vacancy or as an additional Director, provided that the appointment<br> does not cause the number of Directors to exceed any number fixed by or in accordance with<br> the Articles as the maximum number of Directors. | | --- | --- | | 30.2 | Prior<br> to the consummation of a Business Combination, only holders of Class B Shares will have the<br> right to vote on the election and the removal of Directors pursuant to Article 30.1. For<br> the avoidance of doubt, prior to the consummation of a Business Combination, holders of Class<br> A Shares shall have no right to vote on the appointment or removal of any Director. | | --- | --- | | 30.3 | At<br> the time of or following the consummation of a Business Combination, the Company may by Ordinary<br> Resolution appoint any person to be a Director or may by Ordinary Resolution remove any Director. | | --- | --- |
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| --- | | 30.4 | Prior<br> to the closing of a Business Combination, Article 30.2 may only be amended by a Special Resolution<br> passed by holders of a majority of at least ninety per cent of the Shares which, being entitled<br> to do so, are voted in person or, where proxies are allowed, by proxy at a general meeting<br> of which notice specifying the intention to propose the resolution as a Special Resolution<br> has been given, or by way of unanimous written resolution. | | --- | --- | | 31. | VACATION OF OFFICE OF DIRECTOR | | --- | --- |
The office of a Director shall be vacated if:
| (a) | the<br> Director gives notice in writing to the Company that he resigns the office of Director; or |
|---|---|
| (b) | the<br> Director absents himself (for the avoidance of doubt, without being represented by proxy<br> or an alternate Director appointed by him) from three consecutive meetings of the board of<br> 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 |
| --- | --- |
| (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; or |
| --- | --- |
| (f) | the<br> Director is removed from office pursuant to any other provision of the Articles. |
| 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 a majority of the Directors then in office. |
|---|---|
| 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 of the Directors shall be decided by a majority of<br> votes. In the case of an equality of votes, the chairman shall have a second or casting vote.<br> A Director who is also an alternate Director shall be entitled in the absence of his appointor<br> to a separate vote on behalf of his appointor in addition to his or her own vote. |
| --- | --- |
| 32.3 | A<br> Person may participate in a meeting of the Directors or any committee of Directors by conference<br> telephone, video, a virtual platform or other communications equipment by means of which<br> all the Persons participating in the meeting can communicate with each other at the same<br> time. Participation by a Person in a meeting in this manner is treated as presence in person<br> at that meeting. Unless otherwise determined by the Directors the meeting shall be deemed<br> to be held at the place where the 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 (an alternate Director being<br> entitled to sign such a resolution on behalf of his appointor and if such alternate Director<br> is also a Director, being entitled to sign such resolution both on behalf of his appointer<br> and in his capacity as a Director) shall be as valid and effectual as if it had been passed<br> at a meeting of the Directors, or committee of Directors as the case may be, duly convened<br> and held. |
| --- | --- |
| 21 |
| --- | | 32.5 | A<br> Director may, or other Officer of the Company on the direction of a Director, call a meeting<br> of the Directors by at least two days’ notice in writing to every Director and alternate<br> Director which notice shall set forth the general nature of the business to be considered<br> unless notice is waived by all the Directors (or their alternates) either at, before or after<br> the meeting is held. To any such notice of a meeting of the Directors all the provisions<br> of the Articles relating to the giving of notices by the Company to the Members shall apply<br> 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. | | --- | --- | | 32.7 | The<br> Directors may elect a chairman of their board and determine the period for which he or she<br> is to hold office, but if no such chairman is elected, or if at any meeting the chairman<br> is not present within five minutes after the time appointed for the meeting to commence,<br> the Directors present may choose one of their number to be chairman of the meeting. | | --- | --- | | 32.8 | Subject<br> to any regulations imposed on it by the Directors, including where the Directors have designated<br> a chairman of the committee, a committee appointed by the Directors may elect a chairman<br> of its meetings and determine the period for which he is to hold office; but if no such chairman<br> is elected, or if at any meeting the chairman is not present within five minutes after the<br> time appointed for the meeting to commence, the committee members present may choose one<br> of their number to be chairman of the meeting. | | --- | --- | | 32.9 | A<br> committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to<br> any regulations imposed on it by the Directors, questions arising at any committee meeting<br> shall be determined by a majority of votes of the committee members present and in case of<br> an equality of votes the chairman shall have a second or casting vote. | | --- | --- | | 32.10 | All<br> acts done by any meeting of the Directors or of a committee of the Directors (including any<br> Person acting as an alternate Director) shall, notwithstanding that it is afterwards discovered<br> that there was some defect in the appointment of any Director or alternate Director, and/or<br> that they or any of them were disqualified, and/or had vacated their office and/or were not<br> entitled to vote, be as valid as if every such Person had been duly appointed and/or not<br> disqualified to be a Director or alternate Director and/or had not vacated their office and/or<br> had been entitled to vote, as the case may be. | | --- | --- | | 32.11 | A<br> Director but not an alternate Director may be represented at any meetings of the board of<br> Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum<br> and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. | | --- | --- | | 33. | PRESUMPTION OF ASSENT | | --- | --- |
A Director or alternate 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 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 or alternate Director who voted in favour of such action.
| 34. | DIRECTORS’ INTERESTS |
|---|---|
| 34.1 | A<br> Director or alternate Director may hold any other office or place of profit under the Company<br> (other than the office of Auditor) in conjunction with his office of Director for such period<br> and on such terms as to remuneration and otherwise as the Directors may determine. |
| --- | --- |
| 22 |
| --- | | 34.2 | A<br> Director or alternate Director may act by himself or by, through or on behalf of his firm,<br> in a professional capacity for the Company and he or his firm shall be entitled to remuneration<br> for professional services as if he were not a Director or alternate Director. | | --- | --- | | 34.3 | A<br> Director or alternate Director may be or become a director or other Officer of or otherwise<br> interested in any company promoted by the Company or in which the Company may be interested<br> as a shareholder, a contracting party or otherwise, and no such Director or alternate Director<br> shall be accountable to the Company for any remuneration or other benefits received by him<br> as a director or Officer of, or from his interest in, such other company. | | --- | --- | | 34.4 | No<br> Person shall be disqualified from the office of Director or alternate Director or prevented<br> by such office from contracting with the Company, either as vendor, purchaser or otherwise,<br> nor shall any such contract or any contract or transaction entered into by or on behalf of<br> the Company in which any Director or alternate Director shall be in any way interested be<br> or be liable to be avoided, nor shall any Director or alternate Director so contracting or<br> being so interested be liable to account to the Company for any profit realised by or arising<br> in connection with any such contract or transaction by reason of such Director or alternate<br> Director holding office or of the fiduciary relationship thereby established. A Director<br> (or his alternate Director in his absence) shall be at liberty to vote in respect of any<br> contract or transaction in which he is interested provided that the nature of the interest<br> of any Director or alternate Director in any such contract or transaction shall be disclosed<br> by him at or prior to its consideration and any vote thereon. | | --- | --- | | 34.5 | A<br> general notice that a Director or alternate Director is a shareholder, director, Officer<br> or employee of any specified firm or company and is to be regarded as interested in any transaction<br> with such firm or company shall be sufficient disclosure for the purposes of voting on a<br> resolution in respect of a contract or transaction in which he has an interest, and after<br> such general notice it shall not be necessary to give special notice relating to any particular<br> transaction. | | --- | --- | | 35. | MINUTES | | --- | --- |
| 35.1 | The<br> Directors shall cause minutes to be made in books kept for the purpose of recording all appointments<br> of Officers made by the Directors, all proceedings at meetings of the Company or the holders<br> of any class of Shares and of the Directors, and of committees of the Directors, including<br> the names of the Directors or alternate 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, the Audit Committee and the Compensation Committee); any committee so formed<br> shall in the exercise of the powers so delegated conform to any conditions that may be imposed<br> on it by the Directors. The Directors may also delegate to any managing director or any Director<br> holding any other executive office such of their powers, authorities and discretions as they<br> consider desirable to be exercised by him provided that an alternate Director may not act<br> as managing director and the appointment of a managing director shall be revoked forthwith<br> if he ceases to be a Director. Any such delegation may be made subject to any conditions<br> the Directors may impose and either collaterally with or to the exclusion of their own powers<br> and any such delegation may be revoked or altered by the Directors. Subject to any such conditions<br> that may be imposed by the Directors, the proceedings of a committee of Directors shall be<br> governed by the Articles regulating the proceedings of Directors, so far as they are capable<br> of applying. |
| --- | --- |
| 23 |
| --- | | 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 and such Person need not be a<br> Director or Officer of the Company. Any such appointment may be made subject to any conditions<br> the Directors may impose, and either collaterally with or to the exclusion of their own powers<br> and any such appointment may be revoked or altered by the Directors. Subject to any such<br> conditions that may be imposed by the Directors, 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. | | --- | --- | | 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. Each of these<br> committees shall be empowered to do all things necessary to exercise the rights of such committee<br> set forth in the Articles and shall have such powers as the Directors may delegate pursuant<br> to the Articles and as required by the rules and regulations of the Designated Stock Exchange,<br> the SEC and/or any other competent regulatory authority or otherwise under Applicable Law.<br> Each of the Audit Committee and the Compensation Committee, if established, shall consist<br> of such number of Directors as the Directors shall from time to time determine (or such minimum<br> number as may be required from time to time by the rules and regulations of the Designated<br> Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under<br> Applicable Law). For so long as any class of Shares is listed on the Designated Stock Exchange,<br> the Audit Committee and the Compensation Committee shall be made up of such number of Independent<br> Directors as is required from time to time by the rules and regulations of the Designated<br> Stock Exchange, the SEC and/or any other competent regulatory authority or otherwise under<br> Applicable Law. | | --- | --- | | 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 from time to time appoint any Person, whether or not a Director, to hold such<br> office in the Company as the Directors may think necessary for the administration of the<br> Company (including, for the avoidance of doubt and without limitation, a chairman, chief<br> executive officer, president, chief operating officer, chief financial officer, vice-presidents,<br> secretary, assistant secretaries, treasurer or any other officers as may be determined by<br> the Directors), for such term and at such remuneration (whether by way of salary or commission<br> or participation in profits or partly in one way and partly in another), and with such powers<br> and duties as the Directors may think fit. Any Person so appointed by the Directors may be<br> removed by resolution of the Directors or by the Company by Ordinary Resolution. An Officer<br> of the Company may vacate his office at any time if he gives notice in writing to the Company<br> that he resigns his office. | | --- | --- | | 37. | ALTERNATE DIRECTORS | | --- | --- |
| 37.1 | Any<br> Director (but not an alternate Director) may by writing appoint any other Director, or any<br> other Person willing to act, to be an alternate Director and by writing may remove from office<br> an alternate Director so appointed by him. |
|---|
| 24 |
| --- | | 37.2 | An<br> alternate Director shall be entitled to receive notice of all meetings of Directors and of<br> all meetings of committees of Directors of which his appointor is a member, to attend and<br> vote at every such meeting at which the Director appointing him is not personally present,<br> to sign any written resolution of the Directors (except where such written resolution of<br> the Directors have been signed by the appointing Director), and generally to perform all<br> the functions of his appointor as a Director in his absence. | | --- | --- | | 37.3 | An<br> alternate Director shall cease to be an alternate Director if his appointor ceases to be<br> a Director. | | --- | --- | | 37.4 | Any<br> appointment or removal of an alternate Director shall be by notice to the Company signed<br> by the Director making or revoking the appointment or in any other manner approved by the<br> Directors. | | --- | --- | | 37.5 | Subject<br> to the provisions of the Articles, an alternate Director shall be deemed for all purposes<br> to be a Director and shall alone be responsible for his own acts and defaults and shall not<br> be deemed to be the agent of the Director appointing him. | | --- | --- | | 38. | 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.
| 39. | REMUNERATION OF DIRECTORS |
|---|
| 39.1 | The<br> remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors<br> shall determine. The Directors shall also be entitled to be paid all travelling, hotel and<br> other expenses properly incurred by them in connection with their attendance at meetings<br> of Directors or committees of Directors, or general meetings of the Company, or separate<br> meetings of the holders of any class of Shares or debentures of the Company, or otherwise<br> in connection with the business of the Company or the discharge of their duties as a Director,<br> or to receive a fixed allowance in respect thereof as may be determined by the Directors,<br> or a combination partly of one such method and partly the other. |
|---|---|
| 39.2 | The<br> Directors may by resolution approve additional remuneration to any Director for any services<br> which in the opinion of the Directors go beyond his ordinary routine work as a Director.<br> Any fees paid to a Director who is also counsel, attorney or solicitor to the Company, or<br> otherwise serves it in a professional capacity, shall be in addition to his remuneration<br> as a Director. |
| --- | --- |
| 40. | SEAL |
| --- | --- |
| 40.1 | The<br> Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the<br> authority of the Directors or of a committee of the Directors authorised by the Directors.<br> Every instrument to which the Seal has been affixed shall be signed by at least one Person<br> who shall be either a Director or Officer of the Company or other Person appointed by the<br> Directors for the purpose. |
|---|---|
| 40.2 | The<br> Company may have for use in any place or places outside the Cayman Islands a duplicate Seal<br> or Seals each of which shall be a facsimile of the common Seal of the Company and, if the<br> Directors so determine, with the addition on its face of the name of every place where it<br> is to be used. |
| --- | --- |
| 40.3 | A<br> Director or Officer, representative or attorney of the Company may without further authority<br> of the Directors affix the Seal over his signature alone to any document of the Company required<br> to be authenticated by him under seal or to be filed with the Registrar of Companies in the<br> Cayman Islands or elsewhere wheresoever. |
| --- | --- |
| 25 |
| --- | | 41. | DIVIDENDS, DISTRIBUTIONS AND RESERVE | | --- | --- |
| 41.1 | Subject<br> to the Statute and this Article and except as otherwise provided by the rights attached to<br> any Shares, the Directors may resolve to pay Dividends and other distributions on Shares<br> in issue and authorise payment of the Dividends or other distributions out of the funds of<br> the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend<br> unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend<br> specifically state that such Dividend shall be a final Dividend. No Dividend or other distribution<br> shall be paid except out of the realised or unrealised profits of the Company, out of the<br> Share Premium Account or as otherwise permitted by law. |
|---|---|
| 41.2 | Except<br> as otherwise provided by the rights attached to any Shares, all Dividends and other distributions<br> shall be paid according to the par value of the Shares that a Member holds. If any Share<br> is issued on terms providing that it shall rank for Dividend as from a particular date, that<br> Share shall rank for Dividend accordingly. |
| --- | --- |
| 41.3 | The<br> Directors may deduct from any Dividend or other distribution payable to any Member all sums<br> of money (if any) then payable by him to the Company on account of calls or otherwise. |
| --- | --- |
| 41.4 | The<br> Directors may resolve that any Dividend or other distribution be paid wholly or partly by<br> the distribution of specific assets and in particular (but without limitation) by the distribution<br> of shares, debentures, or securities of any other company or in any one or more of such ways<br> and where any difficulty arises in regard to such distribution, the Directors may settle<br> the same as they think expedient and in particular may issue fractional Shares and may fix<br> the value for distribution of such specific assets or any part thereof and may determine<br> that cash payments shall be made to any Members upon the basis of the value so fixed in order<br> to adjust the rights of all Members and may vest any such specific assets in trustees in<br> such manner as may seem expedient to the Directors. |
| --- | --- |
| 41.5 | Except<br> as otherwise provided by the rights attached to any Shares, Dividends and other distributions<br> may be paid in any currency. The Directors may determine the basis of conversion for any<br> currency conversions that may be required and how any costs involved are to be met. |
| --- | --- |
| 41.6 | The<br> Directors may, before resolving to pay any Dividend or other distribution, set aside such<br> sums as they think proper as a reserve or reserves which shall, at the discretion of the<br> Directors, be applicable for any purpose of the Company and pending such application may,<br> at the discretion of the Directors, be employed in the business of the Company. |
| --- | --- |
| 41.7 | Any<br> Dividend, other distribution, interest or other monies payable in cash in respect of Shares<br> may be paid by wire transfer to the holder or by cheque or warrant sent through the post<br> directed to the registered address of the holder or, in the case of joint holders, to the<br> registered address of the holder who is first named on the Register of Members or to such<br> Person and to such address as such holder or joint holders may in writing direct. Every such<br> cheque or warrant shall be made payable to the order of the Person to whom it is sent. Any<br> one of two or more joint holders may give effectual receipts for any Dividends, other distributions,<br> bonuses, or other monies payable in respect of the Share held by them as joint holders. |
| --- | --- |
| 41.8 | No Dividend or other distribution<br> shall bear interest against the Company. |
| --- | --- |
| 41.9 | Any<br> Dividend or other distribution which cannot be paid to a Member and/or which remains unclaimed<br> after six months from the date on which such Dividend or other distribution becomes payable<br> may, in the discretion of the Directors, be paid into a separate account in the Company’s<br> name, provided that the Company shall not be constituted as a trustee in respect of that<br> account and the Dividend or other distribution shall remain as a debt due to the Member.<br> Any Dividend or other distribution which remains unclaimed after a period of six years from<br> the date on which such Dividend or other distribution becomes payable shall be forfeited<br> and shall revert to the Company. |
| --- | --- |
| 26 |
| --- | | 42. | 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.
| 43. | SHARE PREMIUM ACCOUNT |
|---|
| 43.1 | The<br> Directors shall in accordance with the Statute establish a Share Premium Account and shall<br> carry to the credit of such account from time to time a sum equal to the amount or value<br> of the premium paid on the issue of any Share. |
|---|---|
| 43.2 | There<br> shall be debited to any Share Premium Account on the redemption or purchase of a Share the<br> difference between the nominal value of such Share and the redemption or purchase price provided<br> always that at the determination of the Directors such sum may be paid out of the profits<br> of the Company or, if permitted by the Statute, out of capital. |
| --- | --- |
| 44. | BOOKS OF ACCOUNT |
| --- | --- |
| 44.1 | 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. |
|---|---|
| 44.2 | 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. |
| --- | --- |
| 44.3 | 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. |
| --- | --- |
| 45. | AUDIT |
| --- | --- |
| 45.1 | The<br> Directors may appoint an Auditor of the Company who shall hold office on such terms as the<br> Directors determine. |
|---|---|
| 45.2 | 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. |
| --- | --- |
| 27 |
| --- | | 45.3 | 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> of the Company such information and explanation as may be necessary for the performance of<br> the duties of the Auditor. | | --- | --- | | 45.4 | 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 Company. | | --- | --- | | 45.5 | Without<br> prejudice to the freedom of the Directors to establish any other committee, if any of the<br> Shares (or depositary receipts therefor) are listed or quoted on a Designated Stock Exchange,<br> and if required by the rules and regulations of the Designated Stock Exchange, the SEC and/or<br> any other compentent regulatory authority or otherwise under Applicable Law, the Directors<br> shall establish and maintain an Audit Committee as a committee of the board of Directors<br> and shall adopt a formal written audit committee charter and review and assess the adequacy<br> of the formal written charter on an annual basis. The composition and responsibilities of<br> the Audit Committee shall comply with the rules and regulations of the SEC and the Designated<br> Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable<br> Law. The Audit Committee (if one exists) shall meet at least once every financial quarter,<br> or more frequently as circumstances dictate. | | --- | --- | | 45.6 | If<br> any of the Shares (or depositary receipts therefor) are listed or quoted on a Designated<br> Stock 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. | | --- | --- | | 45.7 | The<br> remuneration of the Auditor shall be fixed by the Audit Committee (if one exists) or otherwise<br> by the Directors. | | --- | --- | | 45.8 | 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. | | --- | --- | | 46. | NOTICES | | --- | --- |
| 46.1 | 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). For so long as any of the Shares are traded on a Designated<br> Stock Exchange, notice must also be served in accordance with the requirements of the Designated<br> Stock Exchange. Notice may also be served by Electronic Communication in accordance with<br> the rules and regulations of the Designated Stock Exchange, the SEC and/or any other competent<br> regulatory authority or by placing it on the Company’s Website. |
|---|---|
| 46.2 | Where 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; |
| --- | --- |
| 28 |
| --- | | (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> service shall be deemed to be effected by transmitting the e-mail to the e-mail address provided<br> by the intended recipient and shall be deemed to have been received on the same day that<br> it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged<br> by the recipient; and | | --- | --- | | (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. | | --- | --- | | 46.3 | 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. | | --- | --- | | 46.4 | 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. | | --- | --- | | 47. | WINDING UP | | --- | --- |
| 47.1 | 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. |
| --- | --- |
| 47.2 | If<br> the Company shall be wound up the liquidator may, subject to the rights attaching to any<br> Shares and with the approval of a Special Resolution of the Company and any other approval<br> required by the Statute, divide amongst the Members in kind the whole or any part of the<br> assets of the Company (whether such assets shall consist of property of the same kind or<br> not) and may for that purpose value any assets and determine how the division shall be carried<br> out as between the Members or different classes of Members. The liquidator may, with the<br> like approval, vest the whole or any part of such assets in trustees upon such trusts for<br> the benefit of the Members as the liquidator, with the like approval, shall think fit, but<br> so that no Member shall be compelled to accept any asset upon which there is a liability. |
| --- | --- |
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| --- | | 48. | INDEMNITY AND INSURANCE | | --- | --- | | 48.1 | Every<br> Director and Officer (which for the avoidance of doubt, shall not include auditors of the<br> Company), together with every former Director and former Officer (each an “Indemnified Person”) shall be indemnified out of the assets of the Company against any liability,<br> action, proceeding, claim, demand, costs, damages or expenses, including legal expenses,<br> whatsoever which they or any of them may incur as a result of any act or failure to act in<br> carrying out their functions other than such liability (if any) that they may incur by reason<br> of their own actual fraud, wilful neglect or wilful default. No Indemnified Person shall<br> be liable to the Company for any loss or damage incurred by the Company as a result (whether<br> direct or indirect) of the carrying out of their functions unless that liability arises through<br> the actual fraud, wilful neglect or wilful default of such Indemnified Person. No person<br> shall be found to have committed actual fraud, wilful neglect or wilful default under this<br> Article unless or until a court of competent jurisdiction shall have made a finding to that<br> effect. | | --- | --- | | 48.2 | 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. | | --- | --- | | 48.3 | The<br> Directors, on behalf of the Company, may purchase and maintain insurance for the benefit<br> of any Director or Officer of the Company against any liability which, by virtue of any rule<br> of law, would otherwise attach to such Person in respect of any negligence, default, breach<br> of duty or breach of trust of which such Person may be guilty in relation to the Company. | | --- | --- | | 49. | 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.
| 50. | TRANSFER BY WAY OF CONTINUATION |
|---|
| 50.1 | Subject<br> to Article 50.2, if the Company is exempted as defined in the Statute, it shall, subject<br> to the provisions of the Statute and with the approval of a Special Resolution, have the<br> power to register by way of continuation as a body corporate under the laws of any jurisdiction<br> outside the Cayman Islands and to be deregistered in the Cayman Islands. |
|---|---|
| 50.2 | Prior<br> to the consummation of a Business Combination, only holders of Class B Shares will have the<br> right to vote on the Company registering by way of continuation as a body corporate under<br> the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman<br> Islands pursuant to Article 50.1. For the avoidance of doubt, prior to the consummation of<br> a Business Combination, holders of Class A Shares shall have no right to vote on the Company<br> registering by way of continuation as a body corporate under the laws of any jurisdiction<br> outside the Cayman Islands and to be deregistered in the Cayman Islands. |
| --- | --- |
| 30 |
| --- | | 50.3 | At<br> the time of or following the consummation of a Business Combination, if the Company is exempted<br> as defined in the Statute, it shall, subject to the provisions of the Statute and with the<br> approval of a Special Resolution, have the power to register by way of continuation as a<br> body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered<br> in the Cayman Islands. | | --- | --- | | 50.4 | Prior<br> to the closing of a Business Combination, Article 50.2 may only be amended by a Special Resolution<br> passed by holders of a majority of at least ninety per cent of the Shares which, being entitled<br> to do so, are voted in person or, where proxies are allowed, by proxy at a general meeting<br> of which notice specifying the intention to propose the resolution as a Special Resolution<br> has been given, or by way of unanimous written resolution. | | --- | --- | | 51. | 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.
| 52. | DISCLOSURE |
|---|
The Directors, Officers of the Company or any authorised service providers (including the registered office agent of the Company), shall be entitled to disclose to any regulatory or judicial authority, or to any Designated Stock Exchange on which the Shares may from time to time be listed, any information regarding the affairs of the Company including, without limitation, information contained in the Register of Members and books of the Company.
| 53. | BUSINESS COMBINATION |
|---|
| 53.1 | 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. | |
|---|---|---|
| 53.2 | Prior to the consummation<br>of any Business Combination, the Company shall either: | |
| --- | --- | |
| (a) | submit<br> such Business Combination to the Members for approval by Ordinary Resolution; | |
| --- | --- | --- |
| 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 taxes paid or<br> payable, if any), divided by the number of then issued Public Shares. Such obligation to<br> repurchase Shares is subject to the completion of the proposed Business Combination to which<br> it relates. | |
| 53.3 | If<br> the Company initiates any tender offer in accordance with Rule 13e-4 and Regulation 14E of<br> the US Exchange Act in connection with a proposed Business Combination, it shall file tender<br> offer documents with the SEC prior to completing such Business Combination which contain<br> substantially the same financial and other information about such Business Combination and<br> the redemption rights as is required under Regulation 14A of the US Exchange Act. If, alternatively,<br> the Company holds a general meeting to approve a proposed Business Combination, the Company<br> will conduct any redemptions in conjunction with a proxy solicitation pursuant to Regulation<br> 14A of the US Exchange Act, and not pursuant to the tender offer rules, and file proxy materials<br> with the SEC. | |
| --- | --- |
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| --- | | 53.4 | Any<br> Member holding Public Shares who is not the Sponsor, a Founder, Officer or Director may,<br> in connection with any vote on a Business Combination, elect to have their Public Shares<br> redeemed for cash, in accordance with any applicable requirements provided for in the related<br> proxy materials (the “IPO Redemption”), provided that no such Member acting<br> together with any Affiliate of his or any other person with whom he is acting in concert<br> or as a partnership, limited partnership, syndicate, or other group for the purposes of acquiring,<br> holding, or disposing of Shares may exercise this redemption right with respect to more than<br> 15 per cent of the Public Shares in the aggregate without the prior consent of the Company<br> and provided further that any beneficial holder of Public Shares on whose behalf a redemption<br> right is being exercised must identify itself to the Company in connection with any redemption<br> election in order to validly redeem such Public Shares. If so demanded, the Company shall<br> pay any such redeeming Member, regardless of whether he is voting for or against such proposed<br> Business Combination, a per-Share redemption price payable in cash, equal to the aggregate<br> amount then on deposit in the Trust Account calculated as of two business days prior to the<br> consummation of the Business Combination, including interest earned on the Trust Account<br> (such interest shall be net of taxes payable) and not previously released to the Company<br> to pay its taxes, divided by the number of then issued Public Shares (such redemption price<br> being referred to herein as the “Redemption Price”), but only in the event<br> that the applicable proposed Business Combination is approved and consummated. | | --- | --- | | 53.5 | 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). | | --- | --- | | 53.6 | In<br> the event that the Company does not consummate a Business Combination by 24 months from the<br> consummation of the IPO, or such later time as the Members may approve in accordance with<br> the Articles, the Company shall: | | --- | --- | | (a) | cease<br> all operations except for the purpose of winding up; | | --- | --- | | (b) | as<br> promptly as reasonably possible but not more than ten business days thereafter, redeem the<br> Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then<br> on deposit in the Trust Account, including interest earned on the funds held in the Trust<br> Account and not previously released to the Company (less taxes payable and up to US$100,000<br> of interest to pay dissolution expenses), divided by the number of then Public Shares in<br> issue, which redemption will completely extinguish public Members’ rights as Members<br> (including the right to receive further liquidation distributions, if any); 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 its obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of Applicable Law.
53.7 In the event that any amendment is made to the Articles:
| (a) | to<br> modify the substance or timing of the Company’s obligation to allow redemption in connection<br> with a Business Combination or redeem 100 per cent of the Public Shares if the Company does<br> not consummate a Business Combination within 24 months after the date of the closing of the<br> IPO, or such later time as the Members may approve in accordance with the Articles, or |
|---|---|
| (b) | with<br> respect to any other provision relating to Members’ rights or pre-Business Combination<br> activity, of the Articles relating to the rights of holders of Class A Shares, |
| --- | --- |
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 or effectiveness 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 not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares.
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| --- | | 53.8 | A<br> holder of Public Shares shall be entitled to receive distributions from the Trust Account<br> only in the event of an IPO Redemption, a repurchase of Shares by means of a tender offer<br> pursuant to this Article, or a distribution of the Trust Account pursuant to this Article.<br> In no other circumstance shall a holder of Public Shares have any right or interest of any<br> kind in the Trust Account. | | --- | --- | | 53.9 | After<br> the issue of Public Shares, and prior to the consummation of a Business Combination, the<br> Company shall not issue additional Shares or any other securities that would entitle the<br> holders thereof to: | | --- | --- | | (a) | receive funds from the Trust<br> Account; or | | --- | --- | | (b) | vote as a class with Public<br> Shares on a Business Combination. | | 53.10 | As<br> long as the securities of the Company are listed on a Designated Stock Exchange, the Company<br> must complete one or more Business Combinations having an aggregate fair market value of<br> at least 80 per cent of the assets held in the Trust Account (net of amounts previously disbursed<br> to the Company’s management for taxes or working capital and excluding the amount of<br> deferred underwriting discounts held in the Trust Account) at the time of the Company’s<br> signing a definitive agreement in connection with a Business Combination. A Business Combination<br> must not be effectuated with another blank cheque company or a similar company with nominal<br> operations. | | --- | --- | | 53.11 | 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. | | --- | --- | | 53.12 | The<br> Company may enter into a Business Combination with a target business that is Affiliated with<br> the Sponsor, a Founder, a Director or an Officer. In the event the Company seeks to consummate<br> a Business Combination with a target that is Affiliated with the Sponsor, a Founder, a Director<br> or an Officer, the Company, or a committee of Independent Directors, will obtain an opinion<br> from an independent investment banking firm or another valuation or appraisal firm that regularly<br> renders fairness opinions on the type of target business the Company is seeking to acquire<br> that is a member of the United States Financial Industry Regulatory Authority or an independent<br> accounting firm that such a Business Combination is fair to the Company from a financial<br> point of view. | | --- | --- | | 54. | BUSINESS OPPORTUNITIES | | --- | --- |
| 54.1 | To<br> the fullest extent permitted by Applicable Law, no individual serving as a Director or an<br> officer (“Management”) shall have any duty, except and to the extent expressly<br> assumed by contract, to refrain from engaging directly or indirectly in the same or similar<br> business activities or lines of business as the Company. To the fullest extent permitted<br> by Applicable Law, the Company renounces any interest or expectancy of the Company in, or<br> in being offered an opportunity to participate in, any potential transaction or matter which<br> may be a corporate opportunity for Management, on the one hand, and the Company, on the other.<br> Except to the extent expressly assumed by contract, to the fullest extent permitted by Applicable<br> Law, Management shall have no duty to communicate or offer any such corporate opportunity<br> to the Company and shall not be liable to the Company or its Members for breach of any fiduciary<br> duty as a Member, Director and/or officer solely by reason of the fact that such party pursues<br> or acquires such corporate opportunity for itself, himself or herself, directs such corporate<br> opportunity to another person, or does not communicate information regarding such corporate<br> opportunity to the Company. |
|---|
| 33 |
| --- | | 54.2 | Except<br> as provided elsewhere in this Article, the Company hereby renounces any interest or expectancy<br> of the Company in, or in being offered an opportunity to participate in, any potential transaction<br> or matter which may be a corporate opportunity for both the Company and Management, about<br> which a Director and/or officer who is also a member of Management acquires knowledge. | | --- | --- | | 54.3 | 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. | | --- | --- | | 55. | EXCLUSIVE JURISDICTION AND FORUM | | --- | --- | | 55.1 | 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 derivative action or<br> 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 recognized under the laws of the United States of America). | | 55.2 | Each Member irrevocably submits<br> to the exclusive jurisdiction of the courts of the Cayman Islands over<br> all such claims or disputes. | | --- | --- | | 55.3 | 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. | | --- | --- | | 55.4 | This<br> Article 55 shall not apply to any action or suits brought to enforce any liability or duty<br> created by the United States Securities Act of 1933, as amended, the Exchange Act, or any<br> claim for which the federal district courts of the United States of America are, as a matter<br> of the laws of the United States, the sole and exclusive forum for determination of such<br> a claim. | | --- | --- |
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Exhibit4.1
SHARE RIGHTS AGREEMENT
This Share Rights Agreement (this “Agreement”) is made as of February 4, 2026 between Hennessy Capital Investment Corp. VIII, a Cayman Islands exempted company (the “Company”), and Odyssey Transfer and Trust Company, a Minnesota corporation (the “Share Rights Agent”).
WHEREAS, the Company has entered into an agreement with Barclays Capital Inc. and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, as representatives (together, the “Representatives”) of the several underwriters (the “Underwriters”) named therein, for the Company’s initial public offering (“Public Offering”) pursuant to which the Underwriters will purchase up to an aggregate of 24,150,000 units (including up to 3,150,000 additional units if the Underwriters’ over-allotment option is exercised in full), each unit (“Unit”) comprised of one Class A ordinary share of the Company, $0.0001 par value (the “Ordinary Shares”), and one right to receive one-twelfth (1/12) of one Ordinary Share (a “Public Share Right”) upon the happening of the triggering event described herein, and in connection therewith, will issue and deliver up to an aggregate of 24,150,000 Public Share Rights upon consummation of such Public Offering, 3,150,000 of which are attributable to the over-allotment option;
WHEREAS, the Company has filed with the Securities and Exchange Commission registration statements on Form S-1 (File No. 333-291924 and File No. 333-293211) (as amended and collectively, the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “Securities Act”) of, among other securities, the Units, Public Share Rights, and the Ordinary Shares issuable to the holders of the Units and Public Share Rights;
WHEREAS, the Company has entered into an agreement with HC Sponsor VIII LLC, a limited liability company formed under the laws of the State of Nevada, to purchase up to an aggregate of 630,500 private Units (or up to 671,000 private units if the Underwriters’ over-allotment option is exercised) in a private placement transaction to occur simultaneously with the consummation of the Public Offering, with each private Unit comprised of one Ordinary Share and one right to receive one-twelfth (1/12) of one Ordinary Share (the “PrivateShare Rights”);
WHEREAS, up to $2,500,000 of working capital loans, as described in the Registration Statement, may be converted into up to 250,000 private placement-equivalent units, with each Unit comprised of one Ordinary Share and one right to receive one-twelfth (1/12) of one Ordinary Share (the “WorkingCapital Share Rights”, together with the Private Share Rights and the Public Share Rights, the “Share Rights”);
WHEREAS, the Company desires the Share Rights Agent to act on behalf of the Company, and the Share Rights Agent is willing to so act, in connection with the issuance, registration, transfer and exchange of the Share Rights;
WHEREAS, the Company desires to provide for the form and provisions of the Share Rights, the terms upon which they shall be issued, and the respective rights, limitation of rights, and immunities of the Company, the Share Rights Agent, and the holders of the Share Rights; and
WHEREAS, all acts and things have been done and performed which are necessary to make the Share Rights, when executed on behalf of the Company and countersigned by or on behalf of the Share Rights 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 Share Rights Agent. The Company hereby appoints the Share Rights Agent to act as agent<br> for the Company for the Share Rights, and the Share Rights Agent hereby accepts such appointment<br> and agrees to perform the same in accordance with the terms and conditions set forth in this<br> Agreement. |
|---|---|
| 2. | Share<br> Rights. |
| --- | --- |
| 2.1. | Form<br> of Share Right. Each Share Right shall be issued in registered or book-entry form as<br> requested by the Company or the holder of a Share Right. Any Share Rights issued in registered<br> form shall be in substantially the form of Exhibit A hereto, the provisions of which<br> are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman<br> of the Board, Chief Executive Officer, President, Executive Vice President, Chief Financial<br> Officer, or Secretary. In the event the person whose facsimile signature has been placed<br> upon any Share Right shall have ceased to serve in the capacity in which such person signed<br> the Share Right before such Share Right is issued, it may be issued with the same effect<br> as if he or she had not ceased to be such at the date of issuance. |
| --- | --- |
| 2.2. | Effect<br> of Countersignature. Except with respect to uncertificated Share Rights as described<br> in Section 2.1 above, unless and until countersigned by the Share Rights Agent pursuant<br> to this Agreement, a registered Share Right shall be invalid and of no effect and may not<br> be exchanged for Ordinary Shares. |
| --- | --- |
| 2.3. | Registration. |
| --- | --- |
| 2.3.1. | Share<br> Right Register. The Share Rights Agent shall maintain books (“Right Register”)<br> for the registration of original issuance and the registration of transfer of the Share Rights.<br> Upon the initial issuance of the Share Rights, the Share Rights Agent shall issue and register<br> the Share Rights in the names of the respective holders thereof in such denominations and<br> otherwise in accordance with instructions delivered to the Share Rights Agent by the Company. |
| --- | --- |
| 2.3.2. | Registered<br> Holder. Prior to due presentment for registration of transfer of any Share Right, the<br> Company and the Share Rights Agent may deem and treat the person or entity in whose name<br> such Share Right shall be registered upon the Share Right Register (“Registered Holder”) as the absolute owner of such Share Right and of each Share Right<br> represented thereby (notwithstanding any notation of ownership or other writing on the Share<br> Right Certificate made by anyone other than the Company or the Share Rights Agent), for the<br> purpose of the exchange thereof, and for all other purposes, and neither the Company nor<br> the Share Rights Agent shall be affected by any notice to the contrary. |
| --- | --- |
| 2 |
| --- | | 2.4. | Detachability<br> of Share Rights. The securities comprising the Units, including the Share Rights, will<br> not be separately transferable until the fifty second (52nd) day after the date of the prospectus<br> included in the Registration Statement (or, if such date is not a business day, the following<br> business day) unless the Representatives inform the Company of its decision to allow earlier<br> separate trading, but in no event will separate trading of the securities comprising the<br> Units begin until (i) the Company files a Current Report on Form 8-K which includes an audited<br> balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering<br> including the proceeds received by the Company from the exercise of the over-allotment option,<br> if the over-allotment option is exercised on the date hereof, and (ii) the Company issues<br> a press release and files a Current Report on Form 8-K announcing when such separate trading<br> shall begin. | | --- | --- | | 3. | Terms<br> and Exchange of Share Rights. | | --- | --- | | 3.1. | Share<br> Rights. Each Share Right shall entitle the holder thereof to receive one-twelfth (1/12)<br> of an Ordinary Share upon the occurrence of an Exchange Event (as defined below). Subject<br> to Section 3.3.1 below with respect to the Registered Holders of Share Rights, in<br> the event that the Company is not the surviving entity immediately following the Exchange<br> Event, holders of Share Rights shall be entitled to automatically receive the kind and amount<br> of securities or properties of the surviving entity as the holders of each one-twelfth (1/12)<br> of an Ordinary Share is entitled to receive in the Exchange Event. No additional consideration<br> shall be paid by a holder of Share Rights in order to receive his, her or its Ordinary Share<br> upon the Exchange Event as the purchase price for such number of Ordinary Shares has been<br> included in the purchase price for the Units. In no event will the Company be required to<br> net cash settle the Share Rights or issue fractional Ordinary Shares. | | --- | --- | | 3.2. | Exchange<br> Event. The exchange event (the “Exchange Event”) shall be the<br> Company’s consummation of an initial Business Combination (as defined in the Company’s<br> Memorandum and Articles of Association (as may amended, restated or amended and restated<br> (the “Articles”))). | | --- | --- | | 3.3. | Exchange<br> of Share Rights. | | --- | --- | | 3.3.1. | Issuance<br> of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the<br> Company shall direct Registered Holders of the Share Rights to return their Share Rights<br> Certificates (physically or electronically) to the Share Rights Agent, subject to dissenter<br> rights to the extent provided by applicable law, if any, in the event that the Company is<br> not the surviving entity in a Business Combination. Upon receipt of a valid Share Rights<br> Certificate, the Company shall issue to the holder of such Share Right(s) the number of whole<br> Ordinary Shares to which he, she or it is entitled, registered in such name or names as may<br> be directed by him, her or it and issue to such holder a book-entry position for such Ordinary<br> Shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the<br> contrary, in no event will the Company be required to net cash settle the Share Rights. The<br> Company shall not issue fractional Ordinary Shares upon exchange of Share Rights. At the<br> time of the Exchange Event, the Company will instruct the Share Rights Agent to round down<br> to the nearest whole Ordinary Share or otherwise addressed in accordance with the applicable<br> provisions of Cayman Islands law and the Articles. | | --- | --- |
| 3 |
| --- | | 3.3.2. | Valid<br> Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement<br> shall be validly issued, fully paid and nonassessable. | | --- | --- | | 3.3.3. | Date<br> of Issuance. Each person in whose name any book-entry position for Ordinary Shares is<br> issued and the register of members of the Company updated shall for all purposes be deemed<br> to have become the holder of record of such shares on the date of the Exchange Event, irrespective<br> of the date of delivery of such book-entry position. | | --- | --- | | 3.3.4. | Company<br> Not Surviving Following Exchange Event. If the Exchange Event results in the Company<br> not being the surviving entity, the definitive agreement will provide for the holders of<br> Share Rights to receive the same kind and amount of securities or properties of the surviving<br> entity as the holders of the Ordinary Shares will receive with the Exchange Event, for the<br> number of Ordinary Shares such holder is entitled to pursuant to Section 3.3.1 above. | | --- | --- | | 3.4. | Duration<br> of Share Rights. If the Exchange Event does not occur within the time period as described<br> in Articles 53.6 and 53.7 of the Articles, and such Business Combination has not yet been<br> consummated within the applicable time period, the Share Rights shall expire and shall be<br> worthless. | | --- | --- | | 4. | Transfer<br> and Exchange of Share Rights. | | --- | --- | | 4.1. | Registration<br> of Transfer. The Share Rights Agent shall register the transfer, from time to time, of<br> any outstanding Share Right upon the Share Right Register, in the case of certificate Share<br> Rights, upon surrender of such Share Right for transfer, properly endorsed with signatures<br> properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such<br> transfer of a certificated Share Right, a new Share Right representing an equal aggregate<br> number of Share Rights shall be issued and the old Share Right shall be cancelled by the<br> Share Rights Agent. The certificated Share Rights so cancelled shall be delivered by the<br> Share Rights Agent to the Company from time to time upon request. | | --- | --- |
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| --- | | 4.2. | Procedure<br> for Surrender of Share Rights. Certificated Share Rights may be surrendered to the Share<br> Rights Agent, together with a written request for exchange or transfer, and thereupon the<br> Share Rights Agent shall issue in exchange therefor one or more new certificated Share Rights<br> as requested by the Registered Holder of the Share Rights so surrendered, representing an<br> equal aggregate number of Share Rights; provided, however, that in the event that a Share<br> Right surrendered for transfer bears a restrictive legend, the Share Rights Agent shall not<br> cancel such Share Right and issue new Share Rights in exchange therefor until the Share Rights<br> Agent has received an opinion of counsel for the Company stating that such transfer may be<br> made and indicating whether the new Share Rights must also bear a restrictive legend. | | --- | --- | | 4.3. | Fractional<br> Share Rights. The Share Rights Agent will not issue fractional shares in connection with<br> an exchange or transfer of Share Rights. Fractional shares will either be rounded down to<br> the nearest whole share or otherwise addressed in accordance with Cayman Islands law and<br> the Articles. As a result, you must hold Share Rights in multiples of 12 in order to receive<br> shares for all of your Share Rights upon the Exchange Event. | | --- | --- | | 4.4. | Service<br> Charges. No service charge shall be made for any exchange or registration of transfer<br> of Share Rights. | | --- | --- | | 4.5. | Adjustments<br> to Conversion Ratios. The number of Ordinary Shares that the holders of Share Rights<br> are entitled to receive as a result of the occurrence of an Exchange Event shall be equitably<br> adjusted to reflect appropriately the effect of any share subdivision, share dividend, reorganization,<br> recapitalization, reclassification, combination, exchange of shares or other like change<br> with respect to the Ordinary Shares occurring on or after the date hereof and prior to the<br> Exchange Event. | | --- | --- | | 4.6. | Share<br> Right Execution and Countersignature. The Share Rights Agent is hereby authorized to<br> countersign and to deliver, in accordance with the terms of this Agreement, the Share Rights<br> required to be issued pursuant to the provisions of this Section 4, and the Company,<br> whenever required by the Share Rights Agent, will supply the Share Rights Agent with Share<br> Rights duly executed on behalf of the Company for such purpose. | | --- | --- | | 5. | Other<br> Provisions Relating to Share Rights of Holders of Share Rights. | | --- | --- | | 5.1. | No<br> Share Rights as Shareholder. Until exchange of a Share Right for Ordinary Shares as provided<br> for herein, a Share Right does not entitle the Registered Holder thereof to any of the rights<br> of a shareholder of the Company, including, without limitation, the right to receive dividends,<br> or other distributions, exercise any preemptive rights to vote or to consent or to receive<br> notice as shareholders in respect of the meetings of shareholders or the election of directors<br> of the Company or any other matter. | | --- | --- | | 5.2. | Lost,<br> Stolen, Mutilated, or Destroyed Share Rights. If any Share Right is lost, stolen, mutilated,<br> or destroyed, the Company and the Share Rights Agent may on such terms as to indemnity or<br> otherwise as they may in their discretion impose (which shall, in the case of a mutilated<br> Share Right, include the surrender thereof), issue a new Share Right of like denomination,<br> tenor, and date as the Share Right so lost, stolen, mutilated, or destroyed. Any such new<br> Share Right shall constitute a substitute contractual obligation of the Company, whether<br> or not the allegedly lost, stolen, mutilated, or destroyed Share Right shall be at any time<br> enforceable by anyone. | | --- | --- | | 5.3. | Reservation<br> of Ordinary Shares. The Company shall at all times reserve and keep available a number<br> of its authorized but unissued Ordinary Shares that will be sufficient to permit the exchange<br> of all outstanding Share Rights issued pursuant to this Agreement. | | --- | --- |
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| --- | | 6. | Concerning<br> the Share Rights Agent and Other Matters. | | --- | --- | | 6.1. | Payment<br> of Taxes. The Company will from time to time promptly pay all taxes and charges that<br> may be imposed upon the Company or the Share Rights Agent in respect of the issuance or delivery<br> of Ordinary Shares upon the exchange of Share Rights, but the Company shall not be obligated<br> to pay any transfer taxes in respect of the Share Rights or such shares. | | --- | --- | | 6.2. | Resignation,<br> Consolidation, or Merger of Share Rights Agent. | | --- | --- | | 6.2.1. | Appointment<br> of Successor Share Rights Agent. The Share Rights Agent, or any successor to it hereafter<br> appointed, may resign its duties and be discharged from all further duties and liabilities<br> hereunder after giving sixty (60) days’ notice in writing to the Company. If the office<br> of the Share Rights Agent becomes vacant by resignation or incapacity to act or otherwise,<br> the Company shall appoint in writing a successor Share Rights Agent in place of the Share<br> Rights Agent. If the Company shall fail to make such appointment within a period of 30 days<br> after it has been notified in writing of such resignation or incapacity by the Share Rights<br> Agent or by the holder of the Share Right (who shall, with such notice, submit his, her or<br> its Share Right for inspection by the Company), then the holder of any Share Right may apply<br> to a court of competent jurisdiction in the United States for the appointment of a successor<br> Share Rights Agent at the Company’s cost. Any successor Share Rights Agent, whether<br> appointed by the Company or by such court, shall be a corporation organized and existing<br> under the laws of the State of New York, in good standing and having its principal office<br> in the United States of America, and authorized under such laws to exercise corporate trust<br> powers and subject to supervision or examination by federal or state authority. After appointment,<br> any successor Share Rights Agent shall be vested with all the authority, powers, rights,<br> immunities, duties, and obligations of its predecessor Share Rights Agent with like effect<br> as if originally named as Share Rights Agent hereunder, without any further act or deed;<br> but if for any reason it becomes necessary or appropriate, the predecessor Share Rights Agent<br> shall execute and deliver, at the expense of the Company, an instrument transferring to such<br> successor Share Rights Agent all the authority, powers, and Share Rights of such predecessor<br> Share Rights Agent hereunder; and upon request of any successor Share Rights Agent the Company<br> shall make, execute, acknowledge, and deliver any and all instruments in writing for more<br> fully and effectually vesting in and confirming to such successor Share Rights Agent all<br> such authority, powers, rights, immunities, duties, and obligations. | | --- | --- |
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| --- | | 6.2.2. | Notice<br> of Successor Share Rights Agent. In the event a successor Share Rights Agent shall be<br> appointed, the Company shall give notice thereof to the predecessor Share Rights Agent and<br> the transfer agent for the Ordinary Shares not later than the effective date of any such<br> appointment. | | --- | --- | | 6.2.3. | Merger<br> or Consolidation of Share Rights Agent. Any corporation into which the Share Rights Agent<br> may be merged or with which it may be consolidated or any corporation resulting from any<br> merger or consolidation to which the Share Rights Agent shall be a party shall be the successor<br> Share Rights Agent under this Agreement without any further act. | | --- | --- | | 6.3. | Fees<br> and Expenses of Share Rights Agent. | | --- | --- | | 6.3.1. | Remuneration.<br> The Company agrees to pay the Share Rights Agent reasonable remuneration for its services<br> as such Share Rights Agent hereunder and will reimburse the Share Rights Agent upon demand<br> for all expenditures that the Share Rights Agent may reasonably incur in the execution of<br> its duties hereunder. | | --- | --- | | 6.3.2. | Further<br> Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause<br> to be performed, executed, acknowledged, and delivered all such further and other acts, instruments,<br> and assurances as may reasonably be required by the Share Rights Agent for the carrying out<br> or performing of the provisions of this Agreement. | | --- | --- | | 6.4. | Liability<br> of Share Rights Agent. | | --- | --- | | 6.4.1. | Reliance<br> on Company Statement. Whenever in the performance of its duties under this Agreement,<br> the Share Rights Agent shall deem it necessary or desirable that any fact or matter be proved<br> or established by the Company prior to taking or suffering any action hereunder, such fact<br> or matter (unless other evidence in respect thereof be herein specifically prescribed) may<br> be deemed to be conclusively proved and established by a statement signed by the Chairman<br> of the Board, Chief Executive Officer, President, Executive Vice President, Chief Financial<br> Officer, or Secretary and delivered to the Share Rights Agent. The Share Rights Agent may<br> rely upon such statement for any action taken or suffered in good faith by it pursuant to<br> the provisions of this Agreement. | | --- | --- |
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| --- | | 6.4.2. | Indemnity.<br> The Share Rights Agent shall be liable hereunder only for its own gross negligence, willful<br> misconduct or bad faith. Subject to Section 6.6, the Company agrees to indemnify and<br> hold the Share Rights Agent in its role as Share Rights Agent, its agents and each of its<br> shareholders, directors, officers and employees harmless from and against liabilities, including<br> judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted<br> for its activities in that capacity, except for any liability due to any gross negligence,<br> willful misconduct or bad faith of the indemnified person or entity. | | --- | --- | | 6.4.3. | Exclusions.<br> The Share Rights Agent shall have no responsibility with respect to the validity of this<br> Agreement or with respect to the validity or execution of any Share Right (except its countersignature<br> thereof); nor shall it be responsible for any breach by the Company of any covenant or condition<br> contained in this Agreement or in any Share Right; nor shall it by any act hereunder be deemed<br> to make any representation or warranty as to the authorization or reservation of any Ordinary<br> Shares to be issued pursuant to this Agreement or any Share Right or as to whether any Ordinary<br> Shares will, when issued, be valid and fully paid and nonassessable. | | --- | --- | | 6.5. | Acceptance<br> of Agency. The Share Rights Agent hereby accepts the agency established by this Agreement<br> and agrees to perform the same upon the terms and conditions herein set forth. | | --- | --- | | 6.6. | Waiver.<br> The Share Rights Agent hereby waives any right of set-off or any right, title, interest or<br> claim of any kind (“Claim”) in, or to any distribution of, the<br> Trust Account (as defined in that certain Investment Management Trust Agreement, dated as<br> of the date hereof, by and between the Company and Odyssey Transfer and Trust Company, a<br> Minnesota corporation, as trustee thereunder (the “Investment Management Trust Agreement”). In the event the Share Rights Agent has any Claim against the<br> Company, the Share Rights Agent shall pursue such Claim solely against the Company and its<br> assets outside the Trust Account and not against the Property (as defined in the Investment<br> Management Trust Agreement) or any monies in the Trust Account (as defined in the Investment<br> Management Trust Agreement). This section shall survive any termination of this Agreement. | | --- | --- | | 7. | Miscellaneous<br> Provisions. | | --- | --- | | 7.1. | Successors.<br> All the covenants and provisions of this Agreement by or for the benefit of the Company or<br> the Share Rights Agent shall bind and inure to the benefit of their respective successors<br> and assigns. | | --- | --- | | 7.2. | Notices.<br> Any notice, statement or demand authorized by this Agreement to be given or made by the Share<br> Rights Agent or by the holder of any Share Right to or on the Company shall be sufficiently<br> given when so delivered if by hand or overnight delivery or if sent by certified mail or<br> private courier service within five days after deposit of such notice, postage prepaid, addressed<br> (until another address is filed in writing by the Company with the Share Rights Agent), as<br> follows: | | --- | --- |
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| --- |
Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Share Right or by the Company to or on the Share Rights 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 days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Share Rights Agent with the Company), as follows:
Odyssey Transfer and Trust Company
860 Blue Gentian Rd., Suite 320
Eagan, Minnesota 55121
Attn: Compliance Department
And
Hennessy Capital Investment Corp. VIII
195 US Hwy 50, Suite 207
Zephyr Cove, Nevada 89448
Attn: Daniel J. Hennessy
with copies to:
Sidley Austin LLP
787 Seventh Avenue
New York, New York 10019
Attn: Michael P. Heinz, Esq.; Jeffrey N. Smith, Esq.
And
Appleby (Cayman) Ltd.
9th Floor, 60 Nexus Way Camana Bay
Grand Cayman, KY1-1104
Attn: Simon Raftopoulos, Esq.; Alexandra Low, Esq.
| 9 |
| --- | | 7.3. | Applicable<br> Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement<br> and of the Share Rights shall be governed in all respects by the laws of the State of New<br> York, without giving effect to conflicts of law principles that would result in the application<br> of the substantive laws of another jurisdiction. The Company hereby agrees that any action,<br> proceeding or claim against it arising out of or relating in any way to this Agreement, including<br> under the Securities Act, shall be brought and enforced in the courts of the State of New<br> York or the United States District Court for the Southern District of New York, and irrevocably<br> submits to such jurisdiction, which jurisdiction shall be the exclusive forum for any such<br> action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction<br> and that such courts represent an inconvenient forum. Any such process or summons to be served<br> upon the Company may be served by transmitting a copy thereof by registered or certified<br> mail, return receipt requested, postage prepaid, addressed to it at the address set forth<br> in Section 7.2 hereof. Such mailing shall be deemed personal service and shall be<br> legal and binding upon the Company in any action, proceeding or claim. Notwithstanding the<br> foregoing, the provisions of this paragraph will not apply to suits brought to enforce any<br> liability or duty created by the Securities Exchange Act of 1934, as amended, or any other<br> claim for which the federal district courts of the United States of America are the sole<br> and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest<br> in the Share Rights shall be deemed to have notice of and to have consented to the forum<br> provisions in this Section 7.3. If any action, the subject matter of which is within<br> the scope the forum provisions above, is filed in a court other than a court located within<br> the State of New York or the United States District Court for the Southern District of New<br> York (a “foreign action”) in the name of any Share Rights holder,<br> such Share Rights holder shall be deemed to have consented to: (x) the personal jurisdiction<br> of the state and federal courts located within the State of New York or the United States<br> District Court for the Southern District of New York in connection with any action brought<br> in any such court to enforce the forum provisions (an “enforcement action”),<br> and (y) having service of process made upon such Share Rights holder in any such enforcement<br> action by service upon such Share Rights holder’s counsel in the foreign action as<br> agent for such Share Rights holder. | | --- | --- | | 7.4. | Persons<br> Having Share Rights under this Agreement. Nothing in this Agreement expressed and nothing<br> that may be implied from any of the provisions hereof is intended, or shall be construed,<br> to confer upon, or give to, any person or corporation other than the parties hereto and the<br> Registered Holders of the Share Rights and, any right, remedy, or claim under or by reason<br> of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.<br> All covenants, conditions, stipulations, promises, and agreements contained in this Agreement<br> shall be for the sole and exclusive benefit of the parties hereto and their successors and<br> assigns and of the Registered Holders of the Share Rights. | | --- | --- | | 7.5. | Examination<br> of this Agreement. A copy of this Agreement shall be available at all reasonable times<br> at the office of the Share Rights Agent in the City of Woodbury, State of Minnesota, for<br> inspection by the Registered Holder of any Share Right. The Share Rights Agent may require<br> any such holder to submit his, her or its Share Right for inspection by it. | | --- | --- |
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| --- | | 7.6. | Counterparts;<br> Electronic Signatures. This Agreement may be executed in any number of original or facsimile<br> counterparts and each of such counterparts shall for all purposes be deemed to be an original,<br> and all such counterparts shall together constitute but one and the same instrument. Copies<br> of executed counterparts of this Agreement transmitted by electronic transmission (including<br> by email or in .pdf format) or facsimile as well as electronically or digitally executed<br> counterparts (such as DocuSign) shall have the same legal effect as original signatures and<br> shall be considered irrevocable originally executed counterparts of this Agreement. | | --- | --- | | 7.7. | Effect<br> of Headings. The Section headings herein are for convenience only and are not part of<br> this Agreement and shall not affect the interpretation thereof. | | --- | --- | | 7.8. | Amendments.<br> This Agreement may be amended by the parties hereto without the consent of any Registered<br> Holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing<br> any defective provision contained herein or adding or changing any other provisions with<br> respect to matters or questions arising under this Agreement as the parties may deem necessary<br> or desirable and that the parties deem shall not adversely affect the interest of the Registered<br> Holders in any material respect. All other modifications or amendments shall require the<br> written consent or vote of the Registered Holders of at least 50% of the then-outstanding<br> Public Share Rights, to make any change that adversely affects the interests of the Registered<br> Holders of Public Share Rights in any material respect and, solely with respect to any amendment<br> to the terms of the Private Share Rights or Working Capital Share Rights or any provision<br> of this Agreement with respect to the Private Share Rights, or Working Capital Share Rights<br> (including, for the avoidance of doubt, the forfeiture or cancellation of any Private Share<br> Rights or Working Capital Share Rights), 50% of the number of then outstanding Private Share<br> Rights and Working Capital Share Rights. | | --- | --- | | 7.9. | Severability.<br> This Agreement shall be deemed severable, and the invalidity or unenforceability of any term<br> or provision hereof shall not affect the validity or enforceability of this Agreement or<br> of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable<br> term or provision, the parties hereto intend that there shall be added as a part of this<br> Agreement a provision as similar in terms to such invalid or unenforceable provision as may<br> be possible and be valid and enforceable. | | --- | --- |
[SignaturePage Follows]
| 11 |
| --- |
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.
| HENNESSY CAPITAL INVESTMENT CORP. VIII | |
|---|---|
| By: | /s/ Daniel J. Hennessy |
| Name: | Daniel J. Hennessy |
| Title: | Chairman and Chief Executive Officer |
| ODYSSEY TRANSFER AND TRUST COMPANY | |
| By: | /s/ Robert J. Winterle |
| Name: | Robert J. Winterle |
| Title: | Senior Director |
[Signature Page to Share Rights Agreement]
| 12 |
| --- |
EXHIBIT A
Form of Share Right
| NUMBER | RIGHTS |
|---|---|
| ________R |
HENNESSYCAPITAL INVESTMENT CORP. VIII
INCORPORATEDUNDER THE LAWS OF THE CAYMAN ISLANDS
SEEREVERSE FOR CERTAIN DEFINITIONS
CUSIP[ ]
THISCERTIFIES THAT, for value received
_____________ is the registered holder of a right or rights (the “Share Right” or “Share Rights,” respectively) to automatically receive one-twelfth (1/12) of one Class A ordinary share, par value $0.0001 per share (“OrdinaryShares”), of Hennessy Capital Investment Corp. VIII (the “Company”) for each Share Right evidenced by this Share Right Certificate on the Company’s completion of an initial business combination (as defined in the prospectus relating to the Company’s initial public offering (“Prospectus”)) upon surrender of this Share Right Certificate pursuant to the Share Rights Agreement (the “Share Rights Agreement”) between the Company and Odyssey Transfer and Trust Company (the “Share Rights Agent”). In no event will the Company be required to net cash settle any Share Right.
Upon liquidation of the Company in the event an initial business combination is not consummated during the required period as identified in the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the Share Right(s) shall expire and be worthless. The holder of a Share Right or Share Rights shall have no right or interest of any kind in the Company’s trust account (as defined in the Prospectus).
Upon due presentment for registration of transfer of the Share Right Certificate at the office or agency of the Share Rights Agent a new Share Right Certificate or Share Right Certificates of like tenor and evidencing in the aggregate a like number of Share Rights shall be issued to the transferee in exchange for this Share Right Certificate, without charge except for any applicable tax or other governmental charge. The Company shall not issue fractional shares upon exchange of Share Rights. The Company reserves the right to deal with any fractional entitlement at the relevant time in any manner (as provided in the Share Rights Agreement).
The Company and the Share Rights Agent may deem and treat the registered holder as the absolute owner of this Share Right Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any conversion hereof, of any distribution to the registered holder, and for all other purposes, and neither the Company nor the Share Rights Agent shall be affected by any notice to the contrary.
Holders of a Share Right or Share Rights are not entitled to any of the rights of a shareholder of the Company.
Dated:
| Chairman<br> of the Board | Chief<br> Financial Officer |
|---|---|
| Odyssey<br> Transfer and Trust Company, as Share Rights Agent |
The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:
| TEN<br> COM | — | as<br> tenants in common | UNIF<br> GIFT MIN ACT- | _________<br> Custodian _________ |
|---|---|---|---|---|
| (Cust)<br> (Minor) | ||||
| TEN<br> ENT | — | as<br> tenants by the entireties | ||
| under<br> Uniform Gifts to Minors Act | ||||
| JT<br> TEN | — | as<br> joint tenants with right of survivorship<br><br> and not as tenants in common Act | _____________________________<br><br> <br><br><br> <br>(State) |
Additional Abbreviations may also be used though not in the above list.
HennessyCapital Investment Corp. VIII
The Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the rights represented thereby are issued and shall be held subject to all the provisions of the Share Rights Agreement, and all amendments thereto, to all of which the holder of this certificate by acceptance hereof assents.
Forvalue received,___________________________ hereby sell, assign and transfer unto
| PLEASE<br> INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE |
|---|
| (PLEASE<br> PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) |
| --- |
Rightsrepresented by the within Certificate, and do hereby irrevocably constitute and appoint Attorney to transfer the said Rights on the booksof the within named Company will full power of substitution in the premises.
Dated___________
| Notice: | The<br> signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without<br> alteration or enlargement or any change whatever. |
|---|
Signature(s) Guaranteed:
| THE<br> SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT<br> UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). |
|---|
Exhibit10.1
| February<br> 4, 2026 |
|---|
Hennessy Capital Investment Corp. VIII
195 US Hwy 50, Suite 207
Zephyr Cove, Nevada 89448
(775) 339-1671
| Re: | Initial<br> Public Offering |
|---|
Ladies and Gentlemen:
This letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be entered into by and among Hennessy Capital Investment Corp. VIII, a Cayman Islands exempted company with limited liability (the “Company”), Barclays Capital Inc. (“Barclays”) and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“CCM” and together with Barclays, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of 24,150,000 of the Company’s units (including up to 3,150,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”), and one right to receive one-twelfth (1/12) of a Class A Ordinary Share (“Share Rights”). The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”), and the Company has applied to have the Units listed on the Nasdaq Global Market. 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, HC VIII Sponsor LLC (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 severally (and not jointly and severally) agrees with the Company as follows:
1. The Sponsor and each Insider agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any Ordinary Shares owned by it, him or her in favor of any proposed Business Combination (including any proposals recommended by the Company’s board of directors in connection with such 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 therewith.
2. The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering, or such later period approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association (as it may be amended from to time to time, the “Charter”), 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 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 (net of amounts withdrawn to fund the Company’s working capital requirements, subject to an annual limit of 5% of the interest generated on the amount held in the Trust Account, and to pay the Company’s franchise and income taxes (“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 all 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 each Insider agree to not propose any amendment to the Charter that would modify 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 the required time period set forth in the Charter or with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (net of Permitted Withdrawals), divided by the number of then outstanding Offering Shares.
The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and each Insider hereby further waive, with respect to any Class A Ordinary Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or in the context of a tender offer made by the Company to purchase Class A Ordinary Shares (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth in the Charter or in connection with a shareholder vote to approve an amendment to the Charter to modify 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 the time period set forth in the Charter or with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity).
3. Notwithstanding the provisions set forth in paragraphs 7(a) and 7(b) below, during the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Underwriters, (i) offer, sell, contract to sell, pledge, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or 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 (the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, Ordinary Shares, Share Rights or any securities convertible into, or exercisable, or exchangeable for, Class A Ordinary Shares owned by it, him or her, (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, Ordinary Shares, Share Rights or any securities convertible into, or exercisable, or exchangeable for, Class A Ordinary Shares owned by it, him or her, 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); provided, however, that the foregoing does not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer of Founder Shares to any current or future independent director of the Company (as long as such current or future independent director transferee is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement, as applicable to directors and officers at the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes a practical explanation as to the nature of the transfer).
4. In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders, members or managers of the Sponsor or any other Insider) 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 for services rendered or products sold to the Company or (ii) any prospective target business with which the Company has entered into a letter of intent, confidentiality or other similar agreement for a Business Combination (a “Target”); provided, however, that such indemnification of the Company by the Sponsor (x) shall apply only to the extent necessary to ensure that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Offering Share or (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets less Permitted Withdrawals, (y) shall not apply to any claims by a third party (including a Target) that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 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. For the avoidance of doubt, none of the Company’s officers or directors will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective target businesses.
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5. To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,150,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of Founder Shares in the aggregate equal to the product of 1,365,430 multiplied by a fraction, (i) the numerator of which is 3,150,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 3,150,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the Initial Shareholders will own an aggregate of 30.1% of the Company’s issued and outstanding Ordinary Shares after the Public Offering. To the extent that the size of the Public Offering is increased or decreased, the Company will effect a capitalization or share repurchase, redemption or share split or other appropriate mechanism, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the Ordinary Shares of the Initial Shareholders holders prior to the Public Offering at 30.1% of the Company’s issued and outstanding Ordinary Shares upon the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, (A) references to 3,150,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15% of the number of shares included in the Units issued in the Public Offering and (B) the reference to 1,365,430 in the formula set forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order to hold (with all of the Initial Shareholder) an aggregate of 30.1% of the Company’s issued and outstanding Ordinary Shares after the Public Offering.
6. The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9, as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.
7.
(a) The Sponsor and each Insider agree that it, he or she shall not Transfer (as defined below) any Founder Shares (or Class A Ordinary Shares issuable upon conversion thereof) until 180 days after completion of the Business Combination (the “Founder Shares Lock-up Period”). In addition, all of the Founder Shares will be released on the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property.
(b) The Sponsor and each Insider agree that it, he or she shall not Transfer any Private Placement Units (including the Private Placement Shares, the Private Placement Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Placement Share Rights) until 30 days after the completion of a Business Combination (the “Private Placement Unit Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).
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(c) Notwithstanding the provisions set forth in paragraphs 3 and 7(a) and (b), Transfers of the Founder Shares, Private Placement Units, Private Placement Shares, Private Placement Share Rights and Class A Ordinary Shares underlying the Private Placement Share Rights or the Founder Shares and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers, directors, service providers or the underwriters, any affiliates or immediate family members (including trusts for their benefit) of any of the Company’s officers, directors, service providers or the underwriters, any members of the Sponsor, any affiliates of a member of the Sponsor, the underwriters, or any service providers of a member of the Sponsor, a member’s affiliates or the underwriters; (b) in the case of an individual, by gift to a member of the individual’s immediate family members, to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers, in each case, made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (h) in the event of the Company’s completion of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of the Company’s public shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property subsequent to the completion of the initial Business Combination; (i) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a) through (h) above; provided, however, that in the case of clauses (a) through (e) and (i), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).
8. The Sponsor and each Insider represent and warrant that it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s background. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.
9. Except as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances of up to $250,000 made to the Company by the Sponsor to cover expenses related to the organization of the Company and the Public Offering; payment to an affiliate of the Sponsor for certain office space, utilities and secretarial and administrative support as may be reasonably required by the Company for a total of $15,000 per month; payments to the Company’s Chief Financial Officer of $10,000 per month; payments to the Company’s President of $15,000 per month; payments to certain other non-officer individual service providers of the Company of an aggregate of $27,500 per month, with discretionary annual bonuses of up to an aggregate of $295,000, some or all of which may be paid through Hennessy Capital Group LLC at an at-cost arrangement for individual service providers who are employees of Hennessy Capital Group LLC; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or certain of the Company’s officers and directors to finance transaction costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up to $2,500,000 of such loans may be convertible into Private Placement Units of the post Business Combination entity at a price of $10.00 per Private Placement Unit at the option of the lender. Such Private Placement Units would be identical to the Private Placement Units issued to our sponsor.
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10. The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or a director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or a director of the Company.
11. As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses or entities; (ii) “Ordinary Shares” shall mean, collectively, the Class A Ordinary Shares and the Founder Shares; (iii) “Founder Shares” shall mean the 10,692,515 Class B Ordinary Shares, par value $0.0001 per share, (or 9,327,085 Class B Ordinary Shares if the over-allotment option is not exercised by the Underwriters) initially held by the Sponsor, officers, independent directors and/or director nominees of the Company; (iv) “Initial Shareholders” shall mean the Sponsor and any other holder of Founder Shares immediately prior to the Public Offering; (v) “Private Placement Units” shall mean 630,500 private placement units (or up to 671,000 private placement units if the underwriters’ over-allotment option is exercised in full) of the Company, each unit consisting of one Ordinary Share (the “Private Placement Share”) and one share right (the “Private Placement Share Right”) to receive one-twelfth (1/12) of one Class A Ordinary Share upon the consummation of the Company’s initial Business Combination, that the Sponsor has agreed to purchase for an aggregate purchase price of $6,305,000 (or up to $6,710,000 if the underwriters’ over-allotment option is exercised in full), at $10.00 per Private Placement Unit, in private placements that shall occur simultaneously with the consummation of the Public Offering, (vi) “Public Shareholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited; and (viii) “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).
12. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or 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.
13. Except as otherwise provided herein, no party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.
14. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.
15. This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Copies of executed counterparts of this Letter Agreement transmitted by electronic transmission (including by email or in .pdf format), as well as electronically or digitally executed counterparts (such as DocuSign), shall have the same legal effect as original signatures and shall be considered irrevocable originally executed counterparts of this Letter Agreement.
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16. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
17. 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 New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.
18. 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.
19. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by February 9, 2026; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation for a period of six years.
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| --- | | Sincerely, | | | --- | --- | | HC VIII Sponsor LLC | | | By: | /s/ Daniel J. Hennessy | | Name: | Daniel J. Hennessy | | Title: | Managing<br> Member | | | /s/ Daniel J. Hennessy | | | Daniel<br> J. Hennessy | | | /s/ Thomas D. Hennessy | | | Thomas<br> D. Hennessy | | | /s/ Nicholas Geeza | | | Nicholas<br> Geeza | | | /s/ Brian Bonner | | | Brian<br> Bonner | | | /s/ Kyle Crowley | | | Kyle<br> Crowley | | | /s/ Javier Saade | | | Javier<br> Saade | | | /s/ Sandra Stash | | | Sandra<br> Stash | | | /s/ Elizabeth Williams | | | Elizabeth<br> Williams | | Acknowledged<br> and Agreed: | | | --- | --- | | HENNESSY CAPITAL INVESTMENT CORP. VIII | | | By: | /s/ Daniel J. Hennessy | | | Name:<br> Daniel J. Hennessy | | | Title:<br> Chief Executive Officer |
[SignaturePage to Letter Agreement]
Exhibit 10.2
INVESTMENTMANAGEMENT TRUST AGREEMENT
This Investment Management Trust Agreement (this “Agreement”) is made effective as of February 4, 2026, by and between Hennessy Capital Investment Corp. VIII (the “Company”), a Cayman Islands exempted company, and Odyssey Transfer and Trust Company, a Minnesota corporation (the “Trustee”).
WHEREAS, the Company’s registration statements on Form S-1 (File No. 333-291924 and File No. 333-293211) (collectively,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, $0.0001 par value per share (each, an “Ordinary Share”), and one right to receive one-twelfth (1/12) of one Ordinary Share (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and
WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Barclays Capital Inc. (“Barclays”) and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“Cohen”) as representatives of the several underwriters (the “Underwriters”) named therein; and
WHEREAS, as described in the Prospectus, $210,000,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting Agreement) (or $241,500,000) 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 “TrustAccount”) for the benefit of the Company and the holders of Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and
WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $4,200,000, or $4,830,000 if the Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable by the Company to Cohen upon the consummation of the Business Combination (as defined below) in accordance with the terms of the Underwriting Agreement (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:
1. 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 located in the United States at Wintrust Financial (or at another U.S. chartered commercial bank with consolidated assets of $50 billion or more that is reasonably satisfactory to the Company) 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, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, (ii) hold the Property as uninvested cash or (iii) hold the Property in an interest-bearing bank demand deposit account or other accounts at a bank, in each case as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and while invested or uninvested, the Trustee may earn bank credits or other consideration;
(d) Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;
(e) Promptly notify the Company and Cohen 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 tax returns relating to assets held in the Trust Account or in connection with the preparation 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, jointly signed on behalf of the Company by its Chief Executive Officer or Chief Financial Officer or other authorized officer of the Company and, in the case of Exhibit A, acknowledged and agreed to by Cohen, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on funds held in the Trust Account (net of amounts withdrawn in accordance with this Agreement and net of taxes payable, and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses, it being understood that the Trustee has no obligation to monitor or question the Company’s position that an allocation has been made for taxes payable), only as directed in the Termination Letter and the other documents referred to therein; provided, that, in the case a Termination Letter in the form of Exhibit A is received, or (y) upon the date which is the later of (A) twenty-four (24) months after the closing of the Offering, and (B) 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 it may be amended or amended and restated from time to time (the “Articles”), if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on funds held in the Trust Account (net of amounts withdrawn in accordance with this Agreement and net of taxes payable, and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date;
(j) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal 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 franchise or income tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, further, however, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;
(k) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Shareholder Redemption 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 Articles (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses (a “Business Combination”) or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within twenty-four (24) months from the closing of the Offering or (B) with respect to any other provision relating to shareholders’ rights 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; and
(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 the amount of interest earned on the Property requested by the Company to fund working capital requirements (a “WorkingCapital Withdrawal”), which amount shall be delivered directly to the Company; 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, so long as there is no reduction in the principal amount initially deposited in 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; provided, further, that Working Capital Withdrawal shall not exceed five percent (5%) of the interest earned on the funds held in the Trust Account per annum;
(m) Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j), (k) or (l) above.
2. 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 Chief Executive Officer or Chief Financial Officer. In addition, except with respect to its duties under Section 1(i), 1(j), 1(k) and 1(l) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on any such written instructions, 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 reasonable and documented expenses, including reasonable outside 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 or its representatives’ willful misconduct, gross negligence or fraud. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee may obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld 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 Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld or delayed. The Company may participate in such action with its own counsel;
(c) Pay the Trustee the fees set forth on Schedule A hereto, 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 Section 1(i) hereof. The Company shall pay the Trustee upon receipt of an invoice from the Trustee. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c) and as may be provided in Section 2(b) hereof;
(d) In connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders regarding such Business Combination;
(e) Provide Cohen 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 Cohen, 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 (as provided in the Underwriting Agreement) be paid directly to the account or accounts directed by Cohen; and
(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.
(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 setting forth the total amount of the Deferred Discount (as provided in the Underwriting Agreement).
3. 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 party except for liability arising out of the Trustee’s or its representatives’ willful misconduct, gross negligence or fraud;
(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 reasonably incurred 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 or its representatives’ willful misconduct, gross negligence or fraud. 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 with written notification to the Company, 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, franchise and income 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) and 1(l) hereof.
4. 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.
5. 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 (whether following the Trustee giving notice that it desires to resign under this Agreement or the Company otherwise electing to replace the Trustee under 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;
(b) At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b); or
(c) If the Offering is not consummated within ten (10) business days of the date of this Agreement, or such later date agreed by the Company and the Trustee, then any funds received by the Trustee from the Company or HC VIII Sponsor LLC, a Nevada limited liability company (“Sponsor”), or the Underwriters for purposes of funding the Trust Account shall be promptly returned to the Company or Sponsor, as applicable.
6. 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 or its representatives’ willful misconduct, gross negligence or fraud, the Trustee shall not be liable for any loss, liability or out-of-pocket 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 conflict of laws principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may be executed and delivered (including executed manually or electronically via DocuSign or other similar services and delivered by portable document format (pdf) transmission) in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.
(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), 1(l) and 1(m) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto.
(d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.
(e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or by facsimile transmission:
if to the Trustee, to:
Odyssey Transfer and Trust Company
860 Blue Gentian Rd., Suite 320
Eagan, MN 55121
Attn: Client Services
Email: clientsus@odysseytrust.com
if to the Company, to:
Hennessy Capital Investment Corp. VIII
195 US Hwy 50, Suite 207
Zephyr Cove, Nevada 89448
Attn: Chief Financial Officer
Email: ngeeza@hennessycapitalgroup.com
in each case, with copies to:
Sidley Austin LLP
787 7th Avenue
New York, New York 10019
Attn: Michael P. Heinz
Email: mheinz@sidley.com
and
Cohen & Company Capital Markets,
a division of Cohen & Company Securities, LLC
3 Columbus Circle, 24th Floor
New York, NY 10019
Attn: Brandon Sun
Email: bsun@cohencm.com
With copies to:
Kirkland & Ellis LLP
601 Lexington Ave
New York, NY 10022
Attn: Christian Nagler
Email: Christian.Nagler@kirkland.com
(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) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.
(i) Each of the Company and the Trustee hereby acknowledges and agrees that Cohen is a third-party beneficiary of this Agreement.
(j) 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 party.
[Signaturepage follows]
INWITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.
| Odyssey<br> Transfer and Trust Company, as Trustee | |
|---|---|
| By: | /s/ Robert J. Winterle |
| Name: | Robert J. Winterle |
| Title: | Senior Director |
| Hennessy<br> Capital Investment Corp. VIII | |
| --- | --- |
| By: | /s/ Daniel J. Hennessy |
| Name: | Daniel J. Hennessy |
| Title: | Chief Executive Officer |
[SignaturePage to Investment Management Trust Agreement]
SCHEDULEA
FeeSchedule
| Trust Agreement – one-time acceptance fee | $ | 5,000 |
|---|---|---|
| Annual administrative fee | $ | 7,500 |
| Disbursement/withdrawal processing fee (per payment) | $ | 200 |
| Shareholder redemption processing fee (per redemption) | $ | 250 |
| Liquidation of the trust | $ | 10,000 |
| Asset management fee | As negotiated | |
| Out of pocket expenses | Cost |
EXHIBIT A
HennessyCapital Investment Corp. VIII
195US Hwy 50, Suite 207
ZephyrCove, Nevada 89448
[Insertdate]
Odyssey Transfer and Trust Company
860 Blue Gentian Rd., Suite 320
Eagan, MN 55121
Attn: Client Services
Re: Trust Account - Termination Letter
Dear [●]:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between Hennessy Capital Investment Corp. VIII (the “Company”) and Odyssey Transfer and Trust Company (the “Trustee”), dated as of February 4, 2026 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with [●] (the “Target Business”) to consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with the 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 (or such shorter time period as you may agree) of the consummation of the Business Combination (“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 to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“Cohen”) (with respect to the Deferred Discount, as provided in the Underwriting Agreement) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account awaiting distribution, neither the Company nor Cohen will earn any interest.
On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you (a) an affidavit or a certificate by the Company’s Chief Executive Officer or Chief Financial Officer, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) joint written instruction signed by the Company and Cohen with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount (as provided in the Underwriting Agreement) 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 the notice as soon thereafter as possible.
| Very<br> truly yours, |
|---|
| Hennessy<br> Capital Investment Corp. VIII |
| By: |
| Name: |
| Title: |
| Agreed<br> and acknowledged by: |
| --- |
| Cohen<br> & Company Capital Markets,<br><br> <br>a<br> division of Cohen & Company Securities, LLC |
| By: |
| Name: |
| Title: |
EXHIBIT B
HennessyCapital Investment Corp. VIII
195US Hwy 50, Suite 207
ZephyrCove, Nevada 89448
[Insertdate]
Odyssey Transfer and Trust Company
860 Blue Gentian Rd., Suite 320
Eagan, MN 55121
Attn: Client Services
Re: Trust Account - Termination Letter
Dear [●]:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between Hennessy Capital Investment Corp. VIII (the “Company”) and Odyssey Transfer and Trust Company (the “Trustee”), dated as of February 4, 2026 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with a Target Business (the “Business Combination”) within the time frame specified in the Company’s amended and restated memorandum and articles of association, 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 to await distribution to the Public Shareholders. The Company has selected [●] as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the amended and restated memorandum and articles of association of the Company. Upon the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.
| Very<br> truly yours, |
|---|
| Hennessy<br> Capital Investment Corp. VIII |
| By: |
| Name: |
| Title: |
EXHIBIT C
HennessyCapital Investment Corp. VIII
195US Hwy 50, Suite 207
ZephyrCove, Nevada 89448
[Insertdate]
Odyssey Transfer and Trust Company
860 Blue Gentian Rd., Suite 320
Eagan, MN 55121
Attn: Client Services
Re: Trust Account - Tax Payment Withdrawal Instruction
Dear [●]:
Pursuant to Section 1(j) of the Investment Management Trust Agreement between Hennessy Capital Investment Corp. VIII (the “Company”) and Odyssey Transfer and Trust Company (the “Trustee”), dated as of February 4, 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<br> truly yours, |
|---|
| Hennessy<br> Capital Investment Corp. VIII |
| By: |
| Name: |
| Title: |
EXHIBIT D
HennessyCapital Investment Corp. VIII
195US Hwy 50, Suite 207
ZephyrCove, Nevada 89448
[Insertdate]
Odyssey Transfer and Trust Company
860 Blue Gentian Rd., Suite 320
Eagan, MN 55121
Attn: Client Services
Re: Trust Account - Shareholder Redemption Withdrawal Instruction
Dear [●]:
Pursuant to Section 1(k) of the Investment Management Trust Agreement between Hennessy Capital Investment Corp. VIII (the “Company”) and Odyssey Transfer and Trust Company (the “Trustee”), dated as of February 4, 2026 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders on behalf of the Company $[●] of the principal and 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 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 (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within such time as is described in the Company’s amended and restated certificate of memorandum and articles of association or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Shareholders in accordance with your customary procedures.
| Very<br> truly yours, |
|---|
| Hennessy<br> Capital Investment Corp. VIII |
| By: |
| Name: |
| Title: |
EXHIBIT E
HennessyCapital Investment Corp. VIII
195US Hwy 50, Suite 207
ZephyrCove, Nevada 89448
[Insertdate]
Odyssey Transfer and Trust Company
860 Blue Gentian Rd., Suite 320
Eagan, MN 55121
Attn: Client Services
Re: Trust Account - Permitted Withdrawal Instruction
Dear [●]:
Pursuant to Section 1(l) of the Investment Management Trust Agreement between Hennessy Capital Investment Corp. VIII (the “Company”) and Odyssey Transfer and Trust Company (the “Trustee”), dated as of February 4, 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 fund its working capital requirements. For the current year ending [●], $[●] has been disbursed to date (including the amounts requested hereunder) pursuant to Section 1(l) of the Trust Agreement. 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<br> truly yours, |
|---|
| Hennessy<br> Capital Investment Corp. VIII |
| By: |
| Name: |
| Title: |
Exhibit 10.3
REGISTRATIONRIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of February 4, 2026, is made and entered into by and among Hennessy Capital Investment Corp. VIII, a Cayman Islands exempted company with limited liability (the “Company”), HC VIII Sponsor LLC, a Nevada limited liability company (the “Sponsor”), and the undersigned parties listed under Holders on the signature page hereto (each such party, together with the Sponsor 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 Company and the Sponsor have entered into that certain Founder Share Subscription Agreement, dated as of October 16, 2025, pursuant to which the Sponsor purchased an aggregate of 10,692,515 (including shares issued pursuant to a share dividend on February 4, 2026) Class B ordinary shares, par value $0.0001 per share (the “Class B Ordinary Shares”), of the Company (up to 1,365,430 of which are subject to forfeiture by the Sponsor depending on the extent to which the underwriter’s over-allotment option is exercised) (the “Founder Shares”);
WHEREAS, the Sponsor subsequently transferred an aggregate of 1,180,000 Class B Ordinary Shares to the Company’s independent directors and certain executive officers;
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;
WHEREAS, on February 4, 2026, the Sponsor entered into a private placement unit purchase agreement, pursuant to which the Sponsor agreed to purchase an aggregate of 630,500 private placement units (or up to 671,000 private placement units if the over-allotment option in connection with the Company’s initial public offering is exercised in full) (the “Private Placement Units”), each unit consisting of one Ordinary Share (the “Private Placement Shares”) and one share right (the “Private Placement Share Rights”) to receive one-twelfth (1/12) of one Ordinary Share upon the consummation of the Company’s initial business combination, in a private placement transaction occurring simultaneously with the closing of the Company’s initial public offering;
WHEREAS, in order to finance transaction costs in connection with an intended initial business combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may loan to the Company funds as the Company may require, of which up to $2,500,000 of such loans may be convertible into Private Placement Units (“Working Capital Units”) at a price of $10.00 per Private Placement Unit; and
WHEREAS, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.
NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLEI
DEFINITIONS
1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:
“Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.
“Agreement” shall have the meaning given in the Preamble.
“Board” shall mean the Board of Directors of the Company.
“Business Combination” shall mean any merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities, involving the Company.
“Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by applicable law or regulation to close in the City of New York, New York.
“Class B Ordinary Shares” shall have the meaning given in the Recitals hereto.
“Commission” shall mean the Securities and Exchange Commission.
“Company” shall have the meaning given in the Preamble.
“Demand Registration” shall have the meaning given in subsection 2.1.2.
“Demanding Holder” shall mean any Holder or group of Holders that (in the case of a group of Holders, 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.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.
“Form S-1” shall have the meaning given in subsection 2.1.2.
“Form S-3” shall have the meaning given in subsection 2.3.
“Founder Shares” shall have the meaning given in the Recitals hereto and shall be deemed to include the Ordinary Shares issuable upon conversion thereof.
“Founder Shares Lock-up Period” shall mean, with respect to the Founder Shares, until 180 days after completion of the initial Business Combination; notwithstanding the foregoing, on the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property, the Founder Shares shall be released from lock-up.
“Holders” shall have the meaning given in the Preamble.
“Insider Letter” shall mean that certain letter agreement, dated as of February 4, 2026, by and among the Company, the Sponsor and each of the Company’s officers, directors and director nominees.
“Maximum Number of Securities” shall have the meaning given in subsection 2.1.5.
“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading.
“Ordinary Shares” shall have the meaning given in the Recitals hereto.
“Permitted Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, and pursuant to the Insider Letter and any other applicable agreement between such Holder and the Company, in each case for so long as such agreements remain in effect, and any transferee thereafter.
“Piggyback Registration” shall have the meaning given in subsection 2.2.1.
“Private Placement Lock-up Period” shall mean, with respect to Private Placement Units that are held by the initial purchasers of such Private Placement Units or their Permitted Transferees, the Private Placement Units and any of the securities underlying the Private Placement Units, including the Private Placement Shares, the Private Placement Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Placement Share Rights, that are held by the initial purchasers of the Private Placement Units or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.
“Private Placement Share” or “Private Placement Shares” shall have the meaning given in the Recitals hereto.
“Private Placement Share Right” or “Private Placement Share Rights” shall have the meaning given in the Recitals hereto.
“Private Placement Units” shall have the meaning given in the Recitals hereto.
“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 Securities” shall mean (a) the Ordinary Shares issued or issuable upon the conversion of any Founder Shares, (b) the Private Placement Units (including the Private Placement Shares, the Private Placement Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Placement Share Rights), (c) any outstanding Ordinary Shares or any other equity security (including, without limitation, the Ordinary Shares issued or issuable upon the exercise, exchange or conversion of any other equity security, units comprising Ordinary Shares and share rights, and share rights) of the Company held by a Holder from time to time, (d) any equity securities (including the Ordinary Shares issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up to $2,500,000 made to the Company by a Holder (including the Working Capital Units and any Private Placement Shares, any Private Placement Share Rights included in the Working Capital Units and the Ordinary Shares underlying such Private Placement Share Rights) and (e) any other equity security of the Company issued or issuable with respect to any such Ordinary Shares by way of a share dividend or share split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Securities, 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 have been sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated by the Commission); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.
“Registration” shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.
“Registration Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:
(A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Ordinary Shares is 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;
(F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration; and
(G) reasonable out-of-pocket Underwriter expenses (other than fees, commissions or discounts).
“Registration Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.
“Requesting Holder” shall have the meaning given in subsection 2.1.4.
“Securities Act” shall mean the Securities Act of 1933, as amended from time to time.
“Shelf Registration” shall have the meaning given in subsection 2.1.1.
“Sponsor” shall have the meaning given in the Preamble hereto.
“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 2.1.4.
“Underwritten Registration” or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public, including an offering and/or sale of Registrable Securities by any Holder in a block trade or on an underwritten basis (whether firm commitment underwriting or otherwise) without substantial marketing efforts prior to pricing, including, without limitation, a same day trade, overnight trade or similar transaction, but excluding a variable price reoffer.
“Working Capital Units” shall have the meaning given in the Recitals hereto.
ARTICLEII
REGISTRATIONS
2.1 Shelf Registration and Demand Registration.
2.1.1 Shelf Registration. The Company agrees that within thirty (30) days after the consummation of the Business Combination the Company will 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”). The Company shall use its reasonable best 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 (i) as shall be selected by the Company and (ii) as shall permit the resale or other disposition of the Registrable Securities by the Holders pursuant to any method or combination of methods legally available to the Holders. If at any time a Registration Statement filed with the Commission pursuant to subsection 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 its reasonable best 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. The Company shall use its reasonable best efforts to cause the Shelf Registration filed pursuant to this subsection 2.1.1 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Shelf Registration is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities.
2.1.2 Request for Registration. Subject to the provisions of subsection 2.1.5 and Section 2.4 hereof, at any time and from time to time on or after the date the Company consummates the Business Combination, to the extent that any Registrable Securities are not registered pursuant to the Shelf Registration a Demanding Holder may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”). The Company shall, within three (3) Business Days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Demand Registration Requesting Holder”) shall so notify the Company, in writing, within five (5) Business Days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from one or more Demand Registration Requesting Holder(s) to the Company, such Demand Registration Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Demand Registration Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than three (3) Registrations in the aggregate pursuant to Demand Registrations under this subsection 2.1.2, with respect to any or all Registrable Securities; provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Demanding Holders and Demand Registration Requesting Holders to be registered on behalf of the Demanding Holders and Demand Registration Requesting Holders (subject to subsection 2.1.5) in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement. A majority-in-interest of the Demanding Holders initiating a Demand Registration, pursuant to a Registration under this subsection 2.1.2 shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal.
2.1.3 Effective Registration. Notwithstanding the provisions of subsection 2.1.2 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; provided, further, that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.
2.1.4 Underwritten Offering. Subject to the provisions of subsection 2.1.5 and Section 2.4 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 subsection 2.1.1 or subsection 2.1.2 (an “Underwritten Demand”) for all or a portion of the Demanding Holder’s Registrable Securities. The Company shall, within three (3) Business 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 the designated portion of 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 2.1.4 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, and the Company shall enter into such underwriting agreement and shall take all such other reasonable actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition of such Registrable Securities. Notwithstanding the foregoing, the Company is not obligated to effect more than an aggregate of three (3) Underwritten Offerings pursuant to this subsection 2.1.4; provided, however, that an Underwritten Offering pursuant to an Underwritten Demand shall not be counted for such purposes unless a Registration Statement that may be available at such time has become effective and all of the Registrable Securities requested by the Requesting Holders and the Demanding Holders to be registered on behalf of the Requesting Holders and the Demanding Holders in such Registration Statement have been sold, in accordance with Section 3.1 of this Agreement.
2.1.5 Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration, in good faith, advises the Company, the Demanding Holders, the Demand Registration Requesting Holders (if any) and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders, the Demand Registration Requesting Holders (if any) and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and the Ordinary Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders, the Demand Registration Requesting Holders (if any) and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) holds prior to such Underwritten Registration) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Ordinary Shares or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities and that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.
2.1.6 Underwritten Offering Withdrawal. A majority-in-interest of the Demanding Holders initiating an Underwritten Demand or a majority-in-interest of the Requesting Holders (if any), pursuant to an Underwritten Offering under subsection 2.1.4 shall have the right to withdraw from such Underwritten Offering for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten Offering prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Underwritten Demand (or in the case of an Underwritten Registration pursuant to Rule 415 under the Securities Act, prior to the time of pricing of the applicable Underwritten Offering). Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten Demand prior to its withdrawal under this subsection 2.1.6.
2.1.7 Holder Information Required for Participation in Underwritten Offering. At least ten (10) Business Days prior to the first anticipated filing date of a Registration Statement pursuant to this Article II, the Company shall use reasonable best efforts to notify each Holder in writing (which may be by email) of the information reasonably necessary about the Holder to include such Holder’s Registrable Securities in such Registration Statement. Notwithstanding anything else in this Agreement, the Company shall not be obligated to include such Holder’s Registrable Securities to the extent the Company has not received such information, and received any other reasonably requested agreements or certificates, on or prior to the fifth Business Day prior to the first anticipated filing date of a Registration Statement pursuant to this Article II.
2.2 Piggyback Registration.
2.2.1 Piggyback Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, for its own account or for the account of shareholders of the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for a rights offering or an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than five (5) Business Days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) Business Days after receipt of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion.
2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration 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 Ordinary Shares that the Company desires to sell, taken together with (i) the Ordinary Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the Ordinary Shares, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:
(a) If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof and Ordinary Shares, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company (pro rata based on the respective number of Registrable Securities that each shareholder holds prior to such Underwritten Registration), which can be sold without exceeding the Maximum Number of Securities;
(b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, Ordinary Shares or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 and Ordinary Shares or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities (pro rata based on the respective number of Registrable Securities that each shareholder holds prior to such Underwritten Registration), 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 that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.
2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration (or in the case of an Underwritten Registration pursuant to Rule 415 under the Securities Act, prior to the time of pricing of the applicable Underwritten Offering). The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons or entities pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.
2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof or an Underwritten Demand pursuant to subsection 2.1.4.
2.3 Registrations on Form S-3. The Holders of Registrable Securities may at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission if so requested), register the resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration statement that may be available at such time (“Form S-3”). Within three (3) Business Days of the Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $25,000,000.
Any request for an Underwritten Offering pursuant to a Form S-3 shall follow the procedures of Section 2.1 (including Section 2.1.5) but shall not count against the number of long form Demand Registrations that may be made pursuant to Section 2.1.2.
2.4 Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.2 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration or Underwritten Offering would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement or 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 for such Registration Statement to be filed or to undertake such Underwritten Offering in the near future and that it is therefore essential to defer the filing of such Registration Statement or undertaking of such Underwritten Offering. In such event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.
2.5 Waiver. Notwithstanding anything in this Agreement to the contrary, at any time on or after the date the Company consummates a Business Combination, any Holder may notify the Company of its election to waive any and all rights (i) to receive notice of an Underwritten Demand or Piggyback Registration as provided for in this Article II or (ii) to participate in any such Underwritten Offering or Piggyback Registration. As long as any such waiver remains outstanding and has not been rescinded in writing, the Company agrees not to notify any such Holder of any Underwritten Demand or Piggyback Registration or provide any such Holder with any information relating thereto.
ARTICLE III
COMPANYPROCEDURES
3.1 General Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:
3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective, 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;
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 requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus 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, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;
3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and to keep such registration or qualification in effect for so long as such Registration Statement remains in effect and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;
3.1.5 use commercially reasonable efforts to 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 share rights agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;
3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of any request by the Commission that the Company amend or supplement such Registration Statement or Prospectus or 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 amend and supplement such Registration Statement or Prospectus or prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;
3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel, including, without limitation, providing copies promptly upon receipt of any comment letters from the staff of the Commission with respect to any such Registration Statement or Prospectus;
3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;
3.1.10 permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriters to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;
3.1.11 obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;
3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;
3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such Underwritten Offering;
3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission), and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;
3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and
3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration, including, without limitation, making available senior executives of the Company to participate in any due diligence sessions that may be reasonably requested by the Underwriter in any Underwritten Offering.
3.2 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.
3.3 Requirements for Participation in Underwritten Offerings. 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 (i) agrees to sell such person’s or entity’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements. The Company will use its commercially reasonable efforts to ensure that no Underwriter shall require any Holder to make any representations, warranties or agreements to or with the Company or the Underwriters, other than representations, warranties or agreements regarding such Holder and such Holder’s intended method of distribution and any other representation required by applicable law, and if, despite the Company’s commercially reasonable efforts, an Underwriter requires any Holder to make additional representations, warranties or agreements with such Underwriter, such Holder may elect not to participate in such Underwritten Offering (but shall not have any claims against the Company as a result of such election). Any liability of such Holder to any Underwriter or other person or entity under such underwriting agreement shall be limited to an amount equal to the proceeds (net of expenses and underwriting discounts and commissions) that it receives from such Underwritten Offering.
3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.
3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.
ARTICLE IV
INDEMNIFICATIONAND 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 and agents and each person or entity who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person or entity who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.
4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors, officers and agents and each person or entity who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the total liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person or entity who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.
4.1.3 Any person or entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or entity’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.
4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.
4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or out-of-pocket 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 or entity 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 or entity who was not guilty of such fraudulent misrepresentation.
ARTICLE V
MISCELLANEOUS
5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, or electronic mail. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third Business Day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, or electronic 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. Any notice or communication under this Agreement must be addressed, if to the Company, to: 195 US Hwy 50, Suite 207, Zephyr Cove, Nevada 89448, Attention: Daniel J. Hennessy, and, if to any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.
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 A Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, to a Permitted Transferee who agrees to become bound by the transfer restrictions applicable to the assigning or delegating Holder, if any, pursuant to any agreement between such Holder and the Company.
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 or entities that are not parties hereto, other than as expressly set forth in this Agreement and Section 5.2 hereof.
5.2.5 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void.
5.3 Counterparts; Electronic Signatures. This Agreement may be executed and delivered (including executed manually or electronically via DocuSign or other similar services and delivered by portable document format (pdf) transmission) in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.
5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK.
EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
5.5 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the shares of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.
5.6 Other Registration Rights. The Company represents and warrants that no person or entity, other than a Holder of Registrable Securities has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person or entity. 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. From and after the date of this Agreement, the Company shall not, without the approval of the Holders of a majority-in-interest of the Registrable Securities, enter into any agreement with any holder or prospective holder of any Registrable Securities that would grant such holder or prospective holder any registration rights more favorable in any material respect than those rights granted pursuant to this Agreement.
5.7 Term. This Agreement shall terminate upon the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale. The provisions of Section 3.5 , Article IV and Article V shall survive any termination.
5.8 Entire Agreement. This Agreement constitutes the entire understanding and agreement between the parties as to the matters covered herein and supersedes and replaces any prior understanding, agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto.
5.9 Legend Removal. If a Holder holds Registrable Securities that are eligible to be sold without restriction under Rule 144 under the Securities Act (excluding the restriction set forth under Rule 144(i)) or pursuant to an effective Registration Statement, then, at such Holder’s request, accompanied by such additional representations and other documents as the Company shall reasonably request, the Company shall cause the Company’s transfer agent to remove any restrictive legend set forth on the Registrable Securities held by such Holder in connection with any sale of such Registrable Securities pursuant to Rule 144 or such effective Registration Statement, as applicable (including, if required or requested by the Company’s transfer agent, by delivering to the Company’s transfer agent a direction letter and opinion of Company counsel), and the Company shall instruct and cause its transfer agent not to require a medallion guarantee in connection with any permitted sale or transfer of Registrable Securities.
5.10 Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, the Holders may proceed to protect and enforce their rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.
5.11 Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.
[Signaturepages follow]
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.
| COMPANY: | |
|---|---|
| Hennessy Capital Investment Corp. VIII,<br><br> <br>a Cayman Islands exempted company with limited liability | |
| By: | /s/ Daniel J. Hennessy |
| Name: | Daniel<br> J. Hennessy |
| Title: | Chief<br> Executive Officer |
[Signature Page to RegistrationRights Agreement]
| HOLDERS: | |
|---|---|
| HC VIII Sponsor LLC,<br><br> <br>a Nevada limited liability company | |
| By: | /s/Daniel J. Hennessy |
| Name: | Daniel<br> J. Hennessy |
| Title: | Managing<br> Member |
| /s/<br> Daniel J. Hennessy | |
| Daniel<br> J. Hennessy | |
| /s/Thomas D. Hennessy | |
| Thomas<br> D. Hennessy | |
| /s/ Nicholas Geeza | |
| Nicholas<br> Geeza | |
| /s/Brian Bonner | |
| Brian<br> Bonner | |
| /s/Kyle Crowley | |
| Kyle<br> Crowley | |
| /s/Javier Saade | |
| Javier<br> Saade | |
| /s/ Sandra Stash | |
| Sandra<br> Stash | |
| /s/Elizabeth Williams | |
| Elizabeth<br> Williams |
[Signature Page to Registration Rights Agreement]
Exhibit 10.4
HENNESSYCAPITAL INVESTMENT CORP. VIII
195US Hwy 50, Suite 207
ZephyrCove, Nevada 89448
February 4, 2026
Hennessy Capital Group LLC
195 US Hwy 50, Suite 207
Zephyr Cove, Nevada 89448
Re:Administrative Support Agreement
Ladies and Gentlemen:
This letter agreement by and between Hennessy Capital Investment Corp. VIII (the “Company”) and Hennessy Capital Group LLC (“Hennessy Capital”), 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 Nasdaq Global Market (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 or the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”):
(i) Hennessy Capital shall make available, or cause to be made available, to the Company, at 195 US Hwy 50, Suite 207, Zephyr Cove, Nevada 89448 (or any successor location of Hennessy Capital), certain office space, utilities and secretarial and administrative support as may be reasonably required by the Company. In exchange therefor, the Company shall pay Hennessy Capital the sum of $15,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and
(ii) Hennessy Capital 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 “TrustAccount”) as a result of, or arising out of, this letter agreement, 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.
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. 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 law principles.
[SignaturePage Follows]
| Very<br> truly yours, | |
|---|---|
| HENNESSY CAPITAL INVESTMENT CORP. VIII | |
| By: | /s/ Daniel J. Hennessy |
| Name: | Daniel J. Hennessy |
| Title: | Chief<br> Executive Officer |
| AGREED<br> TO AND ACCEPTED BY: | |
| --- | --- |
| Hennessy Capital Group LLC | |
| By: | /s/Daniel J. Hennessy |
| Name: | Daniel<br> J. Hennessy |
| Title: | Managing<br> Member |
[SignaturePage to Administrative Support Agreement]
Exhibit10.5
PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT
THIS PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT, dated as of February 4, 2026 (as it may from time to time be amended, this “Agreement”), is entered into between Hennessy Capital Investment Corp. VIII, a Cayman Islands exempted company with limited liability (the “Company”), and HC VIII Sponsor LLC, a limited liability company formed under the laws of the state of Nevada (the “Purchaser”).
WHEREAS, the Company intends to consummate an initial public offering (the “Public Offering”) of the Company’s units, each unit consisting of one Class A ordinary share, par value $0.0001 per share, of the Company (an “Ordinary Share”), and one right to receive one-twelfth (1/12) of an Ordinary Share upon the consummation of the Company’s initial business combination (the “Initial Business Combination”), as set forth in the Company’s Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”), File No. 333-291924, under the Securities Act of 1933, as amended (the “Securities Act”).
WHEREAS, the Purchaser has agreed to purchase an aggregate of 630,500 units (or up to 671,000 units if the underwriters’ option to purchase additional units in connection with the Public Offering is exercised in full) (the “Private Placement Units”), each Private Placement Unit consisting of one Ordinary Share (each a “Private Placement Share”) and one right (the “Private Share Right”) to receive one-twelfth (1/12) of an Ordinary Share upon the consummation of the Initial Business Combination.
NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:
AGREEMENT
Section1. Authorization, Purchase and Sale; Terms of the Private Placement Units.
A. Authorization of the Private Placement Units. The Company has duly authorized the issuance and sale of the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights, to the Purchaser.
B. Purchase and Sale of the Private Placement Units.
(i) On the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company an aggregate of 630,500 Private Placement Units at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $6,305,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least one business day prior to the Initial Closing Date in accordance with the Company’s wiring instructions. On the Initial Closing Date, upon the payment by the Purchaser of the Purchase Price, the Company, at its option, shall deliver a certificate evidencing the Private Placement Units purchased by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form.
(ii) On the date of the consummation of the closing of the over-allotment option in connection with the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Over-Allotment Closing Date” and together with the Initial Closing Date, the “Closing Dates” and each, a “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company up to 40,500 Private Placement Units (or, to the extent the over-allotment option is not exercised in full, a lesser number of Private Placement Units in proportion to the portion of the over-allotment option that is exercised) at a price of $10.00 per Private Placement Units for an aggregate purchase price of up to $405,000 (the “Over-Allotment Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least one business day prior to the Over-Allotment Closing Date in accordance with the Company’s wiring instructions. On the Over-Allotment Closing Date, upon the payment by the Purchaser of the Over-Allotment Purchase Price, the Company, at its option, shall deliver a certificate evidencing the Private Placement Units purchased by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form.
C. Terms of the Private Placement Units.
(i) Each Private Placement Unit shall have the terms set forth in herein. Each Private Share Right shall have the terms set forth in a Share Rights Agreement dated the date hereof (the “Share Rights Agreement”) by and between the Company and Odyssey Transfer and Trust Company (the “Share Rights Agent”).
(ii) On the date hereof, the Company and the Purchaser will enter into a registration rights agreement (the “Registration RightsAgreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights.
Section2. Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Units, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that:
A. Incorporation and Corporate Power. The Company is an exempted company with limited liability duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Share Rights Agreement.
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B. Authorization; No Breach.
(i) The execution, delivery and performance of this Agreement and the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights, have been duly authorized by the Company as of each Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of this Agreement and the Share Rights Agreement, the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights, will constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms as of each Closing Date.
(ii) The execution and delivery by the Company of this Agreement, the issuance and sale of the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights, and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s equity or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the amended and restated memorandum and articles of association of the Company in effect on the date hereof or as may be amended at or prior to completion of the contemplated Public Offering, or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.
C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Share Rights Agreement, as applicable, and upon registration in the Company’s register of members, the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights, will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and upon registration in the books maintained by or on behalf of the Company for the registration and transfer of the Private Placement Units or the Company’s register of members (in the case of the Ordinary Shares issuable upon conversion of the Private Share Rights), the Purchaser will have good title to the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder, under the letter agreement entered into among the Company and its insiders, and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.
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D. Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby.
E. Regulation D Qualification. Neither the Company nor, to its knowledge, any of its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.
Section3. Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Units to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that:
A. Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
B. Authorization; No Breach.
(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).
(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.
C. Investment Representations.
(i) The Purchaser is acquiring the Private Placement Units, including the Private Placement Shares and Private Share Rights included in the Private Placement Units and the Ordinary Shares underlying such Private Share Rights (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.
(ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D, and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.
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(iii) The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.
(iv) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act.
(v) The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Securities.
(vi) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.
(vii) The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. While the Purchaser understands that Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company, the Purchaser understands that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); (iii) the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
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(viii) The Purchaser has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.
Section4. Conditions of the Purchaser’s Obligations. The obligation of the Purchaser to purchase and pay for the Private Placement Units is subject to the fulfillment, on or before each Closing Date, of each of the following conditions:
A. Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as of such Closing Date as though then made.
B. Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date.
C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.
D. Share Rights Agreement. The Company shall have entered into the Share Rights Agreement with the Share Rights Agent and the Registration Rights Agreement, each on terms satisfactory to the Purchaser.
Section5. Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:
A. Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing Date as though then made.
B. Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date.
C. Corporate Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the Share Rights Agreement and the issuance and sale of the Private Placement Units hereunder.
D. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.
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E. Share Rights Agreement. The Company shall have entered into the Share Rights Agreement with the Share Rights Agent and the Registration Rights Agreement, each on terms satisfactory to the Company.
Section6. Termination. This Agreement may be terminated at any time after March 31, 2026 upon the election by either the Company or the Purchaser upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.
Section7. Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive each Closing Date.
Section8. Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration statement on Form S-1 the Company has filed with the U.S. Securities and Exchange Commission, under the Securities Act.
Section9. Miscellaneous.
A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members).
B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.
C. Counterparts. This Agreement may be executed and delivered (including executed manually or electronically via DocuSign or other similar services and delivered by portable document format (pdf) transmission) in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.
D. Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.
E. Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of the State of New York.
F. Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.
[Signature Page Follows]
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INWITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.
| COMPANY: | |
|---|---|
| HENNESSY CAPITAL INVESTMENT CORP. VIII | |
| By: | /s/ Daniel J. Hennessy |
| Name: | Daniel<br> J. Hennessy |
| Title: | Chief<br> Executive Officer |
| PURCHASER: | |
| HC VIII Sponsor LLC, <br><br> a Nevada limited liability company | |
| By: | /s/ Daniel J. Hennessy |
| Name: | Daniel<br> J. Hennessy |
| Title: | Managing<br> Member |
[Signature Page to Private Placement Units Purchase Agreement]
Exhibit10.6
FORMOF INDEMNITY AGREEMENT
THISINDEMNITY AGREEMENT (this “Agreement”) is made as of February 4, 2026 by and between Hennessy Capital Investment Corp. VIII, a Cayman Islands exempted company, limited by shares (the “Company”), and [●] (“Indemnitee”).
RECITALS
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, persons who serve the Company and its direct and indirect subsidiaries (collectively, the “Company Group”) to the fullest extent permitted by applicable law and the Amended and Restated Memorandum and Articles of Association of the Company (as may be amended and / or restated from time to time, the “Charter”);
WHEREAS, while the Charter provides for the indemnification of the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law, and the Charter provide 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, and advancement;
WHEREAS, this Agreement is a supplement to and in furtherance of the Charter of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;
WHEREAS, Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified; and
NOW,THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter agreement dated as of February 4, 2026, the Company and Indemnitee do hereby covenant and agree as follows:
TERMSAND CONDITIONS
SERVICES TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of any member of the Company Group, as applicable, for so long as Indemnitee is duly elected or appointed or retained 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, officer, advisor, key employee or in any other capacity of any member of the Company Group, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company Group beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.
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 company, corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.
(b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.
(c) “Cayman Court” shall mean the courts of the Cayman Islands.
(d) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:
(i) Acquisition of Shares by Third Party. Other than an affiliate of HC VIII Sponsor LLC (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;
(ii) Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose appointment 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 appointment or nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute 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 (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities of the Company entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the surviving or resulting entity or the ultimate parent entity that controls such surviving or resulting entity (the “Successor”) entitled to vote generally in the election of directors of the Successor (including, without limitation, a company 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 the Company, no Person (excluding any company resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the successor except to the extent that such Person was the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power of the Company prior to such Business Combination; and (3) a majority of the board of directors (or comparable governing body) of the Successor were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;
(iv) Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such 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.
(e) “Companies Law” shall mean the Companies Act (As Revised) of the Cayman Islands, as amended from time to time.
(f) “Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.
(g) “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.
(h) “Enterprise” shall mean the Company and any other company, constituent company (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.
(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(j) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, 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 against Indemnitee incurred in any Proceeding by or in the right of the Company.
(k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to “serving at 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.
(l) “Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(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 (as defined below) of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.
(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 or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact of Indemnitee’s Corporate Status, 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 but shall not include any Enforcement Proceeding pursuant to Section 14.
(o) 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.
INDEMNITY IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law and the Charter, 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 (including all interest, assessments and other charges paid or payable in connection with or in respect of such 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 he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful; provided, in no event shall Indemnitee be entitled to be indemnified, held harmless or advanced any amounts hereunder in respect of any Expenses, judgments, liabilities, fines, penalties and misconduct. Indemnitee shall not be found to have committed actual fraud or international misconduct for any purpose of this Agreement unless or until a court of competent jurisdiction shall have made a finding to that effect.
INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law and the Charter, 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. 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 of competent jurisdiction to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 26, 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 defending any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the defending Company shall, to the fullest extent permitted by applicable law and the Charter, 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 defense of such Proceeding (or part thereof) but is successful, on the merits or otherwise, in defense of 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 Charter, 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 defense of such Proceeding (or part thereof), the Company also shall, to the fullest extent permitted by applicable law and the Charter, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to the defense of such claim, issue or matter.
INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 26, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was not or is not a party or threatened to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law and the Charter, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 26, the Company shall, to the fullest extent permitted by applicable law and the Charter, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding against all Expenses and judgments, fines, penalties and amounts paid in settlement in any Proceeding by or in the right of the Company to procure a judgment in its favor (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7 on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholder or is an act or omission not in good faith or which involves intentional misconduct or a known violation of the law.
CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.
(a) To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
(b) The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
(c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.
- EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:
(a) for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;
(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or
(c) except as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. 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.
- ADVANCES OF EXPENSES; DEFENSE OF CLAIM.
(a) Notwithstanding any provision of this Agreement to the contrary, except for Section 26, and to the fullest extent not prohibited by applicable law and the Charter, the Company shall pay the Expenses incurred by Indemnitee 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 applicable law and the Charter, be unsecured and interest free. Advances shall, to the fullest extent permitted by applicable law and the Charter, 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 an Enforcement Proceeding (assuming for this purpose all references to a “Proceeding” in the definition of Expenses were deemed related to an Enforcement Proceeding), including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. This Agreement shall constitute Indemnitee’s undertaking 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 Charter, applicable law or otherwise, but only if such an undertaking is required by applicable law or the Charter. This Section 10(a) shall not apply to any Proceeding for which indemnity is not permitted under Section 9 of this Agreement, but shall apply to any Proceeding referenced in Section 9(b) prior to a final determination that Indemnitee is liable therefor.
(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, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.
- PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.
(a) Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.
(b) Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.
- PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.
(a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods: (i) if no Change in Control has occurred (x) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (y) by a committee of Disinterested Directors, even though less than a quorum of the Board, or (z) if there are no Disinterested Directors, or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (ii) if a Change in Control has occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.
(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 so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 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 its engagement pursuant hereto.
- PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.
(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
(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 applicable law and the Charter, 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 or the Charter; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.
(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which 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, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.
(e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
- 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 and the Charter, 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, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to 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 Cayman 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 Cayman Islands 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. Such adjudication or arbitration proceeding is referred to herein as “Enforcement Proceeding.”
(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 Enforcement Proceeding 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 Enforcement Proceeding, 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 an Enforcement Proceeding, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).
(d) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in Enforcement Proceeding, 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 Enforcement Proceeding that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
(f) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable law and the Charter against all Expenses (assuming for purposes of this sentence that all references to a Proceeding in the definition of Expenses were references to an Enforcement Proceeding) 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 Charter, such Expenses which are incurred by Indemnitee in connection with any Enforcement Proceeding brought by Indemnitee: (i) to enforce his 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 Charter 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 Enforcement Proceeding was not brought by Indemnitee in good faith).
(g) Interest shall be paid by the Company to Indemnitee at the legal rate under Cayman Islands 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 or on behalf of the Company.
SECURITY. Notwithstanding anything herein to the contrary, except for Section 26, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.
NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.
(a) The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, 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 repeals, except as may otherwise be expressly set forth in such amendment, alteration or repeals and mutually agreed by Indemnitee and the Company. 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 Charter 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 Charter 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 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.
(c) To the extent that any member of the Company Group maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company Group or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take or cause to be taken 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 applicable law and the Charter, 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 except for Section 26, (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.
(f) To the extent Indemnitee has rights to indemnification, advancement of expenses and/or insurance provided by the Sponsor or its affiliates as applicable, (i) the Company shall be the indemnitor of first resort (i.e., that its obligations to Indemnitee are primary and any obligation of the Sponsor or its affiliates, as applicable, to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) the Company shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim) to the extent legally permitted and as required by the terms of this Agreement, the Company’s organizational documents or other agreement, without regard to any rights Indemnitee may have against the Sponsor or its affiliates, as applicable, and (iii) the Company irrevocably waives, relinquishes and releases the Sponsor and its affiliates, as applicable, from any and all claims against them for contribution, subrogation or any other recovery of any kind in respect thereof. No advancement or payment by the Sponsor or its affiliates, as applicable, on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing, and the Sponsor and its affiliates, as applicable, shall have a right of contribution and be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.
DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding or Enforcement Proceeding (including any rights of appeal thereto) 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.
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 applicable law and the Charter; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
ENFORCEMENT AND BINDING EFFECT.
(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company Group, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company Group.
(b) Without limiting any of the rights of Indemnitee under the Charter 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 permitted 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, but subject to such successor’s compliance with Section 19(d)), 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, permitted assigns, heirs, devisees, executors and administrators and other legal representatives.
(d) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
(e) The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by applicable law and the Charter, 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 applicable law and the Charter, 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 security in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or other security may be required of Indemnitee by a court of competent jurisdiction. The Company hereby waives any such requirement of such a bond or other security to the fullest extent permitted by applicable law and the Charter.
MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any provision of this Agreement shall be enforceable unless in writing and signed by the party against whom it is to be enforced. 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.
NOTICES. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
(a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.
(b) If to the Company, to:
Hennessy Capital Investment Corp. VIII
195 US Hwy 50, Suite 207
Zephyr Cove, Nevada 89448
Attn: Daniel J. Hennessy
with a copy, which shall not constitute notice, to
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
Attention: Michael P. Heinz
or to any other address as may have been furnished to Indemnitee in writing by the Company.
APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of 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 applicable law and the Charter, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Cayman Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by applicable law and the Charter, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by applicable law and the Charter, shall be valid and sufficient service thereof.
IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.
MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
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 applicable law and the Charter, 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.
WAIVER OF CLAIMS TO TRUST ACCOUNT. Indemnitee hereby agrees that it 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 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 such trust account for any reason whatsoever.
MAINTENANCE OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.
INTERPRETATION In this Agreement:
(a) any requirements as to delivery under this Agreement include delivery in the form of an electronic record (as defined in the Electronic Transactions Act (As Revised) of the Cayman Islands (the “Electronic Transactions Act”));
(b) any requirements as to execution or signature under this Agreement including the execution of this Agreement itself can be satisfied in the form of an electronic signature (as defined in the Electronic Transactions Act); and
(c) sections 8 and 19(3) of the Electronic Transactions Act shall not apply.
[SignaturePage Follows]
IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.
| HENNESSY CAPITAL INVESTMENT CORP. VIII |
|---|
| By: |
| Name: |
| Title: |
| INDEMNITEE |
| By: |
| Name: |
[SignaturePage to Indemnity Agreement]
Exhibit 99.1
Hennessy Capital Investment Corp. VIII Announces Pricing of Upsized $210,000,000 Initial Public Offering
NewYork, NY, February 4, 2026 – Hennessy Capital Investment Corp. VIII (the “Company”), a special purpose acquisition company, announced today the pricing of its upsized initial public offering of 21,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “HCICU” beginning tomorrow, Thursday, February 5, 2026. Each unit consists of one Class A ordinary share and one right to receive one-twelfth (1/12) of a Class A ordinary share upon the consummation of the Company’s initial business combination (“Share Right”). Once the securities comprising the units begin separate trading, the Company’s Class A ordinary shares and the Share Rights are expected to be listed on Nasdaq under the symbols “HCIC” and “HCICR,” respectively. The offering is expected to close on February 6, 2026, subject to customary closing conditions.
The Company is a newly incorporated blank check company founded by Daniel J. Hennessy formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Although the Company reserves the right to pursue an acquisition opportunity in any business or industry, the Company intends to focus its search for a target business in the industrial innovation and energy transition sectors.
Barclays Capital Inc. and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“Cohen”), are the lead joint book-running managers of the offering, and Academy Securities, Inc. is acting as a co-manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,150,000 units at the initial public offering price to cover over-allotments, if any.
The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com or from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at Barclaysprospectus@broadridge.com.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective on February 4, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKINGSTATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, the anticipated closing date and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms or timing described, or at all, or that the Company will ultimately complete a business combination transaction. 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 Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
Nicholas Geeza
Hennessy Capital Investment Corp. VIII
Email: HCIC@hennessycapitalgroup.com
Website: http://hennessycapital8.com
Exhibit 99.2
Hennessy CapitalInvestment Corp. VIII
Announces Closing of Upsized $241,500,000
Initial Public Offering
New York, NY, February 6, 2026 – Hennessy Capital Investment Corp. VIII (NASDAQ: HCICU) (the “Company”), a special purpose acquisition company, announced today the closing of its upsized initial public offering (“IPO”) of 24,150,000 units, which included 3,150,000 units sold pursuant to the full exercise of the underwriters’ over-allotment option. The IPO was priced at $10.00 per unit, resulting in gross proceeds of $241,500,000. The units are listed on The Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “HCICU” on Thursday, February 5, 2026. Each unit consists of one Class A ordinary share and one right to receive one-twelfth (1/12) of one Class A ordinary share upon the consummation of the Company’s initial business combination (“Share Right”). There are no warrants issued publicly or privately in connection with the IPO. Once the securities comprising the units begin separate trading, the Company’s Class A ordinary shares and the Share Rights are expected to be listed on Nasdaq under the symbols “HCIC” and “HCICR,” respectively.
Daniel J. Hennessy, Chairman and CEO, commented “We are pleased to announce the successful completion of our initial public offering and the launch of our eighth flagship SPAC. This milestone positions us as the preferred partner for a category-winning company seeking a NASDAQ listing. We are grateful for the trust of our investors and look forward to delivering long term value to our shareholders.”
The Company is a newly incorporated blank check company founded by Daniel J. Hennessy and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Although the Company reserves the right to pursue an acquisition opportunity in any business or industry, the Company intends to focus its search for a target business in the industrial technology and energy transition sectors.
Barclays Capital Inc. and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, served as the lead joint book-running managers for the IPO, and Academy Securities, Inc. served as co-book running manager for the offering.
Of the proceeds received upon the consummation of the IPO and simultaneous private placements of units, $241,500,000 (or $10.00 per unit sold in the IPO) was placed in the Company’s trust account. An audited balance sheet of the Company as of February 6, 2026, reflecting receipt of the proceeds upon consummation of the IPO and the private placement, will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (“SEC”).
The IPO was made only by means of a prospectus. Copies of the prospectus relating to the IPO may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com or from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at Barclaysprospectus@broadridge.com.
A registration statement relating to these securities has been filed with the SEC and was declared effective on February 4, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the IPO and search for an initial business combination. No assurance can be given that the Company will ultimately complete a business combination transaction. 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 final prospectus for the Company’s IPO filed with the SEC. Copies of these documents are available on the SEC’s website at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
Nicholas Geeza
Hennessy Capital Investment Corp. VIII
Email: HCIC@hennessycapitalgroup.com
Website: http://hennessycapital8.com